Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

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

97.6%

Alabama

97.1%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

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

$

2,000,000

$

2,268,280

Alabama

Federal

Aid

Highway

Finance

Authority

,

Revenue

,

2017A

,

Refunding

,

5

%

,

6/01/37

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

4,130,000

5,171,999

Alabama

Highway

Finance

Corp.

,

Rebuild

Alabama

Act

Gasoline/Diesel

Tax

,

Revenue

,

2020

A

,

5

%

,

8/01/40

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

1,000,000

1,328,390

Alabama

Public

School

and

College

Authority

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/40

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

2,000,000

2,469,240

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,536,490

Anniston

Public

Building

Authority

,

State

of

Alabama

Department

of

Human

Resources

,

Revenue

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

3/01/43

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

2,120,000

2,145,398

Auburn

University

,

Revenue

,

2015A

,

Refunding

,

5

%

,

6/01/33

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

2,500,000

2,925,650

Baldwin

County

Board

of

Education

,

Revenue

,

2012

,

Pre-Refunded

,

5

%

,

6/01/27

...

3,015,000

3,232,201

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

6,000,000

7,311,900

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

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

300,000

391,344

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

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

325,000

421,684

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

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

400,000

517,964

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

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

350,000

415,310

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

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

500,000

591,055

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

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

545,000

642,119

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

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

400,000

469,896

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

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

2,540,000

2,976,651

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

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

705,000

824,103

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,797,728

Board

of

Water

&

Sewer

Commissioners

of

the

City

of

Mobile

,

Revenue

,

2014

,

Refunding

,

5

%

,

1/01/36

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

10,000,000

10,831,900

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

BAM

Insured

,

5

%

,

2/01/46

..

6,000,000

6,877,080

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

3,039,650

City

of

Birmingham

,

GO

,

2013-A

,

Pre-Refunded

,

5

%

,

3/01/43

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

5,000,000

5,536,650

City

of

Homewood

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

9/01/42

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

4,000,000

4,336,160

City

of

Huntsville

,

GO,

2018-B,

5%,

5/01/38

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

4,775,000

5,971,185

Water,

Revenue,

2015,

5%,

11/01/35

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

4,000,000

4,706,320

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

3,500,000

4,111,030

City

of

Madison

,

GO

,

2015A

,

Pre-Refunded

,

5

%

,

4/01/37

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

2,590,000

3,117,065

City

of

Oxford

,

GO

,

2012

C

,

Pre-Refunded

,

5

%

,

10/01/29

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

1,435,000

1,561,065

City

of

Pelham

,

GO

,

2014

,

5

%

,

2/01/34

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

2,635,000

2,968,090

City

of

Phenix

City

,

GO

,

2014A

,

Pre-Refunded

,

5

%

,

8/01/43

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

3,000,000

3,380,670

City

of

Trussville

,

GO,

Pre-Refunded,

5%,

10/01/39

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

3,000,000

3,398,160

GO,

2018A,

4%,

8/01/41

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

3,000,000

3,481,170

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

5,375,454

County

of

Mobile

,

a

GO,

2020A,

Refunding,

4%,

8/01/38

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

1,000,000

1,221,020

b

Revenue,

144A,

2020,

4%,

11/01/45

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

1,000,000

1,012,710

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

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/36

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

$

2,000,000

$

2,253,460

East

Alabama

Health

Care

Authority

(The)

,

Revenue

,

2018A

,

5

%

,

9/01/41

.........

3,000,000

3,602,520

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/45

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

2,500,000

2,831,550

Homewood

Educational

Building

Authority

,

Samford

University,

Revenue,

2013A,

Pre-Refunded,

AGMC

Insured,

5%,

12/01/41

10,000,000

10,924,700

Samford

University,

Revenue,

2019

A,

Refunding,

4%,

12/01/49

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

2,500,000

2,769,450

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016A

,

5

%

,

2/01/41

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

3,000,000

3,379,530

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

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

5,000,000

6,169,450

Revenue,

2020,

Refunding,

4%,

12/01/50

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

5,000,000

5,588,450

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015-B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

6,737,374

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

3,566,940

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

5,570,540

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGMC

Insured

,

4

%

,

3/01/41

1,000,000

1,097,300

Morgan

County

Board

of

Education

,

Revenue

,

2012

,

Pre-Refunded

,

5

%

,

3/01/35

...

7,020,000

7,575,773

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

2,271,760

Oxford

City

Board

of

Education

,

Special

Tax

,

2020A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,935,625

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2011A

,

5.375

%

,

12/01/35

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

3,000,000

3,122,580

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,394,600

Troy

Public

Educational

Building

Authority

,

Troy

City

Schools

,

Revenue

,

2011

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

295,965

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

5,049,880

Tuscaloosa

County

Board

of

Education

,

Special

Tax

,

2017

,

4

%

,

2/01/47

..........

5,000,000

5,525,500

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

6,084,400

University

of

Alabama

(The)

,

Revenue,

2013-D2,

5%,

10/01/37

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

7,520,000

8,299,373

Revenue,

2018

B2,

5%,

9/01/48

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

5,000,000

6,142,050

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

3,039,200

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,435,200

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue,

2013B,

Pre-Refunded,

5%,

1/01/43

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

3,745,000

4,117,216

Revenue,

2016

B,

Refunding,

5%,

1/01/43

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

10,000,000

12,099,000

Revenue,

Senior

Lien,

2016

A,

Refunding,

4%,

1/01/35

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

4,000,000

4,629,200

240,871,367

U.S.

Territories

0.5%

Guam

0.5%

Guam

Government

Waterworks

Authority,

Revenue,

2020

A,

5%,

1/01/50

.........

1,000,000

1,230,230

Total

Municipal

Bonds

(Cost

$223,446,252)

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

242,101,597

a

a

a

a

a

Total

Investments

(Cost

$223,446,252)

97.6%

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

$242,101,597

Other

Assets,

less

Liabilities

2.4%

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

5,936,677

Net

Assets

100.0%

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

$248,038,274

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

a

Security

purchased

on

a

when-issued

basis.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2020,

the

value

of

this

security

was

$1,012,710,

representing

0.4%

of

net

assets.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2020

Franklin

Arizona

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.1%

Arizona

95.6%

Arizona

Board

of

Regents

,

Revenue,

2020

A,

5%,

7/01/35

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

$

1,000,000

$

1,345,720

University

of

Arizona

(The),

COP,

2012C,

Refunding,

5%,

6/01/31

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

7,025,000

7,445,376

Arizona

Department

of

Transportation

,

State

Highway

Fund,

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/36

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

10,000,000

10,281,900

State

Highway

Fund,

Revenue,

2015,

Refunding,

5%,

7/01/31

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

10,000,000

11,499,400

State

Highway

Fund,

Revenue,

2016,

Refunding,

5%,

7/01/36

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

8,680,000

10,535,090

Arizona

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2011

B-2,

Pre-Refunded,

AGMC

Insured,

5%,

3/01/41

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

5,000,000

5,059,250

CommonSpirit

Health

Obligated

Group,

Revenue,

B-1,

Pre-Refunded,

5.25%,

3/01/39

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

10,000,000

10,124,700

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

2/01/42

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

8,000,000

8,324,000

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

12/01/39

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

15,000,000

17,162,550

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

12/01/42

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

9,535,000

10,862,558

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/42

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

2,045,000

2,396,638

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/51

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

1,080,000

1,253,556

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,825,897

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,893,705

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020A,

4%,

9/01/40

865,000

992,345

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020A,

4%,

9/01/46

2,750,000

3,109,150

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/33

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

1,000,000

1,250,860

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

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

1,630,000

2,017,223

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/39

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

1,000,000

1,233,710

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

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

6,645,000

8,092,281

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

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

5,115,000

5,762,661

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020A,

4%,

11/01/40

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

800,000

938,472

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019A,

5%,

1/01/38

.....

1,175,000

1,105,452

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019A,

5%,

1/01/54

.....

1,250,000

1,090,375

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019B,

5%,

1/01/36

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

1,105,000

984,190

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019B,

5%,

1/01/49

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

3,500,000

2,833,775

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019B,

5.125%,

1/01/54

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

2,000,000

1,620,920

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020A,

5%,

2/01/40

.....

550,000

693,082

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020A,

4%,

2/01/50

.....

11,595,000

13,164,731

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019A,

BAM

Insured,

5%,

6/01/49

3,345,000

4,007,845

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019A,

BAM

Insured,

5%,

6/01/54

3,240,000

3,865,126

Arizona

Sports

&

Tourism

Authority

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

7/01/36

.....

1,550,000

1,615,658

Arizona

State

University

,

Revenue,

2014,

5%,

8/01/33

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

2,200,000

2,507,472

Revenue,

2014,

5%,

8/01/34

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

3,320,000

3,779,853

Revenue,

2014,

5%,

8/01/44

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

4,145,000

4,660,306

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)

Arizona

State

University,

(continued)

Revenue,

2015

D,

5%,

7/01/41

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

$

5,000,000

$

5,832,100

Revenue,

2015

D,

5%,

7/01/46

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

5,000,000

5,793,300

Revenue,

2015B,

Refunding,

5%,

7/01/41

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

14,070,000

16,411,529

Revenue,

2016

B,

5%,

7/01/42

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

2,000,000

2,398,200

Revenue,

2016

C,

5%,

7/01/46

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

10,000,000

11,925,500

Revenue,

2017

B,

Refunding,

5%,

7/01/43

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

4,005,000

4,888,063

Revenue,

2019A,

5%,

7/01/43

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

2,100,000

2,695,140

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,210,390

City

of

El

Mirage

,

GO

,

2012

,

AGMC

Insured

,

5

%

,

7/01/42

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

2,200,000

2,340,668

a

City

of

Glendale

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

5%,

7/01/29

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

1,000,000

1,340,340

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

5%,

7/01/30

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

1,030,000

1,410,729

City

of

Goodyear

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2011,

Pre-Refunded,

AGMC

Insured,

5.25%,

7/01/31

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

1,000,000

1,029,340

Water

&

Sewer,

Revenue,

Sub.

Lien,

2011,

Pre-Refunded,

AGMC

Insured,

5.5%,

7/01/41

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

1,500,000

1,546,185

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

AGMC

Insured,

4%,

7/01/39

600,000

721,548

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGMC

Insured,

4%,

7/01/40

.........

650,000

779,864

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGMC

Insured,

4%,

7/01/45

.........

12,135,000

14,417,836

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015B,

Refunding,

AGMC

Insured,

5%,

7/01/40

...

15,000,000

17,560,950

Wastewater

System,

Revenue,

2015B,

Refunding,

AGMC

Insured,

5%,

7/01/43

...

9,155,000

10,678,026

City

of

Mesa

,

Utility

System,

Revenue,

2018,

5%,

7/01/32

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

1,000,000

1,288,340

Utility

System,

Revenue,

2018,

5%,

7/01/34

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

1,265,000

1,618,846

Utility

System,

Revenue,

2018,

4%,

7/01/38

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

1,425,000

1,679,619

Utility

System,

Revenue,

2018,

4%,

7/01/39

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

6,135,000

7,216,846

Utility

System,

Revenue,

2018,

5%,

7/01/42

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

15,000,000

18,784,350

Utility

System,

Revenue,

2019A,

5%,

7/01/43

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

10,000,000

12,806,200

a

Utility

System,

Revenue,

2020,

Refunding,

4%,

7/01/34

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

2,500,000

3,130,875

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

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

15,090,000

17,857,355

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

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

20,570,000

23,028,938

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/44

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

8,500,000

10,339,570

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

5,000,000

5,960,250

Excise

Tax,

Revenue,

2015A,

Refunding,

5%,

7/01/41

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

10,000,000

11,726,900

Excise

Tax,

Revenue,

2020

A,

Refunding,

4%,

7/01/39

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

1,200,000

1,469,484

Excise

Tax,

Revenue,

2020

A,

Refunding,

4%,

7/01/40

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

800,000

977,152

Excise

Tax,

Revenue,

2020

A,

Refunding,

4%,

7/01/45

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

3,550,000

4,272,319

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

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

2,500,000

2,956,625

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

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

1,500,000

1,758,870

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

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

8,420,000

9,845,085

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

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

2,500,000

2,625,975

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

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

3,945,000

5,060,488

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

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

2,000,000

2,629,440

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

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

2,000,000

2,688,000

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)

City

of

Phoenix

Civic

Improvement

Corp.,

(continued)

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

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

$

5,000,000

$

7,616,850

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

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

7,000,000

10,813,950

Wastewater,

Revenue,

Junior

Lien,

2018A,

5%,

7/01/37

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

1,000,000

1,277,750

Wastewater,

Revenue,

Junior

Lien,

2018A,

4%,

7/01/39

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

5,000,000

5,901,300

Water

System,

Revenue,

Junior

Lien,

2014A,

5%,

7/01/39

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

10,000,000

11,415,500

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

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

5,000,000

6,029,450

Water

System,

Revenue,

Junior

Lien,

2020

B,

5%,

7/01/44

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

5,000,000

6,579,050

City

of

Tempe

,

Revenue

,

2011A

,

Pre-Refunded

,

5

%

,

7/01/31

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

2,325,000

2,390,542

City

of

Tucson

,

Water

System,

Revenue,

2011,

Pre-Refunded,

5%,

7/01/32

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

5,000,000

5,140,950

Water

System,

Revenue,

2020,

4%,

7/01/36

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

650,000

806,240

Water

System,

Revenue,

2020,

4%,

7/01/37

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

500,000

618,110

Water

System,

Revenue,

2020,

3%,

7/01/39

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

1,150,000

1,289,484

County

of

Maricopa

,

Banner

Health

Obligated

Group

,

Revenue

,

2005

,

Pre-Refunded

,

5

%

,

4/01/35

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

12,090,000

13,958,509

Glendale

Industrial

Development

Authority

,

Midwestern

University

,

Revenue

,

2007

,

Refunding

,

5

%

,

5/15/31

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

3,455,000

3,634,384

Glendale

Municipal

Property

Corp.

,

Revenue,

Refunding,

5%,

7/01/38

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

18,530,000

20,078,628

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

1,060,800

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

2,105,982

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

1,330,000

1,399,093

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018A,

Refunding,

5%,

7/01/33

600,000

656,112

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018A,

Refunding,

5%,

7/01/37

2,000,000

2,162,200

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018A,

Refunding,

5%,

7/01/42

8,550,000

9,126,954

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,511,337

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,348,921

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,460,971

JMF-

Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/34

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

1,355,000

1,465,012

JMF-

Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/39

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

5,610,000

6,045,729

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018A,

5%,

7/01/48

.......

1,000,000

1,193,590

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

2017C,

Refunding,

5%,

12/15/47

.........

3,840,000

4,256,486

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017A,

Refunding,

5%,

12/15/32

1,765,000

2,003,434

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017A,

Refunding,

5%,

6/15/37

2,240,000

2,515,655

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

4,994,175

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

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

1,310,000

1,532,844

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

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

1,510,000

1,742,525

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

8/01/39

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

1,350,000

1,679,224

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

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

3,000,000

3,417,630

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,238,920

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

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

9,630,000

11,061,885

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

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

37,590,000

45,699,291

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Maricopa

County

Industrial

Development

Authority,

(continued)

Christian

Care

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

1/01/36

......

$

3,860,000

$

4,371,296

Christian

Care

Obligated

Group,

Revenue,

2016C,

Refunding,

5%,

1/01/40

......

9,740,000

10,944,156

Creighton

University,

Revenue,

2020,

5%,

7/01/47

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

13,000,000

15,560,610

Creighton

University,

Revenue,

2020,

4%,

7/01/50

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

1,695,000

1,841,973

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/37

..

1,000,000

1,203,130

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/52

..

1,000,000

1,176,700

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/37

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

1,000,000

1,259,010

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/50

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

1,715,000

2,102,333

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

3,920,000

4,719,915

Reid

Traditional

Schools

Painted

Rock

Academy,

Revenue,

2016,

5%,

7/01/36

....

1,120,000

1,261,826

Reid

Traditional

Schools

Painted

Rock

Academy,

Revenue,

2016,

5%,

7/01/47

....

3,325,000

3,675,920

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/37

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

4,025,000

4,930,343

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/42

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

4,000,000

4,842,240

Western

IB

Hunt

Groves

LP,

Revenue,

2001A-1,

AMBAC

Insured,

5.3%,

12/01/22

.

620,000

620,893

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

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

13,500,000

14,771,295

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

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

10,000,000

10,362,900

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2003

A,

Refunding,

Mandatory

Put,

1.05%,

6/01/22

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

4,250,000

4,278,475

Maricopa

County

School

District

No.

83-Cartwright

Elementary

,

GO

,

2011A

,

AGMC

Insured

,

5.375

%

,

7/01/30

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

5,415,000

5,568,461

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO,

2013,

5%,

7/01/31

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

5,100,000

5,667,579

GO,

2018,

BAM

Insured,

5%,

7/01/33

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

1,000,000

1,243,110

a

Maricopa

County

Unified

School

District

No.

69

Paradise

Valley

,

GO,

Second

Series,

2020

SECOND,

4%,

7/01/32

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

250,000

311,580

GO,

Second

Series,

2020

SECOND,

4%,

7/01/38

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

500,000

607,525

GO,

Second

Series,

2020

SECOND,

4%,

7/01/39

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

500,000

605,740

Maricopa

County

Unified

School

District

No.

95

Queen

Creek

,

GO,

2018,

5%,

7/01/33

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

500,000

598,805

GO,

2018,

5%,

7/01/37

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

1,200,000

1,427,640

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

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

2,000,000

2,406,280

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

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

2,000,000

2,381,900

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

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

1,000,000

1,189,190

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,230,920

Northern

Arizona

University

,

Revenue,

2013,

5%,

8/01/26

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

2,380,000

2,638,468

Revenue,

2014,

Pre-Refunded,

5%,

6/01/40

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

2,820,000

3,277,545

Revenue,

2014,

Refunding,

5%,

6/01/40

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

4,545,000

5,067,584

Revenue,

2014,

Pre-Refunded,

5%,

6/01/44

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

8,005,000

9,288,602

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/38

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

4,000,000

5,135,080

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/39

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

1,355,000

1,735,321

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

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

3,305,000

4,023,375

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

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

2,665,000

3,293,860

GO,

2017,

BAM

Insured,

5%,

7/01/34

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

2,800,000

3,453,744

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017C,

BAM

Insured,

5%,

7/01/36

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

2,385,000

2,944,783

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.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Pima

County

Unified

School

District

No.

6

Marana,

(continued)

GO,

2018-D,

AGMC

Insured,

5%,

7/01/38

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

$

2,500,000

$

3,064,275

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,301,015

Pinal

County

Electric

District

No.

3

,

Revenue,

2011,

Pre-Refunded,

5.25%,

7/01/33

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

1,500,000

1,544,460

Revenue,

2011,

Pre-Refunded,

5.25%,

7/01/41

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

6,800,000

7,001,552

Revenue,

2016,

Refunding,

5%,

7/01/35

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

1,195,000

1,454,016

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2012

A,

Refunding,

5%,

12/01/30

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

4,500,000

4,809,735

Revenue,

2016

A,

Refunding,

5%,

1/01/38

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

9,745,000

11,987,422

Revenue,

2017A,

Refunding,

5%,

1/01/37

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

10,000,000

12,693,800

Revenue,

2017A,

Refunding,

5%,

1/01/38

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

3,310,000

4,192,214

Revenue,

2017A,

Refunding,

5%,

1/01/39

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

5,605,000

7,083,655

Revenue,

2019

A,

5%,

1/01/47

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

5,000,000

6,491,500

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

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

10,000,000

13,386,100

Revenue,

2007-1,

5%,

12/01/37

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

5,000,000

7,075,350

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

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

1,000,000

1,145,030

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

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

1,400,000

1,592,122

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

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

3,155,000

3,570,482

Town

of

Gilbert

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

10,000,000

11,606,000

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

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

2,500,000

3,132,525

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

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

5,000,000

6,210,550

Excise

Tax,

Revenue,

2020,

4%,

8/01/45

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

5,710,000

6,823,450

Excise

Tax,

Revenue,

2020,

4%,

8/01/50

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

8,740,000

10,329,631

University

Medical

Center

Corp.

,

Banner-University

Medical

Center

Tucson

Campus

LLC,

Revenue,

2011,

Pre-

Refunded,

6%,

7/01/39

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

5,000,000

5,168,150

Banner-University

Medical

Center

Tucson

Campus

LLC,

Revenue,

2013,

Pre-

Refunded,

5.625%,

7/01/36

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

5,000,000

5,689,450

University

of

Arizona

(The)

,

Revenue,

2013,

Pre-Refunded,

5%,

8/01/38

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

4,360,000

4,907,006

Revenue,

2013,

Refunding,

5%,

8/01/38

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

5,790,000

6,349,603

Revenue,

2016,

Refunding,

5%,

6/01/39

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

2,750,000

3,305,060

Revenue,

2018

A,

5%,

6/01/43

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

5,000,000

6,236,700

Revenue,

2019

A,

5%,

6/01/42

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

2,000,000

2,562,460

Revenue,

2020

A,

Refunding,

4%,

8/01/44

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

11,245,000

13,158,787

956,158,736

U.S.

Territories

1.5%

Guam

1.3%

Guam

Power

Authority

,

Revenue,

2014A,

AGMC

Insured,

5%,

10/01/39

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

6,490,000

7,328,833

Revenue,

2014A,

AGMC

Insured,

5%,

10/01/44

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

5,325,000

5,974,703

13,303,536

Puerto

Rico

0.2%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

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

750,000

889,845

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

9

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

$

500,000

$

595,620

1,485,465

Total

U.S.

Territories

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

14,789,001

Total

Municipal

Bonds

(Cost

$894,692,676)

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

970,947,737

a

a

a

a

Short

Term

Investments

2.0%

Municipal

Bonds

2.0%

Arizona

2.0%

c

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015B

,

LOC

MUFG

Bank

Ltd.

,

Daily

VRDN

and

Put

,

0.11

%

,

1/01/46

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

7,900,000

7,900,000

c

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.12

%

,

2/01/48

12,500,000

12,500,000

20,400,000

Total

Municipal

Bonds

(Cost

$20,400,000)

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

20,400,000

Total

Short

Term

Investments

(Cost

$20,400,000

)

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

20,400,000

a

Total

Investments

(Cost

$915,092,676)

99.1%

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

$991,347,737

Other

Assets,

less

Liabilities

0.9%

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

8,458,980

Net

Assets

100.0%

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

$999,806,717

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),

November

30,

2020

Franklin

Colorado

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

Colorado

98.0%

Adams

&

Weld

Counties

School

District

No.

27J

Brighton

,

GO

,

2015

,

5

%

,

12/01/40

..

$

7,500,000

$

8,987,175

Adams

12

Five

Star

Schools

,

GO

,

2016B

,

Refunding

,

5

%

,

12/15/36

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

5,000,000

6,129,300

Adams

State

University

,

Revenue,

2012,

Pre-Refunded,

5%,

5/15/37

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

370,000

393,625

Revenue,

2012,

Refunding,

5%,

5/15/37

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

630,000

662,363

Revenue,

2019

A,

Refunding,

4%,

5/15/42

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

1,515,000

1,753,900

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,586,770

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

8,496,320

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019A

,

5.5

%

,

12/01/43

.......

12,980,000

16,897,883

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,226,010

Auraria

Higher

Education

Center

,

Revenue

,

2013A

,

AGMC

Insured

,

5

%

,

4/01/34

....

6,150,000

6,749,994

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013A,

Refunding,

5%,

3/01/43

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

5,000,000

7,421,550

Revenue,

Pre-Refunded,

5%,

3/01/44

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

5,135,000

5,682,929

Revenue,

2015A,

Pre-Refunded,

5%,

3/01/40

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

3,990,000

4,767,731

Revenue,

2015A,

Refunding,

5%,

3/01/40

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

3,010,000

3,428,932

Revenue,

2016B,

Refunding,

5%,

3/01/41

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

1,000,000

1,195,760

Revenue,

2017E,

Refunding,

4%,

3/01/43

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

4,500,000

5,168,835

Revenue,

2019A,

Refunding,

5%,

3/01/49

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

4,000,000

5,104,160

Revenue,

A,

Refunding,

4%,

3/01/40

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

5,000,000

5,734,550

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017A

,

5

%

,

9/15/47

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

10,000,000

12,374,600

Boulder

Valley

School

District

No.

Re-2

Boulder

,

GO

,

2015

,

5

%

,

12/01/41

.........

5,000,000

5,889,450

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

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

1,150,000

1,333,299

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

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

3,000,000

3,805,710

Revenue,

2019,

5.25%,

12/01/48

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

6,760,000

8,606,021

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/50

........

2,000,000

2,363,760

City

&

County

of

Denver

,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

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

3,500,000

3,802,225

Revenue,

2018

A-1,

5%,

8/01/48

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

5,000,000

5,903,050

Airport

System,

Revenue,

2013B,

5%,

11/15/43

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

5,000,000

5,465,050

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

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

5,000,000

6,168,550

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

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

4,440,000

5,435,048

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

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

3,000,000

3,847,230

City

of

Aurora

,

Water,

Revenue,

First

Lien,

2016,

Refunding,

5%,

8/01/41

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

3,000,000

3,637,650

Water,

Revenue,

First

Lien,

2016,

Refunding,

5%,

8/01/46

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

5,000,000

5,992,800

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2013B-1,

5%,

11/15/38

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

4,000,000

4,491,320

Utilities

System,

Revenue,

2014A-2,

5%,

11/15/44

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

5,000,000

5,783,700

Utilities

System,

Revenue,

2015A,

Refunding,

5%,

11/15/40

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

3,000,000

3,578,610

Utilities

System,

Revenue,

2015A,

Refunding,

5%,

11/15/45

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

2,665,000

3,153,495

Utilities

System,

Revenue,

2017A-2,

Refunding,

5%,

11/15/47

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

6,000,000

7,412,160

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

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

5,000,000

6,316,650

City

of

Commerce

City

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

8/01/41

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

4,000,000

4,840,400

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018A

,

5

%

,

12/01/42

......

13,500,000

16,886,745

City

of

Grand

Junction

,

Revenue,

2020

B,

4%,

3/01/45

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

1,500,000

1,775,685

Revenue,

2020

B,

4%,

3/01/49

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

1,240,000

1,459,492

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)

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

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

$

5,280,000

$

5,297,530

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

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

715,000

840,954

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

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

3,950,000

4,612,218

West

Ridge

Academy

Charter

School,

Revenue,

2019A,

Refunding,

5%,

6/01/49

..

400,000

435,004

Windsor

Charter

Academy,

Revenue,

2020,

Refunding,

4%,

9/01/50

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

1,400,000

1,597,596

Colorado

Health

Facilities

Authority

,

Adventist

Health

System/Sunbelt

Obligated

Group,

Revenue,

2016A,

Refunding,

4%,

11/15/41

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

3,000,000

3,325,290

Adventist

Health

System/Sunbelt

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

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

5,000,000

6,405,400

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

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

1,575,000

1,837,143

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

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

850,000

988,601

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

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

705,000

817,518

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

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

835,000

965,293

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

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

725,000

835,106

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

3,244,710

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016A,

5%,

12/01/44

....

5,000,000

5,799,050

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

3,000,000

3,711,360

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,462,620

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

5,000,000

5,539,650

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013A,

Pre-

Refunded,

5.75%,

12/01/36

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

5,000,000

5,807,600

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

12/01/35

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

7,150,000

7,999,492

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

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

5,000,000

5,739,000

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020A,

Refunding,

4%,

12/01/50

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

5,700,000

6,291,945

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2012,

Pre-

Refunded,

5%,

12/01/33

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

2,500,000

2,678,125

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.5%,

6/01/33

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

1,000,000

1,130,350

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.625%,

6/01/43

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

4,000,000

4,533,840

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015A,

Pre-

Refunded,

5%,

6/01/40

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

4,000,000

4,835,200

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015A,

Pre-

Refunded,

5%,

6/01/45

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

2,750,000

3,324,200

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2017,

Pre-

Refunded,

5%,

6/01/47

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

6,000,000

7,732,800

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,719,000

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020A,

4%,

9/01/50

....

6,275,000

7,032,957

Sanford

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

11/01/44

...........

10,455,000

12,889,447

Sisters

of

Charity

of

Leavenworth

Health

System,

Inc.

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

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

3,660,000

4,304,965

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

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

2,000,000

2,254,000

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

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

1,000,000

1,118,740

Colorado

High

Performance

Transportation

Enterprise

,

Revenue

,

2017

,

5

%

,

12/31/47

2,555,000

2,790,801

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

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

1,000,000

1,073,370

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

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

1,000,000

1,069,790

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Mesa

University

,

Revenue,

2016,

5%,

5/15/45

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

$

4,000,000

$

4,667,200

Revenue,

2019

B,

5%,

5/15/44

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

1,000,000

1,250,640

Revenue,

2019

B,

5%,

5/15/49

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

1,565,000

1,942,650

Colorado

School

of

Mines

,

Revenue,

2012

B,

Refunding,

5%,

12/01/32

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

110,000

118,612

Revenue,

2017

A,

5%,

12/01/42

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

2,450,000

2,926,696

Revenue,

2017

A,

5%,

12/01/47

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

3,000,000

3,556,500

Colorado

Water

Resources

&

Power

Development

Authority

,

Revenue,

2011C,

Pre-Refunded,

5%,

9/01/36

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

1,900,000

1,967,906

Revenue,

2013A,

AGMC

Insured,

5%,

9/01/38

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

1,210,000

1,296,951

Commerce

City

,

Northern

Infrastructure

General

Improvement

District

,

GO

,

2013

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/31

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

2,040,000

2,223,070

Consolidated

Bell

Mountain

Ranch

Metropolitan

District

,

GO

,

2010

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

12/01/39

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

3,160,000

3,160,000

County

of

Pueblo

,

COP

,

2012

,

AGMC

Insured

,

5

%

,

9/15/42

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

10,000,000

10,701,100

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

3,119,550

Denver

City

&

County

School

District

No.

1

,

COP,

2013C,

5%,

12/15/30

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

4,000,000

4,515,160

COP,

2020

A,

5%,

12/01/42

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

2,000,000

2,603,200

GO,

2017,

5%,

12/01/41

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

12,440,000

15,155,279

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

10,855,724

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

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

5,255,000

6,160,909

Revenue,

2010,

Pre-Refunded,

5.5%,

12/01/30

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

1,500,000

1,500,000

Revenue,

2010,

Pre-Refunded,

5.625%,

12/01/40

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

4,000,000

4,000,000

Revenue,

2014A,

5.25%,

12/01/45

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

9,250,000

9,937,645

Revenue,

2019

A,

Refunding,

5%,

12/01/30

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

1,000,000

1,249,050

Revenue,

2019

A,

Refunding,

5%,

12/01/31

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

1,400,000

1,739,808

Revenue,

2019

A,

Refunding,

5%,

12/01/33

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

3,300,000

4,057,977

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

350,000

363,205

Eagle

River

Water

and

Sanitation

District

,

GO,

2016,

5%,

12/01/45

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

1,360,000

1,643,723

Revenue,

2012,

Pre-Refunded,

5%,

12/01/42

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

3,500,000

3,827,320

Revenue,

2020

A,

AGMC

Insured,

4%,

12/01/49

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

7,200,000

8,532,648

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

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

520,000

617,827

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

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

875,000

1,029,919

Ignacio

School

District

11JT

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

12/01/31

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

1,215,000

1,272,700

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

5,000,000

6,418,150

a

Little

Thompson

Water

District

,

Revenue

,

2020

,

4

%

,

12/01/50

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

1,200,000

1,413,648

Meridian

Metropolitan

District

,

GO

,

2011

A

,

Pre-Refunded

,

5

%

,

12/01/41

..........

5,000,000

5,229,700

Metropolitan

State

University

of

Denver

,

Revenue

,

2016

,

5

%

,

12/01/45

...........

4,000,000

4,643,720

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

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

1,000,000

1,140,810

GO,

2016,

Refunding,

5%,

12/01/46

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

1,500,000

1,693,740

Park

Creek

Metropolitan

District

,

Revenue,

2011A,

Pre-Refunded,

AGMC

Insured,

6%,

12/01/38

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

2,500,000

2,500,000

Revenue,

2011A,

Pre-Refunded,

AGMC

Insured,

6.125%,

12/01/41

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

2,500,000

2,500,000

Revenue,

2017A,

5%,

12/01/41

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

3,000,000

3,469,290

Revenue,

2017A,

5%,

12/01/46

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

2,500,000

2,875,550

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

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Park

Creek

Metropolitan

District,

(continued)

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

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

$

7,000,000

$

8,055,180

Revenue,

Senior

Lien,

2018A,

5%,

12/01/46

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

2,875,000

3,482,056

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

8,038,324

Platte

River

Power

Authority

,

Revenue

,

II

,

5

%

,

6/01/37

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

12,000,000

12,775,560

Poudre

Tech

Metropolitan

District

,

GO

,

2010A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/39

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

7,435,000

7,435,000

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

15,674,076

Pueblo

City

Schools

,

GO

,

2020

,

5

%

,

12/15/38

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

3,000,000

3,939,360

Pueblo

Urban

Renewal

Authority

,

Revenue,

2011-B,

Pre-Refunded,

5.25%,

12/01/28

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

1,000,000

1,049,970

Revenue,

2011-B,

Pre-Refunded,

5.5%,

12/01/31

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

1,010,000

1,062,985

Revenue,

2011-B,

Pre-Refunded,

5.25%,

12/01/38

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

3,615,000

3,795,641

Regional

Transportation

District

Sales

Tax

,

Revenue,

2016

A,

5%,

11/01/41

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

10,000,000

11,913,900

Revenue,

2016

A,

5%,

11/01/46

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

11,000,000

13,009,810

Roaring

Fork

Transportation

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/44

....

1,000,000

1,179,940

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

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

2,665,000

3,174,122

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

6,492,745

State

of

Colorado

,

COP,

2011G,

Pre-Refunded,

5%,

3/15/32

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

10,000,000

10,140,100

COP,

2013I,

Pre-Refunded,

5%,

3/15/36

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

3,000,000

3,468,180

COP,

2017

J,

5.25%,

3/15/42

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

5,000,000

6,127,450

COP,

2019

O,

4%,

3/15/44

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

5,000,000

5,887,400

COP,

2020,

Refunding,

4%,

6/15/39

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

1,000,000

1,196,200

COP,

2020,

Refunding,

4%,

6/15/40

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

1,315,000

1,567,796

COP,

2020,

Refunding,

4%,

6/15/41

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

1,275,000

1,515,070

COP,

2020

A,

4%,

12/15/39

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

2,750,000

3,348,427

a

COP,

2020R,

4%,

3/15/45

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

7,000,000

8,354,010

University

of

Colorado,

COP,

2013A,

Refunding,

5%,

11/01/29

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

3,105,000

3,486,294

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,317,263

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

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

500,000

510,190

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

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

1,250,000

1,306,163

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

4,500,000

5,384,385

Town

of

Castle

Rock

,

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/31

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

1,800,000

2,012,238

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/32

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

1,845,000

2,062,544

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/35

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

2,775,000

3,102,200

Town

of

Firestone

,

Water

Enterprise

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/49

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

1,400,000

1,678,376

Town

of

Monument

,

COP,

2020,

AGMC

Insured,

4%,

12/01/40

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

1,000,000

1,145,260

COP,

2020,

AGMC

Insured,

4%,

12/01/45

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

1,000,000

1,131,860

University

of

Colorado

,

Revenue,

2015A,

Pre-Refunded,

5%,

6/01/38

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

5,655,000

6,849,845

Revenue,

2018

B,

5%,

6/01/48

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

5,000,000

6,208,350

Revenue,

2019B,

Refunding,

5%,

6/01/44

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

3,385,000

4,332,157

Revenue,

2019B,

Refunding,

5%,

6/01/49

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

3,295,000

4,185,539

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.

14

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

University

of

Northern

Colorado

,

Revenue

,

2011A

,

Pre-Refunded

,

5

%

,

6/01/30

.....

$

1,690,000

$

1,730,560

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

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

2,500,000

2,992,600

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

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

380,000

450,022

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

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

480,000

559,426

Weld

County

School

District

No.

6

Greeley

,

GO

,

2020

,

5

%

,

12/01/40

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

8,750,000

11,496,188

Weld

County

School

District

No.

RE-4

,

GO

,

2016

,

5.25

%

,

12/01/41

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

5,000,000

6,232,250

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

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

630,000

786,794

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

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

500,000

616,350

Woodmoor

Water

&

Sanitation

District

No.

1

,

Revenue

,

2011

,

5

%

,

12/01/36

........

5,000,000

5,221,500

726,110,385

U.S.

Territories

0.4%

Guam

0.2%

Guam

Government

Waterworks

Authority,

Revenue,

2020

A,

5%,

1/01/50

.........

1,500,000

1,845,345

Puerto

Rico

0.2%

Puerto

Rico

Highway

&

Transportation

Authority,

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

1,000,000

1,191,240

Total

U.S.

Territories

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

3,036,585

Total

Municipal

Bonds

(Cost

$671,655,474)

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

729,146,970

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Colorado

0.3%

b

City

&

County

of

Denver

,

COP,

2008A1,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.13%,

12/01/29

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

1,400,000

1,400,000

COP,

2008A2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.13%,

12/01/29

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

410,000

410,000

b

Colorado

Educational

&

Cultural

Facilities

Authority

,

Daughters

of

Israel,

Inc.

,

Revenue

,

B-4

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.13

%

,

12/01/35

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

760,000

760,000

2,570,000

Total

Municipal

Bonds

(Cost

$2,570,000)

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

2,570,000

Total

Short

Term

Investments

(Cost

$2,570,000

)

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

2,570,000

a

Total

Investments

(Cost

$674,225,474)

98.7%

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

$731,716,970

Other

Assets,

less

Liabilities

1.3%

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

9,272,151

Net

Assets

100.0%

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

$740,989,121

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),

November

30,

2020

Franklin

Connecticut

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.1%

Connecticut

99.1%

City

of

Bridgeport

,

GO,

Pre-Refunded,

5%,

2/15/32

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

$

10,000,000

$

10,572,600

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,206,960

City

of

New

Haven

,

GO

,

2002C

,

NATL

Insured

,

ETM,

5

%

,

11/01/22

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

25,000

25,091

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility,

Revenue,

2013A,

5.25%,

8/15/43

......

1,000,000

1,121,960

a

Water

Pollution

Control

System

&

Facility,

Revenue,

2020

A,

4%,

11/15/45

.......

1,175,000

1,414,841

Connecticut

Housing

Finance

Authority

,

Revenue,

10,

5%,

6/15/28

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

420,000

421,499

Revenue,

13,

5%,

6/15/40

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

1,500,000

1,505,310

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

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

1,250,000

1,261,563

Revenue,

2020C-1,

Refunding,

2.05%,

5/15/37

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

1,400,000

1,415,260

Revenue,

E-E1,

3.05%,

11/15/44

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

5,000,000

5,319,400

Revenue,

E-E1,

3.1%,

11/15/49

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

2,000,000

2,113,380

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2013A

,

5

%

,

1/01/38

..

3,000,000

3,246,330

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/34

345,000

431,543

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/35

310,000

385,671

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

594,888

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

300,000

370,563

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

388,578

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

467,240

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

1,049,432

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

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

5,000,000

5,428,850

Connecticut

State

University

System,

Revenue,

N,

5%,

11/01/29

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

5,060,000

5,648,680

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

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

4,000,000

4,671,520

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

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

9,000,000

10,245,060

Hartford

HealthCare

Obligated

Group,

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/41

12,000,000

12,327,600

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

1,107,220

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

3,105,000

3,412,209

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

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

8,250,000

9,281,663

Sacred

Heart

University,

Inc.,

Revenue,

2011G,

Pre-Refunded,

5.375%,

7/01/31

..

1,500,000

1,545,105

Sacred

Heart

University,

Inc.,

Revenue,

2011G,

Pre-Refunded,

5.625%,

7/01/41

..

5,500,000

5,673,360

Sacred

Heart

University,

Inc.,

Revenue,

2012H,

Pre-Refunded,

AGMC

Insured,

5%,

7/01/28

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

2,290,000

2,464,132

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

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

4,375,000

5,159,569

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

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

1,200,000

1,348,080

Stamford

Hospital

Obligated

Group

(The),

Revenue,

2010-1,

5%,

7/01/30

........

5,000,000

5,098,100

Stamford

Hospital

Obligated

Group

(The),

Revenue,

J,

5%,

7/01/42

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

5,000,000

5,205,050

Trinity

College,

Revenue,

R,

Refunding,

4%,

6/01/45

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

2,500,000

2,861,200

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

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

5,000,000

5,894,300

Western

Connecticut

Health

Obligated

Group,

Revenue,

2011

M,

Pre-Refunded,

5.375%,

7/01/41

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

1,000,000

1,030,070

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

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

5,000,000

5,423,800

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

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

1,700,000

1,736,057

Revenue,

2020

D,

Refunding,

3%,

11/15/35

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

1,145,000

1,163,675

Connecticut

Transmission

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2012A

,

5

%

,

1/01/42

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

5,000,000

5,211,550

Metropolitan

District

(The)

,

Revenue,

2013A,

Pre-Refunded,

5%,

4/01/36

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

5,000,000

5,320,100

Revenue,

2014A,

5%,

11/01/42

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

5,000,000

5,701,650

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

A-THIRTIETH,

Pre-Refunded,

5%,

8/01/39

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

1,500,000

1,760,295

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.

16

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

South

Central

Connecticut

Regional

Water

Authority,

(continued)

Revenue,

A-THIRTIETH,

Pre-Refunded,

5%,

8/01/44

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

$

1,615,000

$

1,895,251

Revenue,

Second

Series,

B-THIRTY

SECOND,

Refunding,

5%,

8/01/38

.........

1,720,000

2,075,077

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/36

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

5,000,000

6,014,850

GO,

2020

A,

4%,

1/15/38

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

2,250,000

2,685,172

GO,

2020

C,

4%,

6/01/39

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

600,000

717,924

Special

Tax,

2013,

5%,

10/01/30

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

5,000,000

5,602,900

Special

Tax,

2016A,

5%,

9/01/33

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

1,000,000

1,210,020

Special

Tax,

2018

A,

5%,

1/01/36

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

1,000,000

1,242,070

Special

Tax,

2020

A,

4%,

5/01/39

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

1,000,000

1,178,040

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

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

1,400,000

1,662,962

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015A,

5%,

3/01/34

.......

5,000,000

5,906,150

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015A,

5%,

3/01/35

.......

1,000,000

1,179,840

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017A,

5%,

5/01/37

.......

3,000,000

3,723,570

Town

of

Darien

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/01/39

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

350,000

417,882

Town

of

Stratford

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

7/01/33

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

1,000,000

1,181,520

Town

of

Windham

,

GO

,

2020

,

Refunding

,

4

%

,

8/15/45

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

2,000,000

2,338,780

University

of

Connecticut

,

Revenue,

2013A,

5%,

8/15/28

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

6,590,000

7,313,977

Revenue,

2014

A,

5%,

2/15/31

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

2,000,000

2,242,720

Revenue,

2017

A,

5%,

1/15/37

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

4,000,000

4,780,760

201,400,469

Total

Municipal

Bonds

(Cost

$189,316,556)

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

201,400,469

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Connecticut

0.3%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

D

aily

VRDN

and

Put

,

0.07

%

,

7/01/36

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

600,000

600,000

Total

Municipal

Bonds

(Cost

$600,000)

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

600,000

Total

Short

Term

Investments

(Cost

$600,000

)

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

600,000

a

Total

Investments

(Cost

$189,916,556)

99.4%

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

$202,000,469

Other

Assets,

less

Liabilities

0.6%

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

1,217,607

Net

Assets

100.0%

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

$203,218,076

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),

November

30,

2020

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

17

a

a

Shares

a

Value

a

Management

Investment

Companies

0.7%

Capital

Markets

0.7%

a

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

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

965,000

$

26,209,400

Total

Management

Investment

Companies

(Cost

$26,174,687)

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

26,209,400

Principal

Amount

a

a

a

a

Municipal

Bonds

98.3%

Alabama

2.2%

Alabama

Public

School

and

College

Authority

,

Revenue

,

2014-B

,

Refunding

,

5

%

,

1/01/27

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

$

25,000,000

29,147,500

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

630,325

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

620,756

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

552,798

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/39

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

2,250,000

2,592,203

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group,

Revenue,

2016A,

5%,

2/01/27

........

4,920,000

5,860,310

Infirmary

Health

System

Obligated

Group,

Revenue,

2016A,

5%,

2/01/28

........

5,000,000

5,904,950

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

3,542,598

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,671,900

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,819,013

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

4,105,325

Shelby

County

Board

of

Education

,

Special

Tax,

2011,

Refunding,

5%,

2/01/22

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

5,250,000

5,291,685

Special

Tax,

2011,

Refunding,

5%,

2/01/23

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

5,520,000

5,563,829

Special

Tax,

2011,

Refunding,

5%,

2/01/24

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

5,055,000

5,095,136

Special

Tax,

2011,

Refunding,

5%,

2/01/25

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

5,920,000

5,967,005

82,365,333

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

2,011,182

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,524,110

3,535,292

Arizona

3.7%

Arizona

Department

of

Transportation

,

State

Highway

Fund,

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/24

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

5,000,000

5,140,950

State

Highway

Fund,

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/25

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

5,000,000

5,140,950

State

Highway

Fund,

Revenue,

2015,

Refunding,

5%,

7/01/29

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

10,920,000

12,632,911

Arizona

Health

Facilities

Authority

,

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

2/01/27

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

6,000,000

6,309,000

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,400,069

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

760,194

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

795,646

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,256,490

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,391,096

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)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

$

1,250,000

$

1,556,700

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,303,460

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020A,

4%,

11/01/37

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

1,105,000

1,311,160

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020A,

4%,

11/01/38

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

600,000

708,624

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020A,

5%,

2/01/35

.....

500,000

642,160

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020A,

5%,

2/01/36

.....

750,000

958,372

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020A,

5%,

2/01/37

.....

600,000

762,894

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020A,

5%,

2/01/38

.....

1,000,000

1,268,930

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020A,

3%,

2/01/39

.....

1,200,000

1,282,668

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

3,090,850

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

12,390,600

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

3,500,000

4,360,300

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

10,225,000

12,695,564

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

9,720,000

11,462,602

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/36

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

6,380,000

7,502,433

County

of

Pima

,

Sewer

System,

Revenue,

2011

B,

Pre-Refunded,

5%,

7/01/24

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

6,030,000

6,198,177

Sewer

System,

Revenue,

2011

B,

Pre-Refunded,

5%,

7/01/25

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

4,500,000

4,625,505

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

687,377

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

553,580

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

678,662

Maricopa

County

Industrial

Development

Authority

,

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/30

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

850,000

1,066,793

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/31

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

1,000,000

1,249,500

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/32

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

1,000,000

1,242,690

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/33

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

800,000

990,072

Pima

County

Regional

Transportation

Authority

,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,787,544

Revenue,

2014,

5%,

6/01/26

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

7,180,000

8,020,419

Scottsdale

Municipal

Property

Corp.

,

Revenue,

2015,

Refunding,

5%,

7/01/26

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

2,580,000

3,133,642

Revenue,

2015,

Refunding,

5%,

7/01/27

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

2,000,000

2,423,080

Revenue,

2015,

Refunding,

5%,

7/01/28

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

3,325,000

4,021,621

134,803,285

Arkansas

0.7%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/32

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

3,885,000

4,892,924

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

4,630,000

5,770,045

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

3,625,000

4,500,727

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)

Arkansas

(continued)

Arkansas

Development

Finance

Authority,

(continued)

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

$

1,250,000

$

1,547,138

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

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

1,000,000

1,234,160

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

1,000,000

1,231,410

City

of

Fort

Smith

,

Sales

&

Use

Tax

,

Revenue

,

2012

,

Refunding

,

5

%

,

5/01/23

......

5,000,000

5,303,100

24,479,504

California

7.4%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

7,000,000

8,266,720

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,854,450

California

State

Public

Works

Board

,

Revenue,

A,

5.25%,

10/01/22

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

3,300,000

3,438,204

Revenue,

A,

5.25%,

10/01/23

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

5,365,000

5,589,686

Revenue,

A,

5.25%,

10/01/24

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

3,000,000

3,125,640

Revenue,

A,

5.25%,

10/01/25

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

3,000,000

3,125,640

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,677,429

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

821,709

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,580,162

City

of

Riverside

,

Sewer,

Revenue,

2015A,

Refunding,

5%,

8/01/34

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

10,605,000

12,713,698

Sewer,

Revenue,

2015A,

Refunding,

5%,

8/01/35

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

11,000,000

13,176,020

Livermore-Amador

Valley

Water

Management

Agency

,

Revenue,

2011,

Refunding,

5%,

8/01/24

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

5,660,000

5,835,120

Revenue,

2011,

Refunding,

5%,

8/01/25

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

4,765,000

4,912,096

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013A,

5%,

7/01/26

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

11,025,000

12,103,355

Power

System,

Revenue,

2017B,

Refunding,

5%,

7/01/31

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

8,220,000

10,317,251

Power

System,

Revenue,

2017C,

5%,

7/01/32

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

4,615,000

5,860,127

Power

System,

Revenue,

2017C,

5%,

7/01/33

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

3,960,000

5,008,727

Power

System,

Revenue,

2017C,

5%,

7/01/34

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

4,080,000

5,150,061

Los

Angeles

Unified

School

District

,

GO,

2018

B-1,

5%,

7/01/32

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

8,000,000

10,178,880

GO,

2020

RYQ,

5%,

7/01/35

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

6,500,000

8,691,540

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/36

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

855,000

1,070,640

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/37

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

1,250,000

1,560,100

State

of

California

,

GO,

5.25%,

10/01/23

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

25,050,000

26,107,862

GO,

5.25%,

10/01/24

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

9,780,000

10,192,129

GO,

Refunding,

5.25%,

9/01/25

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

15,000,000

15,568,800

GO,

Refunding,

5%,

10/01/25

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

15,000,000

16,655,400

GO,

5.25%,

10/01/25

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

5,000,000

5,210,300

GO,

Refunding,

5.25%,

3/01/30

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

10,000,000

10,001,400

GO,

Refunding,

5%,

8/01/30

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

35,000,000

42,998,100

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

8/01/32

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

10,000,000

14,341,200

271,132,446

Colorado

2.1%

City

&

County

of

Denver

,

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,634,900

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

4,250,000

4,780,400

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)

Colorado

(continued)

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

$

650,000

$

835,354

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

913,045

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/31

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

1,000,000

1,295,170

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

750,000

966,352

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

1,000,000

1,281,260

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/34

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

1,100,000

1,405,184

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

2,000,000

2,502,620

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

10,546,035

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,584,170

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,424,500

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,516,280

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

3,000,000

3,753,930

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

5,500,000

6,866,035

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

5,602,140

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

2,000,000

2,474,240

Regional

Transportation

District

,

COP

,

2013A

,

Refunding

,

5

%

,

6/01/26

...........

14,000,000

15,523,760

State

of

Colorado

,

COP

,

2020

A

,

4

%

,

12/15/35

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

4,000,000

4,930,520

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

509,530

76,345,425

Connecticut

2.7%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

3,330,495

GO,

2019,

3%,

6/01/36

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

3,025,000

3,311,437

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

..........

2,500,000

2,910,675

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/32

.....

5,900,000

7,255,112

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

6,070,500

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

279,327

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

5,289,077

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

903,056

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

801,988

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

927,000

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

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

550,000

701,239

State

of

Connecticut

,

GO,

2013

E,

5%,

8/15/25

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

11,295,000

12,705,294

GO,

2013

E,

5%,

8/15/26

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

18,585,000

20,858,689

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,826,910

GO,

2020

C,

4%,

6/01/36

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

1,800,000

2,176,272

Special

Tax,

2020

A,

5%,

5/01/35

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

4,500,000

5,935,140

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

4,159,715

Special

Tax,

A,

5%,

1/01/28

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

10,000,000

10,910,100

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,675,086

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

5,987,036

100,014,148

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)

Florida

8.1%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

$

5,000,000

$

6,465,700

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

1,600,000

2,052,400

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

3,445,000

4,401,229

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

2,986,991

Broward

County

,

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/24

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

6,000,000

6,514,620

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/25

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

6,325,000

6,866,294

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

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

1,000,000

1,149,840

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

6,887,690

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,917,015

City

of

Jacksonville

,

Revenue,

2012A,

Refunding,

5%,

10/01/28

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

6,000,000

6,468,600

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

..

1,650,000

1,881,165

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/40

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

2,500,000

2,584,075

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,732,530

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,870,178

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,846,300

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

815,017

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

580,755

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,250,590

County

of

Miami-Dade

,

Aviation,

Revenue,

2010

A-1,

5%,

10/01/21

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

5,000,000

5,017,850

Aviation,

Revenue,

2010

A-1,

5%,

10/01/22

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

5,890,000

5,910,497

Aviation,

Revenue,

2010

A-1,

5.25%,

10/01/23

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

4,875,000

4,892,307

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/24

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

2,250,000

2,421,090

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/25

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

3,000,000

3,228,120

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/26

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

4,000,000

4,304,160

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/27

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

4,000,000

4,304,160

Transit

System,

Revenue,

2019,

Refunding,

4%,

7/01/35

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

13,890,000

16,708,142

Water

&

Sewer

System,

Revenue,

2013B,

Pre-Refunded,

5%,

10/01/27

.........

15,000,000

17,022,000

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

10/01/28

1,240,000

1,407,152

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/34

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

15,560,000

19,777,849

Revenue,

2019

A,

4%,

10/01/35

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

5,000,000

5,869,550

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

199,635

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

321,522

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

260,629

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

269,668

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

273,907

JEA

Water

&

Sewer

System

,

Revenue,

2014A,

Pre-Refunded,

5%,

10/01/26

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

1,530,000

1,766,461

Revenue,

2014A,

Refunding,

5%,

10/01/26

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

1,455,000

1,674,298

Revenue,

2014A,

Pre-Refunded,

5%,

10/01/27

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

5,375,000

6,205,706

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)

Florida

(continued)

JEA

Water

&

Sewer

System,

(continued)

Revenue,

2014A,

Refunding,

5%,

10/01/27

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

$

5,130,000

$

5,892,164

Revenue,

2014A,

Pre-Refunded,

5%,

10/01/29

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

1,265,000

1,460,506

Revenue,

2014A,

Refunding,

5%,

10/01/29

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

1,205,000

1,379,279

Revenue,

2017A,

Refunding,

5%,

10/01/31

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

17,435,000

22,196,150

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group

,

Revenue

,

A-1

,

Refunding

,

4

%

,

4/01/37

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

5,000,000

5,804,350

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

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

6,040,000

6,789,745

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,224,180

Orlando

Health

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,487,375

Orlando

Utilities

Commission

,

Revenue,

2012A,

Refunding,

5%,

10/01/24

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

2,405,000

2,840,281

Revenue,

2012A,

Refunding,

5%,

10/01/25

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

2,000,000

2,451,920

Revenue,

2018

A,

5%,

10/01/33

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

1,755,000

2,235,115

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013B

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/24

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

14,650,000

16,423,529

Palm

Beach

County

School

District

,

COP

,

2014B

,

5

%

,

8/01/25

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

4,000,000

4,844,560

Palm

Beach

County

Solid

Waste

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

10/01/23

.

17,290,000

17,969,497

State

of

Florida

,

GO,

2015E,

Refunding,

4%,

6/01/33

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

11,855,000

13,550,976

GO,

2017

C,

Refunding,

4%,

6/01/32

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

12,855,000

15,250,401

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,907,350

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

3,259,382

298,072,452

Georgia

1.9%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014A,

Refunding,

5%,

1/01/27

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

7,000,000

7,932,890

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014A,

Refunding,

5%,

1/01/28

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

5,100,000

5,764,632

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

5,165,000

6,209,621

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

8,642,228

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,835,350

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

900,000

1,086,228

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

565,000

676,169

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

450,000

536,697

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

865,000

1,029,194

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,400,000

1,659,616

b

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/32

250,000

293,530

b

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/33

250,000

290,633

b

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/34

275,000

317,864

b

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/35

275,000

315,876

b

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/36

275,000

315,222

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

4,363,764

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

5,033,761

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

5,496,776

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

2,181,935

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,594,991

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

2,000,000

2,457,180

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)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

$

1,000,000

$

1,222,080

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

B,

5%,

1/01/29

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

500,000

632,935

Revenue,

2019

B,

5%,

1/01/30

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

480,000

603,576

Revenue,

2019

B,

5%,

1/01/31

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

700,000

876,526

Revenue,

2019

B,

5%,

1/01/32

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

750,000

937,942

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,302,248

Revenue,

2019

B,

5%,

1/01/34

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

700,000

867,734

Revenue,

2019A,

5%,

1/01/30

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

1,000,000

1,265,660

Revenue,

2019A,

5%,

1/01/31

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

600,000

756,210

Revenue,

2019A,

5%,

1/01/32

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

500,000

627,330

Revenue,

2019A,

5%,

1/01/33

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

1,000,000

1,247,790

71,374,188

Hawaii

0.9%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

25,000,000

29,068,250

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

5,114,559

34,182,809

Illinois

2.4%

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

4,000,000

4,719,120

Revenue,

Senior

Lien,

2020

E,

Refunding,

4%,

1/01/35

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

1,560,000

1,840,457

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,831,335

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,636,810

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,225,048

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

2,856,579

Chicago

Transit

Authority

,

Revenue

,

2011

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

6,125,000

6,265,569

County

of

Cook

,

GO

,

A

,

Refunding

,

MAC

Insured

,

5.25

%

,

11/15/22

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

12,395,000

12,958,724

Illinois

Finance

Authority

,

Northwestern

University

,

Revenue

,

2015

,

5

%

,

12/01/28

....

1,675,000

2,236,376

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

B

,

Pre-Refunded

,

5

%

,

6/15/23

...

600,000

642,414

State

of

Illinois

,

GO,

2013

A,

AGMC

Insured,

5%,

4/01/25

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

18,000,000

19,267,200

GO,

2014,

MAC

Insured,

5%,

2/01/26

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

5,650,000

6,179,914

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,099,990

GO,

2017C,

5%,

11/01/29

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

3,675,000

3,999,576

GO,

2017D,

3.25%,

11/01/26

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

750,000

752,452

GO,

2017D,

5%,

11/01/27

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

1,500,000

1,654,995

GO,

2020,

5.5%,

5/01/39

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

2,650,000

2,991,055

GO,

2020

C,

4%,

10/01/37

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

7,870,000

7,969,477

b,c

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020A

,

Refunding

,

3.5

%

,

12/01/32

......

6,400,000

6,417,664

88,544,755

Indiana

0.3%

Indiana

Finance

Authority

,

State

Revolving

Fund

,

Revenue

,

2018

A

,

5

%

,

2/01/35

....

9,795,000

12,516,639

Iowa

0.5%

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

1,800,000

2,286,540

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,426,400

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,551,121

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,677,269

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)

Iowa

(continued)

Iowa

Higher

Education

Loan

Authority,

(continued)

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

$

1,250,000

$

1,562,175

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

3,077,719

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

3,223,561

17,804,785

Kansas

0.3%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014A

,

5

%

,

9/01/28

.....

8,000,000

9,373,920

Kentucky

1.0%

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,248,370

Kentucky

Municipal

Power

Agency

,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,864,350

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,977,824

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,231,070

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,530,980

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

3,137,996

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,729,480

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District

,

Revenue

,

2011

A

,

5

%

,

5/15/24

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

7,000,000

7,314,860

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

6,661,545

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

5,500,000

6,614,080

36,310,555

Louisiana

2.1%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,580,319

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,406,460

Revenue,

2019

B,

Refunding,

5%,

2/01/32

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

2,000,000

2,807,400

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

7,000,000

8,344,210

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,892,720

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

4,186,140

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

5,560,767

b,c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020A

,

Refunding

,

3.5

%

,

12/01/32

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

1,960,000

1,963,508

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

10,000

12,405

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

5/15/29

1,240,000

1,492,018

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

6,203

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

5/15/30

995,000

1,192,159

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

18,608

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

5/15/32

1,485,000

1,766,927

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

1,000,000

1,243,070

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/29

2,000,000

2,471,300

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,766,577

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

2,137,642

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

2,134,493

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,429,520

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)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

$

1,750,000

$

2,230,883

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,541,020

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,946,769

d

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017B-2

,

Refunding

,

Mandatory

Put

,

2.375

%

,

7/01/26

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

2,500,000

2,577,325

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,234,760

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,840,794

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,307,969

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,225,650

Revenue,

2020

E,

5%,

4/01/39

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

1,500,000

1,835,325

State

of

Louisiana

,

GO

,

2014-C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

11,698,000

77,850,941

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020A,

5%,

7/01/35

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

1,000,000

1,293,270

MaineHealth

Obligated

Group,

Revenue,

2020A,

4%,

7/01/36

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

1,000,000

1,186,920

MaineHealth

Obligated

Group,

Revenue,

2020A,

4%,

7/01/37

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

1,150,000

1,360,438

MaineHealth

Obligated

Group,

Revenue,

2020A,

4%,

7/01/38

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

1,440,000

1,698,509

5,539,137

Maryland

2.3%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,000,000

1,244,890

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,643,924

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

3,984,390

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

8,028,831

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

7,300,883

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

3,290,024

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

6,853,441

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,643,255

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

2,212,382

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

4,649,813

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,919,000

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

8,955,326

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

5,408,800

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

519,750

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

342,549

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

8,520,000

10,617,879

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

9,194,897

85,385,030

Massachusetts

4.0%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

9,078,675

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

7,242,960

Massachusetts

Bay

Transportation

Authority

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

7/01/34

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

6,000,000

8,065,380

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

17A,

5%,

2/01/24

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

9,380,000

10,355,145

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)

Massachusetts

(continued)

Massachusetts

Clean

Water

Trust

(The),

(continued)

Revenue,

17A,

5%,

2/01/25

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

$

9,750,000

$

10,763,610

Revenue,

2014,

Refunding,

5%,

8/01/26

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

10,650,000

13,468,096

Massachusetts

Development

Finance

Agency

,

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

200,151

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

630,358

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

593,114

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

688,637

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

588,969

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

5,395,143

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

5,635,979

Revenue,

2019

C,

5%,

7/01/34

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

9,280,000

11,742,448

Massachusetts

School

Building

Authority

,

Revenue,

Pre-Refunded,

5%,

8/15/27

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

6,000,000

6,491,039

Revenue,

Senior

Lien,

Pre-Refunded,

5%,

8/15/25

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

10,975,000

11,872,279

Revenue,

Senior

Lien,

2012A,

Pre-Refunded,

5%,

8/15/26

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

495,000

534,660

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue,

Senior

Lien

,

2019

A

,

Refunding

,

5

%

,

1/01/35

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

7,000,000

8,949,080

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

17,662,531

University

of

Massachusetts

Building

Authority

,

University

of

Massachusetts,

Revenue,

2017-3,

Refunding,

5%,

11/01/31

........

10,035,000

12,726,488

University

of

Massachusetts,

Revenue,

2017-3,

Refunding,

5%,

11/01/32

........

5,000,000

6,308,300

148,993,042

Michigan

1.7%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

6,088,619

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

2,295,537

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,474,632

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,837,073

Michigan

Finance

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/24

......

5,000,000

5,439,250

Clean

Water

Revolving

Fund,

Revenue,

2013,

Pre-Refunded,

5%,

10/01/24

......

7,000,000

7,614,950

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

1,189,260

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

9,796,458

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999B-3,

4%,

11/15/31

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

5,100,000

6,098,529

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008C,

Refunding,

5%,

12/01/31

..

2,700,000

3,385,773

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008C,

Refunding,

5%,

12/01/32

..

1,250,000

1,559,200

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2012MI,

Refunding,

5%,

12/01/24

.

8,000,000

8,512,640

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

3,748,850

61,040,771

Missouri

1.5%

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2019,

Refunding,

4%,

10/01/34

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

4,530,000

5,461,911

Revenue,

2019,

Refunding,

4%,

10/01/35

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

6,800,000

8,172,648

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)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018A

,

Refunding

,

5

%

,

6/01/31

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

$

12,500,000

$

15,839,125

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014A,

Refunding,

5%,

1/01/27

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

3,250,000

3,804,808

Revenue,

2014A,

Refunding,

5%,

1/01/28

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

4,500,000

5,249,430

Revenue,

2014A,

Refunding,

5%,

1/01/29

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

4,045,000

4,701,827

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

3,115,191

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,465,602

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,777,135

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,603,093

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

2,240,740

56,431,510

Nevada

0.2%

Washoe

County

School

District

,

GO

,

2012-A

,

Refunding

,

5

%

,

6/01/25

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

6,130,000

6,530,963

New

Hampshire

0.2%

City

of

Manchester

,

General

Airport

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

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

7,930,000

8,276,938

New

Jersey

4.0%

County

of

Hudson

,

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/22

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

5,220,000

5,708,279

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/23

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

5,375,000

6,141,529

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/24

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

2,050,000

2,444,256

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

12,351,758

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

1,000,000

1,189,400

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,735,400

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

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

5,000,000

5,674,400

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/32

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

420,000

525,399

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/33

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

680,000

846,117

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/34

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

545,000

676,274

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/35

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

565,000

698,555

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017A,

5%,

7/01/30

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

900,000

1,122,894

Inspira

Health

Obligated

Group,

Revenue,

2017A,

5%,

7/01/31

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

1,080,000

1,342,332

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

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

4,300,000

4,427,194

Revenue,

Senior

Lien,

2020B,

3.5%,

12/01/39

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

2,000,000

2,059,680

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

5.5%,

12/15/22

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

36,465,000

40,057,914

Revenue,

2012

AA,

AGMC

Insured,

5%,

6/15/26

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

26,650,000

28,238,340

Rutgers

The

State

University

of

New

Jersey

,

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/26

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

5,000,000

5,576,350

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/27

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

10,830,000

12,078,374

Revenue,

2013

L,

Pre-Refunded,

5%,

5/01/27

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

5,270,000

5,877,473

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

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

2,000,000

2,440,480

GO,

2020

A,

4%,

6/01/32

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

1,700,000

2,085,305

147,297,703

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)

New

York

11.4%

City

of

New

York

,

GO,

2013D,

5%,

8/01/27

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

$

10,000,000

$

10,982,300

GO,

2013I,

5%,

8/01/24

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

10,200,000

11,437,260

GO,

2014G,

5%,

8/01/22

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

8,000,000

8,612,400

GO,

2014G,

5%,

8/01/23

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

6,860,000

7,703,780

GO,

2015C,

Refunding,

5%,

8/01/25

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

2,000,000

2,346,580

GO,

2015C,

Refunding,

5%,

8/01/26

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

10,000,000

11,723,900

GO,

2015C,

Refunding,

5%,

8/01/27

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

7,500,000

8,789,550

GO,

2019

E,

Refunding,

5%,

8/01/32

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

2,000,000

2,547,860

GO,

2019

E,

Refunding,

5%,

8/01/34

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

3,500,000

4,419,555

GO,

2021

C,

4%,

8/01/36

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

5,000,000

6,018,500

GO,

2021B,

Refunding,

5%,

11/01/31

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

11,120,000

14,863,881

GO,

A-1

2017

A,

5%,

8/01/29

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

10,000,000

12,156,100

Erie

County

Industrial

Development

Agency

(The)

,

Buffalo

City

School

District,

Revenue,

2012A,

Refunding,

5%,

5/01/23

..........

6,235,000

6,633,978

Buffalo

City

School

District,

Revenue,

2012A,

Refunding,

5%,

5/01/24

..........

8,000,000

8,508,400

Long

Island

Power

Authority

,

Revenue

,

2012B

,

5

%

,

9/01/26

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

5,000,000

5,381,100

Metropolitan

Transportation

Authority

,

Revenue,

2012F,

Refunding,

5%,

11/15/25

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

25,000,000

26,188,500

Revenue,

2013A,

Pre-Refunded,

5%,

11/15/27

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

3,500,000

3,911,775

d

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

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

7,000,000

8,182,020

Revenue,

2016A-2,

Refunding,

5%,

11/15/25

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

21,090,000

23,479,286

Revenue,

2016B,

Refunding,

5%,

11/15/34

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

3,265,000

3,618,502

Revenue,

2017

B,

Refunding,

5%,

11/15/26

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

2,140,000

2,422,801

Revenue,

2017C-1,

Refunding,

5%,

11/15/31

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

1,870,000

2,138,214

Revenue,

2017C-1,

Refunding,

4%,

11/15/37

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

2,500,000

2,636,750

Revenue,

2019

D-1,

5%,

9/01/22

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

10,000,000

10,429,700

Nassau

County

Local

Economic

Assistance

Corp.

,

Catholic

Health

Services

of

Long

Island

Obligated

Group

,

Revenue

,

2011

,

Refunding

,

5

%

,

7/01/21

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

9,000,000

9,229,140

New

York

City

Industrial

Development

Agency

,

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

3/01/36

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

2,500,000

2,719,200

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2003

A-1,

Refunding,

5%,

11/01/23

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

11,500,000

11,997,260

Future

Tax

Secured,

Revenue,

2012

C,

Refunding,

5%,

11/01/24

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

7,620,000

7,948,041

Future

Tax

Secured,

Revenue,

2014D-1,

5%,

2/01/27

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

8,740,000

9,947,606

Future

Tax

Secured,

Revenue,

2014D-1,

5%,

2/01/28

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

5,000,000

5,687,500

Future

Tax

Secured,

Revenue,

2020C,

4%,

5/01/37

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

1,400,000

1,696,114

Future

Tax

Secured,

Revenue,

2021C,

4%,

5/01/36

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

5,000,000

6,079,250

New

York

State

Dormitory

Authority

,

Revenue,

2009A,

Refunding,

AGMC

Insured,

5%,

10/01/24

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

285,000

286,054

City

University

of

New

York

(The),

Revenue,

2005

A,

NATL

Insured,

5.5%,

7/01/23

.

7,915,000

8,999,830

Northwell

Health

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

5/01/29

.....

10,000,000

11,666,200

State

of

New

York

Personal

Income

Tax,

Revenue,

2012A,

Refunding,

5%,

12/15/27

10,000,000

10,912,400

State

of

New

York

Personal

Income

Tax,

Revenue,

2014E,

Refunding,

5%,

2/15/30

5,000,000

5,883,300

State

of

New

York

Personal

Income

Tax,

Revenue,

2015A,

Refunding,

5%,

3/15/28

7,185,000

8,511,998

State

of

New

York

Personal

Income

Tax,

Revenue,

2018A,

Pre-Refunded,

5%,

3/15/32

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

5,000

6,685

State

of

New

York

Personal

Income

Tax,

Revenue,

2018A,

Refunding,

5%,

3/15/32

9,995,000

12,784,804

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

D,

Refunding,

4%,

2/15/36

10,900,000

13,065,067

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/32

........

10,000,000

12,937,300

State

University

Construction

Fund,

Revenue,

2012A,

5%,

5/15/24

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

7,000,000

7,461,230

New

York

State

Thruway

Authority

,

Revenue

,

I

,

Pre-Refunded

,

5

%

,

1/01/26

........

10,000,000

10,522,300

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2013D

,

5

%

,

3/15/24

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

10,000,000

11,068,300

b

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

450,000

555,381

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

493,020

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)

New

York

(continued)

b

New

York

Transportation

Development

Corp.,

(continued)

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

$

200,000

$

245,970

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2014,

5%,

9/01/34

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

2,500,000

3,179,150

Revenue,

2014,

5%,

9/01/35

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

3,075,000

3,881,726

Revenue,

2018,

5%,

11/01/39

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

3,000,000

3,757,590

Revenue,

221,

4%,

7/15/36

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

2,180,000

2,584,390

Suffolk

County

Economic

Development

Corp.

,

Catholic

Health

Services

of

Long

Island

Obligated

Group

,

Revenue

,

2011

,

5

%

,

7/01/22

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

10,000,000

10,254,000

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

B

,

Refunding

,

5

%

,

11/15/30

.......

8,960,000

11,210,931

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020A,

Refunding,

5%,

9/01/28

......

1,300,000

1,618,708

Rensselaer

Polytechnic

Institute,

Revenue,

2020A,

Refunding,

5%,

9/01/30

......

2,900,000

3,711,188

Rensselaer

Polytechnic

Institute,

Revenue,

2020A,

Refunding,

5%,

9/01/34

......

4,175,000

5,232,235

421,266,560

North

Carolina

0.6%

City

of

Charlotte

,

Water

&

Sewer

System

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/27

..

10,000,000

12,089,500

County

of

Buncombe

,

Revenue

,

A

,

5

%

,

6/01/28

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

5,000,000

5,817,400

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020A,

5%,

6/01/25

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

125,000

141,570

Revenue,

Senior

Lien,

2020A,

5%,

6/01/26

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

300,000

346,506

Revenue,

Senior

Lien,

2020A,

5%,

6/01/27

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

450,000

527,292

Revenue,

Senior

Lien,

2020A,

5%,

6/01/28

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

500,000

588,960

Revenue,

Senior

Lien,

2020A,

5%,

6/01/29

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

350,000

419,006

Revenue,

Senior

Lien,

2020A,

3.125%,

6/01/39

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

1,065,000

1,070,250

21,000,484

Ohio

5.8%

American

Municipal

Power,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

2/15/35

........

31,270,000

40,779,207

City

of

Akron

,

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/24

........

5,265,000

5,623,283

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/25

........

6,645,000

7,093,072

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/26

........

8,240,000

8,790,515

City

of

Cincinnati

,

GO,

2014A,

Pre-Refunded,

5%,

12/01/25

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

2,000,000

2,144,080

GO,

2014A,

Pre-Refunded,

5%,

12/01/27

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

2,000,000

2,144,080

GO,

2014A,

Pre-Refunded,

5%,

12/01/28

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

2,350,000

2,519,294

City

of

Cleveland

,

Airport

System,

Revenue,

2012A,

Pre-Refunded,

AGMC

Insured,

5%,

1/01/25

....

5,000,000

5,257,250

Airport

System,

Revenue,

2012A,

Pre-Refunded,

AGMC

Insured,

5%,

1/01/26

....

5,000,000

5,257,250

City

of

Toledo

,

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/25

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

4,000,000

4,449,560

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/26

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

6,140,000

6,815,707

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/27

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

6,450,000

7,146,471

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/28

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

6,570,000

7,269,179

County

of

Hamilton

,

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/24

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

2,500,000

2,851,575

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/25

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

2,400,000

2,731,320

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/26

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

4,000,000

4,544,480

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/27

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

5,000,000

5,677,400

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/28

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

3,000,000

3,404,520

Kent

State

University

,

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/23

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

1,200,000

1,281,636

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/24

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

1,500,000

1,602,045

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/25

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

1,500,000

1,602,045

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)

Ohio

(continued)

Kent

State

University,

(continued)

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/26

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

$

1,600,000

$

1,708,848

Northeast

Ohio

Regional

Sewer

District

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/15/36

..

4,250,000

5,249,855

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

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

10,000,000

11,162,800

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/35

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

3,000,000

4,007,760

Revenue,

2019,

5%,

12/01/36

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

5,650,000

7,521,167

Water

Pollution

Control

Loan

Fund,

Revenue,

2017

A,

5%,

12/01/31

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

10,000,000

12,665,400

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

3%,

12/01/33

...

4,000,000

4,628,840

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

3%,

12/01/34

...

6,470,000

7,402,845

State

of

Ohio

,

GO,

R,

Pre-Refunded,

5%,

5/01/26

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

11,000,000

12,722,050

GO,

R,

Pre-Refunded,

5%,

5/01/27

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

5,000,000

5,782,750

GO,

R,

Pre-Refunded,

5%,

5/01/28

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

9,100,000

10,524,605

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,224,860

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

905,000

1,012,242

214,597,991

Oregon

4.9%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

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

5,000,000

5,546,850

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,683,815

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

6,099,360

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/34

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

1,295,000

1,622,518

GO,

2020,

4%,

6/15/35

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

1,250,000

1,561,663

GO,

2020,

4%,

6/15/36

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

2,605,000

3,242,157

GO,

2020,

4%,

6/15/37

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

4,370,000

5,420,548

GO,

2020,

4%,

6/15/38

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

4,575,000

5,658,131

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

5%,

8/15/34

1,100,000

1,435,940

Asante

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

5%,

8/15/35

800,000

1,041,048

Asante

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

5%,

8/15/36

1,300,000

1,685,372

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

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

425,000

502,622

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

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

150,000

181,947

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

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

325,000

409,051

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

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

600,000

766,542

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

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

275,000

347,292

Port

of

Portland

,

Airport,

Revenue,

TWENTY

SEVEN

A,

5%,

7/01/34

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

9,110,000

11,565,601

Airport,

Revenue,

TWENTY

SEVEN

A,

5%,

7/01/35

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

6,565,000

8,310,896

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

12,091,601

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,828,270

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

11,481,623

State

of

Oregon

,

Department

of

Transportation,

Revenue,

Senior

Lien,

2014A,

Pre-Refunded,

5%,

11/15/27

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

3,000,000

3,560,130

Department

of

Transportation,

Revenue,

Senior

Lien,

2014A,

Pre-Refunded,

5%,

11/15/28

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

3,500,000

4,153,485

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

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%,

11/15/35

$

17,980,000

$

23,958,710

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

5%,

11/15/36

15,805,000

21,017,647

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

4%,

11/15/42

16,000,000

19,184,800

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

B,

Pre-Refunded,

5%,

6/15/27

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

5,000,000

5,839,450

GO,

B,

Pre-Refunded,

5%,

6/15/28

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

5,000,000

5,839,450

GO,

B,

Pre-Refunded,

5%,

6/15/29

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

7,500,000

8,759,175

180,795,694

Pennsylvania

3.2%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

6,364,150

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

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

5,750,000

7,274,613

Water

&

Wastewater,

Revenue,

2020A,

Refunding,

5%,

11/01/36

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

1,000,000

1,331,450

Water

&

Wastewater,

Revenue,

2020A,

Refunding,

5%,

11/01/37

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

1,500,000

1,984,575

Water

&

Wastewater,

Revenue,

2020A,

Refunding,

5%,

11/01/38

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

2,000,000

2,636,180

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development,

Revenue,

2010C-1,

AGMC

Insured,

5%,

6/01/22

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

4,130,000

4,145,405

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development,

Revenue,

2010C-1,

AGMC

Insured,

5%,

6/01/23

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

4,345,000

4,361,120

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

15,140,233

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2020A

,

Refunding

,

4

%

,

4/01/39

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

3,500,000

4,122,020

Lancaster

County

Solid

Waste

Management

Authority

,

Revenue,

2013

A,

5.25%,

12/15/25

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

5,345,000

6,136,167

Revenue,

2013

A,

5.25%,

12/15/26

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

5,835,000

6,694,904

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

.....................

2,100,000

2,710,113

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

.....................

1,750,000

2,251,112

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

.....................

1,450,000

1,860,727

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/38

.....................

3,245,000

3,751,837

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/39

.....................

3,685,000

4,243,056

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/38

.....

6,950,000

8,887,451

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

....................................................

5,895,000

6,917,311

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

.................

4,000,000

5,086,160

Pennsylvania

Turnpike

Commission

,

Revenue,

2011,

Pre-Refunded,

5%,

12/01/24

.............................

5,000,000

5,234,850

Revenue,

2011,

Pre-Refunded,

5%,

12/01/25

.............................

10,000,000

10,469,700

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

239,768

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

357,165

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

.................................

2,000,000

2,488,940

Revenue,

15th,

Refunding,

5%,

8/01/31

.................................

4,030,000

4,989,986

119,678,993

Rhode

Island

0.2%

State

of

Rhode

Island

,

GO,

2019C,

5%,

1/15/32

............................................

4,500,000

5,935,275

GO,

2019C,

4%,

1/15/34

............................................

1,520,000

1,849,886

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.

32

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Rhode

Island

(continued)

State

of

Rhode

Island,

(continued)

GO,

2019C,

4%,

1/15/35

............................................

$

600,000

$

728,418

8,513,579

South

Carolina

0.8%

City

of

Anderson

,

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/22

........

2,555,000

2,748,005

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/23

........

2,695,000

2,896,559

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/24

........

2,825,000

3,036,282

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/25

........

2,965,000

3,186,248

County

of

Berkeley

,

Combined

Utility

System,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/25

..........

3,665,000

4,097,140

Combined

Utility

System,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/26

..........

1,700,000

1,900,447

South

Carolina

Jobs-Economic

Development

Authority

,

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

...............................

6,000,000

7,339,080

South

Carolina

Public

Service

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

.

2,355,000

3,152,662

28,356,423

Tennessee

1.0%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

5%,

8/01/31

1,500,000

1,902,495

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

5%,

8/01/34

1,000,000

1,248,370

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

5%,

8/01/35

1,250,000

1,556,150

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

4%,

8/01/36

1,000,000

1,152,800

City

of

Memphis

,

GO

,

2012A

,

Refunding

,

5

%

,

4/01/22

........................

15,805,000

16,810,356

Metropolitan

Government

of

Nashville

&

Davidson

County

,

Water

&

Sewer,

Revenue,

2013,

5%,

7/01/26

.............................

1,675,000

1,878,864

Water

&

Sewer,

Revenue,

2013,

5%,

7/01/27

.............................

1,800,000

2,013,138

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015B

,

5

%

,

11/01/28

..........

8,180,000

10,010,030

36,572,203

Texas

11.5%

City

of

Austin

,

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/26

.........

4,835,000

5,276,194

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/27

.........

4,000,000

4,361,720

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/28

.......

5,000,000

5,550,250

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,926,510

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

3,205,625

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,278,100

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/34

...................................

1,000,000

1,232,520

GO,

2020

A,

Refunding,

4%,

8/15/35

...................................

1,000,000

1,227,960

GO,

2020

A,

Refunding,

4%,

8/15/36

...................................

1,000,000

1,222,720

City

of

Fort

Worth

,

GO,

2012,

Refunding,

5%,

3/01/25

.....................................

6,000,000

6,336,600

GO,

2012,

Refunding,

5%,

3/01/26

.....................................

6,790,000

7,165,623

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,814,650

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/26

...

19,690,000

22,794,719

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/34

..

3,250,000

4,122,008

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/35

..

4,500,000

5,691,780

City

of

San

Antonio

,

Electric

&

Gas

Systems,

Revenue,

2012,

Refunding,

5.25%,

2/01/25

...........

27,000,000

32,559,030

Electric

&

Gas

Systems,

Revenue,

2015,

Refunding,

5%,

2/01/27

..............

10,415,000

12,834,405

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2019,

Refunding,

5%,

2/01/35

....

4,400,000

5,835,676

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

33

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Clear

Creek

Independent

School

District

,

GO,

2012B,

Pre-Refunded,

5%,

2/15/25

.................................

$

11,370,000

$

12,021,046

GO,

2012B,

Pre-Refunded,

5%,

2/15/26

.................................

12,060,000

12,750,556

County

of

Williamson

,

GO,

2012,

Refunding,

5%,

2/15/23

.....................................

6,235,000

6,596,505

GO,

2012,

Refunding,

5%,

2/15/25

.....................................

13,780,000

14,573,866

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013D,

Refunding,

5.25%,

11/01/27

............................

5,000,000

5,645,350

Revenue,

2013D,

Refunding,

5.25%,

11/01/28

............................

2,100,000

2,367,792

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

.....................................

800,000

998,320

GO,

2020,

Refunding,

5%,

9/15/30

.....................................

745,000

943,267

GO,

2020,

Refunding,

5%,

9/15/31

.....................................

450,000

567,607

GO,

2020,

Refunding,

5%,

9/15/32

.....................................

600,000

752,976

GO,

2020,

Refunding,

5%,

9/15/33

.....................................

650,000

811,109

GO,

2020,

Refunding,

4%,

9/15/34

.....................................

650,000

738,842

GO,

2020,

Refunding,

4%,

9/15/35

.....................................

700,000

794,297

El

Paso

Independent

School

District

,

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/27

......................

5,460,000

6,417,466

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/28

......................

2,500,000

2,938,400

Harris

County

Toll

Road

Authority

(The)

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

.....................

2,500,000

3,162,300

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

.....................

2,500,000

3,149,750

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2011A,

Refunding,

5%,

5/15/24

....

6,000,000

6,129,720

LCRA

Transmission

Services

Corp.,

Revenue,

2011B,

Refunding,

5%,

5/15/24

....

10,620,000

10,849,604

Metropolitan

Transit

Authority

of

Harris

County

,

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/26

...............

2,000,000

2,365,480

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/27

...............

2,000,000

2,365,480

Sales

&

Use

Tax,

Revenue,

2014,

5%,

11/01/28

...........................

2,000,000

2,366,340

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

First

Tier,

A,

Refunding,

4%,

1/01/33

.....

5,000,000

5,762,750

Special

Projects

System,

Revenue,

2011D,

Pre-Refunded,

5%,

9/01/24

.........

12,000,000

12,428,880

Northwest

Independent

School

District

,

GO,

2015A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/28

.....................

4,815,000

5,754,936

GO,

2015A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/29

.....................

7,015,000

8,384,398

Permanent

University

Fund

,

University

of

Texas

System

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

......................................................

10,000,000

11,568,600

San

Angelo

Independent

School

District

,

GO

,

A

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/28

.........................................................

5,220,000

6,014,066

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

......................

1,500,000

1,711,215

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

......................

2,200,000

2,508,374

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

......................

2,000,000

2,275,260

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

......................

1,000,000

1,137,310

Texas

Transportation

Commission

,

State

Highway

Fund,

Revenue,

First

Tier,

2014-A,

Refunding,

5%,

4/01/23

.......

20,000,000

22,227,000

State

Highway

Fund,

Revenue,

First

Tier,

2014-A,

Refunding,

5%,

4/01/24

.......

20,000,000

23,151,400

State

Highway

Fund,

Revenue,

First

Tier,

2014-A,

Refunding,

5%,

4/01/25

.......

20,000,000

23,000,000

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2017

A,

5%,

10/15/31

.......................................................

12,585,000

16,202,810

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2018

A,

4%,

10/15/34

.......................................................

5,800,000

7,054,192

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2018

B,

4%,

10/15/36

.......................................................

10,000,000

12,227,300

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.

34

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Texas

Water

Development

Board,

(continued)

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2019

A,

4%,

10/15/36

.......................................................

$

4,000,000

$

4,934,200

University

of

Houston

,

Revenue,

Pre-Refunded,

5%,

2/15/27

..................................

5,000,000

5,048,549

Revenue,

2020

A,

Refunding,

3%,

2/15/36

...............................

10,560,000

11,740,819

Revenue,

2020

A,

Refunding,

3%,

2/15/37

...............................

10,885,000

12,058,294

422,932,516

Virginia

3.0%

City

of

Norfolk

,

Water,

Revenue,

2012,

Refunding,

5%,

11/01/24

..........................

95,000

101,359

Water,

Revenue,

2012,

Refunding,

5%,

11/01/25

..........................

90,000

95,998

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

12,292,100

Virginia

College

Building

Authority

,

Revenue

,

2015

D

,

5

%

,

2/01/25

...............

7,405,000

8,856,454

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

3

%

,

5/15/36

.......

9,460,000

10,634,743

Virginia

Public

Building

Authority

,

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

................................

1,075,000

1,293,515

Revenue,

B,

Refunding,

4%,

8/01/29

...................................

12,060,000

14,224,408

Virginia

Public

School

Authority

,

Revenue,

2014C,

5%,

8/01/27

........................................

4,460,000

5,205,712

County

of

Prince

William,

Revenue,

2019

A,

3%,

10/01/37

...................

5,405,000

6,178,510

Virginia

Resources

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2014B,

Refunding,

5%,

10/01/26

........

26,155,000

30,943,980

Clean

Water

Revolving

Fund,

Revenue,

2015,

Refunding,

5%,

10/01/28

.........

11,950,000

14,598,837

Virginia

Small

Business

Financing

Authority

,

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020A,

Refunding,

5%,

1/01/35

........................................................

3,000,000

3,637,320

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020A,

Refunding,

4%,

1/01/36

........................................................

3,000,000

3,415,590

111,478,526

Washington

4.0%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

..............

5,230,000

6,078,411

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/25

..............

5,500,000

6,386,105

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

..............

2,995,000

3,471,954

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/27

..............

3,150,000

3,646,975

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

............

5,300,000

6,262,162

County

of

King

,

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/25

..........................

1,200,000

1,401,744

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/26

..........................

1,200,000

1,397,064

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/27

..........................

1,900,000

2,209,814

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/28

..........................

3,050,000

3,543,765

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/29

..........................

2,600,000

3,018,912

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2014-A,

Refunding,

5%,

7/01/22

.....

3,250,000

3,495,505

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/36

......

7,000,000

9,202,200

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/23

..........

3,500,000

3,929,835

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,461,612

State

of

Washington

,

GO,

2017D,

5%,

2/01/31

............................................

5,480,000

6,907,540

GO,

2017D,

5%,

2/01/32

............................................

10,000,000

12,556,100

GO,

R-2015B,

Refunding,

5%,

7/01/25

..................................

29,370,000

34,342,047

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,370,000

1,705,540

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

35

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

$

2,800,000

$

3,576,412

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

4,692,821

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,887,210

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,745,578

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,529,253

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

1,250,000

1,556,150

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

6,358,639

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

........................................................

1,000,000

1,238,850

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

........................................................

1,925,000

2,375,123

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

........................................................

1,000,000

1,279,360

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

........................................................

1,000,000

1,276,490

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

........................................................

1,000,000

1,270,070

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

........................................................

2,250,000

2,563,155

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

........................................................

1,605,000

1,819,797

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

........................................................

2,400,000

2,701,848

146,888,041

West

Virginia

0.3%

State

of

West

Virginia

,

GO

,

2019

A

,

5

%

,

12/01/36

...........................

9,700,000

12,668,976

Wisconsin

0.4%

Public

Finance

Authority

,

b

2017

IAVF

Rubix

LLC,

Revenue,

2020A,

3.5%,

12/01/32

....................

1,405,000

1,407,979

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020A,

4%,

11/15/37

.......................................................

600,000

668,148

Renown

Regional

Medical

Center,

Revenue,

2020A,

Refunding,

4%,

6/01/35

.....

2,100,000

2,455,678

Wisconsin

Department

of

Transportation

,

Revenue

,

2017

2

,

Refunding

,

5

%

,

7/01/31

.

5,000,000

6,337,700

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

AGMC

Insured,

4%,

2/15/34

........................................

600,000

707,028

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

AGMC

Insured,

4%,

2/15/35

........................................

1,000,000

1,175,890

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

AGMC

Insured,

4%,

2/15/36

........................................

600,000

702,978

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

AGMC

Insured,

4%,

2/15/37

........................................

600,000

700,506

14,155,907

U.S.

Territories

0.7%

District

of

Columbia

0.7%

District

of

Columbia,

Income

Tax,

Revenue,

2019A,

5%,

3/01/33

................

3,000,000

4,013,040

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017B,

5%,

7/01/31

........................................

5,000,000

6,261,250

Revenue,

2017B,

5%,

7/01/32

........................................

5,750,000

7,167,605

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.

36

s

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

District

of

Columbia

(continued)

Revenue,

2020A,

5%,

7/15/35

........................................

$

5,000,000

$

6,685,900

24,127,795

Total

U.S.

Territories

....................................................................

24,127,795

Total

Municipal

Bonds

(Cost

$3,386,782,221)

...................................

3,621,235,259

Total

Long

Term

Investments

(Cost

$3,412,956,908)

.............................

3,647,444,659

a

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Arizona

0.1%

e

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015B

,

LOC

MUFG

Bank

Ltd.

,

Daily

VRDN

and

Put

,

0.11

%

,

1/01/46

.................

3,600,000

3,600,000

Florida

0.0%

†

e

County

of

St.

Lucie

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.14

%

,

9/01/28

.......................................

500,000

500,000

Maryland

0.1%

e

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

7/01/41

.............................................

4,500,000

4,500,000

Oregon

0.1%

e

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

8/01/34

............

1,500,000

1,500,000

Total

Municipal

Bonds

(Cost

$10,100,000)

......................................

10,100,000

Total

Short

Term

Investments

(Cost

$10,100,000

)

................................

10,100,000

a

Total

Investments

(Cost

$3,423,056,908)

99.3%

..................................

$3,657,544,659

Other

Assets,

less

Liabilities

0.7%

.............................................

28,165,864

Net

Assets

100.0%

...........................................................

$3,685,710,523

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

b

Security

purchased

on

a

when-issued

basis.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2020,

the

aggregate

value

of

these

securities

was

$8,381,172,

representing

0.2%

of

net

assets.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

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),

November

30,

2020

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

37

a

a

Shares

a

Value

a

Management

Investment

Companies

2.7%

Capital

Markets

2.7%

a

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

...............................

1,250,000

$

33,950,000

Total

Management

Investment

Companies

(Cost

$32,524,075)

....................

33,950,000

Principal

Amount

a

a

a

a

Municipal

Bonds

87.1%

Alabama

1.3%

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2016

A

,

Mandatory

Put

,

4

%

,

6/01/21

.....

$

5,000,000

5,075,650

b

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

,

Alabama

Power

Co.,

Revenue,

2007

A,

Mandatory

Put,

1%,

6/26/25

...........

4,000,000

4,042,760

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

8,064,382

17,182,792

Alaska

1.0%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

5%,

12/01/20

................................

300,000

300,000

Revenue,

2020,

Refunding,

5%,

12/01/21

................................

1,000,000

1,044,710

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

..............................

10,000,000

11,734,600

13,079,310

Arizona

1.5%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020A,

4%,

11/01/24

.......................................................

1,000,000

1,129,670

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020A,

4%,

11/01/25

.......................................................

1,000,000

1,161,330

b

Maricopa

County

Industrial

Development

Authority

,

Scottsdale

Healthcare

Hospitals

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

0.91

%

,

9/01/24

............

17,000,000

16,942,030

19,233,030

Arkansas

0.9%

State

of

Arkansas

,

GO

,

2013

,

3.25

%

,

6/15/22

..............................

11,195,000

11,377,255

California

4.1%

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3%,

6/01/21

.....................

400,000

405,908

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/22

.....................

400,000

423,396

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/23

.....................

400,000

438,372

b

California

Health

Facilities

Financing

Authority

,

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2016

B-3

,

Refunding

,

Mandatory

Put

,

2

%

,

10/01/25

...........

13,340,000

14,335,964

California

Statewide

Communities

Development

Authority

,

b

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

.......................................................

3,000,000

3,185,640

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

........................................................

3,500,000

3,506,475

County

of

Los

Angeles

,

Revenue

,

2020-21

A

,

4

%

,

6/30/21

.....................

5,000,000

5,109,950

Los

Angeles

Unified

School

District

,

GO,

2020

A,

Refunding,

3%,

7/01/27

...................................

4,975,000

5,767,717

GO,

2020

A,

Refunding,

4%,

7/01/28

...................................

3,400,000

4,237,658

Mount

San

Antonio

Community

College

District

,

GO

,

2017

,

ETM,

Zero

Cpn

.,

4/01/22

.

10,000,000

9,964,200

Napa

Valley

Unified

School

District

,

GO

,

2020-21

,

4

%

,

2/26/21

.................

5,000,000

5,044,350

52,419,630

Colorado

0.6%

Denver

City

&

County

School

District

No.

1

,

GO

,

2012B

,

4

%

,

12/01/27

...........

7,480,000

7,985,573

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

0.8%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University,

Revenue,

2015A,

Refunding,

Mandatory

Put,

2.05%,

7/12/21

.....

$

7,500,000

$

7,581,900

Yale

University,

Revenue,

X-2,

Mandatory

Put,

1.8%,

2/09/21

.................

3,000,000

3,008,580

10,590,480

Delaware

0.4%

b,c

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

Zero

Cpn

.,

10/01/25

...........................

5,000,000

5,018,950

Florida

2.1%

County

of

Escambia

,

Gulf

Power

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

....

5,000,000

5,267,650

Florida

Municipal

Power

Agency

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......

1,000,000

1,219,510

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/22

................................

1,615,000

1,740,889

Revenue,

Senior

Lien,

2020,

5%,

8/01/23

................................

1,720,000

1,932,540

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

................................

1,805,000

2,106,074

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

................................

1,800,000

2,176,344

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

................................

1,940,000

2,416,270

Revenue,

Senior

Lien,

2020,

5%,

8/01/27

................................

2,095,000

2,675,441

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2012

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/24

....................

4,000,000

4,299,000

State

of

Florida

,

Department

of

Transportation

Turnpike

System

,

Revenue

,

2012

A

,

2.875

%

,

7/01/25

...................................................

3,000,000

3,124,080

26,957,798

Georgia

3.5%

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020A,

Refunding,

5%,

7/01/24

.............

2,500,000

2,905,700

Department

of

Aviation,

Revenue,

2020A,

Refunding,

5%,

7/01/25

.............

1,500,000

1,806,690

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

3,297,125

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2018

A

,

Mandatory

Put

,

4

%

,

9/01/23

......

10,025,000

10,939,781

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2018A

,

Refunding

,

3

%

,

7/01/23

11,000,000

11,752,840

State

of

Georgia

,

GO

,

2016A

,

5

%

,

2/01/23

................................

12,375,000

13,667,198

44,369,334

Hawaii

2.4%

State

of

Hawaii

,

GO

,

EF

,

Refunding

,

5

%

,

11/01/23

...........................

10,000,000

10,909,900

University

of

Hawaii

,

Revenue,

2020

D,

Refunding,

5%,

10/01/24

..............................

600,000

703,074

Revenue,

2020

D,

Refunding,

5%,

10/01/25

..............................

1,725,000

2,094,426

Revenue,

2020

D,

Refunding,

5%,

10/01/26

..............................

4,360,000

5,450,174

Revenue,

2020B,

Refunding,

5%,

10/01/24

..............................

3,440,000

4,030,958

Revenue,

2020B,

Refunding,

5%,

10/01/25

..............................

3,440,000

4,176,710

Revenue,

2020B,

Refunding,

5%,

10/01/26

..............................

2,865,000

3,581,365

30,946,607

Illinois

2.4%

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

..................................

350,000

400,670

GO,

2020

F-2,

Refunding,

5%,

1/01/26

..................................

500,000

587,450

GO,

2020

F-2,

Refunding,

5%,

1/01/27

..................................

550,000

656,359

b

Illinois

Finance

Authority

,

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

0.601%,

9/01/22

.................................................

8,510,000

8,466,939

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

.......................................

1,250,000

1,431,325

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

State

of

Illinois

,

GO,

2017D,

5%,

11/01/25

...........................................

$

10,000,000

$

10,869,100

GO,

2018A,

6%,

5/01/25

............................................

6,000,000

6,781,680

c,d

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020B

,

Refunding

,

3.25

%

,

3/01/23

......

1,195,000

1,198,322

30,391,845

Iowa

0.8%

Des

Moines

Independent

Community

School

District

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

......................................................

9,300,000

10,277,244

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

2,019,119

Kentucky

1.8%

b

Kentucky

Public

Energy

Authority

,

Revenue,

2018A,

Mandatory

Put,

4%,

4/01/24

............................

10,000,000

11,084,300

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

............................

10,000,000

11,660,300

22,744,600

Louisiana

3.8%

c

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

.........................

450,000

549,864

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

.........................

600,000

751,392

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

.........................

550,000

702,108

c,d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020A

,

Refunding

,

2.75

%

,

12/01/25

....................................

1,155,000

1,156,831

b

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

Mandatory

Put

,

5

%

,

5/15/25

...................

7,500,000

8,964,675

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,243,368

b

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B1

,

Refunding

,

Mandatory

Put

,

2.125

%

,

7/01/24

......................................

4,000,000

4,074,160

State

of

Louisiana

,

GO,

2013-A,

Pre-Refunded,

4%,

5/15/31

................................

15,225,000

16,616,261

GO,

2019-A,

5%,

3/01/31

............................................

10,870,000

14,320,464

48,379,123

Maryland

5.3%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

......................

5,000,000

6,133,200

County

of

Montgomery

,

COP

,

2020

A

,

5

%

,

10/01/27

..........................

7,465,000

9,693,750

b

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2020B-2

,

Refunding

,

Mandatory

Put

,

5

%

,

7/01/27

......................................................

5,110,000

6,328,275

State

of

Maryland

,

GO,

2017

B,

Refunding,

5%,

8/01/26

...................................

12,330,000

15,568,845

GO,

Second

Series,

2013A,

Pre-Refunded,

5%,

8/01/23

.....................

11,355,000

11,720,290

Washington

Suburban

Sanitary

Commission

,

Revenue,

2013,

Pre-Refunded,

4%,

6/01/28

..............................

5,500,000

6,018,925

Revenue,

2013,

Pre-Refunded,

4%,

6/01/30

..............................

5,500,000

6,018,925

Revenue,

2013,

Pre-Refunded,

4%,

6/01/31

..............................

5,500,000

6,018,925

67,501,135

Massachusetts

0.4%

b

Massachusetts

Development

Finance

Agency

,

Partners

Healthcare

System,

Inc.

,

Revenue

,

2017

S-4

,

Refunding

,

Mandatory

Put

,

5

%

,

1/25/24

.................

5,000,000

5,712,600

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.

40

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

1.4%

City

of

Grand

Rapids

,

Sanitary

Sewer

System

,

Revenue

,

1998

A

,

Refunding

,

BHAC,

AGMC,

FGIC

Insured

,

5.5

%

,

1/01/22

...................................

$

2,145,000

$

2,212,889

Michigan

Finance

Authority

,

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

B1

,

2

,

Refunding

,

1.25

%

,

6/01/30

...........................................

1,000,000

1,025,350

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

1.5

%

,

10/01/22

.

1,000,000

1,000,760

Michigan

State

University

,

Revenue,

2020

A,

Refunding,

5%,

8/15/29

...............................

3,500,000

4,670,575

Revenue,

2020

A,

Refunding,

5%,

8/15/31

...............................

5,415,000

7,327,145

State

of

Michigan

,

GO

,

2020A

,

5

%

,

5/15/30

................................

1,350,000

1,860,570

18,097,289

Minnesota

2.4%

b

City

of

Brooklyn

Center

,

Brooklyn

Center

AH

I

LLLP

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

1.35

%

,

7/01/22

.......................................

4,000,000

4,003,360

City

of

Minneapolis

,

GO,

2020,

Refunding,

2%,

12/01/29

....................................

5,730,000

6,051,166

b

Trinity

LP,

Revenue,

2020,

Mandatory

Put,

1%,

6/01/21

.....................

5,000,000

5,001,600

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,962,863

b

Hennepin

County

Housing

&

Redevelopment

Authority

,

Holmes

Housing

Partners

LP

,

Revenue

,

2019

A

,

Mandatory

Put

,

1.35

%

,

12/01/20

........................

1,250,000

1,250,000

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

.....................

1,000,000

1,212,980

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

.....................

1,000,000

1,239,470

Northern

Municipal

Power

Agency

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/21

.......

5,000,000

5,018,800

30,740,239

Montana

0.5%

b

Montana

Facility

Finance

Authority

,

Billings

Clinic

Obligated

Group

,

Revenue

,

2018C

,

Refunding

,

Mandatory

Put

,

0.66

%

,

8/15/23

...............................

6,300,000

6,314,175

Nevada

2.3%

County

of

Clark

Department

of

Aviation

,

Revenue,

Sub.

Lien

,

2018A

,

Refunding

,

5

%

,

7/01/21

.........................................................

17,080,000

17,534,157

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

...................................

1,745,000

2,032,942

GO,

2020

D,

Refunding,

5%,

6/01/25

...................................

2,750,000

3,331,048

State

of

Nevada

,

Highway

Improvement

,

Revenue

,

2013

,

Refunding

,

5

%

,

12/01/20

..

7,000,000

7,000,000

29,898,147

New

Jersey

7.6%

Bergen

County

Improvement

Authority

(The)

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

8/15/22

.........................................................

2,500,000

2,611,675

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

......................

1,000,000

1,121,780

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

......................

1,000,000

1,160,610

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/21

..........................................

501,000

499,923

GO,

2020,

0.375%,

6/01/23

..........................................

1,730,000

1,700,365

GO,

2020,

0.375%,

6/01/24

..........................................

1,765,000

1,718,987

GO,

2020,

0.375%,

6/01/25

..........................................

1,800,000

1,738,260

County

of

Union

,

GO,

2020,

0.5%,

3/01/23

............................................

5,215,000

5,238,833

GO,

2020,

0.5%,

3/01/24

............................................

5,290,000

5,309,414

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

31,503,250

New

Jersey

Economic

Development

Authority

,

e

Revenue,

FRN,

2019

A,

Refunding,

5.25%,

4/01/28

........................

5,000,000

6,182,450

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

41

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority,

(continued)

b

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

.................................................

$

7,500,000

$

8,126,700

e

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

FRN,

2013

I,

Refunding,

1.71%,

(SIFMA

Municipal

Swap

Index

+

1.6%),

3/01/28

....................

5,565,000

5,466,054

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006C,

AMBAC

Insured,

Zero

Cpn

.,

12/15/26

.....................

10,000,000

9,039,600

Revenue,

2006C,

BHAC

Insured,

Zero

Cpn

.,

12/15/27

......................

11,110,000

10,095,768

State

of

New

Jersey

,

GO,

3%,

6/01/25

..................................................

2,000,000

2,112,140

GO,

2020

A,

5%,

6/01/29

............................................

3,000,000

3,829,500

97,455,309

New

York

5.5%

b

Chautauqua

County

Capital

Resource

Corp.

,

Jamestown

Center

City

Development

Corp.

,

Revenue

,

2013

,

Refunding

,

Mandatory

Put

,

2

%

,

11/01/21

..............

4,750,000

4,786,527

City

of

New

York

,

GO

,

2019A

,

Refunding

,

5

%

,

8/01/22

........................

5,000,000

5,382,750

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

..................

4,205,000

4,900,759

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

5

%

,

2/01/23

...........

8,250,000

8,681,310

New

York

City

Industrial

Development

Agency

,

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

5

%

,

3/01/28

.................................

1,350,000

1,719,306

New

York

State

Dormitory

Authority

,

Cornell

University,

Revenue,

2020A,

Refunding,

5%,

7/01/26

.................

5,000,000

6,306,800

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

B,

5%,

3/31/21

.........

5,000,000

5,080,450

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

3,520,350

b

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

........................................................

10,000,000

10,986,400

New

York

State

Housing

Finance

Agency

,

Revenue,

2017K,

GNMA

Insured,

1.5%,

5/01/21

...........................

10,000,000

10,041,300

Revenue,

2020F,

1.1%,

11/01/26

......................................

2,860,000

2,882,051

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

3/15/27

...............................

4,000,000

5,071,680

c

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/25

..............................

500,000

585,005

69,944,688

North

Carolina

1.0%

City

of

Charlotte

,

COP

,

2013B

,

3

%

,

6/01/22

................................

7,500,000

7,516,875

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

................................

3,000,000

3,793,350

Revenue,

2018,

Refunding,

5%,

10/01/27

................................

1,500,000

1,950,180

13,260,405

North

Dakota

0.3%

City

of

West

Fargo

,

GO

,

2018

,

Refunding

,

2.15

%

,

5/01/21

.....................

4,075,000

4,083,232

Ohio

3.6%

County

of

Cuyahoga

,

Revenue

,

2020

D

,

Refunding

,

3

%

,

12/01/21

...............

9,090,000

9,338,793

County

of

Lucas

,

Promedica

Healthcare

Obligated

Group

,

Revenue

,

2011A

,

Pre-

Refunded

,

6.5

%

,

11/15/37

...........................................

10,000,000

10,591,400

Hillsdale

Local

School

District

,

COP,

2020,

BAM

Insured,

4%,

12/01/20

.................................

1,400,000

1,400,000

COP,

2020,

BAM

Insured,

4%,

12/01/22

.................................

1,200,000

1,286,844

Ohio

Water

Development

Authority

,

Revenue,

2018,

5%,

6/01/28

.........................................

7,000,000

9,213,890

Water

Pollution

Control

Loan

Fund,

Revenue,

2019A,

5%,

6/01/29

.............

8,500,000

11,465,055

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.

42

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

.............

$

2,560,000

$

2,847,744

46,143,726

Oklahoma

0.5%

Oklahoma

County

Finance

Authority

,

Oklahoma

County

Independent

School

District

No.

52

Midwest

City-Del

City

,

Revenue

,

2018

,

5

%

,

10/01/22

..................

1,000,000

1,084,580

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/21

........................................................

2,010,000

2,079,666

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/22

........................................................

1,500,000

1,621,110

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/23

........................................................

1,170,000

1,314,893

6,100,249

Oregon

0.9%

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,427,140

State

of

Oregon

,

GO,

2015B,

Refunding,

5%,

8/01/27

....................................

2,785,000

3,375,893

Department

of

Transportation,

Revenue,

Senior

Lien,

2012

A,

Refunding,

5%,

11/15/22

.......................................................

5,000,000

5,471,650

11,274,683

Pennsylvania

5.9%

Commonwealth

of

Pennsylvania

,

GO,

First

Series

,

2020

,

4

%

,

5/01/32

............

13,855,000

17,034,584

Delaware

Valley

Regional

Finance

Authority

,

Revenue,

1998

A,

AMBAC

Insured,

5.5%,

8/01/28

.........................

10,000,000

13,070,200

b

Revenue,

2018

B,

Mandatory

Put,

0.53%,

9/01/22

.........................

2,500,000

2,486,225

b

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014B

,

Refunding

,

Mandatory

Put

,

1.167

%

,

6/01/24

..............................

10,000,000

10,054,300

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.8

%

,

9/01/22

.........................

10,000,000

10,109,300

Philadelphia

Gas

Works

Co.

,

Revenue,

SIXTEENTH

A,

AGMC

Insured,

5%,

8/01/25

......................

500,000

604,280

Revenue,

SIXTEENTH

A,

AGMC

Insured,

5%,

8/01/26

......................

600,000

746,538

e

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue,

FRN,

2018,

0.35%,

(SIFMA

Municipal

Swap

Index

+

0.24%),

9/15/21

...

5,000,000

4,999,600

Revenue,

FRN,

2019,

0.47%,

(SIFMA

Municipal

Swap

Index

+

0.36%),

2/15/24

...

7,750,000

7,752,325

Westmoreland

County

Municipal

Authority

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

8/15/37

7,895,000

8,899,955

75,757,307

Tennessee

2.1%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

8,053,417

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

8,783,148

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

9,559,691

26,396,256

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

43

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

10.2%

Board

of

Regents

of

the

University

of

Texas

System

,

Revenue

,

2016

J

,

5

%

,

8/15/21

.

$

4,000,000

$

4,136,800

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002-A

,

Refunding

,

BHAC,

AMBAC

Insured

,

Zero

Cpn

.,

8/15/27

...................................

3,280,000

3,080,773

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

6,108,400

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,268,950

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

6,137,615

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools,

Revenue,

2017,

Refunding,

PSF

Guaranty,

4%,

8/15/21

....

2,000,000

2,052,040

IDEA

Public

Schools,

Revenue,

2017,

Refunding,

PSF

Guaranty,

4%,

8/15/22

....

3,200,000

3,400,928

Comal

Independent

School

District

,

GO,

2017,

PSF

Guaranty,

5%,

2/01/21

..................................

2,280,000

2,298,217

GO,

2017,

PSF

Guaranty,

5%,

2/01/22

..................................

2,250,000

2,375,753

Cypress-Fairbanks

Independent

School

District

,

GO,

2013,

Refunding,

PSF

Guaranty,

5%,

2/15/22

.........................

7,320,000

7,746,463

b

GO,

2017A-1,

PSF

Guaranty,

Mandatory

Put,

2.125%,

8/16/21

................

5,730,000

5,804,433

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Pre-Refunded

,

5.25

%

,

10/01/51

........................................................

27,930,000

31,891,870

San

Antonio

Independent

School

District

,

GO

,

2015

,

Refunding

,

PSF

Guaranty

,

5

%

,

2/15/21

.........................................................

14,880,000

15,026,270

State

of

Texas

,

GO,

2018

B-3,

Refunding,

5%,

8/01/24

..................................

4,750,000

5,574,553

GO,

2018

B-3,

Refunding,

5%,

8/01/25

..................................

2,000,000

2,439,880

GO,

2018

B-3,

Refunding,

5%,

8/01/26

..................................

2,000,000

2,522,800

Revenue,

2020,

4%,

8/26/21

.........................................

10,000,000

10,280,900

b

Texas

Transportation

Commission

State

Highway

Fund

,

Revenue,

First

Tier

,

2016-B

,

Refunding

,

Mandatory

Put

,

4

%

,

10/01/21

................................

3,000,000

3,092,010

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

4,200,000

5,449,206

Travis

County

Housing

Finance

Corp.

,

AMTEX

McKinney

Fund

LP

,

Revenue

,

2018

,

2.75

%

,

4/01/21

...................................................

10,000,000

10,012,600

130,700,461

Utah

0.8%

South

Valley

Water

Reclamation

Facility

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

2/15/23

1,225,000

1,346,606

State

of

Utah

,

GO

,

2020

,

5

%

,

7/01/26

....................................

7,250,000

9,144,860

10,491,466

Virginia

1.3%

Virginia

College

Building

Authority

,

Revenue

,

2012

A

,

Pre-Refunded

,

4

%

,

2/01/29

...

15,375,000

16,057,496

Washington

5.3%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

1,700,000

2,218,466

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

4,281,420

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/23

.........................................................

5,000,000

5,614,050

King

County

School

District

No.

410

Snoqualmie

Valley

,

GO,

2017,

Refunding,

5%,

12/01/20

....................................

4,880,000

4,880,000

GO,

2017,

Refunding,

5%,

12/01/21

....................................

2,455,000

2,573,846

King

County

School

District

No.

414

Lake

Washington

,

GO,

2020,

4%,

12/01/20

.............................................

1,405,000

1,405,000

GO,

2020,

4%,

12/01/21

.............................................

1,415,000

1,468,982

Pierce

County

School

District

No.

320

Sumner

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/20

.

7,250,000

7,250,000

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,363,670

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,895,790

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.

44

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Spokane

County

School

District

No.

356

Central

Valley

,

GO

,

2018

,

4

%

,

12/01/31

....

$

8,295,000

$

9,889,714

State

of

Washington

,

GO,

2012D,

Pre-Refunded,

5%,

2/01/34

.................................

6,545,000

6,911,586

GO,

R-2012D,

Refunding,

5%,

7/01/23

..................................

4,085,000

4,394,561

GO,

R-2013B,

Refunding,

5%,

7/01/23

..................................

3,255,000

3,501,664

GO,

R-2015D,

Refunding,

5%,

7/01/28

..................................

3,985,000

4,729,398

b

University

of

Washington

,

Revenue

,

2019A

,

Mandatory

Put

,

5

%

,

5/01/22

..........

5,000,000

5,216,650

67,594,797

Wisconsin

1.7%

City

of

Fond

Du

Lac

,

GO

,

2017

B

,

Refunding

,

2

%

,

4/01/22

.....................

1,000,000

1,023,230

City

of

Milwaukee

,

Milwaukee

Public

Schools

,

Revenue

,

2020

M8

,

3

%

,

7/01/21

.....

10,000,000

10,163,700

c

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC

,

Revenue

,

2020A

,

2.75

%

,

12/01/25

..

825,000

826,126

State

of

Wisconsin

,

GO

,

2012B

,

Pre-Refunded

,

3

%

,

5/01/33

...................

9,000,000

9,106,830

21,119,886

U.S.

Territories

0.5%

District

of

Columbia

0.5%

District

of

Columbia,

GO,

2019

A,

5%,

10/15/26

.............................

5,000,000

6,346,000

Total

Municipal

Bonds

(Cost

$1,076,576,377)

...................................

1,113,962,236

Total

Long

Term

Investments

(Cost

$1,109,100,452)

.............................

1,147,912,236

a

a

a

a

a

Short

Term

Investments

10.0%

Municipal

Bonds

10.0%

Colorado

1.2%

f

City

&

County

of

Denver

,

COP,

2008A2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.13%,

12/01/29

.................................................

8,710,000

8,710,000

COP,

2008A3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.13%,

12/01/31

.................................................

7,000,000

7,000,000

15,710,000

Georgia

0.0%

†

f

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

,

0.1

%

,

7/01/35

....................................

100,000

100,000

Maryland

0.6%

f

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.13

%

,

11/01/37

........................................................

2,000,000

2,000,000

f

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

7/01/41

.............................................

5,140,000

5,140,000

7,140,000

Michigan

0.6%

f

University

of

Michigan

,

Revenue

,

2012D-1

,

Daily

VRDN

and

Put

,

0.07

%

,

12/01/24

...

7,600,000

7,600,000

Minnesota

2.9%

f

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,

0.1%,

11/15/35

..................................

3,025,000

3,025,000

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

45

See

Abbreviations

on

page

160

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

f

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority,

(continued)

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.12%,

11/15/35

.....................................

$

33,525,000

$

33,525,000

36,550,000

New

York

2.9%

f

City

of

New

York

,

GO

,

2006

I

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.1

%

,

4/01/36

....................................................

4,600,000

4,600,000

f

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

11/01/31

...........

4,000,000

4,000,000

f

New

York

City

,

Water

&

Sewer

System,

Revenue,

2014

AA-1,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.12%,

6/15/50

......................................

4,200,000

4,200,000

Water

&

Sewer

System,

Revenue,

BB

1B,

SPA

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.1%,

6/15/49

.......................................

7,200,000

7,200,000

f

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2019

B-4

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.12

%

,

8/01/42

..........

7,800,000

7,800,000

f

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2005

B-2,

Refunding,

LOC

Citibank

NA,

Daily

VRDN

and

Put,

0.1%,

1/01/32

........................................................

7,145,000

7,145,000

Revenue,

2005B-3,

Refunding,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.1%,

1/01/32

...............................................

1,300,000

1,300,000

36,245,000

Ohio

0.2%

f

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010-C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.11

%

,

6/01/34

...........................

3,200,000

3,200,000

Oregon

0.5%

f

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

8/01/34

............

6,900,000

6,900,000

Tennessee

1.1%

f

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.1

%

,

6/01/42

....................................

14,430,000

14,430,000

Total

Municipal

Bonds

(Cost

$127,875,000)

.....................................

127,875,000

Total

Short

Term

Investments

(Cost

$127,875,000

)

...............................

127,875,000

a

Total

Investments

(Cost

$1,236,975,452)

99.8%

..................................

$1,275,787,236

Other

Assets,

less

Liabilities

0.2%

.............................................

2,401,120

Net

Assets

100.0%

...........................................................

$1,278,188,356

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2020,

the

aggregate

value

of

these

securities

was

$2,355,153,

representing

0.2%

of

net

assets.

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.

46

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

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),

November

30,

2020

Franklin

Florida

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

47

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.8%

Florida

97.8%

Brevard

County

Health

Facilities

Authority

,

Health

First,

Inc.

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5

%

,

4/01/39

........................................

$

5,000,000

$

5,507,850

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/35

............................................

1,000,000

1,126,470

Central

Florida

Expressway

Authority

,

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/39

.....................

5,000,000

5,658,850

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/40

.....................

5,825,000

6,588,832

Revenue,

Senior

Lien,

2019

B,

5%,

7/01/49

..............................

5,000,000

6,235,800

Citizens

Property

Insurance

Corp.

,

Revenue

,

2012A-1

,

5

%

,

6/01/22

.............

5,000,000

5,350,800

City

of

Atlantic

Beach

,

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

11/15/38

.......................................

1,105,000

1,208,737

City

of

Fort

Myers

,

Utility

System

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

10/01/44

......

7,000,000

8,239,560

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2019

A

,

5

%

,

10/01/47

.............

5,000,000

6,442,450

City

of

Jacksonville

,

Revenue,

2012,

Refunding,

5%,

10/01/30

................................

2,000,000

2,155,820

Revenue,

2020

A,

Refunding,

4%,

10/01/50

..............................

8,510,000

10,012,866

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/45

..

5,000,000

5,570,150

City

of

Lakeland

,

Lakeland

Regional

Health

Systems

Obligated

Group

,

Revenue

,

2015

,

5

%

,

11/15/45

.....................................................

12,300,000

13,914,744

City

of

Melbourne

,

Water

&

Sewer,

Revenue,

2000A,

FGIC

Insured,

ETM,

Zero

Cpn

.,

10/01/26

......

1,500,000

1,452,720

Water

&

Sewer,

Revenue,

2002

B,

Refunding,

NATL

Insured,

Zero

Cpn

.,

10/01/22

.

1,785,000

1,768,828

Water

&

Sewer,

Revenue,

2002

B,

Refunding,

NATL

Insured,

Zero

Cpn

.,

10/01/26

.

4,500,000

4,273,965

City

of

Miami

Beach

,

Stormwater

,

Revenue

,

2015

,

5

%

,

9/01/41

.................

10,000,000

11,837,200

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/15/42

........................................................

5,000,000

5,592,600

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/42

........................................................

6,500,000

7,742,020

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

7/01/37

.........................................

5,000,000

5,813,650

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/45

..................................................

4,150,000

4,737,931

Water

&

Wastewater

System,

Revenue,

2020

A,

4%,

10/01/48

................

7,500,000

9,233,925

Water

&

Wastewater

System,

Revenue,

2020

A,

5%,

10/01/54

................

10,000,000

13,196,100

Collier

County

Educational

Facilities

Authority

,

Hodges

University,

Inc.

,

Revenue

,

2013

,

5.625

%

,

11/01/28

..................................................

2,860,000

2,993,076

Collier

County

Industrial

Development

Authority

,

NCH

Healthcare

System,

Inc.

Obligated

Group

,

Revenue

,

2011

,

6.25

%

,

10/01/39

.........................

5,000,000

5,087,750

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

4

%

,

9/01/44

.....

5,000,000

5,429,000

County

of

Miami-Dade

,

Aviation,

Revenue,

2014B,

Refunding,

5%,

10/01/37

.......................

10,000,000

11,318,200

Aviation,

Revenue,

2017B,

Refunding,

5%,

10/01/40

.......................

5,000,000

5,925,900

Seaport

Department,

Revenue,

2013A,

6%,

10/01/38

.......................

10,000,000

11,361,600

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/42

.................

15,000,000

16,140,600

Transit

System,

Revenue,

2018,

5%,

7/01/43

.............................

10,000,000

12,368,200

Transit

System,

Revenue,

2018,

4%,

7/01/47

.............................

5,000,000

5,766,400

Transit

System,

Revenue,

2020

A,

4%,

7/01/45

...........................

4,000,000

4,755,480

Transit

System,

Revenue,

2020

A,

4%,

7/01/50

...........................

5,000,000

5,903,000

Water

&

Sewer

System,

Revenue,

2013A,

Pre-Refunded,

5%,

10/01/42

.........

10,000,000

10,878,500

Water

&

Sewer

System,

Revenue,

2019,

5%,

10/01/43

......................

5,000,000

6,288,750

Water

&

Sewer

System,

Revenue,

2019

B,

4%,

10/01/49

....................

4,000,000

4,728,640

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.

48

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

County

of

Polk

,

Utility

System

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/43

..........

$

4,600,000

$

5,643,234

Florida

Governmental

Utility

Authority

,

Revenue

,

2010

,

Pre-Refunded

,

5.25

%

,

10/01/40

5,000,000

5,206,400

Florida

Higher

Educational

Facilities

Financial

Authority

,

Nova

Southeastern

University,

Inc.,

Revenue,

2011,

Pre-Refunded,

6.375%,

4/01/31

2,750,000

2,805,605

Rollins

College,

Revenue,

2010,

Pre-Refunded,

5%,

12/01/37

................

8,000,000

8,000,000

University

of

Tampa,

Inc.

(The),

Revenue,

2012A,

Pre-Refunded,

5.25%,

4/01/42

..

2,000,000

2,131,920

Florida

Housing

Finance

Corp.

,

Revenue,

2020

1,

GNMA

Insured,

2.75%,

7/01/50

.........................

2,000,000

2,081,360

Revenue,

2020

2,

GNMA

Insured,

2.5%,

7/01/50

..........................

2,220,000

2,278,874

Florida

Municipal

Loan

Council

,

Revenue

,

2011D

,

AGMC

Insured

,

5.5

%

,

10/01/41

...

3,750,000

3,898,463

Fort

Pierce

Utilities

Authority

,

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/21

....................

2,585,000

2,571,325

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/22

....................

3,090,000

3,050,850

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/23

....................

3,060,000

2,994,118

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/24

....................

2,560,000

2,481,997

Greater

Orlando

Aviation

Authority

,

Revenue,

2010A,

5%,

10/01/39

.......................................

5,000,000

5,016,200

Revenue,

2019

A,

4%,

10/01/49

.......................................

5,000,000

5,682,900

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/46

........................................................

4,250,000

4,745,380

Halifax

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/36

........................................................

2,500,000

2,898,950

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/45

.............

1,515,000

1,717,404

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/50

.............

1,800,000

2,026,260

Hillsborough

County

Aviation

Authority

,

Revenue,

2015A,

5%,

10/01/44

.......................................

5,000,000

5,542,650

Revenue,

2018E,

5%,

10/01/43

.......................................

5,000,000

6,038,300

Hillsborough

County

Industrial

Development

Authority

,

Florida

Health

Sciences

Center,

Inc.

,

Revenue

,

2020A

,

4

%

,

8/01/55

....................................

3,000,000

3,333,120

JEA

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/40

.........

1,000,000

1,220,060

Lee

County

Industrial

Development

Authority

,

Shell

Point/Alliance

Obligated

Group

,

Revenue

,

2019

,

5

%

,

11/15/44

........................................

5,000,000

5,479,100

Martin

County

Health

Facilities

Authority

,

Martin

Memorial

Medical

Center

Obligated

Group

,

Revenue

,

2012

,

Pre-Refunded

,

5.5

%

,

11/15/42

......................

2,100,000

2,205,273

Miami

Beach

Redevelopment

Agency

,

Tax

Allocation

,

2015A

,

Refunding

,

AGMC

Insured

,

5

%

,

2/01/40

...............................................

5,000,000

5,645,400

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

18,770,000

18,822,931

Miami-Dade

County

Health

Facilities

Authority

,

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/01/42

........................................................

3,000,000

3,560,130

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/01/47

........................................................

3,500,000

3,859,485

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

A,

Refunding,

6.125%,

8/01/42

........................................................

1,055,000

1,058,798

Mid-Bay

Bridge

Authority

,

Revenue,

2015A,

Refunding,

5%,

10/01/40

..............................

5,000,000

5,638,700

Revenue,

A,

ETM,

6.875%,

10/01/22

...................................

2,715,000

2,932,309

Revenue,

D,

ETM,

6.1%,

10/01/22

.....................................

3,545,000

3,807,897

North

Sumter

County

Utility

Dependent

District

,

Revenue,

Senior

Lien

,

2019

,

BAM

Insured

,

5

%

,

10/01/44

..............................................

4,000,000

5,072,000

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2012A,

Pre-Refunded,

5%,

10/01/42

..

10,000,000

10,626,400

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

49

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Orange

County

Health

Facilities

Authority,

(continued)

Orlando

Health

Obligated

Group,

Revenue,

2019

A,

5%,

10/01/47

.............

$

5,000,000

$

6,111,500

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

5,000,000

5,468,650

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013A

,

Refunding

,

5

%

,

7/01/35

...............................

8,330,000

9,238,970

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020B,

4%,

11/15/41

.......................................................

500,000

551,035

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020B,

5%,

11/15/42

.......................................................

500,000

588,055

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

B,

5%,

5/15/41

....

5,000,000

5,356,450

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Senior

Lien,

2020A-1,

Refunding,

AGMC

Insured,

2.625%,

5/01/34

........................................................

1,205,000

1,220,147

Special

Assessment,

Senior

Lien,

2020A-1,

Refunding,

AGMC

Insured,

2.8%,

5/01/37

........................................................

995,000

1,009,388

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017A,

5%,

1/01/37

........................................................

2,350,000

2,518,965

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017A,

5%,

1/01/42

........................................................

1,600,000

1,704,800

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017A,

5%,

1/01/47

........................................................

2,450,000

2,603,051

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

..............

600,000

659,052

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

..............

1,025,000

1,114,657

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

..............

1,850,000

1,990,230

Sarasota

County

Public

Hospital

District

,

Sarasota

County

Public

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

4

%

,

7/01/48

............................

10,000,000

11,211,900

School

Board

of

Miami-Dade

County

(The)

,

GO

,

2013

,

5

%

,

3/15/43

..............

2,465,000

2,676,324

St.

Johns

County

Industrial

Development

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/55

...

2,500,000

2,677,025

State

of

Florida

,

GO,

1999

D,

Refunding,

6%,

6/01/23

...................................

15,000,000

17,165,250

GO,

2016

C,

Refunding,

4%,

6/01/35

...................................

5,340,000

6,185,482

GO,

2016

F,

Refunding,

4%,

6/01/37

...................................

8,000,000

9,221,120

Tampa

Bay

Water

,

Revenue

,

2013

,

5

%

,

10/01/38

...........................

10,000,000

11,284,100

Tampa

Sports

Authority

,

Revenue

,

1995

,

NATL

Insured

,

6.1

%

,

10/01/26

...........

2,695,000

3,132,991

Tampa-Hillsborough

County

Expressway

Authority

,

Revenue

,

2017

,

5

%

,

7/01/47

....

5,000,000

5,990,250

Town

of

Palm

Beach

,

GO

,

2018

,

4

%

,

7/01/43

..............................

5,000,000

5,829,350

University

of

North

Florida

Financing

Corp.

(The)

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/35

..............................................

5,000,000

6,021,500

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/42

1,500,000

1,794,780

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/47

3,500,000

4,155,865

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2020A,

Refunding,

5%,

10/15/49

.......................................................

3,000,000

3,675,090

533,836,734

U.S.

Territories

1.0%

Puerto

Rico

1.0%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

355,938

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

950,000

1,131,678

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.

50

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

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

5,524,116

Total

U.S.

Territories

....................................................................

5,524,116

Total

Municipal

Bonds

(Cost

$501,673,128)

.....................................

539,360,850

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Florida

0.3%

a

County

of

St.

Lucie

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.14

%

,

9/01/28

.......................................

1,600,000

1,600,000

Total

Municipal

Bonds

(Cost

$1,600,000)

.......................................

1,600,000

Total

Short

Term

Investments

(Cost

$1,600,000

)

.................................

1,600,000

a

Total

Investments

(Cost

$503,273,128)

99.1%

...................................

$540,960,850

Other

Assets,

less

Liabilities

0.9%

.............................................

4,804,167

Net

Assets

100.0%

...........................................................

$545,765,017

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),

November

30,

2020

Franklin

Georgia

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

51

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

Georgia

98.0%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

5%,

6/15/36

........................................................

$

2,390,000

$

2,840,348

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

4%,

6/15/40

........................................................

5,000,000

5,552,400

Athens-Clarke

County

Unified

Government

,

GO

,

2020

,

4

%

,

12/01/30

.............

1,350,000

1,758,793

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

Park

Tax

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/35

..........................................

3,530,000

4,105,990

Atlanta

Development

Authority

(The)

,

Revenue,

2015A-1,

5.25%,

7/01/40

....................................

7,750,000

8,575,298

Revenue,

2015A-1,

5.25%,

7/01/44

....................................

3,000,000

3,299,430

Piedmont

Ellis

LLC,

Revenue,

2013,

Pre-Refunded,

5%,

9/01/32

..............

2,000,000

2,255,800

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,995,022

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

1,172,970

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

1,164,960

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

4,000,000

4,621,000

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

,

AGMC

Insured

,

5

%

,

6/15/36

.....................................

4,155,000

4,236,189

Bibb

County

Development

Authority

,

Macon

State

College

Foundation

Real

Estate

LLC

,

Revenue

,

2012

,

AGMC

Insured

,

5

%

,

7/01/40

.............................

5,000,000

5,253,050

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,721,169

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

6,000,000

6,983,520

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/45

.

1,250,000

1,471,675

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

1,500,000

1,753,740

Tanner

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

......

2,000,000

2,315,440

Carrollton

Payroll

Development

Authority

,

UWG

Athletic

Complex

LLC

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/37

.................................

3,140,000

3,612,727

City

of

Atlanta

,

Tax

Allocation,

2016B,

Refunding,

5%,

1/01/31

............................

1,780,000

2,114,319

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014A,

Refunding,

5%,

1/01/33

........................................................

4,005,000

4,483,918

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014A,

Refunding,

5%,

1/01/34

........................................................

3,250,000

3,634,410

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

5,229,180

Department

of

Aviation,

Revenue,

2010C,

Refunding,

6%,

1/01/30

.............

6,000,000

6,028,260

Department

of

Aviation,

Revenue,

2012B,

5%,

1/01/42

......................

2,000,000

2,079,100

Water

&

Wastewater,

Revenue,

2001A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

6,226,250

Water

&

Wastewater,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/43

............

10,000,000

12,074,000

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

6,226,600

Water

&

Wastewater,

Revenue,

2019,

Refunding,

4%,

11/01/38

...............

1,450,000

1,777,178

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.

52

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

City

of

Buford

,

GO

,

2017

C

,

Refunding

,

4

%

,

1/01/43

.........................

$

5,000,000

$

5,705,650

City

of

Cartersville

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

...................

4,000,000

4,947,560

City

of

Columbus

,

Water

&

Sewerage

,

Revenue

,

2014A

,

Pre-Refunded

,

5

%

,

5/01/33

.

1,030,000

1,196,973

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,691,170

City

of

Fairburn

,

GO

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5.75

%

,

12/01/31

.......

2,000,000

2,110,940

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,781,985

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

1,188,870

Clayton

County

Development

Authority

,

CSU

Foundation

Real

Estate

II

LLC,

Revenue,

2011,

AGMC

Insured,

5%,

7/01/36

.

3,000,000

3,058,650

TUFF

Archives

LLC,

Revenue,

2012,

Refunding,

5%,

7/01/33

.................

5,000,000

5,322,950

County

of

DeKalb

,

Water

&

Sewerage,

Revenue,

2006

B,

Refunding,

AGMC

Insured,

5%,

10/01/35

..

10,655,000

13,072,726

Water

&

Sewerage,

Revenue,

2011A,

5.25%,

10/01/41

......................

11,425,000

11,810,937

County

of

Fulton

,

GO,

2017,

4%,

7/01/40

.............................................

5,000,000

5,774,100

Water

&

Sewerage,

Revenue,

2020A,

3%,

1/01/45

.........................

5,000,000

5,489,500

Coweta

County

Water

&

Sewage

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

6/01/39

.

1,500,000

1,794,780

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

3,399,300

Decatur

Urban

Redevelopment

Agency

,

Revenue

,

2013A

,

Pre-Refunded

,

5

%

,

1/01/38

6,195,000

6,803,907

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012A

,

AGMC

Insured

,

5

%

,

7/01/39

...................

5,000,000

5,322,950

Development

Authority

for

Fulton

County

,

AMC

Campus

Project

I

LLC,

Revenue,

2011,

AGMC

Insured,

5%,

6/15/37

.......

3,075,000

3,138,253

Georgia

Tech

Facilities,

Inc.,

Revenue,

2010A,

5%,

6/01/41

..................

3,500,000

3,510,500

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

2,266,740

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

7/01/44

........................................................

10,000,000

11,194,700

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

5,675,550

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,189,220

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

4,000,000

4,599,880

Development

Authority

of

Bulloch

County

,

Georgia

Southern

University

Housing

Foundation

Five

LLC

,

Revenue

,

2011

,

AGMC

Insured

,

5

%

,

7/01/36

............

2,055,000

2,097,354

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

6,740,040

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,785,024

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,273,000

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/35

..........

2,500,000

2,674,650

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/38

..........

2,500,000

2,671,550

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

2,227,860

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/22

......

3,000,000

3,164,790

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/24

......

2,000,000

2,307,680

Etowah

Water

&

Sewer

Authority

,

Revenue,

2019,

Refunding,

BAM

Insured,

4%,

3/01/36

......................

1,450,000

1,696,471

Revenue,

2019,

Refunding,

BAM

Insured,

3%,

3/01/44

......................

1,250,000

1,316,012

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

53

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/43

......................................................

$

7,735,000

$

8,568,678

Forsyth

County

School

District

,

GO

,

2018

,

5

%

,

2/01/38

.......................

2,650,000

3,363,645

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,329,400

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

8,274,210

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

5,723,950

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

1,224,050

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,643,420

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013A,

3.8%,

12/01/37

......................................

5,000,000

5,172,700

Revenue,

2018

A,

3.85%,

12/01/38

....................................

5,705,000

6,303,797

Revenue,

2018

A,

3.95%,

12/01/43

....................................

2,005,000

2,199,344

Revenue,

2018B,

4.05%,

12/01/38

.....................................

605,000

635,123

Revenue,

2019A,

Refunding,

3.7%,

6/01/49

..............................

5,000,000

5,458,850

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,753,900

Gwinnett

County

School

District

,

GO

,

2019

,

5

%

,

2/01/41

......................

3,000,000

3,886,380

Hall

County

School

District

,

GO

,

2020

,

4

%

,

2/01/40

..........................

2,500,000

3,115,375

Henry

County

School

District

,

GO

,

2016

,

4

%

,

8/01/33

........................

5,000,000

5,806,750

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

Refunding

,

AGMC

Insured

,

6

%

,

10/01/23

..............................................

1,430,000

1,545,716

Lawrenceville

Building

Authority

,

City

of

Lawrenceville

,

Revenue

,

2015

,

5

%

,

4/01/35

.

2,270,000

2,665,797

Macon

Water

Authority

,

Revenue

,

2015

,

4

%

,

10/01/35

........................

2,810,000

3,254,233

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007A,

5.5%,

9/15/27

.......................................

5,000,000

6,398,250

Revenue,

2019

A,

5%,

5/15/38

........................................

2,500,000

3,548,825

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015B

,

5

%

,

7/01/45

........

5,000,000

6,025,400

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

1,174,340

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,916,191

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

5,724,050

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

4,382,525

Revenue,

GG,

Refunding,

5%,

1/01/39

..................................

7,000,000

7,505,190

Municipal

Gas

Authority

of

Georgia

,

Revenue,

S,

Refunding,

5%,

10/01/25

..................................

2,500,000

2,712,100

Revenue,

S,

Refunding,

5%,

10/01/26

..................................

2,500,000

2,711,150

Paulding

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2012A

,

5

%

,

4/01/42

........................................

3,500,000

3,645,985

Pierce

County

School

District

,

GO

,

2017

,

4

%

,

1/01/43

........................

3,725,000

4,291,796

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2011A,

Pre-Refunded,

5%,

9/01/41

...............

8,695,000

9,009,150

Emory

University,

Revenue,

2013A,

5%,

10/01/43

.........................

5,000,000

5,518,200

Emory

University,

Revenue,

2019B,

Refunding,

5%,

9/01/48

..................

4,000,000

5,089,240

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.

54

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Pulaski

County

School

District

,

GO

,

2020

,

4

%

,

10/01/42

......................

$

1,000,000

$

1,222,610

Richmond

County

Hospital

Authority

,

University

Health

Services

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

8,952,560

Sandy

Springs

Public

Facilities

Authority

,

City

of

Sandy

Springs

,

Revenue

,

2015

,

Pre-

Refunded

,

5

%

,

5/01/41

.............................................

3,000,000

3,762,120

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

11,142,100

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,512,780

State

of

Georgia

,

GO,

2017

A,

4%,

2/01/36

............................................

5,000,000

5,894,100

GO,

2018A,

4%,

7/01/36

............................................

5,000,000

6,023,300

Tift

County

Hospital

Authority

,

Southwell

Obligated

Group

,

Revenue

,

2013

,

5

%

,

12/01/38

........................................................

2,000,000

2,133,440

Valdosta

&

Lowndes

County

Hospital

Authority

,

Revenue

,

2011B

,

Pre-Refunded

,

5

%

,

10/01/41

........................................................

3,000,000

3,120,210

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

6,112,150

466,018,083

U.S.

Territories

0.4%

Puerto

Rico

0.4%

a

Puerto

Rico

Electric

Power

Authority,

Revenue,

XX-RSA-1,

5.25%,

7/01/40

........

2,270,000

1,708,175

Total

Municipal

Bonds

(Cost

$438,018,132)

.....................................

467,726,258

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

,

0.1

%

,

7/01/35

....................................

795,000

795,000

Total

Municipal

Bonds

(Cost

$795,000)

.........................................

795,000

Total

Short

Term

Investments

(Cost

$795,000

)

..................................

795,000

a

Total

Investments

(Cost

$438,813,132)

98.6%

...................................

$468,521,258

Other

Assets,

less

Liabilities

1.4%

.............................................

6,982,819

Net

Assets

100.0%

...........................................................

$475,504,077

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),

November

30,

2020

Franklin

High

Yield

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

55

a

a

Shares

a

Value

a

Management

Investment

Companies

0.4%

Capital

Markets

0.4%

a

Franklin

Liberty

Federal

Intermediate

Tax-Free

Bond

Opportunities

ETF

..........

855,000

$

22,264,200

Total

Management

Investment

Companies

(Cost

$21,856,613)

....................

22,264,200

Principal

Amount

a

a

a

a

U.S.

Government

and

Agency

Securities

0.0%

†

b,c

Coalview

Centralia

LLC,

15%,

2/28/21

....................................

$

1,900,000

1,898,691

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,900,000)

..................

1,898,691

Municipal

Bonds

99.6%

Alabama

2.6%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/28

....................

7,350,000

5,198,067

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/29

....................

13,465,000

8,767,061

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/30

....................

19,050,000

11,405,235

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/31

....................

24,845,000

13,649,097

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/32

....................

30,825,000

15,542,890

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/33

....................

35,700,000

16,571,226

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/34

....................

28,020,000

11,969,864

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/35

....................

15,000,000

5,896,500

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,476,355

Sewer,

Revenue,

Sub.

Lien,

2013-F,

Zero

Cpn.,

10/01/39

....................

75,000,000

76,077,000

Cullman

County

Health

Care

Authority

,

Revenue

,

2009A

,

Refunding

,

7

%

,

2/01/36

...

5,000

5,012

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2011A

,

5.375

%

,

12/01/35

..................................................

3,250,000

3,382,795

172,941,102

Arizona

1.3%

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

1,404,353

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018A,

Refunding,

5%,

7/01/42

1,000,000

1,067,480

d

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2017,

5%,

6/15/47

........

5,450,000

5,540,906

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,286,524

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

....................

1,000,000

1,159,220

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

....................

1,000,000

1,137,970

d

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018A,

6%,

7/01/38

........................................................

5,000,000

5,913,450

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018A,

6%,

7/01/52

........................................................

10,000,000

11,608,300

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

6,000,000

7,240,020

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

14,784,309

Tempe

Industrial

Development

Authority

,

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017A,

6%,

10/01/37

.................

1,200,000

1,260,120

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017A,

6.125%,

10/01/47

.............

1,400,000

1,453,984

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017A,

6.125%,

10/01/52

.............

1,400,000

1,449,938

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

4,326,445

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

8,028,720

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)

Arizona

(continued)

Yuma

County

Industrial

Development

Authority

,

Far

West

Water

&

Sewer,

Inc.

,

Revenue

,

2007A

,

Refunding

,

6.375

%

,

12/01/37

...........................

$

14,660,000

$

13,951,189

81,612,928

Arkansas

0.1%

Arkansas

Development

Finance

Authority

,

Baptist

Health

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/47

................................................

3,000,000

3,648,900

California

19.0%

Alvord

Unified

School

District

,

GO

,

2011B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

......

30,750,000

17,191,710

d

California

Community

Housing

Agency

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/49

......

10,800,000

12,113,064

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

3,625,000

3,629,277

California

Municipal

Finance

Authority

,

Special

Tax,

2020

B,

4%,

9/01/30

......................................

100,000

110,140

d

California

Baptist

University,

Revenue,

144A,

2015A,

5.5%,

11/01/45

...........

17,400,000

18,754,416

d

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

7,206,164

d

California

Pollution

Control

Financing

Authority

,

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

15,925,000

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

6,500,000

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

10,000,000

9,000,300

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

4,050,000

4,016,911

d

California

Public

Finance

Authority

,

f

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

4,066,793

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017A,

Refunding,

5%,

7/01/47

....................................................

2,900,000

2,436,000

California

State

Public

Works

Board

,

Revenue

,

2012

A

,

5

%

,

4/01/30

.............

17,785,000

18,849,077

California

Statewide

Communities

Development

Authority

,

d

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

7,709,365

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014A,

5.25%,

12/01/44

.......................................................

20,555,000

22,347,396

d

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

3,000,000

3,343,950

d

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,258,858

d

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

3,693,673

Centinela

Valley

Union

High

School

District

,

GO

,

2012

B

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

8/01/37

.................................................

8,400,000

3,482,388

City

of

San

Buenaventura

,

Community

Memorial

Health

System,

Revenue,

2011,

8%,

12/01/31

............

10,000,000

10,653,000

Community

Memorial

Health

System,

Revenue,

2011,

7.5%,

12/01/41

..........

15,000,000

15,881,400

City

of

San

Jose

,

Hotel

Tax

,

Special

Tax

,

2011

,

6.5

%

,

5/01/42

..................

10,000,000

10,099,500

Compton

Community

College

District

,

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/30

...................

3,425,000

2,182,958

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/32

...................

4,000,000

2,216,920

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/34

...................

4,560,000

2,184,742

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/36

...................

5,250,000

2,179,275

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/37

...................

3,065,000

1,184,132

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/38

...................

6,000,000

2,158,860

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

23

,

Special

Tax

,

2020

,

4

%

,

9/01/30

.......................................

75,000

82,311

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

10,000,000

11,760,900

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

8,779,168

Revenue,

Junior

Lien,

C,

Refunding,

6.25%,

1/15/33

.......................

17,580,000

20,139,472

Revenue,

Junior

Lien,

C,

Refunding,

6.5%,

1/15/43

........................

28,790,000

32,999,674

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)

California

(continued)

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2007B,

Zero

Cpn.,

6/01/47

...................................

$

50,000,000

$

10,711,500

Revenue,

2018

A2,

Refunding,

5%,

6/01/47

..............................

20,000,000

20,642,200

M-S-R

Energy

Authority

,

Revenue,

2009B,

6.125%,

11/01/29

....................................

30,050,000

38,500,361

Revenue,

2009B,

7%,

11/01/34

.......................................

20,000,000

31,946,800

Revenue,

2009C,

6.5%,

11/01/39

......................................

20,000,000

33,136,600

Novato

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2011

,

Pre-

Refunded

,

6.75

%

,

9/01/40

...........................................

3,750,000

3,930,975

Palmdale

Elementary

School

District

,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

.....................

1,500,000

1,335,540

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

.....................

1,250,000

1,050,750

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

.....................

1,250,000

1,021,550

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

.....................

2,500,000

2,713,475

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013A,

5.75%,

6/01/44

............................

6,065,000

6,598,841

Revenue,

Senior

Lien,

2013B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

3,010,240

Revenue,

Senior

Lien,

2013B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

3,998,060

Revenue,

Senior

Lien,

2013B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,767,650

Revenue,

Senior

Lien,

2013B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

3,731,840

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

43,171,898

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

32,888,688

GO,

2014

G,

Pre-Refunded,

Zero

Cpn.,

7/01/35

...........................

10,000,000

5,324,600

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

Zero

Cpn.,

1/15/41

..........................

35,256,000

49,667,242

Revenue,

1997

A,

Refunding,

Zero

Cpn.,

1/15/42

..........................

35,256,000

49,920,381

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/24

...........................

52,700,000

52,215,687

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/25

...........................

45,200,000

44,559,516

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

131,900,000

128,726,486

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

133,879,577

Revenue,

Junior

Lien,

2014B,

Refunding,

5.25%,

1/15/44

....................

20,000,000

22,273,800

Revenue,

Junior

Lien,

2014B,

Refunding,

5.25%,

1/15/49

....................

25,000,000

27,735,750

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

45,458,800

San

Mateo

Union

High

School

District

,

GO

,

2011A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

23,508,600

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,781,300

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,471,625

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

6,352,050

Revenue,

2007C,

Zero

Cpn.,

6/01/56

...................................

60,000,000

6,636,600

Southern

California

Public

Power

Authority

,

Revenue

,

2007A

,

5.25

%

,

11/01/27

.....

9,855,000

12,546,992

State

of

California

,

GO,

Refunding,

5.25%,

3/01/30

.......................................

80,000,000

80,011,200

GO,

5%,

10/01/41

.................................................

10,000,000

10,366,500

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

10,412,500

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

18,000,000

3,203,820

1,246,346,788

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)

Colorado

5.7%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

$

3,775,000

$

3,864,052

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,420,000

7,781,948

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,500,000

5,686,945

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020A,

5%,

12/01/40

..................................

1,500,000

1,568,820

GO,

Senior

Lien,

2020A,

5%,

12/01/50

..................................

1,500,000

1,546,320

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,245,000

2,371,236

d

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,755,955

Bradburn

Metropolitan

District

No.

2

,

GO,

2018A,

Refunding,

5%,

12/01/38

...................................

600,000

658,752

GO,

2018A,

Refunding,

5%,

12/01/47

...................................

2,400,000

2,595,984

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

551,197

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,531,622

d

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,393,608

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,639,213

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

4,174,040

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/48

24,120,000

28,893,830

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

4,300,000

5,181,113

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

11,990,000

13,284,081

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015A,

Pre-

Refunded,

5%,

6/01/45

............................................

10,000,000

12,088,000

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

7,467,135

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017B,

Refunding,

5%,

5/15/48

........................................................

12,255,000

12,880,740

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020A,

4%,

9/01/45

....

1,000,000

1,128,490

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020A,

4%,

9/01/50

....

4,525,000

5,071,575

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,856,061

Copperleaf

Metropolitan

District

No.

2

,

GO

,

2015

,

Refunding

,

5.75

%

,

12/01/45

.....

2,000,000

2,060,000

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2018

A

,

5.25

%

,

12/01/48

.............

3,850,000

4,002,344

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

2,075,820

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

5,367,856

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019A

,

5

%

,

12/01/49

.......

900,000

931,977

d

Denver

Health

&

Hospital

Authority

,

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/35

.........................

5,000,000

5,521,550

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/36

.........................

5,000,000

5,505,650

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019B

,

6

%

,

12/01/48

........................................................

4,290,000

4,578,502

d

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

2,077,540

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

13,619,850

Evan's

Place

Metropolitan

District

,

GO,

2020A(3),

5%,

12/01/40

.........................................

550,000

561,995

GO,

2020A(3),

5%,

12/01/50

.........................................

1,575,000

1,583,253

First

Creek

Village

Metropolitan

District

,

GO,

2019A,

5%,

12/01/39

...........................................

595,000

642,053

GO,

2019A,

5%,

8/01/49

............................................

540,000

575,883

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)

Colorado

(continued)

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

...........................................

$

750,000

$

792,652

GO,

2019

A,

5%,

12/01/49

...........................................

1,000,000

1,047,120

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

592,089

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

1,161,225

d

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A(3),

5.375%,

12/01/40

.................................

645,000

671,522

GO,

144A,

2020

A(3),

5.625%,

12/01/50

.................................

1,900,000

1,973,929

Leyden

Rock

Metropolitan

District

No.

10

,

GO

,

2016

A

,

Refunding

,

5

%

,

12/01/45

....

3,020,000

3,130,683

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020A,

4.875%,

12/01/40

....

520,000

532,090

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020A,

5.125%,

12/01/50

....

750,000

769,523

Palisade

Park

West

Metropolitan

District

,

GO

,

2019A

,

5.125

%

,

12/01/49

..........

1,500,000

1,551,450

d

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

3,069,240

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

900,000

922,905

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

742,908

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

1,615,000

1,777,776

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

15,956,625

Revenue,

2008,

6.5%,

11/15/38

.......................................

80,100,000

126,817,524

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

642,412

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

4,361,563

Ritoro

Metropolitan

District

,

GO

,

2019A

,

5

%

,

12/01/49

........................

2,000,000

2,077,480

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

3,068,606

Sierra

Ridge

Metropolitan

District

No.

2

,

GO,

Senior

Lien

,

2016

A

,

5.5

%

,

12/01/46

...

1,500,000

1,559,535

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,974,048

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,610,535

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

835,483

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

4,300,716

STC

Metropolitan

District

No.

2

,

GO,

2019A,

Refunding,

5%,

12/01/38

...................................

2,000,000

2,088,680

GO,

2019A,

Refunding,

5%,

12/01/49

...................................

1,000,000

1,030,900

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

.................................................

500,000

510,190

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

.................................................

1,150,000

1,201,670

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,833,575

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

1,370,000

1,371,110

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,168,464

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,834,543

Villages

At

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

Zero

Cpn.,

6/01/31

.......

3,000,000

2,700,000

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

....................

595,000

628,963

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019A

,

5

%

,

12/01/49

.........

1,000,000

1,037,000

375,419,724

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)

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

d

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016A,

5%,

9/01/46

..

$

1,000,000

$

1,034,220

d

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

8,070,271

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/37

........

5,500,000

5,888,850

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

13,764,010

d

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

2,000,000

2,138,120

d

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

2,800,000

2,974,384

33,869,855

Florida

8.4%

d

Astonia

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

550,000

565,576

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,395,000

1,421,184

Avalon

Park

West

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

......................

215,000

219,440

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

......................

580,000

594,343

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

........................

880,000

905,036

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

254,535

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

823,872

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,619,874

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

254,538

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

................

1,840,000

1,956,030

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

................

2,500,000

2,612,700

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

409,278

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

930,121

f

Belmond

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

1,750,000

1,823,115

Special

Assessment,

2020,

4%,

5/01/51

.................................

3,635,000

3,706,173

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

332,247

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,417,578

Special

Assessment,

2020,

4%,

12/15/50

................................

1,000,000

1,034,280

Brooks

of

Bonita

Springs

Community

Development

District

,

Special

Assessment

,

6.85

%

,

5/01/31

...................................................

785,000

786,656

d

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

5,283,022

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/34

............................................

2,000,000

2,261,840

Capital

Trust

Agency,

Inc.

,

Liza

Jackson

Preparatory

School,

Inc.,

Revenue,

2020

A,

5%,

8/01/55

..........

800,000

926,744

d

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/49

.............

1,280,000

1,387,674

d

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/54

.............

2,390,000

2,584,737

d

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

3,284,352

d

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,289,501

d

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

3,918,161

d

University

Bridge

LLC,

Revenue,

144A,

2018A,

5.25%,

12/01/43

..............

31,755,000

32,820,380

d

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

3,555,790

Chaparral

Palm

Bay

Community

Development

District

,

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,235,000

1,278,101

Special

Assessment,

2020

A-1,

4%,

5/01/50

..............................

2,015,000

2,052,580

f

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

2020,

2.625%,

5/01/25

.............................

485,000

486,552

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

695,000

701,881

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)

Florida

(continued)

f

Chapel

Crossings

Community

Development

District,

(continued)

Special

Assessment,

2020,

3.7%,

5/01/40

...............................

$

1,825,000

$

1,843,706

Special

Assessment,

2020,

4%,

5/01/51

.................................

3,010,000

3,057,016

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.5%,

9/01/30

........................................................

100,000

107,537

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

........................................................

2,220,000

2,264,400

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/50

..................................................

2,000,000

2,468,400

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/34

............

650,000

444,763

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/40

............

1,000,000

520,460

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/41

............

1,000,000

496,180

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/42

............

1,000,000

472,850

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/45

............

2,000,000

826,940

d

Coco

Palms

Community

Development

District

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

6/15/39

...................................................

500,000

553,780

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.,

Revenue,

2013A,

Refunding,

6%,

6/01/33

...........

5,500,000

5,748,545

Ave

Maria

University,

Inc.,

Revenue,

2013A,

Refunding,

6%,

6/01/38

...........

12,000,000

12,499,920

Hodges

University,

Inc.,

Revenue,

2013,

6.125%,

11/01/43

...................

10,035,000

10,478,045

Coral

Keys

Homes

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

570,000

600,746

Special

Assessment,

2020,

4%,

5/01/50

.................................

750,000

775,980

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

4

%

,

9/01/49

.....

5,000,000

5,389,300

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2019A

,

5

%

,

10/01/44

................

8,500,000

10,342,460

d,f

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

278,233

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

509,290

d

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

3,206,950

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

5,949,326

d

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

255,618

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

820,872

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,175,000

1,203,987

d

Cypress

Park

Estates

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

295,000

300,112

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........................

1,170,000

1,205,404

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,210,000

1,234,866

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

.................................

5,310,000

6,021,805

Eden

Hills

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

110,000

111,389

Special

Assessment,

2020,

4%,

5/01/40

.................................

300,000

309,261

Special

Assessment,

2020,

4.125%,

5/01/51

.............................

500,000

509,370

d

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

835,000

877,802

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

1,190,147

Epperson

North

Community

Development

District

,

Special

Assessment

,

144A,

2018

A-1

,

5.5

%

,

11/01/39

................................................

1,500,000

1,713,165

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

775,000

789,469

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)

Florida

(continued)

Epperson

Ranch

II

Community

Development

District,

(continued)

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

$

1,135,000

$

1,183,419

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

3,075,000

3,247,600

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

5,315,000

5,604,296

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/45

........................................................

9,000,000

9,798,570

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

........................................................

3,200,000

3,469,312

d

Florida

Development

Finance

Corp.

,

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020A

,

5.25

%

,

6/01/50

...........................

5,000,000

5,331,000

d

Forest

Lake

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

350,000

357,479

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

1,285,000

1,338,212

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,190,000

1,220,036

Grand

Oaks

Community

Development

District

,

Special

Assessment,

2020,

4.25%,

5/01/40

..............................

1,100,000

1,125,091

Special

Assessment,

2020,

4.5%,

5/01/52

...............................

3,500,000

3,593,730

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

5

%

,

10/01/44

..............

14,200,000

17,559,720

d

Greeneway

Improvement

District

,

Special

Assessment

,

144A,

2013

,

5.125

%

,

5/01/43

35,910,000

37,080,307

Hammock

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

540,000

561,044

Special

Assessment,

2020,

4%,

5/01/51

.................................

860,000

878,954

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125

%

,

5/01/45

...................................................

2,170,000

2,485,952

d

Hills

Minneola

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

1,041,910

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

2,625,000

2,748,611

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

5,719,090

Hillsborough

County

Industrial

Development

Authority

,

Florida

Health

Sciences

Center,

Inc.

,

Revenue

,

2020A

,

4

%

,

8/01/55

....................................

2,000,000

2,222,080

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

176,595

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

387,726

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

575,198

Indian

Trace

Development

District

,

Special

Assessment

,

2003

,

5.5

%

,

5/01/33

......

2,000,000

2,005,900

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

595,000

595,976

Special

Assessment,

1999C,

7%,

5/01/30

................................

4,123,752

2,886,626

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

402,947

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

584,096

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

389,700

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

831,536

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

2,387,609

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,280,000

2,430,548

Lakewood

Ranch

Stewardship

District

,

f

Special

Assessment,

2020,

Refunding,

3%,

5/01/30

........................

470,000

470,620

d

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

250,000

255,325

d,f

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

..................

440,000

450,604

f

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/40

.......................

750,000

752,970

d

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,080,000

1,102,907

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)

Florida

(continued)

Lakewood

Ranch

Stewardship

District,

(continued)

d,f

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

.................

$

2,100,000

$

2,162,160

d,f

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/50

...................

1,250,000

1,291,813

f

Special

Assessment,

2020,

Refunding,

4%,

5/01/50

........................

1,270,000

1,303,007

d

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.........................

2,650,000

2,717,283

Special

Assessment,

2020

A,

3.75%,

5/01/40

.............................

525,000

541,296

Special

Assessment,

2020

A,

3.9%,

5/01/50

..............................

770,000

791,075

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,640,896

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

2,914,845

d

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

278,227

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

737,667

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,890,000

1,994,914

Martin

County

Health

Facilities

Authority

,

Martin

Memorial

Medical

Center

Obligated

Group

,

Revenue

,

2012

,

Pre-Refunded

,

5.5

%

,

11/15/42

......................

3,800,000

3,990,494

Miami-Dade

County

Educational

Facilities

Authority

,

University

of

Miami

,

Revenue

,

B

,

Refunding

,

AMBAC

Insured

,

5.25

%

,

4/01/27

..............................

10,995,000

13,592,899

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

44,360,000

44,485,095

f

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,670,000

1,680,254

d

Special

Assessment,

144A,

2020

A3,

4.75%,

5/01/40

.......................

2,000,000

2,000,140

Special

Assessment,

2020A-1,

3%,

5/01/25

..............................

590,000

591,309

Special

Assessment,

2020A-1,

3.5%,

5/01/30

.............................

855,000

859,463

Special

Assessment,

2020A-1,

4%,

5/01/40

..............................

1,150,000

1,157,130

Special

Assessment,

2020A-1,

4.25%,

5/01/51

............................

1,960,000

1,972,015

d

North

Springs

Improvement

District

,

Special

Assessment

,

144A,

2017-2

,

5

%

,

5/01/48

5,000,000

5,505,700

Northern

Palm

Beach

County

,

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5%,

8/01/34

........................................................

2,700,000

2,917,701

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5.2%,

8/01/46

........................................................

6,000,000

6,440,520

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/37

........................................................

750,000

844,080

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/46

........................................................

3,000,000

3,336,030

Old

Hickory

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,300,000

1,379,391

Special

Assessment,

2020,

4%,

6/15/50

.................................

1,955,000

2,041,704

Orange

County

Health

Facilities

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

3,800,000

4,156,174

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/47

............................................

4,285,000

4,670,222

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/32

...............

1,500,000

1,750,425

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

977,070

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

824,696

Pelican

Marsh

Community

Development

District

,

Special

Assessment,

2012,

Refunding,

4.875%,

5/01/22

.....................

330,000

337,679

Special

Assessment,

2012,

Refunding,

5.375%,

5/01/31

.....................

1,260,000

1,305,688

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)

Florida

(continued)

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

$

700,000

$

720,153

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2017,

5%,

7/01/39

................................................

2,000,000

2,281,740

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2019,

5%,

7/01/29

................................................

1,000,000

1,114,210

River

Hall

Community

Development

District

,

Special

Assessment,

2020

A,

3.25%,

5/01/31

.............................

430,000

441,313

Special

Assessment,

2020

A,

3.625%,

5/01/40

............................

1,030,000

1,053,793

Special

Assessment,

2020

A,

3.875%,

5/01/51

............................

2,690,000

2,768,145

f

River

Landing

Community

Development

District

,

Special

Assessment,

2020

A,

3%,

5/01/25

...............................

325,000

326,918

Special

Assessment,

2020

A,

3.6%,

5/01/30

..............................

475,000

482,177

Special

Assessment,

2020

A,

4.125%,

5/01/40

............................

850,000

864,926

Special

Assessment,

2020

A,

4.35%,

5/01/51

.............................

1,100,000

1,119,547

Special

Assessment,

2020

B,

4.25%,

11/01/35

............................

1,200,000

1,227,984

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

1,190,000

1,190,143

e

Special

Assessment,

2001

B,

7.25%,

5/01/10

.............................

35,000

1,750

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

1,910,000

1,967,013

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Special

Assessment,

2020,

3%,

6/15/30

.................................

250,000

253,230

Special

Assessment,

2020,

4%,

6/15/40

.................................

610,000

644,172

Special

Assessment,

2020,

4%,

6/15/50

.................................

785,000

815,937

d

Sandmine

Road

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.......

300,000

307,044

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.......

1,040,000

1,071,876

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

.......

2,020,000

2,072,601

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,500,000

1,592,985

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

2,350,821

School

Board

of

Miami-Dade

County

(The)

,

COP

,

2013A

,

5

%

,

5/01/31

............

7,985,000

8,813,444

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

350,000

356,913

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

505,000

528,558

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,452,330

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,305,000

2,421,080

Somerset

Community

Development

District

,

Special

Assessment

,

2005

,

5.3

%

,

5/01/37

5,900,000

5,904,661

State

of

Florida

,

GO

,

1999

D

,

Refunding

,

6

%

,

6/01/23

........................

5,000,000

5,721,750

d,f

Stoneybrook

South

Community

Development

District

,

Special

Assessment,

144A,

2020,

3%,

12/15/30

...........................

500,000

501,420

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

.........................

1,000,000

1,003,360

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

.........................

1,500,000

1,504,965

f

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

165,000

168,411

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

700,000

714,476

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

932,231

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,000,000

1,061,070

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,000,000

2,088,700

d

Trevesta

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

235,000

239,698

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)

Florida

(continued)

d

Trevesta

Community

Development

District,

(continued)

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

.........................

$

880,000

$

897,494

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,750,000

1,792,805

d

V-Dana

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

........

375,000

387,735

Assessment

Area

One,

Special

Assessment,

144A,

2020,

4%,

5/01/40

..........

1,775,000

1,850,278

Assessment

Area

One,

Special

Assessment,

144A,

2020,

4%,

5/01/51

..........

3,500,000

3,609,235

Village

Community

Development

District

No.

10

,

Special

Assessment,

2012,

5%,

5/01/32

.................................

4,970,000

5,201,652

Special

Assessment,

2012,

5.125%,

5/01/43

.............................

8,000,000

8,393,680

Special

Assessment,

2014,

5.75%,

5/01/31

..............................

1,700,000

1,858,746

Special

Assessment,

2014,

6%,

5/01/44

.................................

7,100,000

7,810,071

d,f

Village

Community

Development

District

No.

13

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

5/01/51

....................................................

17,000,000

17,379,100

Village

Community

Development

District

No.

6

,

Special

Assessment

,

2013

,

Refunding

,

4

%

,

5/01/35

......................................................

3,415,000

3,508,912

Village

Community

Development

District

No.

9

,

Special

Assessment,

1,

6.75%,

5/01/31

.................................

6,220,000

6,347,821

Special

Assessment,

1,

7%,

5/01/41

....................................

5,510,000

5,645,216

Special

Assessment,

2012,

Refunding,

5%,

5/01/22

........................

385,000

396,488

Special

Assessment,

2012,

Refunding,

5.25%,

5/01/31

......................

1,770,000

1,838,074

Special

Assessment,

2012,

Refunding,

5.5%,

5/01/42

.......................

1,780,000

1,849,901

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

243,679

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

655,000

666,967

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

1,018,060

Windward

Community

Development

District

,

Special

Assessment,

2020

A1,

3%,

5/01/25

..............................

100,000

100,961

Special

Assessment,

2020

A1,

3.65%,

5/01/30

............................

130,000

132,825

Special

Assessment,

2020

A1,

4.25%,

5/01/40

............................

630,000

646,216

Special

Assessment,

2020

A1,

4.5%,

5/01/51

.............................

495,000

507,593

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

2,000,000

2,073,180

Wiregrass

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

645,000

655,998

Special

Assessment,

2020,

3.7%,

5/01/40

...............................

1,680,000

1,716,187

Special

Assessment,

2020,

3.875%,

5/01/50

.............................

1,960,000

1,994,829

551,923,591

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%,

4/30/17

.

480,367

37,228

f

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

625,000

780,162

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

600,000

745,458

WellStar

Health

System

Obligated

Group,

Revenue,

2020B,

Refunding,

4%,

4/01/39

325,000

369,272

d

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,839,472

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

10,470,987

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)

Georgia

(continued)

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

$

6,765,000

$

8,449,891

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

2/15/39

.................

8,300,000

9,660,038

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007A,

5.5%,

9/15/25

.......................................

5,000,000

6,091,900

Revenue,

2007A,

5.5%,

9/15/27

.......................................

4,000,000

5,118,600

Revenue,

2007A,

5.5%,

9/15/28

.......................................

10,000,000

12,976,500

Revenue,

2019

A,

5%,

5/15/49

........................................

11,500,000

17,311,985

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

B,

5%,

1/01/48

........................................

4,595,000

5,494,563

Revenue,

2019A,

5%,

1/01/56

........................................

5,000,000

5,986,450

85,332,521

Idaho

0.2%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010A

,

7

%

,

2/01/36

............

13,305,000

13,394,010

Illinois

5.3%

Bureau

County

Township

High

School

District

No.

502

,

GO

,

2013A

,

Pre-Refunded

,

BAM

Insured

,

6.625

%

,

10/01/43

.......................................

5,250,000

6,229,650

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

,

Revenue,

Second

Lien

,

2020

A

,

Refunding

,

5

%

,

12/01/55

............................................

3,750,000

4,469,925

County

of

Cook

,

GO

,

2012C

,

Refunding

,

5

%

,

11/15/29

.......................

34,555,000

36,909,923

Illinois

Finance

Authority

,

e

2017

IAVF

Windy

City

Obligated

Group,

Revenue,

2017

A-1,

4.375%,

12/01/42

...

2,815,000

1,871,975

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

e

BHF

Chicago

Housing

Group

C

LLC,

Revenue,

2018

A-1,

5.1%,

12/01/43

.......

1,600,000

320,000

e

BHF

Chicago

Housing

Group

C

LLC,

Revenue,

2018

A-1,

5.25%,

12/01/53

......

2,600,000

520,000

CHF-Dekalb

II

LLC,

Revenue,

2011,

6.875%,

10/01/43

......................

15,000,000

15,295,800

CHF-Normal

LLC,

Revenue,

2011,

Pre-Refunded,

7%,

4/01/43

................

7,500,000

7,665,075

d,g

Navistar

International

Corp.,

Revenue,

144A,

2020,

Refunding,

Mandatory

Put,

4.75%,

8/01/30

..................................................

26,100,000

27,145,044

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/25

......

2,750,000

2,990,322

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/32

......

3,750,000

4,059,487

OSF

Healthcare

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.......................................................

15,750,000

17,917,830

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

5/15/50

4,570,000

5,168,853

Plymouth

Place

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

5/15/37

.......

2,500,000

2,590,675

Plymouth

Place

Obligated

Group,

Revenue,

2015,

Refunding,

5.25%,

5/15/45

....

1,100,000

1,137,862

Plymouth

Place

Obligated

Group,

Revenue,

2015,

Refunding,

5.25%,

5/15/50

....

3,150,000

3,250,706

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

A,

Refunding,

5%,

8/01/47

........................................................

1,525,000

1,678,232

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

C,

5%,

8/01/46

...

1,900,000

2,092,698

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018A,

Refunding,

5%,

5/01/48

4,030,000

3,907,045

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

10,085,000

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018A,

Refunding,

5.5%,

5/01/53

........................................................

8,310,000

8,456,256

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

5,485,000

6,590,447

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/35

.......................

15,000,000

9,345,000

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/36

.......................

4,925,000

2,939,880

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

12/15/37

......................

13,650,000

7,649,597

Revenue,

2002

A,

AGMC,

NATL

Insured,

Zero

Cpn.,

12/15/40

................

4,000,000

2,065,760

Revenue,

2010-B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

7,708,609

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)

Illinois

(continued)

Metropolitan

Pier

&

Exposition

Authority,

(continued)

Revenue,

2020

B,

Refunding,

5%,

6/15/42

...............................

$

5,000,000

$

5,729,500

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2010

,

Pre-Refunded

,

6

%

,

6/01/28

9,650,000

9,929,464

State

of

Illinois

,

GO,

2016,

Refunding,

5%,

2/01/26

.....................................

4,000,000

4,399,960

GO,

2017

A,

4.25%,

12/01/40

.........................................

1,850,000

1,886,371

GO,

2017C,

5%,

11/01/29

...........................................

10,330,000

11,242,346

GO,

2017D,

3.25%,

11/01/26

.........................................

2,500,000

2,508,175

GO,

2017D,

5%,

11/01/26

...........................................

5,200,000

5,703,932

GO,

2017D,

5%,

11/01/27

...........................................

6,445,000

7,110,962

GO,

2017D,

5%,

11/01/28

...........................................

8,545,000

9,363,611

GO,

2019

B,

4%,

11/01/34

...........................................

2,400,000

2,449,104

GO,

2019

C,

4%,

11/01/40

...........................................

1,490,000

1,498,538

GO,

2020,

5.5%,

5/01/30

............................................

3,300,000

3,849,813

GO,

2020,

5.5%,

5/01/39

............................................

12,360,000

13,950,732

GO,

2020,

5.75%,

5/01/45

...........................................

7,420,000

8,435,279

GO,

2020

B,

4%,

10/01/34

...........................................

2,000,000

2,044,700

GO,

2020

C,

4%,

10/01/37

...........................................

4,650,000

4,708,776

GO,

2020

C,

4%,

10/01/38

...........................................

5,250,000

5,301,082

GO,

2020

C,

4%,

10/01/39

...........................................

2,545,000

2,564,189

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group,

Revenue,

2018A-1,

5%,

12/01/54

.......................................................

11,000,000

11,000,000

d

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group,

Revenue,

144A,

2018B,

6%,

12/01/54

...................................................

5,475,000

5,475,000

d,f

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group,

Revenue,

144A,

2020C,

Refunding,

5%,

12/01/50

...........................................

10,750,000

10,660,237

Village

of

Bolingbrook

,

GO

,

2013A

,

Pre-Refunded

,

Zero

Cpn.,

1/01/35

............

19,800,000

10,801,296

Village

of

Hillside

,

Mannheim

Redevelopment

Project

Area

,

Tax

Allocation

,

2018

,

Refunding

,

5

%

,

1/01/30

.............................................

2,690,000

2,788,266

347,107,984

Indiana

1.0%

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

2020A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,802,006

d

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

4,528,440

Indiana

Finance

Authority

,

BHI

Senior

Living

Obligated

Group,

Revenue,

2011,

5.75%,

11/15/41

...........

5,000,000

5,118,600

Greencroft

Goshen

Obligated

Group,

Revenue,

2013A,

7%,

11/15/43

...........

5,000,000

5,357,600

Marian

University,

Inc.,

Revenue,

2011,

Pre-Refunded,

6.375%,

9/15/41

.........

12,500,000

13,103,875

Ohio

Valley

Electric

Corp.,

Revenue,

2012A,

5%,

6/01/32

....................

10,000,000

10,404,500

WVB

East

End

Partners

LLC,

Revenue,

2013A,

5%,

7/01/40

.................

12,500,000

13,399,625

WVB

East

End

Partners

LLC,

Revenue,

2013A,

5.25%,

1/01/51

...............

12,500,000

13,378,000

68,092,646

Iowa

0.7%

Iowa

Finance

Authority

,

Northcrest

Obligated

Group

,

Revenue

,

2018A

,

5

%

,

3/01/48

..

7,500,000

7,838,775

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2005B

,

5.6

%

,

6/01/34

.............

35,850,000

36,386,316

44,225,091

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)

Kansas

0.1%

City

of

Derby

,

Revenue

,

2020

,

3.9

%

,

3/01/37

...............................

$

1,625,000

$

1,636,326

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,820,000

1,839,056

3,475,382

Kentucky

0.4%

Kentucky

Economic

Development

Finance

Authority

,

Owensboro

Health,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

6/01/41

.......................

10,000,000

11,290,100

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013C,

Zero

Cpn.,

7/01/39

...........................

10,000,000

11,256,600

Revenue,

First

Tier,

2013C,

Zero

Cpn.,

7/01/43

...........................

5,000,000

5,609,750

28,156,450

Louisiana

1.5%

Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

............

2,055,000

2,268,103

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,575,000

2,827,710

f

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

2,975,554

f

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

5,675,707

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,655,000

2,688,745

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,475,000

4,518,497

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

3,250,000

3,375,353

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

2,080,000

2,205,029

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

3,803,480

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,985,000

2,150,350

Louisiana

Public

Facilities

Authority

,

Lafayette

General

Health

System,

Inc.

Obligated

Group,

Revenue,

2016A,

Pre-

Refunded,

5%,

11/01/41

...........................................

2,000,000

2,434,140

Lafayette

General

Health

System,

Inc.

Obligated

Group,

Revenue,

2016A,

Pre-

Refunded,

5%,

11/01/45

...........................................

7,405,000

9,012,403

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

6.75%,

5/15/41

........................................................

15,500,000

15,958,490

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

60,000

74,433

d

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

5,338,350

d

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

4,794,255

d

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

10,383,300

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

13,992,099

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,264,176

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,706,991

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2013A

,

Refunding

,

5.25

%

,

5/15/35

..

1,000,000

1,089,210

98,536,375

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineGeneral

Health

Obligated

Group,

Revenue,

2011,

6.75%,

7/01/36

.........

4,250,000

4,340,397

MaineGeneral

Health

Obligated

Group,

Revenue,

2011,

7%,

7/01/41

...........

10,000,000

10,222,300

14,562,697

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)

Maryland

0.6%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

$

1,250,000

$

1,307,375

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

5,500,000

5,740,955

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

752,812

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,384,028

d

Technology

Park

Project

TIF

Development

District,

Special

Tax,

144A,

2020

B,

Refunding,

4.625%,

7/01/43

........................................

3,365,000

3,542,336

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

400,000

408,308

Urbana

Community

Development

Authority,

Special

Tax,

2020

C,

4%,

7/01/50

....

4,000,000

4,079,760

County

of

Harford

,

Tax

Allocation

,

2011

,

7.5

%

,

7/01/40

.......................

6,745,000

6,753,701

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3.2

%

,

9/01/39

............................................

10,000,000

10,946,100

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

...................

1,715,000

1,916,444

36,831,819

Massachusetts

1.1%

Commonwealth

of

Massachusetts

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5

%

,

1/01/34

.........................................................

35,000,000

48,656,300

Massachusetts

Bay

Transportation

Authority

,

Revenue

,

1991-A

,

Refunding

,

7

%

,

3/01/21

.........................................................

260,000

264,394

Massachusetts

Development

Finance

Agency

,

d

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

...........

3,000,000

3,241,470

d

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

........

5,000,000

5,378,350

d

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013A,

Pre-

Refunded,

6.25%,

11/15/28

.........................................

1,658,000

1,894,680

d

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013A,

Pre-

Refunded,

6.25%,

11/15/33

.........................................

2,000,000

2,351,500

d

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013A,

Pre-

Refunded,

6.5%,

11/15/43

..........................................

4,125,000

4,874,925

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

4%,

10/01/45

.......................................................

1,500,000

1,744,935

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2013K

,

5.25

%

,

7/01/29

...

4,575,000

4,816,285

73,222,839

Michigan

3.3%

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2001B,

NATL

Insured,

5.5%,

7/01/29

..................................

5,000,000

6,331,950

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006B,

Refunding,

NATL

Insured,

5%,

7/01/36

..........................

15,000

15,053

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2012A,

Pre-Refunded,

5.25%,

7/01/39

................................

12,000,000

12,959,760

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

3,815,000

4,002,850

Detroit

City

School

District

,

GO

,

2001A

,

AGMC

Insured

,

6

%

,

5/01/29

.............

15,900,000

20,216,850

Kalamazoo

Economic

Development

Corp.

,

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

1,206,497

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

9,393,904

Michigan

Finance

Authority

,

Bronson

Healthcare

Group

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/54

........................................................

20,000,000

23,064,200

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.

70

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014B,

5%,

7/01/39

...

$

5,600,000

$

6,053,096

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014B,

5%,

7/01/44

...

5,000,000

5,365,750

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014C-3,

AGMC

Insured,

5%,

7/01/32

.................................

10,000,000

11,461,200

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014C-3,

AGMC

Insured,

5%,

7/01/33

.................................

3,000,000

3,430,350

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014C-6,

Refunding,

5%,

7/01/33

....................................

10,000,000

11,407,900

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-1,

Refunding,

AGMC

Insured,

5%,

7/01/37

..............................................

5,000,000

5,679,350

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/29

........................................................

11,000,000

12,649,340

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/30

........................................................

9,000,000

10,342,620

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/34

........................................................

10,000,000

11,392,800

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2019A,

5%,

11/15/48

.....

10,000,000

12,394,500

d

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

2,500,000

2,581,325

d

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6.75%,

7/01/44

.

5,505,000

5,666,186

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

3,000,000

3,384,570

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/65

........................................................

110,000,000

13,190,100

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2011MI,

Pre-Refunded,

5%,

12/01/39

.......................................................

75,000

78,485

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2013MI-5,

4%,

12/01/40

........

3,000,000

3,498,930

Trinity

Health

Corp.

Obligated

Group,

Revenue,

MI

2019

A,

Refunding,

5%,

12/01/41

7,500,000

9,507,225

Michigan

State

Building

Authority

,

Revenue

,

2011

II-A

,

Pre-Refunded

,

5.375

%

,

10/15/41

........................................................

10,000,000

10,452,000

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007B

,

Zero

Cpn.,

6/01/52

..........................

26,990,000

2,864,449

218,591,240

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,814,980

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

1,000,240

3,815,220

Mississippi

0.9%

County

of

Lowndes

,

International

Paper

Co.

,

Revenue

,

1992-B

,

Refunding

,

6.7

%

,

4/01/22

.........................................................

18,875,000

20,358,764

d

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

........................................................

2,250,000

2,358,067

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

A

,

5

%

,

9/01/41

...............................

30,000,000

34,497,000

57,213,831

Missouri

0.8%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

4,685,000

5,218,528

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

278,692

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

$

2,500,000

$

2,548,750

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/46

...............................................

23,000,000

27,685,100

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

1,065,770

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

3,697,680

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County

,

Revenue

,

2012

,

Pre-Refunded

,

5

%

,

9/01/42

..............................

7,000,000

7,581,840

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016B

,

Refunding

,

6

%

,

3/01/37

..........................

4,000,000

4,406,240

52,482,600

Montana

0.1%

Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

5,765,000

6,650,504

Nevada

1.1%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.1%,

3/01/22

...

970,000

941,705

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

1,015,000

922,635

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,750,000

1,802,762

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/35

........................................................

2,500,000

2,545,850

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

8,185,000

8,737,979

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

195,484

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

194,405

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

193,638

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

450,000

465,471

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,150,000

1,183,258

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

1,465,000

1,612,174

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,690,000

1,833,734

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

1,070,000

1,143,113

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

450,000

467,829

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

750,000

770,633

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

1,000,000

1,079,270

d

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

19,000,000

2,743,030

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

1,295,000

1,299,403

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

1,010,000

1,012,848

Special

Improvement

District

No.

142,

Special

Assessment,

2012,

Refunding,

5%,

8/01/21

........................................................

1,010,000

1,036,997

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,315,000

2,458,137

d

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

11,885,000

11,975,564

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

8,934,570

Somerset

Academy

of

Las

Vegas,

Revenue,

144A,

2018A,

5%,

12/15/38

........

1,000,000

1,052,180

Somerset

Academy

of

Las

Vegas,

Revenue,

144A,

2018A,

5%,

12/15/48

........

1,500,000

1,562,925

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/33

.........................................

3,190,000

3,601,478

Revenue,

2020,

5%,

7/01/40

.........................................

3,225,000

3,557,788

Revenue,

2020,

5%,

7/01/45

.........................................

3,250,000

3,530,702

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.

72

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nevada

(continued)

Tahoe-Douglas

Visitors

Authority,

(continued)

Revenue,

2020,

5%,

7/01/51

.........................................

$

4,250,000

$

4,599,435

71,454,997

New

Hampshire

0.1%

d,g

New

Hampshire

Business

Finance

Authority

,

Covanta

Holding

Corp.

,

Revenue

,

144A,

2020

B

,

Refunding

,

Mandatory

Put

,

3.75

%

,

7/02/40

........................

3,000,000

3,002,700

New

Jersey

4.4%

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.,

Revenue,

2020

A,

5%,

11/01/44

...................

7,800,000

9,122,100

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

500,000

496,080

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,118,717

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,000,000

931,860

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018EEE,

5%,

6/15/33

1,365,000

1,632,854

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018EEE,

5%,

6/15/36

2,640,000

3,113,431

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018EEE,

4.625%,

6/15/48

........................................................

1,000,000

1,109,960

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018EEE,

5%,

6/15/48

10,000,000

11,483,600

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

750,000

892,050

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

4%,

6/15/44

3,300,000

3,556,806

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/35

....

3,450,000

3,949,422

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

4,550,000

5,144,549

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/34

..............................................

1,020,000

1,192,431

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/35

..............................................

1,100,000

1,281,610

United

Airlines,

Inc.,

Revenue,

1999,

5.125%,

9/15/23

......................

15,300,000

16,037,307

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

25,000,000

26,225,000

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

16,480,000

17,221,600

d

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

2,919,360

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

12/01/32

............................................

8,000,000

8,133,920

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006C,

NATL

Insured,

Zero

Cpn.,

12/15/30

.......................

500,000

401,860

Revenue,

2006C,

NATL

Insured,

Zero

Cpn.,

12/15/31

.......................

3,675,000

2,865,361

Revenue,

2008

A,

Zero

Cpn.,

12/15/38

..................................

46,750,000

26,635,345

Revenue,

2009A,

Zero

Cpn.,

12/15/39

..................................

42,425,000

23,271,809

Revenue,

2010A,

Zero

Cpn.,

12/15/40

..................................

2,750,000

1,448,480

Revenue,

2011B,

5.25%,

6/15/36

......................................

17,500,000

17,886,050

Revenue,

2014

BB-1,

5%,

6/15/34

.....................................

500,000

595,440

Revenue,

2014AA,

5%,

6/15/38

.......................................

5,060,000

5,523,547

Revenue,

2014AA,

5%,

6/15/44

.......................................

9,335,000

10,111,298

Revenue,

2015AA,

5.25%,

6/15/41

.....................................

2,500,000

2,793,800

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

4,100,000

4,912,046

Revenue,

2018

A,

Refunding,

5%,

12/15/35

..............................

1,800,000

2,130,534

Revenue,

2019

A,

Refunding,

4%,

12/15/39

..............................

1,500,000

1,637,325

Revenue,

2019

AA,

5%,

6/15/46

.......................................

2,500,000

2,878,900

Revenue,

2019

BB,

4%,

6/15/44

.......................................

1,000,000

1,070,210

Revenue,

2019

BB,

5%,

6/15/44

.......................................

3,050,000

3,525,129

Revenue,

2019

BB,

5%,

6/15/50

.......................................

670,000

767,599

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5%,

6/01/46

...............................

9,500,000

11,293,125

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

18,000,000

21,723,840

Revenue,

2018B,

Refunding,

5%,

6/01/46

...............................

25,000,000

28,805,750

286,840,105

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

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

$

500,000

$

536,395

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

477,396

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,270,757

New

Mexico

Hospital

Equipment

Loan

Council

,

Haverland

Carter

Lifestyle

Obligated

Group

,

Revenue

,

2012

,

5

%

,

7/01/42

....................................

5,000,000

5,089,150

7,373,698

New

York

7.1%

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

College

,

Revenue

,

2020A

,

Refunding

,

4

%

,

11/01/45

......................................

2,000,000

2,096,660

City

of

New

York

,

GO,

1992-F,

Refunding,

7.5%,

2/01/21

..................................

5,000

5,029

GO,

1992G,

Refunding,

7.5%,

2/01/22

..................................

5,000

5,029

Metropolitan

Transportation

Authority

,

Revenue,

2013

D,

5%,

11/15/38

.......................................

14,040,000

14,872,432

Revenue,

2013E,

5%,

11/15/33

.......................................

10,000,000

10,610,400

g

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

1,000,000

1,168,860

Revenue,

2015D-1,

Refunding,

5%,

11/15/32

.............................

1,250,000

1,371,487

Revenue,

2016A-1,

5.25%,

11/15/56

...................................

5,000,000

5,530,150

Revenue,

2017A-2,

Refunding,

5%,

11/15/26

.............................

1,000,000

1,132,150

Revenue,

2017C-1,

Refunding,

5%,

11/15/34

.............................

7,500,000

8,495,025

Revenue,

2020

A-1,

5%,

11/15/47

.....................................

24,300,000

27,971,730

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

650,000

747,636

Revenue,

2020

A-1,

5%,

11/15/49

.....................................

2,500,000

2,873,325

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

2,950,000

3,333,235

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

42,795,000

49,147,918

Revenue,

2020

D,

5%,

11/15/44

.......................................

33,000,000

38,333,790

Revenue,

2020

D,

4%,

11/15/50

.......................................

40,000,000

42,358,400

Municipal

Assistance

Corp.

for

the

City

of

Troy

,

Revenue,

1996-C,

NATL

Insured,

Zero

Cpn.,

7/15/21

.......................

428,010

427,111

Revenue,

1996-C,

NATL

Insured,

Zero

Cpn.,

1/15/22

.......................

649,658

646,819

New

York

City

Housing

Development

Corp.

,

FC

8

Spruce

Street

Residential

LLC

,

Revenue

,

2014F

,

F

,

Refunding

,

4.5

%

,

2/15/48

............................

9,825,000

10,240,303

New

York

Liberty

Development

Corp.

,

d

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

15,663,150

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

65,000,000

93,909,400

New

York

State

Thruway

Authority

,

Revenue,

2019

B,

4%,

1/01/45

........................................

10,000,000

11,416,600

Revenue,

2019

B,

4%,

1/01/50

........................................

10,000,000

11,344,200

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

12,000,000

13,101,360

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

14,950,000

16,407,326

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

.........................

6,500,000

7,679,490

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

.........................

6,000,000

6,987,060

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

41,785,000

45,609,581

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2014

,

4

%

,

9/01/43

...........

5,500,000

6,285,345

d

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

61,000,000

14,596,080

464,367,081

North

Carolina

0.3%

North

Carolina

Medical

Care

Commission

,

Galloway

Ridge

Obligated

Group,

Revenue,

2014A,

Refunding,

5.25%,

1/01/41

...

2,720,000

2,794,501

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/30

.......

2,790,000

2,977,879

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.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/35

.......

$

1,000,000

$

1,055,860

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

..............

1,000,000

1,094,740

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

..............

1,500,000

1,632,600

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

9/01/37

....................................................

2,100,000

2,138,598

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2017C,

Refunding,

5%,

9/01/41

....................................................

2,120,000

2,160,110

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2017C,

Refunding,

5%,

9/01/46

....................................................

6,325,000

6,406,403

20,260,691

North

Dakota

0.1%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

2,800,000

2,819,432

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

5,430,000

5,432,172

8,251,604

Ohio

3.1%

f

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

2,300,000

2,343,309

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020A-2,

1,

Refunding,

3%,

6/01/48

..................

25,130,000

25,651,950

Revenue,

Senior

Lien,

2020A-2,

1,

Refunding,

4%,

6/01/48

..................

1,000,000

1,130,630

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

..................

20,975,000

23,588,905

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

5,166,500

Cleveland-Cuyahoga

County

Port

Authority

,

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

751,947

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

755,356

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

10,417,500

f

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

3,109,742

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

9,179,632

County

of

Lake

,

Lake

Hospital

System,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/45

6,000,000

6,762,420

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,000,000

5,166,900

Little

Miami

Local

School

District

,

GO,

2011,

Pre-Refunded,

6.875%,

12/01/34

..............................

5,100,000

5,267,280

GO,

2011,

6.875%,

12/01/34

.........................................

200,000

200,000

Ohio

Air

Quality

Development

Authority

,

Buckeye

Power,

Inc.

,

Revenue

,

2010

,

6

%

,

12/01/40

........................................................

15,000,000

15,067,500

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,495,633

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,318,981

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,805,797

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

Zero

Cpn.,

2/15/35

.....................................................

35,000,000

43,479,800

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

12/01/42

.......................................................

14,000,000

14,528,080

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

1,030,150

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

1,015,420

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

75

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Southeastern

Ohio

Port

Authority,

(continued)

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

$

1,300,000

$

1,359,969

State

of

Ohio

,

d

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

16,195,439

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

966,691

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

1/15/46

............................................

6,000,000

6,885,840

205,641,371

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,077,240

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

10,280,000

10,944,294

12,021,534

Oregon

0.6%

Clackamas

&

Washington

Counties

School

District

No.

3

,

GO

,

2020

A

,

Refunding

,

Zero

Cpn.,

6/15/49

.....................................................

1,750,000

790,965

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020A,

Refunding,

5.125%,

11/15/40

..

500,000

534,705

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020A,

Refunding,

5.25%,

11/15/50

...

1,250,000

1,328,600

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020A,

Refunding,

5.375%,

11/15/55

..

1,500,000

1,599,165

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

...

9,285,000

10,419,627

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014A,

Refunding,

5.4%,

10/01/44

......

3,000,000

3,137,850

Mirabella

at

South

Waterfront,

Revenue,

2014A,

Refunding,

5.5%,

10/01/49

......

5,500,000

5,756,190

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group,

Revenue,

2020

A,

5.125%,

7/01/55

.................................................

3,500,000

3,555,510

Dallas

Mennonite

Retirement

Community

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/24

........................................................

1,500,000

1,504,620

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

5/15/22

....

425,000

436,326

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.75%,

5/15/27

..

1,000,000

1,053,120

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.625%,

5/15/32

.

1,000,000

1,045,030

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/42

....

3,100,000

3,232,525

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/47

....

2,000,000

2,082,600

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group

,

Revenue

,

2016A

,

Refunding

,

5

%

,

11/15/51

......................................

4,325,000

4,540,342

41,017,175

Pennsylvania

2.4%

Allegheny

County

Higher

Education

Building

Authority

,

Carlow

University,

Revenue,

2011,

Pre-Refunded,

6.75%,

11/01/31

............

1,215,000

1,286,114

Carlow

University,

Revenue,

2011,

Pre-Refunded,

7%,

11/01/40

...............

2,000,000

2,121,040

d

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

Refunding,

5%,

5/01/32

............................

11,975,000

12,898,751

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,451,512

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,308,900

Chester

County

Industrial

Development

Authority

,

d,f

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,250,000

4,278,560

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.

76

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Chester

County

Industrial

Development

Authority,

(continued)

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/34

..........

$

1,500,000

$

1,630,200

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/39

..........

3,325,000

3,594,624

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/44

..........

1,945,000

2,089,358

d

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

525,000

536,482

d

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

1,015,340

County

of

Lehigh

,

Lehigh

Valley

Health

Network

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/49

.............................................

10,000,000

11,418,100

Dallas

Area

Municipal

Authority

,

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/39

..............

1,100,000

1,205,886

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/48

..............

4,000,000

4,316,840

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

4%,

7/01/21

........................

350,000

348,799

Student

Services,

Inc.,

Revenue,

2013,

5%,

7/01/35

........................

1,000,000

1,004,760

Student

Services,

Inc.,

Revenue,

2013,

5%,

7/01/45

........................

2,500,000

2,504,850

Student

Services,

Inc.,

Revenue,

2014,

5%,

7/01/39

........................

875,000

878,378

Student

Services,

Inc.,

Revenue,

2014,

5%,

7/01/46

........................

3,100,000

3,107,936

Student

Services,

Inc.,

Revenue,

2015,

5%,

7/01/35

........................

1,060,000

1,068,586

Student

Services,

Inc.,

Revenue,

2015,

5%,

7/01/47

........................

4,750,000

4,764,488

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

1,074,720

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

1,270,488

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

4,825,492

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

3,188,927

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

1,044,880

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

1,065,680

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,719,590

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

...........................................

6,710,000

7,704,422

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,000,000

1,170,490

d

Pennsylvania

Economic

Development

Financing

Authority

,

CarbonLite

P

LLC

,

Revenue

,

144A,

2019

,

5.75

%

,

6/01/36

..................................

5,000,000

5,006,650

Pennsylvania

Turnpike

Commission

,

Revenue,

2009C,

AGMC

Insured,

6.25%,

6/01/33

.........................

5,000,000

6,388,850

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

20,703,200

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

25,075,000

25,780,109

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

3,021,600

154,794,602

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

8,447,573

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

1,858,430

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

3,718,120

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

77

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority,

(continued)

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

$

11,000,000

$

11,759,880

South

Carolina

Public

Service

Authority

,

Revenue

,

2013

B

,

Refunding

,

5.125

%

,

12/01/43

........................................................

52,890,000

59,093,997

76,430,427

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

11,110,000

11,132,109

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

3,083,280

14,215,389

Tennessee

1.2%

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

17,628,734

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

....................................

19,400,000

17,202,368

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

....................................

19,365,000

16,678,881

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

....................................

19,370,000

16,191,770

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

11,733,000

d

Nashville

Metropolitan

Development

&

Housing

Agency

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

...................................................

900,000

959,121

80,393,874

Texas

8.2%

d,f

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

144A,

2020

,

6

%

,

9/15/51

....

7,500,000

7,568,775

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

2,123,010

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,657,200

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,541,846

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,579,809

Revenue,

Senior

Lien,

2011,

Pre-Refunded,

5.75%,

1/01/31

..................

2,500,000

2,511,275

Revenue,

Senior

Lien,

2011,

Pre-Refunded,

6.25%,

1/01/46

..................

24,340,000

24,459,509

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2012-A

,

Pre-Refunded

,

5

%

,

8/15/41

.........................................................

5,000,000

5,409,550

d

City

of

Austin

,

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.625%,

11/01/39

................................................

1,405,000

1,574,218

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

11/01/48

.................................................

2,545,000

2,834,138

City

of

Celina

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

9/01/35

.............

1,020,000

1,052,660

d

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

.........................

230,000

235,815

d

Special

Assessment,

144A,

2020,

4.375%,

9/01/49

.........................

1,845,000

1,893,708

d

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.25%,

9/01/49

..................................................

3,065,000

3,257,543

d

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

1,800,000

1,840,554

Wells

North

Public

Improvement

District,

Special

Assessment,

2020,

3.75%,

9/01/40

425,000

434,754

Wells

North

Public

Improvement

District,

Special

Assessment,

2020,

4%,

9/01/50

..

520,000

531,788

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.

78

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Celina,

(continued)

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

$

350,000

$

369,068

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

1,001,284

d

City

of

Fate

,

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.125%,

8/15/30

........................................................

665,000

676,165

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.625%,

8/15/40

........................................................

1,163,000

1,185,586

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.875%,

8/15/50

........................................................

1,772,000

1,806,076

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.................................................

125,000

127,551

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.................................................

691,000

704,820

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.................................................

994,000

1,013,691

d

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

2,091,625

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,320,000

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,692,520

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,605,000

1,668,767

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,550,000

1,605,118

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

2,000,000

2,037,220

City

of

Horseshoe

Bay

,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................

500,000

510,240

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.....................

435,000

445,679

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

308,154

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

1,045,000

1,078,597

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5%,

9/01/30

.....................................

2,000,000

2,011,800

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

2,059,857

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,719,941

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020B,

Refunding,

4.875%,

9/01/50

..................................

2,500,000

2,576,125

City

of

Leander

,

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/32

..................................................

530,000

560,125

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/38

..................................................

1,275,000

1,316,476

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/44

..................................................

1,490,000

1,516,567

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

79

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Liberty

Hill

,

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

$

250,000

$

255,040

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

891,036

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,950,026

d

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

307,566

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

1,198,794

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

1,085,779

d

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

152,000

154,893

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

187,333

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

681,466

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

936,000

983,128

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

211,020

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

497,218

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

722,263

d

City

of

Royse

City

,

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

........................................................

450,000

459,027

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

........................................................

225,000

233,492

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

........................................................

210,000

216,132

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

........................................................

1,190,000

1,218,227

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

........................................................

590,000

613,187

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

........................................................

375,000

388,609

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

........................................................

1,780,000

1,821,705

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

........................................................

715,000

742,899

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

........................................................

575,000

596,108

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2017,

5%,

9/15/48

........................................................

2,700,000

2,980,692

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.375%,

9/15/39

........................................................

610,000

657,958

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.5%,

9/15/48

........................................................

1,260,000

1,351,111

d

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

413,181

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.

80

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Sachse,

(continued)

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

$

1,070,000

$

1,095,530

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

2,035,000

2,079,892

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,520,002

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,283,723

City

of

San

Marcos

,

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.375%,

9/01/25

.

270,000

276,831

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.875%,

9/01/30

.

400,000

421,576

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.375%,

9/01/40

.

1,500,000

1,584,705

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.625%,

9/01/50

.

1,500,000

1,593,510

d

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

.................................................

375,000

381,360

Raburn

Reserve

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

........................................................

2,015,000

2,062,070

Clifton

Higher

Education

Finance

Corp.

,

Uplift

Education

,

Revenue

,

A

,

5

%

,

12/01/45

.

3,855,000

4,164,749

d

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

102,531

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

819,760

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

1,229,280

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2013B

,

5

%

,

11/01/44

...........

11,385,000

12,122,976

El

Paso

Downtown

Development

Corp.

,

Revenue

,

2013

A

,

7.25

%

,

8/15/38

........

15,000,000

17,669,100

Grand

Parkway

Transportation

Corp.

,

Revenue,

2013

B,

Zero

Cpn.,

10/01/45

..................................

10,000,000

11,557,400

Revenue,

First

Tier,

2013

A,

5.125%,

10/01/43

............................

2,850,000

3,055,627

Revenue,

First

Tier,

2020

C,

Refunding,

4%,

10/01/45

......................

6,000,000

7,084,800

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/43

........................................................

3,000,000

3,401,730

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/48

........................................................

5,250,000

5,953,027

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/48

........................................................

5,000,000

5,261,850

Harris

County-Houston

Sports

Authority

,

Revenue,

Third

Lien

,

2004A-3

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

11/15/37

.....................................

3,700,000

1,520,256

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

1,000,000

879,270

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

3,750,000

3,175,950

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

5,175,000

4,593,692

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

130,000

120,505

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

4,103,534

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014A,

5%,

4/01/29

....

2,190,000

2,218,645

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014A,

5%,

4/01/46

....

1,500,000

1,503,405

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

5%,

4/01/31

........

1,300,000

1,274,247

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

5%,

4/01/36

........

1,000,000

968,200

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

5%,

4/01/48

........

2,500,000

2,340,875

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

4%,

4/01/21

.....

335,000

332,735

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

81

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

4%,

4/01/22

.....

$

250,000

$

247,463

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

5%,

4/01/24

.....

965,000

958,631

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

5%,

4/01/26

.....

525,000

522,034

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

5%,

4/01/27

.....

460,000

457,682

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

5%,

4/01/28

.....

420,000

418,135

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

5%,

4/01/29

.....

255,000

254,013

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

5%,

4/01/32

.....

425,000

422,624

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

5%,

4/01/42

.....

4,500,000

4,390,155

CHF-Collegiate

Housing

Stephenville

III

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/47

........................................................

10,420,000

12,391,672

CHF-Stephenville

LLC,

Revenue,

2013

A,

Pre-Refunded,

6%,

4/01/45

..........

3,000,000

3,344,640

d

Cityscape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/39

................

500,000

547,880

d

Cityscape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/51

................

1,570,000

1,700,750

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

5,381,000

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

4,931,032

Morningside

Ministries

Obligated

Group,

Revenue,

2013,

6.5%,

1/01/43

.........

4,350,000

4,566,630

Morningside

Ministries

Obligated

Group,

Revenue,

2020A,

5%,

1/01/55

.........

4,100,000

4,223,451

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

......

1,020,000

1,073,540

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/46

......

4,100,000

4,244,894

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

24,900,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,805,165

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

12,809,286

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

2,526,600

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

15,000,000

13,518,900

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

7,490,000

6,296,993

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

3,311,936

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

1,031,220

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

1,198,762

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

4,455,264

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

First

Tier,

I,

Refunding,

6.5%,

1/01/43

.....

25,000,000

30,026,250

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

4,218,675

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

13,919,800

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

0%,

9/01/45

.........

25,000,000

37,634,250

d

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

1,295,000

1,303,236

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,079,405

Red

River

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2017

,

Refunding

,

5.5

%

,

10/01/46

...........................................

4,250,000

4,674,830

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

1,524,630

Wichita

Falls

Retirement

Foundation

Obligated

Group,

Revenue,

2012,

5.125%,

1/01/41

........................................................

2,000,000

2,016,120

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

(The)

,

Revenue

,

A-1

,

Refunding

,

5

%

,

10/01/49

............................

5,125,000

5,356,957

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2012,

5%,

12/15/30

........................................

25,000,000

26,780,000

Revenue,

2012,

5%,

12/15/31

........................................

24,500,000

26,198,830

Revenue,

2012,

5%,

12/15/32

........................................

10,000,000

10,671,400

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.

82

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Texas

Transportation

Commission

,

Revenue,

First

Tier,

2019A,

Zero

Cpn.,

8/01/46

...........................

$

3,000,000

$

980,310

Revenue,

First

Tier,

2019A,

Zero

Cpn.,

8/01/47

...........................

5,750,000

1,782,443

Revenue,

First

Tier,

2019A,

Zero

Cpn.,

8/01/51

...........................

3,500,000

869,960

Revenue,

First

Tier,

2019A,

Zero

Cpn.,

8/01/52

...........................

4,000,000

938,640

Revenue,

First

Tier,

2019A,

Zero

Cpn.,

8/01/53

...........................

400,000

88,776

Town

of

Ponder

,

Special

Assessment,

2017,

5%,

9/01/45

.................................

500,000

552,290

Special

Assessment,

2017,

5%,

9/01/47

.................................

865,000

954,960

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

261,062

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

420,022

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

491,915

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

844,928

Wood

County

Central

Hospital

District

,

East

Texas

Medical

Center

Quitman

,

Revenue

,

2011

,

Pre-Refunded

,

6

%

,

11/01/41

.....................................

9,350,000

9,827,131

536,115,109

Utah

0.1%

Salt

Lake

City

Corp.

,

Airport

,

Revenue

,

2018A

,

5.25

%

,

7/01/48

.................

5,600,000

6,820,576

d

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020A,

5%,

6/15/39

...

475,000

510,345

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020A,

5%,

6/15/49

...

825,000

872,916

8,203,837

Virginia

1.4%

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

...

500,000

550,900

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

500,000

547,585

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/40

...

2,000,000

2,254,500

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...

2,700,000

2,992,383

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/59

...

2,000,000

2,199,600

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019A,

5%,

6/01/44

........................................................

3,550,000

3,639,176

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019A,

5%,

6/01/49

........................................................

4,065,000

4,149,023

Norfolk

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2012

B

,

Refunding

,

5

%

,

11/01/43

..............................

17,575,000

18,668,868

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/47

.......................................

1,000,000

1,609,040

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2017,

5%,

1/01/40

.............

8,000,000

8,293,600

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

6%,

1/01/37

...

6,485,000

6,914,826

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

5.5%,

1/01/42

.

35,790,000

37,464,614

89,284,115

Washington

1.7%

Greater

Wenatchee

Regional

Events

Center

Public

Facilities

District

,

Revenue

,

A

,

5.5

%

,

9/01/42

....................................................

10,000,000

10,234,800

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

3,040,000

3,726,675

Washington

Economic

Development

Finance

Authority

,

e

Coalview

Centralia

LLC,

Revenue,

2013,

8.25%,

8/01/25

....................

3,800,000

2,090,000

e

Coalview

Centralia

LLC,

Revenue,

2013,

9.5%,

8/01/25

.....................

12,855,000

7,070,250

g

Propeller

Airports

Paine

Field

LLC,

Revenue,

A,

Mandatory

Put,

6.5%,

3/01/24

....

24,750,000

25,760,295

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

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

$

15,500,000

$

18,676,105

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2012A,

5%,

10/01/42

...

19,725,000

20,819,541

d

Washington

State

Housing

Finance

Commission

,

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019A,

5%,

1/01/49

..............................................

1,500,000

1,563,690

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019A,

5%,

1/01/55

..............................................

1,800,000

1,868,598

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

2,324,902

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,752,003

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

8,961,190

f

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020A,

5%,

1/01/51

........................................................

6,000,000

6,043,380

110,891,429

West

Virginia

0.1%

County

of

Kanawha

,

West

Virginia

State

University

Foundation,

Inc.

,

Revenue

,

2013

,

6.75

%

,

7/01/45

...................................................

6,650,000

6,794,172

Wisconsin

1.6%

Public

Finance

Authority

,

f

2017

IAVF

Rubix

LLC,

Revenue,

2020A,

4%,

12/01/40

......................

1,070,000

1,073,199

f

2017

IAVF

Rubix

LLC,

Revenue,

2020A,

4.25%,

12/01/50

...................

7,225,000

7,249,059

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/39

.............

1,595,000

1,699,409

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/44

.............

1,900,000

2,003,550

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

3,975,000

4,170,809

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020A,

5%,

11/15/41

.......................................................

1,205,000

1,420,599

Adams-Columbia

Electric

Cooperative,

Revenue,

2010A,

5.5%,

12/01/40

........

6,755,000

6,755,000

Blue

Ridge

Healthcare

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/45

1,440,000

1,623,816

Celanese

US

Holdings

LLC,

Revenue,

2016C,

Refunding,

4.3%,

11/01/30

.......

4,000,000

4,417,840

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

3,153,633

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,865,922

d

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/40

........

815,000

902,930

d

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/54

........

1,380,000

1,502,199

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,379,543

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

8,400,508

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

2,111,597

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

663,950

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

4,269,043

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020A,

5.25%,

3/01/45

..................................................

1,665,000

1,789,792

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020A,

5.25%,

3/01/55

..................................................

6,810,000

7,266,747

d

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

8,970,000

9,658,896

d

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

9,029,125

d

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

4,500,000

4,571,730

Wisconsin

Health

&

Educational

Facilities

Authority

,

Beaver

Dam

Community

Hospitals,

Inc.,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

8/15/34

........................................................

5,000,000

5,655,550

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

913,600

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

2,750,000

2,540,807

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.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2015B,

Refunding,

5%,

9/15/45

........................................................

$

3,500,000

$

3,564,400

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

9/15/45

....

3,500,000

3,598,630

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

9/15/50

....

500,000

512,630

106,764,513

Wyoming

0.1%

West

Park

Hospital

District

,

Revenue

,

2011A

,

7

%

,

6/01/40

.....................

5,500,000

5,638,270

Wyoming

Community

Development

Authority

,

CHF-Wyoming

LLC,

Revenue,

2011,

6.25%,

7/01/31

.......................

600,000

608,706

CHF-Wyoming

LLC,

Revenue,

2011,

6.5%,

7/01/43

........................

1,600,000

1,619,552

7,866,528

U.S.

Territories

9.0%

District

of

Columbia

2.6%

District

of

Columbia

,

American

Society

of

Hematology,

Inc.

(The),

Revenue,

2009,

5%,

7/01/42

.......

9,515,000

10,114,064

American

Society

of

Hematology,

Inc.

(The),

Revenue,

2009,

5%,

7/01/36

.......

1,500,000

1,599,585

Association

of

American

Medical

Colleges,

Revenue,

2011

B,

Pre-Refunded,

5.25%,

10/01/36

.......................................................

12,425,000

12,948,590

Center

for

Strategic

International

Studies,

Inc.,

Revenue,

2011,

Pre-Refunded,

6.375%,

3/01/31

.................................................

4,440,000

4,508,287

Center

for

Strategic

International

Studies,

Inc.,

Revenue,

2011,

Pre-Refunded,

6.625%,

3/01/41

.................................................

5,500,000

5,587,285

Methodist

Home

of

the

District

of

Columbia

Obligated

Group,

Revenue,

2009A,

Refunding,

5.125%,

1/01/35

........................................

1,565,000

1,438,767

Methodist

Home

of

the

District

of

Columbia

Obligated

Group,

Revenue,

2009A,

Refunding,

5.25%,

1/01/39

.........................................

1,015,000

923,295

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

10,520,000

11,631,964

Tobacco

Settlement

Financing

Corp.,

Revenue,

2002,

Zero

Cpn.,

6/15/46

........

175,000,000

36,438,500

Metropolitan

Washington

Airports

Authority,

Dulles

Toll

Road,

Revenue,

Second

Lien,

2009C,

AGMC

Insured,

6.5%,

10/01/41

.................................

60,145,000

75,587,229

Washington

Convention

&

Sports

Authority,

Tax

Allocation,

Senior

Lien,

2010-A,

5%,

10/01/40

........................................................

10,000,000

10,019,100

170,796,666

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2013B,

AGMC

Insured,

5.5%,

10/01/33

..........................

2,000,000

2,191,860

Revenue,

2013B,

AGMC

Insured,

5.75%,

10/01/43

.........................

3,000,000

3,281,190

Territory

of

Guam,

Revenue,

2011A,

6.5%,

11/01/40

.........................

10,380,000

10,496,671

15,969,721

Pacific

Islands

0.2%

Northern

Mariana

Island

Ports

Authority,

Revenue,

1998A,

6.6%,

3/15/28

.........

10,025,000

9,724,350

Puerto

Rico

6.0%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

.............................................

9,500,000

9,748,615

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,513,250

e

Commonwealth

of

Puerto

Rico,

GO,

2014A,

8%,

7/01/35

......................

25,000,000

16,375,000

GDB

Debt

Recovery

Authority

of

Puerto

Rico,

7.5%,

8/20/40

...................

24,187,284

17,596,249

e

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2013A-RSA-1,

6.75%,

7/01/36

................................

29,750,000

22,758,750

Revenue,

2013A-RSA-1,

7%,

7/01/43

...................................

5,000,000

3,837,500

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

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Revenue,

2013A-RSA-1,

7.25%,

7/01/30

................................

$

25,000,000

$

19,250,000

Revenue,

A-4-RSA-1

2016

A-4,

10%,

7/01/19

.............................

5,500,000

4,413,750

Revenue,

B-2-RSA-1

2016

B-4,

10%,

7/01/19

............................

5,500,000

4,413,750

Revenue,

E-1-RSA-1,

10%,

1/01/21

....................................

6,000,000

4,725,000

Revenue,

E-2-RSA-1,

10%,

7/01/21

....................................

6,000,000

4,725,000

Revenue,

E-3-RSA-1,

10%,

1/01/22

....................................

1,989,500

1,566,731

Revenue,

E-4-RSA-1,

10%,

7/01/22

....................................

1,989,499

1,566,730

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

10,895,000

8,198,488

Revenue,

XX-RSA-1,

5.75%,

7/01/36

...................................

23,620,000

17,892,150

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

700,000

830,522

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

7,125,000

8,487,585

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

Puerto

Rico

Infrastructure

Financing

Authority,

Special

Tax,

2005C,

Refunding,

AMBAC

Insured,

5.5%,

7/01/27

..............................................

27,500,000

30,440,300

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

425,867

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

28,550,000

31,017,577

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

23,600,000

26,030,092

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

141,421,000

42,448,927

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

82,259,000

17,847,735

Sales

Tax,

Revenue,

4.329%,

7/01/40

..................................

36,243,000

38,742,317

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

37,346,000

40,656,350

393,932,460

Total

U.S.

Territories

....................................................................

590,423,197

Total

Municipal

Bonds

(Cost

$5,753,498,174)

...................................

6,528,309,818

Total

Long

Term

Investments

(Cost

$5,777,254,787)

.............................

6,552,472,709

a

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

Florida

0.0%

†

h

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.14

%

,

7/15/22

.............................................

1,500,000

1,500,000

New

York

0.0%

†

h

New

York

City

,

Water

&

Sewer

System

,

Revenue

,

2014

AA-1

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.12

%

,

6/15/50

...........................

2,100,000

2,100,000

Oregon

0.3%

h

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

8/01/34

............

18,500,000

18,500,000

Tennessee

0.1%

h

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.1

%

,

6/01/42

....................................

5,700,000

5,700,000

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.

86

See

Abbreviations

on

page

160

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

0.1%

h

Albermarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

10/01/48

........................................................

$

3,300,000

$

3,300,000

Total

Municipal

Bonds

(Cost

$31,100,000)

......................................

31,100,000

Total

Short

Term

Investments

(Cost

$31,100,000

)

................................

31,100,000

a

Total

Investments

(Cost

$5,808,354,787)

100.5%

................................

$6,583,572,709

Other

Assets,

less

Liabilities

(0.5)%

...........................................

(29,264,944)

Net

Assets

100.0%

...........................................................

$6,554,307,765

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

6

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

7

regarding

fair

value

measurements.

c

See

Note

5

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2020,

the

aggregate

value

of

these

securities

was

$760,933,755,

representing

11.6%

of

net

assets.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Security

purchased

on

a

when-issued

basis.

g

The

maturity

date

shown

represents

the

mandatory

put

date.

h

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),

November

30,

2020

Franklin

Kentucky

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

87

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.7%

Kentucky

97.6%

Campbell

Kenton

&

Boone

Counties

Sanitation

District

No.

1

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/34

.............................................

$

5,310,000

$

6,174,468

City

of

Glasgow

,

TJ

Samson

Community

Hospital

Obligated

Group

,

Revenue

,

2011

,

6.45

%

,

2/01/41

...................................................

2,000,000

2,057,380

City

of

Owensboro

,

Electric

Light

&

Power

System,

Revenue,

2017,

Refunding,

4%,

1/01/27

.........

1,250,000

1,472,725

Water,

Revenue,

2018,

Refunding,

BAM

Insured,

4%,

9/15/45

................

5,000,000

5,632,550

City

of

Pikeville

,

Pikeville

Medical

Center,

Inc.

,

Revenue

,

2011

,

Pre-Refunded

,

6.5

%

,

3/01/41

.........................................................

2,875,000

2,919,361

City

of

Russell

,

Bon

Secours

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

11/01/26

.........................................

4,000,000

4,354,480

County

of

Boyle

,

Centre

College

of

Kentucky

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/37

2,000,000

2,319,120

a

County

of

Carroll

,

Kentucky

Utilities

Co.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.55

%

,

9/01/26

...................................................

2,000,000

2,026,860

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2012A

,

5

%

,

10/01/33

...............................................

1,000,000

1,060,770

Eastern

Kentucky

University

,

Revenue

,

2018

A

,

4

%

,

10/01/37

..................

1,540,000

1,674,026

Fayette

County

School

District

Finance

Corp.

,

Fayette

County

School

District,

Revenue,

2015D,

5%,

8/01/34

................

1,985,000

2,332,057

Fayette

County

School

District,

Revenue,

2018

A,

4%,

5/01/38

................

1,000,000

1,126,650

Greater

Kentucky

Housing

Assistance

Corp.

,

Revenue

,

1997

A

,

Refunding

,

NATL,

FHA

Insured

,

6.1

%

,

1/01/24

..............................................

120,000

120,463

Jefferson

County

School

District

Finance

Corp.

,

Kentucky

School

Facilities

Construction

Commission

,

Revenue

,

2015B

,

Refunding

,

4

%

,

12/01/26

..........

3,500,000

4,162,410

Kentucky

Bond

Development

Corp.

,

Revenue,

2018

A,

5%,

9/01/48

........................................

2,500,000

2,836,850

Transylvania

University,

Revenue,

2019B,

4%,

3/01/49

......................

2,500,000

2,657,800

Kentucky

Economic

Development

Finance

Authority

,

Baptist

Healthcare

System

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

5.25%,

8/15/46

........................................................

5,000,000

5,175,400

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

4,000,000

4,819,640

Kentucky

Housing

Corp.

,

Revenue,

2010,

GNMA

Insured,

5%,

4/20/40

.............................

2,280,000

2,283,260

Revenue,

2010,

GNMA

Insured,

5.25%,

4/20/45

...........................

1,850,000

1,852,572

Kentucky

Infrastructure

Authority

,

Revenue,

2012A,

Pre-Refunded,

5%,

2/01/28

.............................

2,000,000

2,112,020

Revenue,

2012A,

Pre-Refunded,

5%,

2/01/31

.............................

4,190,000

4,424,682

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/36

....................

3,000,000

3,527,490

Revenue,

2019

A,

Refunding,

4%,

9/01/45

...............................

2,000,000

2,216,640

Kentucky

Rural

Water

Finance

Corp.

,

Revenue,

2001A,

5%,

2/01/26

........................................

485,000

486,892

Revenue,

2004

I,

5%,

2/01/34

........................................

1,010,000

1,013,171

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet,

Revenue,

5%,

4/01/38

...........

2,500,000

2,983,375

Kentucky

Finance

and

Administration

Cabinet,

Revenue,

A,

Refunding,

5%,

8/01/34

3,500,000

4,056,640

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

2011

A,

Refunding,

5%,

7/01/30

.....

2,500,000

2,552,125

Kentucky

Transportation

Cabinet,

Revenue,

2013A,

5%,

7/01/32

..............

2,000,000

2,174,120

Kentucky

Transportation

Cabinet,

Revenue,

2015

A,

Refunding,

5%,

7/01/33

.....

3,000,000

3,444,030

Kentucky

Transportation

Cabinet,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

.....

550,000

660,616

Kentucky

Transportation

Cabinet,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.....

700,000

838,817

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Kentucky

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

88

See

Abbreviations

on

page

160

.

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

$

3,056,310

Lexington-Fayette

Urban

County

Airport

Board

,

Lexington-Fayette

Urban

County

Government

,

Revenue

,

2012B

,

Pre-Refunded

,

5

%

,

7/01/29

..................

1,185,000

1,275,107

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District,

Revenue,

2017

A,

4%,

5/15/48

..................

2,750,000

3,075,270

Metropolitan

Sewer

District,

Revenue,

2018

A,

Refunding,

4%,

5/15/38

..........

5,000,000

5,880,900

Louisville/Jefferson

County

Metropolitan

Government

,

Bellarmine

University,

Inc.,

Revenue,

2015,

Refunding,

5%,

5/01/31

............

2,000,000

2,144,940

Bellarmine

University,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

5/01/36

..........

2,715,000

2,944,988

Norton

Healthcare

Obligated

Group,

Revenue,

2020A,

4%,

10/01/39

...........

2,500,000

2,899,800

Morehead

State

University

,

Revenue

,

2014A

,

Refunding

,

5

%

,

10/01/28

...........

1,910,000

2,134,368

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/34

........................................................

5,700,000

6,794,457

Scott

County

School

District

Finance

Corp.

,

Scott

County

Board

of

Education

,

Revenue

,

2018

,

4

%

,

6/01/38

.........................................

1,615,000

1,809,640

Shelby

County

School

District

Finance

Corp.

,

Shelby

County

Public

School

District

,

Revenue

,

2018

,

4

%

,

8/01/38

.........................................

3,465,000

3,893,413

University

of

Kentucky

,

Revenue,

2014A,

4%,

4/01/44

........................................

2,250,000

2,403,518

Revenue,

2018

A,

4%,

10/01/32

.......................................

4,000,000

4,524,200

University

of

Louisville

,

Revenue,

2011

A,

Refunding,

5%,

9/01/28

...............................

2,220,000

2,291,684

Revenue,

2016

D,

5%,

3/01/30

........................................

4,140,000

4,917,864

Western

Kentucky

University

,

Revenue

,

2012A

,

Refunding

,

5

%

,

5/01/32

..........

1,625,000

1,693,055

139,288,974

U.S.

Territories

0.1%

Puerto

Rico

0.1%

Puerto

Rico

Highway

&

Transportation

Authority,

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.............................................

200,000

238,248

Total

Municipal

Bonds

(Cost

$130,785,427)

.....................................

139,527,222

a

a

a

a

Short

Term

Investments

1.3%

Municipal

Bonds

1.3%

Kentucky

1.3%

b

Louisville/Jefferson

County

Metropolitan

Government

,

Norton

Healthcare

Obligated

Group

,

Revenue

,

2011B

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

0.13

%

,

10/01/39

1,900,000

1,900,000

Total

Municipal

Bonds

(Cost

$1,900,000)

.......................................

1,900,000

Total

Short

Term

Investments

(Cost

$1,900,000

)

.................................

1,900,000

a

Total

Investments

(Cost

$132,685,427)

99.0%

...................................

$141,427,222

Other

Assets,

less

Liabilities

1.0%

.............................................

1,328,301

Net

Assets

100.0%

...........................................................

$142,755,523

a

The

maturity

date

shown

represents

the

mandatory

put

date.

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

89

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),

November

30,

2020

Franklin

Louisiana

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

90

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

100.6%

Louisiana

100.4%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

$

1,000,000

$

1,197,260

Calcasieu

Parish

Public

Trust

Authority

,

Cowboy

Facilities,

Inc.

,

Revenue

,

2011

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/29

.................................

2,050,000

2,171,688

Calcasieu

Parish

School

District

No.

23

,

GO,

2012A,

Pre-Refunded,

5%,

2/15/29

.................................

1,380,000

1,459,019

GO,

2019,

BAM

Insured,

4%,

9/01/36

...................................

670,000

809,353

GO,

2019,

BAM

Insured,

4%,

9/01/37

...................................

600,000

719,934

GO,

2019,

BAM

Insured,

4%,

9/01/39

...................................

2,060,000

2,441,388

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,274,530

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,268,090

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,213,160

GO,

2019,

BAM

Insured,

4%,

3/01/39

...................................

750,000

905,977

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,354,174

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,429,249

City

of

Alexandria

,

Utilities

,

Revenue

,

2013A

,

Pre-Refunded

,

5

%

,

5/01/38

.........

10,000,000

11,139,800

City

of

Bossier

City

,

Revenue,

2017,

5%,

12/01/36

........................................

1,405,000

1,713,032

Utilities,

Revenue,

2014,

Refunding,

5%,

10/01/37

.........................

5,280,000

6,041,535

City

of

Kenner

,

Revenue

,

2013A

,

Refunding

,

5

%

,

6/01/33

.....................

8,605,000

9,485,894

City

of

Lafayette

,

Public

Improvement

1961

Sales

Tax

Trust,

Revenue,

2011,

Pre-Refunded,

5%,

3/01/36

........................................................

1,865,000

1,887,585

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

5,455,509

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

5,909,600

a

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

2,152,200

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,503,463

City

of

Ruston

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...................

1,085,000

1,292,235

City

of

Shreveport

,

GO,

2011,

Pre-Refunded,

5%,

8/01/29

..................................

4,790,000

4,942,466

Revenue,

2016,

Refunding,

BAM

Insured,

5%,

3/01/27

......................

1,500,000

1,853,730

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,754,800

a

Water

&

Sewer,

Revenue,

2020B,

Refunding,

3%,

12/01/50

..................

1,250,000

1,267,962

Consolidated

Government

of

the

City

of

Baton

Rouge

&

Parish

of

East

Baton

Rouge

,

Sales

Tax

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/30

............

1,000,000

1,352,810

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014B,

Pre-Refunded,

5%,

2/01/33

.............................

1,000,000

1,195,710

Revenue,

2014B,

Pre-Refunded,

5%,

2/01/39

.............................

5,000,000

5,978,550

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

5,899,100

Revenue,

2020A,

Refunding,

5%,

2/01/31

...............................

750,000

1,009,912

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,654,400

Jefferson

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2011A

,

Pre-Refunded

,

6

%

,

1/01/39

.........................................................

3,105,000

3,119,500

Jefferson

Sales

Tax

District

,

Revenue,

2017

B,

AGMC

Insured,

5%,

12/01/42

...........................

2,250,000

2,720,430

Revenue,

2019

B,

AGMC

Insured,

4%,

12/01/42

...........................

5,000,000

5,862,000

Kenner

Consolidated

Sewerage

District

,

Revenue

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

11/01/36

..............................................

4,000,000

4,172,200

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/28

...................

1,345,000

1,602,527

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/31

...................

2,400,000

2,831,568

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

91

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Lafayette

Parish

School

Board

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

4/01/48

.......

$

6,000,000

$

7,753,980

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Cowboy

Facilities,

Inc.,

Revenue,

2011,

AGMC

Insured,

5%,

3/01/36

...........

1,800,000

1,890,486

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,463,551

East

Baton

Rouge

Sewerage

Commission,

Revenue,

Sub.

Lien,

2013A,

Pre-

Refunded,

5%,

2/01/43

............................................

3,000,000

3,310,080

East

Baton

Rouge

Sewerage

Commission,

Revenue,

Sub.

Lien,

2014A,

Pre-

Refunded,

5%,

2/01/34

............................................

2,550,000

2,928,854

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

898,576

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

695,404

a,b

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

8,015,120

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

5%,

10/01/32

.

3,000,000

3,383,790

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

5%,

10/01/33

.

5,000,000

5,627,850

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

3,228,087

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

4,095,035

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,167,170

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

5,912,450

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

6,055,100

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015A,

Pre-Refunded,

5%,

7/01/35

...................................

35,000

42,265

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

7/01/35

......................................

4,965,000

5,666,604

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A1,

5%,

6/01/45

........................................................

10,000,000

12,049,700

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

7,287,410

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,626,817

Loyola

University

New

Orleans,

Revenue,

2011,

5%,

10/01/41

................

5,000,000

5,067,150

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2002B,

ETM,

5.75%,

5/15/23

2,500,000

2,828,750

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

6.75%,

5/15/41

........................................................

5,000,000

5,147,900

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

37,216

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

24,811

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

10,000,000

11,834,700

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

2,130,780

c

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

2,962,500

Tulane

University,

Revenue,

2013B,

5%,

10/01/37

.........................

5,540,000

5,988,906

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,565,500

Tulane

University,

Revenue,

2017A,

Refunding,

4%,

12/15/50

................

2,000,000

2,204,080

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

1,000,000

1,239,490

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,243,369

Louisiana

State

Transportation

Authority

,

Revenue

,

2013A

,

Refunding

,

5

%

,

8/15/38

..

4,500,000

5,002,740

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/37

..............................

4,000,000

4,487,320

Revenue,

2014,

Refunding,

5%,

7/01/29

.................................

1,000,000

1,129,480

Revenue,

2014,

Refunding,

5%,

7/01/30

.................................

1,040,000

1,171,477

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.

92

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

State

University

&

Agricultural

&

Mechanical

College,

(continued)

Revenue,

2014,

Refunding,

5%,

7/01/34

.................................

$

1,000,000

$

1,117,180

Revenue,

2016

A,

Refunding,

5%,

7/01/40

...............................

4,500,000

5,225,220

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,814,832

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017A

,

5

%

,

1/01/48

........................................

10,000,000

11,726,000

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

4%,

8/01/44

.........................................

2,055,000

2,467,295

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

3,175,050

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

3,285,508

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,400,380

Revenue,

2020

D,

5%,

4/01/50

........................................

4,000,000

4,905,160

St.

Charles

Parish

School

Board

,

Revenue

,

2019

,

4

%

,

8/01/38

.................

805,000

966,427

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,000,000

5,956,400

State

of

Louisiana

,

GO,

2014-C,

Refunding,

5%,

8/01/27

...................................

7,200,000

8,374,104

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

6,049,400

GO,

2019-A,

5%,

3/01/37

............................................

3,000,000

3,865,530

Revenue,

2013,

5%,

9/01/33

.........................................

5,860,000

6,419,513

Revenue,

2013A,

5%,

6/15/30

........................................

2,860,000

3,180,320

Revenue,

2014A,

5%,

6/15/32

........................................

9,850,000

11,311,247

Revenue,

2019A,

5%,

9/01/30

........................................

2,000,000

2,603,540

Revenue,

2019A,

5%,

9/01/31

........................................

4,750,000

6,159,990

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Refunding,

5%,

5/01/41

......

3,000,000

3,513,660

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

6,078,200

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

11,988,400

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

C-1,

Pre-Refunded,

5%,

5/01/43

...

5,000,000

5,576,350

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

1,000,000

1,152,920

Terrebonne

Parish

Consolidated

Government

,

a

Revenue,

2020

A,

4%,

3/01/41

........................................

2,660,000

3,130,395

Revenue,

ST-2011,

Pre-Refunded,

AGMC

Insured,

5%,

4/01/32

...............

2,265,000

2,301,285

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

3,479,340

386,430,484

U.S.

Territories

0.2%

Puerto

Rico

0.2%

c

Puerto

Rico

Electric

Power

Authority,

Revenue,

WW-RSA-1,

5.25%,

7/01/33

.......

855,000

643,387

Total

Municipal

Bonds

(Cost

$360,382,358)

.....................................

387,073,871

a

a

a

a

a

Total

Investments

(Cost

$360,382,358)

100.6%

..................................

$387,073,871

Other

Assets,

less

Liabilities

(0.6)%

...........................................

(2,425,896)

Net

Assets

100.0%

...........................................................

$384,647,975

a

Security

purchased

on

a

when-issued

basis.

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

93

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2020,

the

aggregate

value

of

these

securities

was

$10,145,900,

representing

2.6%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2020

Franklin

Maryland

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

94

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.6%

Maryland

96.9%

City

of

Annapolis

,

GO

,

2011

,

Pre-Refunded

,

5

%

,

8/01/31

......................

$

1,250,000

$

1,290,212

City

of

Baltimore

,

a

Revenue,

2020

A,

4%,

7/01/45

........................................

4,500,000

5,424,435

a

Revenue,

2020

A,

5%,

7/01/50

........................................

4,690,000

6,088,323

Wastewater

Utility

Fund,

Revenue,

2011A,

5%,

7/01/41

.....................

14,435,000

14,841,923

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

5,977,750

Water

Utility

Fund,

Revenue,

2011A,

5%,

7/01/41

..........................

7,845,000

8,066,151

Water

Utility

Fund,

Revenue,

2013A,

5%,

7/01/38

..........................

8,930,000

10,236,816

Water

Utility

Fund,

Revenue,

2013B,

Refunding,

5%,

7/01/38

.................

5,000,000

5,731,700

County

of

Anne

Arundel

,

GO,

2011,

5%,

4/01/41

..............................................

12,620,000

12,792,389

GO,

2013,

5%,

4/01/33

.............................................

3,140,000

3,452,367

GO,

2019,

5%,

10/01/46

.............................................

2,140,000

2,770,808

b

Glenview

Housing

LP,

Revenue,

2009,

Mandatory

Put,

5%,

1/01/27

............

1,890,000

1,933,678

County

of

Baltimore

,

GO,

5%,

2/01/39

..................................................

2,900,000

3,479,623

GO,

5%,

2/01/41

..................................................

2,900,000

3,469,241

County

of

Montgomery

,

GO,

2016

A,

4%,

12/01/33

...........................................

7,000,000

7,807,660

Revenue,

2011A,

5%,

4/01/27

........................................

1,625,000

1,650,269

Revenue,

2011A,

5%,

4/01/28

........................................

2,230,000

2,264,208

Revenue,

2011A,

5%,

4/01/30

........................................

1,935,000

1,963,716

Revenue,

2011A,

5%,

4/01/31

........................................

2,470,000

2,506,062

Water

Quality

Protection

Charge,

Revenue,

2012A,

5%,

4/01/30

...............

1,855,000

1,861,715

Water

Quality

Protection

Charge,

Revenue,

2012A,

5%,

4/01/31

...............

1,240,000

1,244,414

County

of

Prince

George's

,

COP,

2011,

5%,

10/01/30

............................................

2,060,000

2,067,457

GO,

2018

A,

4%,

7/15/35

............................................

11,405,000

13,773,477

GO,

2020

A,

5%,

7/15/40

............................................

900,000

1,151,307

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

11,045,900

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

2,168,200

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,844,700

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,611,900

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

1,082,980

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2014

A-2,

5%,

6/01/34

......................................

3,500,000

3,860,710

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,547,940

Revenue,

2018A-1,

5%,

6/01/48

.......................................

1,310,000

1,614,090

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

3,482,640

Maryland

Economic

Development

Corp.

,

Revenue,

2012,

Refunding,

5%,

7/01/27

.................................

1,500,000

1,563,690

Revenue,

2012,

Refunding,

5%,

7/01/33

.................................

2,495,000

2,581,277

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

....................

4,225,000

4,900,789

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

....................

3,305,000

3,778,078

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/27

.......................

4,750,000

4,951,685

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/34

.......................

2,150,000

2,222,562

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

......................

5,000,000

5,298,950

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,130,454

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

1,145,000

1,156,908

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

9,750,000

11,110,222

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

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

$

4,170,000

$

4,656,806

Goucher

College,

Revenue,

2012A,

5%,

7/01/34

..........................

1,500,000

1,558,485

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

8,433,854

Johns

Hopkins

Health

System

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

5/15/37

........................................................

10,000,000

11,686,900

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

661,249

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,048,100

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004

B,

AMBAC

Insured,

5%,

7/01/38

..............................................

6,200,000

6,206,634

Johns

Hopkins

University,

Revenue,

2012A,

Pre-Refunded,

5%,

7/01/37

........

5,000,000

5,376,050

Johns

Hopkins

University,

Revenue,

2012A,

Pre-Refunded,

5%,

7/01/41

........

15,000,000

16,128,150

Johns

Hopkins

University,

Revenue,

2013

B,

5%,

7/01/38

....................

5,000,000

5,468,700

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,613,360

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,367,360

Loyola

University

Maryland,

Inc.,

Revenue,

2012A,

Pre-Refunded,

5%,

10/01/39

..

5,275,000

5,728,228

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,495,182

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,439,420

Luminis

Health

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/39

.......

10,000,000

11,127,700

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,049,510

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

5,590,930

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

8,930,000

10,456,762

MedStar

Health

Obligated

Group,

Revenue,

2013A,

5%,

8/15/38

..............

5,000,000

5,520,300

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

5,924,850

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

.

8,535,000

9,586,427

Peninsula

Regional

Health

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

........................................................

6,330,000

6,962,051

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

MD,

5%,

12/01/46

........

1,680,000

2,017,831

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/35

....................................................

2,100,000

2,447,067

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

12,061,800

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

5,538,000

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,277,683

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

702,586

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

10,085,000

12,646,993

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

4,225,000

6,481,573

Maryland

State

Transportation

Authority

,

Revenue,

2020,

4%,

7/01/45

.........................................

3,000,000

3,581,130

Revenue,

2020,

4%,

7/01/50

.........................................

5,000,000

5,922,200

State

of

Maryland

,

GO,

2020A,

5%,

8/01/35

............................................

5,000,000

6,833,550

Department

of

Transportation,

Revenue,

2020,

5%,

10/01/33

.................

3,000,000

4,122,060

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series,

2016,

5%,

6/01/37

.............................

5,000,000

6,085,550

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

8,070,000

9,144,601

412,749,008

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.

96

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

2.7%

District

of

Columbia

2.3%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017B,

5%,

7/01/42

........................................

$

5,000,000

$

6,057,550

Revenue,

2020A,

5%,

7/15/45

........................................

3,000,000

3,886,860

9,944,410

Puerto

Rico

0.4%

c

Puerto

Rico

Electric

Power

Authority,

Revenue,

WW-RSA-1,

5.5%,

7/01/38

........

1,975,000

1,491,125

Total

U.S.

Territories

....................................................................

11,435,535

Total

Municipal

Bonds

(Cost

$397,775,797)

.....................................

424,184,543

a

a

a

a

Short

Term

Investments

1.7%

Municipal

Bonds

1.7%

Maryland

1.7%

d

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.13

%

,

11/01/37

........................................................

2,000,000

2,000,000

d

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

7/01/41

.............................................

5,300,000

5,300,000

7,300,000

Total

Municipal

Bonds

(Cost

$7,300,000)

.......................................

7,300,000

Total

Short

Term

Investments

(Cost

$7,300,000

)

.................................

7,300,000

a

Total

Investments

(Cost

$405,075,797)

101.3%

..................................

$431,484,543

Other

Assets,

less

Liabilities

(1.3)%

...........................................

(5,613,096)

Net

Assets

100.0%

...........................................................

$425,871,447

a

Security

purchased

on

a

when-issued

basis.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

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),

November

30,

2020

Franklin

Massachusetts

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.9%

Massachusetts

97.9%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

$

2,095,000

$

2,767,474

GO,

3%,

3/01/34

..................................................

1,485,000

1,705,507

GO,

3%,

3/01/35

..................................................

2,130,000

2,432,226

Boston

Water

&

Sewer

Commission,

Revenue,

Senior

Lien,

2014A,

4%,

11/01/28

...

4,400,000

4,987,444

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,498,060

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,492,208

GO,

2020,

Refunding,

3%,

9/01/34

.....................................

1,000,000

1,128,510

City

of

Quincy,

GO,

2014,

4%,

6/01/32

....................................

2,565,000

2,829,939

City

of

Waltham,

GO,

3%,

10/15/31

......................................

3,500,000

4,087,650

City

of

Worcester

,

GO,

2013,

3.25%,

11/01/25

..........................................

3,370,000

3,454,149

GO,

2013,

3.5%,

11/01/26

...........................................

3,000,000

3,081,510

GO,

2020

A,

3%,

2/01/42

............................................

1,685,000

1,823,220

Commonwealth

of

Massachusetts

,

GO,

2018A,

5%,

1/01/47

............................................

5,000,000

6,183,700

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

6,237,250

GO,

F,

4%,

11/01/29

................................................

6,000,000

6,425,340

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

16,772,812

Transportation

Fund,

Revenue,

2012A,

Pre-Refunded,

4%,

6/01/31

............

3,000,000

3,057,840

Transportation

Fund,

Revenue,

2016B,

4%,

6/01/45

........................

7,175,000

8,002,493

Transportation

Fund,

Revenue,

2017A,

5%,

6/01/47

........................

5,000,000

6,112,750

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

6,220,350

Transportation

Fund,

Revenue,

2019A,

5%,

6/01/49

........................

1,925,000

2,450,525

Massachusetts

Bay

Transportation

Authority

,

Revenue,

2020

B-1,

Refunding,

5%,

7/01/50

.............................

5,000,000

6,162,250

Revenue,

A,

5%,

7/01/40

............................................

5,000,000

5,878,800

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

...............................

4,000,000

5,607,320

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

..........................

2,500,000

2,970,950

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999A,

5.75%,

8/01/29

......................................

250,000

251,083

Revenue,

2000-6,

5.5%,

8/01/30

......................................

195,000

195,790

Revenue,

2020,

Refunding,

3%,

8/01/38

.................................

1,580,000

1,783,236

Revenue,

2020,

Refunding,

3%,

8/01/39

.................................

1,605,000

1,807,021

Revenue,

2020,

Refunding,

3%,

8/01/40

.................................

1,635,000

1,835,794

Revenue,

7,

5.125%,

2/01/31

.........................................

260,000

260,967

Massachusetts

Development

Finance

Agency

,

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,508,894

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,866,000

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,804,260

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

3,023,851

Broad

Institute,

Inc.

(The),

Revenue,

2011A,

Pre-Refunded,

5.375%,

4/01/41

.....

15,000,000

15,261,450

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

5,725,100

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016N,

5%,

12/01/46

...

6,890,000

8,054,341

Northeastern

University,

Revenue,

2014A,

5%,

3/01/44

.....................

5,000,000

5,530,150

Partners

Healthcare

System,

Inc.,

Revenue,

2012L,

Pre-Refunded,

5%,

7/01/41

...

5,000,000

5,140,950

Partners

Healthcare

System,

Inc.,

Revenue,

2016Q,

Refunding,

5%,

7/01/34

.....

5,000,000

6,011,200

Partners

Healthcare

System,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

...

1,880,000

2,348,646

Partners

Healthcare

System,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

...

7,500,000

8,576,025

Partners

Healthcare

System,

Inc.,

Revenue,

2020A-2,

Refunding,

4%,

7/01/41

....

1,000,000

1,175,270

President

&

Trustees

of

Williams

College,

Revenue,

2017S,

4%,

7/01/46

........

9,550,000

10,892,348

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

6,212,250

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/40

1,000,000

1,529,060

President

and

Fellows

of

Harvard

College,

Revenue,

2020

A,

Refunding,

5%,

10/15/30

.......................................................

1,250,000

1,759,063

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.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Sterling

and

Francine

Clark

Art

Institute,

Revenue,

2011,

Pre-Refunded,

5%,

7/01/41

$

12,900,000

$

13,263,651

Trustees

of

Boston

College,

Revenue,

2017T,

Refunding,

5%,

7/01/42

..........

3,750,000

4,545,750

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

5,506,000

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

7,170,178

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,515,204

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,258,880

Worcester

Polytechnic

Institute,

Revenue,

2012,

4%,

9/01/49

.................

4,825,000

4,966,083

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,297,928

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,514,633

Massachusetts

Educational

Financing

Authority

,

Revenue,

2009

I,

6%,

1/01/28

........................................

1,350,000

1,375,002

Revenue,

2010A,

5.5%,

1/01/22

.......................................

3,000,000

3,009,660

Massachusetts

Health

&

Educational

Facilities

Authority

,

Southcoast

Hospitals

Group,

Inc.,

Revenue,

2009D,

5%,

7/01/39

..............

5,500,000

5,518,975

Trustees

of

Boston

College,

Revenue,

M2,

5.5%,

6/01/35

....................

8,600,000

12,703,920

Massachusetts

Housing

Finance

Agency

,

Revenue,

159,

FNMA

Insured,

4.05%,

12/01/32

...........................

950,000

971,774

Revenue,

162,

GNMA

Insured,

3.15%,

12/01/32

...........................

10,905,000

11,142,402

Revenue,

1979

A,

ETM,

7%,

4/01/21

...................................

215,000

219,659

Revenue,

2009C,

Refunding,

5.125%,

12/01/39

...........................

1,045,000

1,046,547

Revenue,

2009C,

Refunding,

5.35%,

12/01/49

............................

2,770,000

2,774,210

Revenue,

2012F,

3.15%,

12/01/32

.....................................

105,000

105,983

Revenue,

2012F,

3.45%,

12/01/37

.....................................

45,000

45,493

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

1,059,090

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

4,000,000

4,236,680

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

4,170,160

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

6,019,321

Massachusetts

Port

Authority

,

Revenue,

2019-B,

5%,

7/01/44

........................................

5,000,000

6,332,100

Revenue,

2019-B,

5%,

7/01/49

........................................

5,000,000

6,285,400

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,920,766

Revenue,

2019A,

5%,

2/15/44

........................................

1,000,000

1,269,900

Revenue,

2020

A,

4%,

8/15/45

........................................

8,000,000

9,643,760

Revenue,

Senior

Lien,

2011B,

Pre-Refunded,

5%,

10/15/41

..................

10,000,000

10,419,400

Revenue,

Senior

Lien,

2016C,

Refunding,

5%,

11/15/34

.....................

5,000,000

6,219,650

Massachusetts

State

College

Building

Authority

,

Revenue,

2003

B,

Refunding,

AGMC

Insured,

5.5%,

5/01/39

.................

5,000,000

7,784,250

Revenue,

2017

D,

Refunding,

4%,

5/01/38

...............................

4,350,000

5,079,843

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,309,979

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

3,488,650

Massachusetts

Water

Resources

Authority

,

Revenue,

2016C,

Refunding,

5%,

8/01/40

...............................

5,000,000

6,116,550

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

5,068,120

Revenue,

2020

B,

5%,

8/01/36

........................................

1,500,000

2,032,530

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

7,403,759

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,419,790

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,898,228

Metropolitan

Boston

Transit

Parking

Corp.

,

Revenue,

2011,

5.25%,

7/01/36

.......................................

5,585,000

5,730,266

Revenue,

2011,

5%,

7/01/41

.........................................

7,500,000

7,676,250

Springfield

Water

&

Sewer

Commission,

Revenue,

2017C,

5%,

4/15/37

...........

1,260,000

1,548,061

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

99

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Town

of

Belmont

,

GO,

2019,

4%,

3/15/45

.............................................

$

3,020,000

$

3,518,481

GO,

2020,

3%,

6/01/33

.............................................

2,695,000

3,123,882

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,579,880

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,985,378

Town

of

Natick,

GO,

2018,

4%,

7/15/35

...................................

4,970,000

5,875,186

Town

of

Plymouth,

GO,

2017,

4%,

5/01/47

.................................

5,000,000

5,669,050

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

4,000,000

4,730,960

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

6,282,000

Revenue,

Senior

Lien,

2019-1,

Refunding,

5%,

5/01/39

.....................

5,000,000

6,445,400

451,217,678

U.S.

Territories

0.0%

†

Puerto

Rico

0.0%

†

Puerto

Rico

Highway

&

Transportation

Authority,

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.............................................

250,000

297,810

Total

Municipal

Bonds

(Cost

$415,941,744)

.....................................

451,515,488

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

Massachusetts

0.5%

a

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.06

%

,

11/01/49

...........

2,300,000

2,300,000

Total

Municipal

Bonds

(Cost

$2,300,000)

.......................................

2,300,000

Total

Short

Term

Investments

(Cost

$2,300,000

)

.................................

2,300,000

a

Total

Investments

(Cost

$418,241,744)

98.4%

...................................

$453,815,488

Other

Assets,

less

Liabilities

1.6%

.............................................

7,161,560

Net

Assets

100.0%

...........................................................

$460,977,048

†

Rounds

to

less

than

0.1%

of

net

assets.

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),

November

30,

2020

Franklin

Michigan

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

100

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.6%

Michigan

98.3%

Ann

Arbor

School

District

,

GO,

2015,

Refunding,

5%,

5/01/28

.....................................

$

1,000,000

$

1,192,900

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

1,235,000

1,470,848

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,239,170

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,373,600

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

801,905

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,821,495

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,632,628

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,801,357

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,718,000

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,971,602

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,240,790

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

2,175,853

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,200,263

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,812,576

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,254,520

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

587,166

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,237,770

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,905,005

Chippewa

Valley

Schools

,

GO,

2013,

Pre-Refunded,

5%,

5/01/28

..................................

6,075,000

6,775,265

GO,

2013,

Pre-Refunded,

5%,

5/01/29

..................................

6,425,000

7,165,610

GO,

2013,

Pre-Refunded,

5%,

5/01/30

..................................

6,420,000

7,160,034

GO,

2013,

Pre-Refunded,

5%,

5/01/31

..................................

3,000,000

3,345,810

GO,

2013,

Pre-Refunded,

5%,

5/01/32

..................................

6,590,000

7,349,629

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,576,107

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2012A,

Pre-Refunded,

AGMC

Insured,

5%,

7/01/39

.......................

5,000,000

5,380,200

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003-B,

Refunding,

NATL

Insured,

5%,

7/01/34

................................

25,000

25,094

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

Refunding,

AGMC

Insured,

5%,

7/01/34

...............................

30,000

30,116

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/28

..............

1,560,000

1,774,578

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/29

..............

1,000,000

1,137,550

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/31

..............

2,095,000

2,379,019

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/32

..............

1,175,000

1,332,756

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/33

..............

1,125,000

1,274,929

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/34

..............

1,000,000

1,132,610

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/35

..............

1,500,000

1,696,950

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/39

..............

880,000

994,391

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/44

..............

2,000,000

2,255,400

Sanitary

Sewer

System,

Revenue,

2016,

Refunding,

5%,

1/01/36

..............

1,250,000

1,504,675

Sanitary

Sewer

System,

Revenue,

2016,

Refunding,

5%,

1/01/38

..............

1,000,000

1,198,240

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,304,014

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,237,440

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/48

.......................

5,000,000

6,139,850

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

5%,

1/01/45

..............

1,500,000

1,933,065

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

4%,

1/01/50

..............

3,440,000

4,065,805

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,612,144

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,991,115

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

101

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

$

1,856,160

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,455,940

Water

Supply

System,

Revenue,

2020,

5%,

1/01/40

........................

2,240,000

2,927,344

Water

Supply

System,

Revenue,

2020,

5%,

1/01/45

........................

2,425,000

3,125,122

Water

Supply

System,

Revenue,

2020,

5%,

1/01/50

........................

3,000,000

3,839,160

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,620,040

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,577,341

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,639,942

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

2,086,546

Detroit

City

School

District

,

GO

,

2001A

,

AGMC

Insured

,

6

%

,

5/01/29

.............

10,000,000

12,715,000

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

632,150

GO,

2017,

5%,

5/01/33

.............................................

815,000

1,018,530

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,246,180

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,243,230

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,240,680

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

637,378

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,984,976

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,848,060

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,648,390

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,865,910

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,356,113

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

4,235,805

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,192,900

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,380,980

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,776,512

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

3,426,031

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,539,880

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,178,050

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

8,733,797

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014A,

5%,

7/01/44

...........

2,000,000

2,211,680

Munson

Healthcare

Obligated

Group,

Revenue,

2014A,

5%,

7/01/47

...........

2,500,000

2,758,275

Munson

Healthcare

Obligated

Group,

Revenue,

2019A,

5%,

7/01/44

...........

1,110,000

1,342,589

Munson

Healthcare

Obligated

Group,

Revenue,

2019B,

5%,

7/01/39

...........

1,625,000

1,988,383

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

4,295,000

5,092,496

Revenue,

2018,

5%,

12/01/38

........................................

900,000

1,112,661

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

2,199,708

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

891,067

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,185,210

GO,

II,

AGMC

Insured,

5%,

5/01/31

....................................

1,150,000

1,359,691

GO,

II,

AGMC

Insured,

5%,

5/01/32

....................................

1,165,000

1,375,201

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,546,019

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,437,305

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

3,406,440

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

7,219,033

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.

102

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Gull

Lake

Community

School

District

,

GO

,

2018

-I

,

5

%

,

5/01/48

.................

$

5,000,000

$

6,102,250

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,202,941

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,194,887

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,918,435

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

3,073,775

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

3,044,650

Kelloggsville

Public

Schools

,

GO,

2015,

AGMC

Insured,

5%,

5/01/33

.................................

1,045,000

1,235,043

GO,

2015,

AGMC

Insured,

5%,

5/01/35

.................................

1,150,000

1,350,399

GO,

2015,

AGMC

Insured,

5%,

5/01/38

.................................

3,815,000

4,454,585

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,461,376

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,457,122

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,455,388

GO,

2016,

5%,

5/01/41

.............................................

1,120,000

1,338,030

GO,

2016,

5%,

5/01/44

.............................................

1,800,000

2,141,064

L'Anse

Creuse

Public

Schools

,

GO,

2015,

Refunding,

5%,

5/01/28

.....................................

5,230,000

6,226,263

GO,

2015,

Refunding,

5%,

5/01/30

.....................................

5,560,000

6,592,436

GO,

2015,

Refunding,

5%,

5/01/32

.....................................

5,890,000

6,969,637

GO,

2015,

Refunding,

5%,

5/01/34

.....................................

6,220,000

7,333,380

GO,

2015,

Refunding,

5%,

5/01/35

.....................................

2,840,000

3,341,629

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/48

.................

10,000,000

12,668,200

Lansing

Community

College

,

GO,

2012,

Pre-Refunded,

5%,

5/01/32

..................................

2,310,000

2,465,440

GO,

2012,

Refunding,

5%,

5/01/32

.....................................

690,000

734,257

GO,

2017,

Refunding,

5%,

5/01/32

.....................................

2,000,000

2,554,520

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/37

.............................................

1,490,000

1,807,877

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,567,127

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,651,286

Lenawee

County

Hospital

Finance

Authority

,

Promedica

Healthcare

Obligated

Group

,

Revenue

,

2011B

,

Pre-Refunded

,

6

%

,

11/15/35

............................

5,000,000

5,270,950

Livonia

Public

Schools

,

GO,

2013

I,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/36

.....................

5,725,000

6,377,536

GO,

2013

I,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/38

.....................

6,000,000

6,683,880

GO,

2013

I,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/43

.....................

16,850,000

18,770,563

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment,

2017

A,

Refunding,

5%,

5/01/34

.......................

2,000,000

2,489,560

Special

Assessment,

2017

A,

Refunding,

5%,

5/01/42

.......................

7,500,000

9,102,225

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,316,975

Mattawan

Consolidated

School

District

,

GO,

2015

I,

5%,

5/01/30

.............................................

1,000,000

1,190,490

GO,

2015

I,

5%,

5/01/31

.............................................

1,915,000

2,277,950

GO,

2015

I,

5%,

5/01/32

.............................................

1,110,000

1,318,780

GO,

2015

I,

5%,

5/01/34

.............................................

2,325,000

2,753,381

GO,

2015

I,

5%,

5/01/39

.............................................

3,375,000

3,985,571

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

735,000

885,697

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

930,504

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

1,130,000

1,352,350

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

103

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/32

.......................................................

$

10,005,000

$

10,748,972

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/42

.......................................................

12,000,000

12,824,040

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/28

.....

5,585,000

6,219,623

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/29

.....

5,865,000

6,513,728

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/28

......

3,000,000

3,263,550

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/29

......

3,000,000

3,263,550

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/32

......

2,000,000

2,175,700

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

3,249,345

Clean

Water

Revolving

Fund,

Revenue,

2018B,

Refunding,

5%,

10/01/38

........

8,055,000

10,401,019

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

4%,

11/01/50

.......

4,000,000

4,668,200

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

.......................................................

2,725,000

3,295,915

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/37

.......................................................

4,235,000

5,061,333

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

22,015,000

26,005,659

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,834,538

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

453,076

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

565,000

637,631

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

720,058

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

757,303

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

722,058

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

4,161,515

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

3,281,310

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

7,733,400

Sparrow

Health

Obligated

Group,

Revenue,

2012,

AGMC

Insured,

5%,

11/15/42

..

8,000,000

8,480,400

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

15,600,000

17,599,764

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

362,103

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/45

19,710,000

23,083,563

Michigan

State

Building

Authority

,

Revenue,

2011

I-A,

Pre-Refunded,

5.5%,

10/15/45

.........................

2,000,000

2,092,580

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,614,000

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,619,000

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

15,766,400

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

11,919,253

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,198,380

Revenue,

2019

I,

Refunding,

4%,

10/15/49

...............................

2,500,000

2,881,675

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999B-3,

4%,

11/15/32

.............

5,000,000

5,937,250

Ascension

Health

Credit

Group,

Revenue,

1999B-3,

4%,

11/15/33

.............

5,370,000

6,345,192

Ascension

Health

Credit

Group,

Revenue,

2010F-7,

Refunding,

5%,

11/15/47

.....

10,000,000

11,934,700

Ascension

Health

Credit

Group,

Revenue,

2010F-8,

Refunding,

5%,

11/15/46

.....

5,000,000

5,972,400

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/26

........................................................

2,065,000

2,198,069

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/27

........................................................

2,285,000

2,428,155

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/28

........................................................

2,615,000

2,774,358

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/35

........................................................

2,250,000

2,370,622

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2009B,

Pre-Refunded,

5%,

12/01/48

20,000,000

21,425,000

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.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

State

Housing

Development

Authority

,

Revenue,

2019B,

3.1%,

12/01/44

......................................

$

15,000,000

$

15,903,000

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

4,481,892

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

5,150,000

5,301,204

Michigan

State

University

,

Revenue

,

2015A

,

5

%

,

8/15/40

......................

8,500,000

9,911,850

Michigan

Strategic

Fund

,

DTE

Electric

Co.,

Revenue,

BB,

Refunding,

AMBAC

Insured,

7%,

5/01/21

.......

3,000,000

3,083,070

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

12/31/43

...

7,000,000

8,291,850

Michigan

Technological

University

,

Revenue

,

2015A

,

5

%

,

10/01/45

..............

2,400,000

2,844,552

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,829,760

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,222,371

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/27

.................................

1,000,000

1,123,920

Revenue,

2014,

Refunding,

5%,

3/01/30

.................................

1,010,000

1,124,393

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,399,948

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,108,620

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,421,184

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,104,440

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,294,510

Revenue,

2016,

5%,

3/01/47

.........................................

7,230,000

8,239,308

Revenue,

2019,

5%,

3/01/50

.........................................

3,500,000

4,214,700

Rochester

Community

School

District

,

GO,

2016

I,

5%,

5/01/32

.............................................

5,575,000

6,847,048

GO,

2016

I,

5%,

5/01/35

.............................................

6,450,000

7,867,968

GO,

2016

I,

5%,

5/01/36

.............................................

2,800,000

3,405,612

Roseville

Community

Schools

,

GO,

2014,

Refunding,

5%,

5/01/26

.....................................

1,400,000

1,678,194

GO,

2014,

Refunding,

5%,

5/01/27

.....................................

1,370,000

1,637,575

GO,

2014,

Refunding,

5%,

5/01/28

.....................................

3,040,000

3,626,416

GO,

2014,

Refunding,

5%,

5/01/29

.....................................

3,300,000

3,930,201

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,620,000

1,926,261

GO,

2014,

Refunding,

5%,

5/01/31

.....................................

1,585,000

1,881,601

Royal

Oak

Hospital

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2014D,

Refunding,

5%,

9/01/27

....

3,350,000

3,816,052

Beaumont

Health

Obligated

Group,

Revenue,

2014D,

Refunding,

5%,

9/01/28

....

2,500,000

2,841,075

Beaumont

Health

Obligated

Group,

Revenue,

2014D,

Refunding,

5%,

9/01/39

....

17,500,000

19,622,225

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

2,141,020

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,646,944

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,504,269

Saline

Area

Schools

Historic

Preservation

Foundation

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

3,362,727

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,588,056

South

Haven

Public

Schools

,

GO,

2015B,

AGMC

Insured,

5%,

5/01/33

................................

350,000

413,151

GO,

2015B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,853,192

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

5,750,000

7,026,500

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2020

B

,

4

%

,

11/15/45

.................

12,000,000

14,478,120

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

6,071,673

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

14,085,501

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

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

University

of

Michigan

,

Revenue,

2015,

Refunding,

5%,

4/01/46

.................................

$

2,000,000

$

2,386,980

Revenue,

2017

A,

Refunding,

5%,

4/01/37

...............................

2,700,000

3,347,325

Revenue,

2017

A,

Refunding,

5%,

4/01/42

...............................

26,635,000

32,693,131

Revenue,

2017

A,

Refunding,

5%,

4/01/47

...............................

5,000,000

6,089,650

Warren

Consolidated

Schools

,

GO

,

2012

,

5

%

,

5/01/32

.......................

2,500,000

2,654,475

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2017B,

5%,

12/01/42

......

1,045,000

1,226,715

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018A,

5%,

12/01/43

......

7,750,000

9,445,390

Wayne

State

University

,

Revenue,

2015A,

Refunding,

5%,

11/15/31

...............................

1,860,000

2,125,757

Revenue,

2015A,

Refunding,

5%,

11/15/33

...............................

1,500,000

1,705,500

Revenue,

2018A,

5%,

11/15/43

.......................................

4,500,000

5,513,085

Revenue,

2018A,

4%,

11/15/48

.......................................

10,000,000

11,277,000

Western

Michigan

University

,

Revenue,

2015A,

Refunding,

5%,

11/15/26

...............................

1,500,000

1,788,900

Revenue,

2015A,

Refunding,

5%,

11/15/27

...............................

2,160,000

2,569,709

Revenue,

2015A,

Refunding,

5%,

11/15/28

...............................

1,635,000

1,941,971

Revenue,

2015A,

Refunding,

5%,

11/15/29

...............................

2,000,000

2,373,560

Revenue,

2015A,

Refunding,

5%,

11/15/30

...............................

2,500,000

2,958,500

Revenue,

2015A,

Refunding,

5%,

11/15/40

...............................

1,560,000

1,831,892

Revenue,

2015A,

Refunding,

5%,

11/15/45

...............................

2,000,000

2,339,060

Revenue,

2019

A,

Refunding,

5%,

11/15/49

..............................

5,100,000

6,205,935

Zeeland

Public

Schools

,

GO,

2015A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,814,106

GO,

2015A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,359,920

GO,

2015A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/34

.....................

2,000,000

2,405,020

GO,

2015A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

.....................

2,000,000

2,405,020

955,017,099

U.S.

Territories

0.3%

Guam

0.2%

Guam

Government

Waterworks

Authority,

Revenue,

2020

A,

5%,

1/01/50

.........

1,750,000

2,152,903

Puerto

Rico

0.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

593,230

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

400,000

476,496

1,069,726

Total

U.S.

Territories

....................................................................

3,222,629

Total

Municipal

Bonds

(Cost

$876,814,516)

.....................................

958,239,728

a

a

a

a

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.

106

See

Abbreviations

on

page

160

.

Short

Term

Investments

0.6%

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

0.6%

Michigan

0.6%

a

Michigan

Strategic

Fund

,

Edison

Institute

(The)

,

Revenue

,

2002

,

LOC

Comerica

Bank

,

Daily

VRDN

and

Put

,

0.14

%

,

12/01/33

..................................

$

1,350,000

$

1,350,000

a

University

of

Michigan

,

Revenue

,

2012D-1

,

Daily

VRDN

and

Put

,

0.07

%

,

12/01/24

...

4,700,000

4,700,000

6,050,000

Total

Municipal

Bonds

(Cost

$6,050,000)

.......................................

6,050,000

Total

Short

Term

Investments

(Cost

$6,050,000

)

.................................

6,050,000

a

Total

Investments

(Cost

$882,864,516)

99.2%

...................................

$964,289,728

Other

Assets,

less

Liabilities

0.8%

.............................................

7,810,283

Net

Assets

100.0%

...........................................................

$972,100,011

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),

November

30,

2020

Franklin

Minnesota

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.3%

Minnesota

98.2%

Alexandria

Independent

School

District

No.

206

,

GO,

2011-A,

Refunding,

5%,

2/01/37

...................................

$

11,700,000

$

11,788,803

GO,

2017

A,

Refunding,

3%,

2/01/37

...................................

29,905,000

32,481,914

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018A,

3.25%,

2/01/37

..........................................

5,355,000

5,899,282

GO,

2018A,

3.375%,

2/01/43

.........................................

6,020,000

6,596,415

GO,

2020

A,

3%,

2/01/45

............................................

4,000,000

4,321,840

Big

Lake

Independent

School

District

No.

727

,

GO,

2012B,

Refunding,

5%,

2/01/23

....................................

2,990,000

3,154,898

GO,

2012B,

Refunding,

5%,

2/01/24

....................................

3,000,000

3,165,090

GO,

2012B,

Refunding,

5%,

2/01/25

....................................

1,225,000

1,292,265

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,587,552

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

12,190,318

GO,

2018

A,

4%,

2/01/42

............................................

1,900,000

2,171,966

GO,

2018

C,

Refunding,

5%,

2/01/28

...................................

3,735,000

4,546,204

Cambridge-Isanti

Independent

School

District

No.

911

,

GO,

2012A,

Refunding,

3%,

2/01/27

....................................

3,410,000

3,509,027

GO,

2012A,

Refunding,

3%,

2/01/30

....................................

5,585,000

5,702,564

Centennial

Independent

School

District

No.

12

,

GO,

2015A,

Zero

Cpn

.,

2/01/32

.......................................

1,450,000

1,047,335

GO,

2015A,

Zero

Cpn

.,

2/01/34

.......................................

1,600,000

1,051,824

GO,

2015A,

Zero

Cpn

.,

2/01/35

.......................................

350,000

219,898

Central

Minnesota

Municipal

Power

Agency

,

Revenue,

2012,

5%,

1/01/32

.........................................

1,150,000

1,206,833

Revenue,

2012,

5%,

1/01/42

.........................................

1,615,000

1,690,324

City

of

Bemidji

,

GO

,

2011

,

Pre-Refunded

,

5.25

%

,

2/01/38

.....................

12,055,000

12,155,659

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

1,108,400

City

of

Fridley

,

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

............................................

9,775,906

11,126,252

City

of

Lakeville

,

GO

,

2012B

,

Refunding

,

3

%

,

2/01/30

........................

4,690,000

4,802,513

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,719,450

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,964,380

GO,

2019,

3%,

12/01/28

.............................................

1,400,000

1,590,904

GO,

2019,

3%,

12/01/40

.............................................

5,000,000

5,362,150

GO,

2020,

Refunding,

2%,

12/01/29

....................................

5,730,000

6,051,167

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

..................

6,000,000

7,260,780

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

10,000,000

10,337,600

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

11,499,000

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

2,000,000

2,495,220

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,516,340

City

of

Plymouth

,

GO,

2020A,

2%,

2/01/31

............................................

1,790,000

1,895,646

GO,

2020A,

2%,

2/01/32

............................................

2,080,000

2,190,968

GO,

2020A,

2%,

2/01/33

............................................

2,125,000

2,226,299

City

of

Ramsey

,

GO,

2012A,

3%,

12/15/28

...........................................

1,105,000

1,130,603

GO,

2012A,

3.375%,

12/15/31

........................................

1,215,000

1,242,277

City

of

Rochester

,

Electric

Utility,

Revenue,

2013B,

5%,

12/01/43

............................

1,000,000

1,115,160

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.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Rochester,

(continued)

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/42

...................

$

2,000,000

$

2,409,580

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

9,210,000

11,031,646

Mayo

Clinic,

Revenue,

2016B,

Refunding,

5%,

11/15/33

.....................

4,425,000

6,408,196

Mayo

Clinic,

Revenue,

2016B,

Refunding,

5%,

11/15/34

.....................

10,235,000

15,075,746

Mayo

Clinic,

Revenue,

2016B,

Refunding,

5%,

11/15/35

.....................

5,000,000

7,462,450

Mayo

Clinic,

Revenue,

2016B,

Refunding,

5%,

11/15/36

.....................

4,200,000

6,340,908

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

6,792,360

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2010A,

Refunding,

5.125%,

5/01/30

........................................................

750,000

752,370

CentraCare

Health

System

Obligated

Group,

Revenue,

2016A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

13,563,527

CentraCare

Health

System

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

5,373,029

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014G,

5%,

11/01/31

..........................

1,000,000

1,164,040

Sales

&

Use

Tax,

Revenue,

2014G,

5%,

11/01/32

..........................

1,000,000

1,166,990

Sewer,

Revenue,

2020

D,

Refunding,

4%,

12/01/23

........................

1,020,000

1,135,291

Sewer,

Revenue,

2020

D,

Refunding,

5%,

12/01/26

........................

1,165,000

1,486,610

City

of

Virginia

,

GO,

2020

A,

AGMC

Insured,

4%,

2/01/36

................................

1,000,000

1,160,270

GO,

2020

A,

AGMC

Insured,

4%,

2/01/40

................................

1,160,000

1,333,814

City

of

Willmar

,

GO

,

2012A

,

Refunding

,

3

%

,

2/01/29

.........................

500,000

501,665

Cloquet

Independent

School

District

No.

94

,

GO

,

2015B

,

5

%

,

2/01/32

............

3,615,000

4,279,003

County

of

Hennepin

,

GO,

2019

B,

5%,

12/15/33

...........................................

2,280,000

2,997,721

GO,

2019

B,

5%,

12/15/34

...........................................

1,055,000

1,384,930

GO,

2019

B,

5%,

12/15/36

...........................................

12,680,000

16,539,539

GO,

2020

C,

5%,

12/15/31

...........................................

7,220,000

9,867,574

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

590,000

590,507

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

3,264,791

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/37

............................................

1,000,000

1,072,900

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

1,069,270

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,305,825

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

15,900,000

18,989,529

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/58

...

13,035,000

15,493,662

Duluth

Independent

School

District

No.

709

,

COP,

2016

A,

Refunding,

5%,

2/01/25

..................................

1,015,000

1,190,433

COP,

2016

A,

Refunding,

5%,

2/01/26

..................................

2,740,000

3,319,592

COP,

2016

A,

Refunding,

4%,

2/01/27

..................................

3,750,000

4,324,088

COP,

2016

A,

Refunding,

4%,

2/01/28

..................................

1,500,000

1,721,970

GO,

2015B,

Refunding,

4%,

2/01/25

....................................

3,450,000

3,905,227

GO,

2015B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

3,033,830

Edina

Independent

School

District

No.

273

,

GO

,

2019A

,

3

%

,

2/01/36

.............

1,630,000

1,770,310

Elk

River

Independent

School

District

No.

728

,

GO

,

2015A

,

4

%

,

2/01/32

..........

6,130,000

6,683,478

Farmington

Independent

School

District

No.

192

,

GO

,

2016

A

,

4

%

,

2/01/28

........

3,830,000

4,474,474

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,567,230

Hastings

Independent

School

District

No.

200

,

GO,

2018A,

Zero

Cpn

.,

2/01/38

.......................................

4,685,000

2,824,915

GO,

2018A,

Zero

Cpn

.,

2/01/39

.......................................

4,685,000

2,703,198

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

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Hastings

Independent

School

District

No.

200,

(continued)

GO,

2018A,

Zero

Cpn

.,

2/01/40

.......................................

$

4,685,000

$

2,585,745

Hennepin

County

Regional

Railroad

Authority

,

GO,

2019A,

5%,

12/01/35

...........................................

4,480,000

5,828,704

GO,

2019A,

5%,

12/01/36

...........................................

5,220,000

6,769,714

Hermantown

Independent

School

District

No.

700

,

GO

,

2014A

,

Refunding

,

4

%

,

2/01/29

2,310,000

2,580,478

Hopkins

Independent

School

District

No.

270

,

GO,

2019A,

3%,

2/01/33

............................................

5,640,000

6,174,390

GO,

2019A,

3%,

2/01/34

............................................

2,450,000

2,674,787

Jordan

Independent

School

District

No.

717

,

GO,

2014A,

Refunding,

5%,

2/01/31

....................................

1,460,000

1,600,890

GO,

Refunding,

5%,

2/01/32

.........................................

2,000,000

2,193,000

GO,

2014A,

Refunding,

5%,

2/01/33

....................................

1,700,000

1,864,050

GO,

2014A,

Refunding,

5%,

2/01/34

....................................

1,805,000

1,979,182

GO,

2014A,

Refunding,

5%,

2/01/35

....................................

1,000,000

1,096,500

Lakeville

Independent

School

District

No.

194

,

GO

,

2012B

,

3

%

,

2/01/25

..........

3,560,000

3,673,137

Mankato

Independent

School

District

No.

77

,

GO,

2020A,

4%,

2/01/37

............................................

935,000

1,116,633

GO,

2020A,

4%,

2/01/41

............................................

1,385,000

1,635,962

Maple

River

Independent

School

District

No.

2135

,

GO,

2020

A,

4%,

2/01/45

............................................

6,000,000

7,207,080

GO,

2020

A,

4%,

2/01/50

............................................

10,000,000

11,926,100

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,638,838

GO,

2019A,

3%,

3/01/29

............................................

6,400,000

7,114,176

GO,

2020

B,

2.125%,

3/01/36

.........................................

4,500,000

4,641,480

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

4,110,440

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

4,097,960

Minneapolis

Special

School

District

No.

1

,

GO

,

2017

B

,

5

%

,

2/01/30

.............

2,590,000

3,349,492

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

2012B,

Refunding,

5%,

1/01/27

...............................

1,500,000

1,568,130

Revenue,

2012B,

Refunding,

5%,

1/01/28

...............................

2,250,000

2,351,677

Revenue,

2019

A,

Refunding,

5%,

1/01/44

...............................

4,750,000

5,869,765

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,491,298

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,890,053

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

19,655,000

23,591,110

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

15,500,000

18,428,570

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

3,575,000

4,048,973

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

3,264,225

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

1,017,711

St.

Olaf

College,

Revenue,

EIGHT

N,

Refunding,

4%,

10/01/33

................

1,500,000

1,682,175

St.

Olaf

College,

Revenue,

EIGHT

N,

Refunding,

4%,

10/01/35

................

500,000

558,105

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,663,302

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

2,002,097

University

of

St.

Thomas,

Revenue,

2017A,

Refunding,

4%,

10/01/36

...........

750,000

839,587

University

of

St.

Thomas,

Revenue,

2017A,

Refunding,

4%,

10/01/37

...........

750,000

837,653

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/40

.....................

3,260,000

3,983,720

University

of

St.

Thomas,

Revenue,

2019,

4%,

10/01/44

.....................

2,745,000

3,065,671

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,684,224

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,289,747

Revenue,

2011-E,

GNMA

Insured,

4.45%,

7/01/31

.........................

2,040,000

2,074,149

Revenue,

2011G,

GNMA

Insured,

4%,

7/01/26

............................

1,020,000

1,038,697

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.

110

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Housing

Finance

Agency,

(continued)

Revenue,

2011G,

GNMA

Insured,

4.4%,

7/01/32

..........................

$

1,755,000

$

1,783,624

Revenue,

2019

C,

4%,

8/01/39

........................................

1,000,000

1,195,250

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

4,340,000

4,540,248

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

2,430,000

2,523,652

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

3,410,000

3,535,522

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,500,000

2,563,525

Revenue,

2020B,

4%,

8/01/39

........................................

2,055,000

2,499,127

Revenue,

2020B,

4%,

8/01/40

........................................

3,405,000

4,126,588

Revenue,

2020B,

4%,

8/01/41

........................................

3,100,000

3,747,001

Revenue,

2020D,

4%,

8/01/41

........................................

1,000,000

1,208,710

Revenue,

2020D,

4%,

8/01/42

........................................

1,000,000

1,204,790

Revenue,

2020D,

4%,

8/01/43

........................................

1,000,000

1,201,770

Minnesota

Municipal

Power

Agency

,

Revenue,

2014A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,399,571

Revenue,

2014A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,322,712

Revenue,

2014A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,099,130

Revenue,

2014A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,161,020

Revenue,

2014A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,166,825

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

5,227,700

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

5,596,787

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010A

,

5

%

,

3/01/24

..............

17,010,000

19,629,710

Minnesota

State

Colleges

And

Universities

Foundation

,

Revenue,

2011A,

5%,

10/01/28

.......................................

2,135,000

2,215,618

Revenue,

2012A,

Refunding,

5%,

10/01/22

..............................

1,410,000

1,527,904

Moorhead

Independent

School

District

No.

152

,

GO

,

2020A

,

2.5

%

,

2/01/37

........

9,295,000

9,790,424

New

Prague

Independent

School

District

No.

721

,

GO,

2012-A,

Refunding,

4%,

2/01/22

...................................

3,090,000

3,109,467

GO,

2012-A,

Refunding,

4%,

2/01/23

...................................

3,045,000

3,064,183

GO,

2012-A,

Refunding,

4%,

2/01/24

...................................

3,245,000

3,265,444

GO,

2012-A,

Refunding,

4%,

2/01/25

...................................

2,000,000

2,012,600

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

6,511,376

GO,

2019

A,

3%,

2/01/46

............................................

23,965,000

25,897,058

Northern

Municipal

Power

Agency

,

Revenue,

2013A,

5%,

1/01/30

........................................

1,190,000

1,291,840

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

951,512

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018B,

Zero

Cpn

.,

2/01/27

.......................................

10,545,000

9,986,748

GO,

2018B,

Zero

Cpn

.,

2/01/28

.......................................

13,055,000

12,112,820

GO,

2018B,

Zero

Cpn

.,

2/01/30

.......................................

9,010,000

7,778,423

GO,

2018B,

Zero

Cpn

.,

2/01/31

.......................................

5,310,000

4,417,230

Rochester

Independent

School

District

No.

535

,

GO,

2020A,

4%,

2/01/28

............................................

4,300,000

5,337,805

GO,

2020A,

4%,

2/01/29

............................................

6,565,000

8,094,842

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

196

,

GO

,

2012C

,

Refunding

,

4

%

,

2/01/21

.............................................

1,365,000

1,373,490

Roseville

Independent

School

District

No.

623

,

GO,

2018A,

5%,

2/01/30

............................................

3,700,000

4,591,848

GO,

2018A,

4%,

2/01/34

............................................

9,535,000

10,939,982

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016B,

Zero

Cpn

.,

2/01/36

.......................................

3,000,000

1,957,260

GO,

2016B,

Zero

Cpn

.,

2/01/37

.......................................

2,820,000

1,766,025

GO,

2016B,

Zero

Cpn

.,

2/01/38

.......................................

5,220,000

3,146,929

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

111

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Sartell-St.

Stephen

Independent

School

District

No.

748,

(continued)

GO,

2016B,

Zero

Cpn

.,

2/01/39

.......................................

$

3,020,000

$

1,751,902

South

Washington

County

Independent

School

District

No.

833

,

GO

,

2016

C

,

4

%

,

2/01/29

.........................................................

5,260,000

6,062,571

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994A,

NATL

Insured,

Zero

Cpn

.,

1/01/23

........................

4,000,000

3,952,760

Revenue,

1994A,

NATL

Insured,

Zero

Cpn

.,

1/01/26

........................

5,395,000

5,180,711

Revenue,

1994A,

NATL

Insured,

Zero

Cpn

.,

1/01/27

........................

6,600,000

6,224,856

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

11,014,578

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,635,820

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

928,795

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

738,270

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

801,064

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

1,086,900

GO,

2015A,

4%,

2/01/28

............................................

2,080,000

2,355,829

GO,

2017

B,

4%,

2/01/30

............................................

4,060,000

4,668,635

GO,

2017

B,

4%,

2/01/36

............................................

2,500,000

2,829,200

GO,

2017

B,

4%,

2/01/37

............................................

2,250,000

2,540,857

St.

Francis

Independent

School

District

No.

15

,

GO,

2018A,

4%,

2/01/37

............................................

1,025,000

1,081,898

GO,

2018A,

3.5%,

2/01/41

...........................................

6,350,000

6,558,661

St.

Michael-Albertville

Independent

School

District

No.

885

,

GO

,

2011-A

,

Refunding

,

4.25

%

,

2/01/32

...................................................

10,295,000

10,691,049

St.

Paul

Independent

School

District

No.

625

,

GO,

2012A,

Refunding,

3%,

2/01/30

....................................

1,385,000

1,391,537

GO,

2012A,

Refunding,

3%,

2/01/31

....................................

1,195,000

1,200,640

GO,

2013B,

Refunding,

5%,

2/01/24

....................................

2,925,000

3,222,356

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

3,615,000

4,115,099

GO,

2013F,

Refunding,

4%,

10/01/25

...................................

15,000,000

16,605,150

GO,

2016

A,

5%,

8/01/28

............................................

4,215,000

5,306,011

GO,

2018

A,

5%,

8/01/31

............................................

5,000,000

6,587,800

GO,

2019

A,

5%,

8/01/29

............................................

10,000,000

13,692,300

GO,

2019

A,

5%,

8/01/38

............................................

3,540,000

4,684,517

GO,

2020

A,

5%,

8/01/38

............................................

10,000,000

13,543,500

Revenue,

2012B,

Refunding,

4%,

3/01/26

...............................

3,000,000

3,132,720

Revenue,

2012B,

Refunding,

3%,

3/01/30

...............................

5,000,000

5,122,450

Revenue,

2014A,

5%,

6/01/38

........................................

8,500,000

9,353,740

University

of

Minnesota

,

Revenue,

2011B,

5%,

8/01/36

........................................

5,000,000

5,148,900

Revenue,

2014B,

5%,

1/01/38

........................................

4,500,000

5,071,725

Revenue,

2015

A,

Refunding,

5%,

8/01/25

...............................

5,000,000

6,086,750

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

8,662,414

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,978,650

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

7,158,189

Revenue,

2017A,

5%,

9/01/42

........................................

4,410,000

5,439,338

Revenue,

2019A,

5%,

4/01/39

........................................

1,805,000

2,328,811

Revenue,

2019A,

5%,

4/01/41

........................................

6,045,000

7,762,082

Revenue,

2019A,

5%,

4/01/44

........................................

8,505,000

10,845,746

Revenue,

2020A,

5%,

11/01/39

.......................................

5,880,000

7,887,138

Virginia

Independent

School

District

No.

706

,

Rock

Ridge

Independent

School

District

No.

2909,

GO,

2019A,

5%,

2/01/30

......

3,600,000

4,655,664

Rock

Ridge

Independent

School

District

No.

2909,

GO,

2019A,

3%,

2/01/40

......

3,295,000

3,600,414

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.

112

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn

.,

2/01/33

.......................................

$

2,470,000

$

1,980,915

GO,

2020

A,

Zero

Cpn

.,

2/01/34

.......................................

2,470,000

1,917,758

GO,

2020

A,

Zero

Cpn

.,

2/01/36

.......................................

1,470,000

1,068,690

GO,

2020

A,

Zero

Cpn

.,

2/01/37

.......................................

2,470,000

1,732,384

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

2,207,886

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

3,090,420

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2012A,

Refunding,

5%,

1/01/24

...............................

5,000,000

5,484,650

Revenue,

2012A,

Refunding,

5%,

1/01/25

...............................

3,370,000

3,694,430

Revenue,

2012A,

Refunding,

5%,

1/01/29

...............................

1,200,000

1,310,268

Revenue,

2014A,

Pre-Refunded,

5%,

1/01/40

.............................

8,075,000

9,256,695

Revenue,

2014A,

Pre-Refunded,

5%,

1/01/46

.............................

11,870,000

13,607,056

Revenue,

2015A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,576,660

Revenue,

2015A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,420,612

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

6,188,800

1,077,146,296

U.S.

Territories

0.1%

Puerto

Rico

0.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

700,000

830,522

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

800,000

952,992

1,783,514

Total

U.S.

Territories

....................................................................

1,783,514

Total

Municipal

Bonds

(Cost

$1,000,120,526)

...................................

1,078,929,810

a

a

a

a

Short

Term

Investments

0.6%

Municipal

Bonds

0.6%

Minnesota

0.6%

a

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

,

0.1

%

,

11/15/35

.............................................

6,350,000

6,350,000

Total

Municipal

Bonds

(Cost

$6,350,000)

.......................................

6,350,000

Total

Short

Term

Investments

(Cost

$6,350,000

)

.................................

6,350,000

a

Total

Investments

(Cost

$1,006,470,526)

98.9%

..................................

$1,085,279,810

Other

Assets,

less

Liabilities

1.1%

.............................................

11,888,685

Net

Assets

100.0%

...........................................................

$1,097,168,495

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),

November

30,

2020

Franklin

Missouri

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.7%

Missouri

95.9%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

$

1,500,000

$

1,888,755

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,996,334

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

2,122,382

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

2,253,758

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,380,665

Belton

School

District

No.

124

,

GO,

2020

A,

4%,

3/01/39

............................................

1,500,000

1,859,295

GO,

2020

A,

4%,

3/01/40

............................................

1,200,000

1,484,136

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2013A,

Pre-Refunded,

5%,

10/01/33

............................

14,425,000

15,692,236

Revenue,

2013A,

Pre-Refunded,

5%,

10/01/44

............................

10,000,000

10,878,500

Revenue,

2019,

Refunding,

4%,

10/01/34

................................

830,000

1,000,748

Revenue,

2019,

Refunding,

5%,

10/01/44

................................

10,995,000

14,066,013

Revenue,

2019,

Refunding,

4%,

10/01/48

................................

10,000,000

11,614,900

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

6,898,719

St.

Francis

Medical

Center,

Revenue,

2013A,

5%,

6/01/33

...................

5,000,000

5,250,650

St.

Francis

Medical

Center,

Revenue,

2013A,

5%,

6/01/37

...................

11,000,000

11,524,590

St.

Francis

Medical

Center,

Revenue,

2016,

Refunding,

5%,

6/01/39

...........

5,110,000

5,954,836

Cape

Girardeau

County

School

District

No.

R-2

,

COP,

2020

A,

BAM

Insured,

4%,

4/01/39

................................

1,150,000

1,322,052

GO,

2018,

4%,

3/01/32

.............................................

1,000,000

1,201,000

GO,

2018,

4%,

3/01/33

.............................................

1,000,000

1,193,400

GO,

2018,

5%,

3/01/38

.............................................

2,195,000

2,774,743

Cape

Girardeau

School

District

No.

63

,

GO,

2019,

Refunding,

4%,

3/01/38

.....................................

650,000

759,824

GO,

2019,

Refunding,

4%,

3/01/39

.....................................

500,000

583,390

Center

School

District

No.

58

,

GO

,

2019A

,

Refunding

,

4

%

,

3/01/36

..............

3,910,000

4,552,921

City

of

Kansas

City

,

Sanitary

Sewer

System,

Revenue,

2011A,

Refunding,

5%,

1/01/37

.............

29,210,000

29,316,909

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,789,785

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/42

.....................

5,000,000

5,905,800

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

5,738,909

Water,

Revenue,

2020

A,

4%,

12/01/37

.................................

500,000

631,155

Water,

Revenue,

2020

A,

4%,

12/01/38

.................................

600,000

756,366

Water,

Revenue,

2020

A,

4%,

12/01/39

.................................

700,000

882,021

Water,

Revenue,

2020

A,

4%,

12/01/40

.................................

500,000

628,120

Water,

Revenue,

2020

A,

4%,

12/01/41

.................................

550,000

688,253

Water,

Revenue,

2020

A,

4%,

12/01/42

.................................

685,000

854,537

Water,

Revenue,

2020

A,

4%,

12/01/44

.................................

1,200,000

1,488,540

City

of

Marshfield

,

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/43

....

1,305,000

1,585,405

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/50

....

1,585,000

1,900,970

City

of

Peculiar

,

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/39

.................

1,000,000

1,159,230

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/42

.................

2,405,000

2,769,863

City

of

Sikeston

,

Electric

System,

Revenue,

2012,

Refunding,

5%,

6/01/21

....................

13,130,000

13,417,022

Electric

System,

Revenue,

2012,

Refunding,

5%,

6/01/22

....................

12,570,000

13,380,513

City

of

Springfield

,

Revenue,

2012,

5%,

4/01/31

.........................................

1,795,000

1,905,374

Revenue,

2012,

5%,

4/01/32

.........................................

1,885,000

2,000,645

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.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

St.

Charles

,

COP,

2020B,

Refunding,

4%,

2/01/36

...................................

$

1,500,000

$

1,813,500

COP,

2020B,

Refunding,

3%,

2/01/37

...................................

1,500,000

1,659,495

COP,

2020B,

Refunding,

3%,

2/01/38

...................................

2,200,000

2,418,262

COP,

2020B,

Refunding,

3%,

2/01/39

...................................

1,500,000

1,642,680

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

17,341,145

Airport,

Revenue,

2017A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,984,600

Airport,

Revenue,

2017C,

Refunding,

AGMC

Insured,

5%,

7/01/42

.............

3,930,000

4,680,080

Airport,

Revenue,

2017C,

Refunding,

AGMC

Insured,

5%,

7/01/47

.............

10,670,000

12,608,739

Airport,

Revenue,

2017D,

Refunding,

AGMC

Insured,

5%,

7/01/33

.............

1,000,000

1,203,040

Airport,

Revenue,

2017D,

Refunding,

AGMC

Insured,

5%,

7/01/34

.............

1,415,000

1,699,853

Airport,

Revenue,

2017D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

1,125,000

1,345,084

Airport,

Revenue,

2017D,

Refunding,

AGMC

Insured,

5%,

7/01/37

.............

1,000,000

1,192,830

Airport,

Revenue,

2019

A,

5%,

7/01/44

..................................

600,000

730,374

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

2,500,000

3,020,950

Airport,

Revenue,

2019C,

Refunding,

5%,

7/01/27

.........................

1,705,000

2,119,537

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/34

.............................................

1,670,000

1,781,155

GO,

2017,

3%,

3/01/35

.............................................

1,730,000

1,843,090

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,637,636

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,978,617

County

of

St.

Louis

,

Revenue

,

2020A

,

Refunding

,

2

%

,

12/01/33

.................

975,000

1,006,746

Curators

of

the

University

of

Missouri

(The)

,

Revenue

,

2011

,

Pre-Refunded

,

5

%

,

11/01/27

.....................................................

1,065,000

1,111,849

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,162,910

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,746,485

Fort

Osage

School

District

No.

R-1

,

GO

,

2018

,

Refunding

,

5.5

%

,

3/01/38

.........

3,010,000

3,923,806

Greene

County

Reorganized

School

District

No.

R-2

Willard

,

GO

,

2018

,

4

%

,

3/01/30

.

1,000,000

1,188,030

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

3,219,017

AT

Still

University

of

Health

Sciences,

Revenue,

2011,

Pre-Refunded,

5.25%,

10/01/31

.......................................................

1,200,000

1,250,568

AT

Still

University

of

Health

Sciences,

Revenue,

2011,

Pre-Refunded,

5.25%,

10/01/41

.......................................................

4,500,000

4,689,630

AT

Still

University

of

Health

Sciences,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/39

1,250,000

1,418,500

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,729,712

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,356,446

BJC

Healthcare

Obligated

Group,

Revenue,

2014,

5%,

1/01/44

...............

8,175,000

8,951,134

Capital

Region

Medical

Center,

Revenue,

2020,

Refunding,

5%,

11/01/35

........

1,700,000

2,056,252

Capital

Region

Medical

Center,

Revenue,

2020,

Refunding,

5%,

11/01/40

........

2,000,000

2,389,940

CoxHealth

Obligated

Group,

Revenue,

2013A,

5%,

11/15/38

.................

11,680,000

12,827,443

CoxHealth

Obligated

Group,

Revenue,

2013A,

5%,

11/15/44

.................

2,760,000

3,011,105

CoxHealth

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

11/15/39

.........

17,000,000

19,621,400

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

5,661,450

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/42

2,800,000

3,358,964

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/47

4,875,000

5,803,102

Lake

Regional

Health

System,

Revenue,

2012,

5%,

2/15/34

..................

7,000,000

7,232,890

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2011,

5.75%,

2/01/31

......

1,900,000

1,912,768

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2011,

6%,

2/01/41

........

4,250,000

4,275,712

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

12,715,022

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016A,

5%,

2/01/46

.......

4,000,000

4,393,960

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,227,700

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

115

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)

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

$

1,750,000

$

1,933,802

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,547,650

Maryville

University

of

St.

Louis,

Revenue,

2019A,

5%,

6/15/45

...............

4,000,000

4,714,600

Maryville

University

of

St.

Louis,

Revenue,

2020A,

Refunding,

4%,

6/15/34

.......

4,345,000

4,955,429

Maryville

University

of

St.

Louis,

Revenue,

2020A,

Refunding,

4%,

6/15/38

.......

4,885,000

5,500,510

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

8,420,800

Mercy

Health,

Revenue,

2014F,

5%,

11/15/45

.............................

25,000,000

27,854,750

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

7,882,982

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/47

...................

12,500,000

14,850,000

a

Mercy

Health,

Revenue,

2020,

4%,

6/01/50

..............................

5,000,000

5,664,450

Mosaic

Health

System

Obligated

Group,

Revenue,

2019A,

Refunding,

4%,

2/15/54

4,000,000

4,516,440

SSM

Health

Care

Obligated

Group,

Revenue,

2018A,

5%,

6/01/48

.............

5,000,000

6,004,650

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

11,687,500

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

15,000,000

17,909,550

St.

Louis

University,

Revenue,

2019A,

5%,

10/01/46

........................

5,775,000

6,973,197

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,695,997

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,431,680

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,823,150

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,571,100

Washington

University

(The),

Revenue,

2011B,

Pre-Refunded,

5%,

11/15/37

.....

10,000,000

10,458,600

Webster

University,

Revenue,

2011,

Pre-Refunded,

5%,

4/01/36

...............

7,000,000

7,110,950

Jackson

County

School

District

No.

R-IV

Blue

Springs

,

GO,

2018

A,

5.5%,

3/01/36

...........................................

3,000,000

4,044,960

GO,

2018

A,

5.5%,

3/01/37

...........................................

2,000,000

2,688,340

a

Jasper

County

Reorganized

School

District

No.

R-IX

Carthage

,

GO

,

2020

B

,

Refunding

,

4

%

,

3/01/34

.............................................

1,635,000

1,963,537

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

6,070,000

7,435,447

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

5.125%,

2/15/26

........................................................

6,000,000

6,059,880

Freeman

Health

System

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

5%,

2/15/28

........................................................

1,150,000

1,161,178

Freeman

Health

System

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

5.5%,

2/15/31

........................................................

2,055,000

2,077,071

Freeman

Health

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

2/15/35

4,000,000

4,414,040

Joplin

Schools

,

GO

,

2017

,

Refunding

,

4

%

,

3/01/32

..........................

4,000,000

4,688,920

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011-A,

Refunding,

5.5%,

9/01/29

.............................

5,000,000

5,191,600

Revenue,

2011-A,

Refunding,

5.5%,

9/01/30

.............................

12,000,000

12,459,840

Revenue,

2011-A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,103,290

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

26,925,000

32,409,623

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,639,600

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

10,090,000

12,053,312

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

3,500,000

3,932,845

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

5,048,775

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2015

B,

Refunding,

5%,

5/01/38

...............................

8,770,000

10,409,639

Revenue,

2015

B,

Pre-Refunded,

5%,

5/01/45

............................

1,610,000

1,936,041

Revenue,

2015

B,

Refunding,

5%,

5/01/45

...............................

3,390,000

3,984,403

Revenue,

2016

C,

5%,

5/01/46

........................................

24,700,000

29,693,599

Revenue,

2017

A,

Refunding,

5%,

5/01/42

...............................

5,000,000

6,188,850

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

10,000,000

12,281,600

Revenue,

2019

B,

5%,

5/01/44

........................................

3,500,000

4,493,650

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.

116

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Metropolitan

St.

Louis

Sewer

District,

(continued)

Revenue,

2019

B,

5%,

5/01/49

........................................

$

6,290,000

$

8,020,631

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2012A,

5%,

6/01/37

.......................

5,000,000

5,286,600

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,939,090

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

1,295,000

1,451,695

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,955,000

4,175,175

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

2,300,000

2,343,884

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014A,

Refunding,

5%,

1/01/30

...............................

3,000,000

3,379,950

Revenue,

2014A,

Refunding,

5%,

1/01/31

...............................

2,000,000

2,249,740

Revenue,

Refunding,

5%,

1/01/32

.....................................

11,500,000

13,218,410

Revenue,

2014A,

Refunding,

5%,

1/01/33

...............................

7,500,000

8,626,425

Revenue,

2014A,

Refunding,

5%,

1/01/34

...............................

2,000,000

2,238,380

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..............................

7,335,000

8,536,620

Revenue,

2015A,

Refunding,

5%,

12/01/30

..............................

4,000,000

4,708,400

Revenue,

2015A,

Refunding,

5%,

12/01/31

..............................

6,000,000

7,042,980

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............................

27,950,000

32,845,722

Revenue,

2018,

5%,

12/01/43

........................................

2,000,000

2,378,160

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

,

State

Revolving

Fund,

Revenue,

2000

B,

Refunding,

5.5%,

7/01/21

............

15,000

15,027

State

Revolving

Fund,

Revenue,

2008-A,

Refunding,

5.75%,

1/01/29

...........

190,000

190,359

State

Revolving

Fund,

Revenue,

2013A,

Refunding,

5%,

1/01/26

..............

2,315,000

2,596,759

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,895,942

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,000,000

5,399,850

Pattonville

R-3

School

District

,

GO,

2018

A,

5%,

3/01/37

............................................

2,750,000

3,286,113

GO,

2018

A,

5%,

3/01/38

............................................

1,000,000

1,193,470

Raytown

C-2

School

District

,

GO,

2019A,

5%,

3/01/37

............................................

1,650,000

2,145,511

GO,

2019A,

5%,

3/01/38

............................................

2,500,000

3,237,950

GO,

2019A,

5%,

3/01/39

............................................

2,250,000

2,907,360

Riverside-

Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment,

2017,

Refunding,

5%,

3/01/26

........................

1,000,000

1,162,310

Special

Assessment,

2017,

Refunding,

5%,

3/01/29

........................

2,585,000

2,986,890

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/40

.................................

5,075,000

5,642,436

Revenue,

2020,

Refunding,

4%,

4/01/43

.................................

2,580,000

2,842,618

Springfield

School

District

No.

R-12

,

GO,

2013,

Refunding,

5%,

3/01/33

.....................................

1,000,000

1,102,560

GO,

2019,

5%,

3/01/37

.............................................

24,250,000

31,710,270

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

17,721,396

St.

Charles

School

District

,

GO

,

2017

,

4

%

,

3/01/36

..........................

2,000,000

2,268,120

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County,

Revenue,

2012,

Pre-Refunded,

5%,

9/01/42

...

3,165,000

3,428,075

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013A,

5.875%,

9/01/43

..

7,000,000

7,484,540

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

7,592,785

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

.....................................................

5,000,000

6,252,400

St.

Louis

Municipal

Library

District

,

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/44

.........................

1,450,000

1,664,832

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

117

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

St.

Louis

Municipal

Library

District,

(continued)

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/48

.........................

$

4,800,000

$

5,471,376

Washington

School

District

,

GO,

2019,

4%,

3/01/38

.............................................

3,000,000

3,526,650

GO,

2019,

4%,

3/01/39

.............................................

1,500,000

1,760,040

971,791,800

U.S.

Territories

1.8%

Guam

1.3%

Guam

Government

Waterworks

Authority,

Revenue,

2020

A,

5%,

1/01/50

.........

5,790,000

7,123,032

Guam

Power

Authority,

Revenue,

2012A,

Refunding,

AGMC

Insured,

5%,

10/01/25

..

5,420,000

5,871,486

12,994,518

Puerto

Rico

0.5%

b

Puerto

Rico

Electric

Power

Authority,

Revenue,

WW-RSA-1,

5.5%,

7/01/38

........

4,690,000

3,540,950

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

593,230

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

700,000

833,868

4,968,048

Total

U.S.

Territories

....................................................................

17,962,566

Total

Municipal

Bonds

(Cost

$919,752,058)

.....................................

989,754,366

a

a

a

a

Short

Term

Investments

1.1%

Municipal

Bonds

1.1%

Missouri

1.1%

c

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

St.

Louis

University,

Revenue,

2002,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.08%,

7/01/32

........................................................

1,400,000

1,400,000

Washington

University

(The),

Revenue,

2000

B,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.12%,

3/01/40

.................................

2,300,000

2,300,000

Washington

University

(The),

Revenue,

2003B,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.11%,

2/15/33

...............................................

7,135,000

7,135,000

10,835,000

Total

Municipal

Bonds

(Cost

$10,835,000)

......................................

10,835,000

Total

Short

Term

Investments

(Cost

$10,835,000

)

................................

10,835,000

a

Total

Investments

(Cost

$930,587,058)

98.8%

...................................

$1,000,589,366

Other

Assets,

less

Liabilities

1.2%

.............................................

12,123,391

Net

Assets

100.0%

...........................................................

$1,012,712,757

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),

November

30,

2020

Franklin

Municipal

Green

Bond

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

94.1%

Arizona

4.9%

Arizona

State

University

,

Revenue

,

2016

B

,

5

%

,

7/01/42

......................

$

150,000

$

179,865

City

of

Phoenix

Civic

Improvement

Corp.

,

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

....................................................

100,000

131,581

311,446

Arkansas

1.8%

Central

Arkansas

Water

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

10/01/33

.............

100,000

117,118

California

22.7%

California

Housing

Finance

,

Lakeside

Drive

Senior

Housing

LP

,

Revenue

,

2019N

,

FNMA

Insured

,

2.35

%

,

12/01/35

.......................................

98,580

103,399

California

Infrastructure

&

Economic

Development

Bank

,

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

5

%

,

8/01/49

..........................

180,000

224,048

City

of

Foster

City

,

GO

,

2020

,

4

%

,

8/01/32

.................................

100,000

120,348

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2020

A

,

4

%

,

11/01/50

.....................................................

100,000

121,080

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue

,

2019

A

,

5

%

,

7/01/44

.........................................................

150,000

189,000

Sacramento

Municipal

Utility

District

,

Electric

System

,

Revenue

,

2020

H

,

5

%

,

8/15/30

100,000

139,388

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2019

F-1

,

3

%

,

8/01/36

........

150,000

169,587

Southern

California

Public

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/38

150,000

183,381

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-

Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/34

.........

150,000

193,988

1,444,219

Colorado

2.9%

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017A

,

5

%

,

9/15/47

.........................................................

150,000

185,619

Florida

6.2%

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

2.5

%

,

5/01/25

.....................................

100,000

100,784

City

of

Tampa

,

Special

Assessment

,

2018

,

5

%

,

5/01/36

.......................

135,000

170,489

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2019

,

Refunding

,

4

%

,

10/01/31

...

100,000

125,555

396,828

Georgia

2.0%

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2019B

,

Refunding

,

5

%

,

9/01/48

.............................................

100,000

127,231

Louisiana

1.8%

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/40

100,000

115,576

Maine

1.8%

City

of

Portland

,

General

Airport

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/35

.........

100,000

114,733

Maryland

1.8%

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series

,

2019

B

,

3

%

,

6/01/35

.........................................................

100,000

114,151

Massachusetts

1.7%

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2019

C-1

,

2.65

%

,

12/01/34

.....

100,000

106,481

Minnesota

1.7%

City

of

Minneapolis

,

GO

,

2019

,

3

%

,

12/01/40

...............................

100,000

107,243

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

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)

New

York

13.5%

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019A

,

5

%

,

11/01/49

..........

$

100,000

$

128,863

Metropolitan

Transportation

Authority

,

Revenue,

2017

B,

Refunding,

5%,

11/15/24

..............................

50,000

54,617

Revenue,

2017

B,

Refunding,

5%,

11/15/28

..............................

110,000

127,827

Dedicated

Tax

Fund,

Revenue,

2017B-2,

4%,

11/15/32

......................

160,000

182,005

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2019

D

,

5

%

,

7/01/35

100,000

150,622

New

York

State

Housing

Finance

Agency

,

Revenue,

2019

N,

FNMA

Insured,

2.6%,

11/01/34

.........................

100,000

105,705

Revenue,

2019

P,

2%,

5/01/28

........................................

100,000

106,136

855,775

Ohio

4.1%

American

Municipal

Power,

Inc.

,

Revenue

,

2020A

,

Refunding

,

5

%

,

2/15/29

........

100,000

131,992

State

of

Ohio

,

GO

,

2019A

,

4

%

,

3/01/30

...................................

100,000

127,771

259,763

Oregon

3.0%

Port

of

Portland

,

Airport

,

Revenue

,

TWENTY

SEVEN

A

,

5

%

,

7/01/36

.............

150,000

189,194

Pennsylvania

2.1%

School

District

of

Philadelphia

(The)

,

GO

,

2019

B

,

5

%

,

9/01/29

.................

100,000

130,732

Rhode

Island

3.5%

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

,

Revenue

,

2019

1-B

,

FHA

Insured

,

2.75

%

,

10/01/34

...................................................

150,000

161,056

Rhode

Island

Infrastructure

Bank

,

Revenue

,

2020

A

,

4

%

,

10/01/27

..............

50,000

61,018

222,074

Utah

3.0%

City

of

Spanish

Fork

City

,

Sewer

,

Revenue

,

2020

,

BAM

Insured

,

5

%

,

9/01/26

.......

150,000

188,714

Vermont

3.6%

Vermont

Educational

&

Health

Buildings

Financing

Agency

,

University

of

Vermont

Health

Network

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

12/01/38

.............

195,000

227,159

Virginia

3.0%

a

City

of

Hampton

,

GO,

2020

A,

5%,

9/01/27

............................................

50,000

64,671

GO,

2020

A,

4%,

9/01/31

............................................

100,000

127,825

192,496

Washington

4.2%

Central

Puget

Sound

Regional

Transit

Authority

,

Revenue

,

2015S-1

,

Refunding

,

5

%

,

11/01/32

........................................................

100,000

120,638

FYI

Properties

,

State

of

Washington

Consolidated

Technology

Services

,

Revenue

,

2019

,

Refunding

,

5

%

,

6/01/21

........................................

140,000

143,266

263,904

Wisconsin

1.7%

Milwaukee

Metropolitan

Sewerage

District

,

GO

,

2020

A

,

3

%

,

10/01/35

............

100,000

111,089

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

120

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

3.1%

District

of

Columbia

3.1%

District

of

Columbia,

Water

&

Sewer

Authority,

Revenue,

Sub.

Lien,

2019

A,

5%,

10/01/44

........................................................

$

150,000

$

195,196

Total

Municipal

Bonds

(Cost

$5,745,902)

.......................................

5,976,741

a

a

a

a

a

Total

Investments

(Cost

$5,745,902)

94.1%

.....................................

$5,976,741

Other

Assets,

less

Liabilities

5.9%

.............................................

375,806

Net

Assets

100.0%

...........................................................

$6,352,547

a

Security

purchased

on

a

when-issued

basis.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2020

Franklin

New

Jersey

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.6%

Delaware

2.5%

Delaware

River

&

Bay

Authority

,

Revenue,

2012

A,

Refunding,

5%,

1/01/42

...............................

$

6,000,000

$

6,405,300

Revenue,

2019,

Refunding,

4%,

1/01/44

.................................

13,500,000

15,422,130

21,827,430

New

Jersey

81.3%

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

6,308,876

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

4,350,708

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

4,513,512

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,608,250

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

5,483,214

County

of

Hudson

,

Hudson

County

Improvement

Authority

,

Revenue

,

2016

,

5

%

,

5/01/46

.........................................................

6,000,000

7,119,600

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn

.,

6/15/24

.............

1,000,000

974,640

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,354,920

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,190,914

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,243,520

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,265,545

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,324,756

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

7,013,239

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

Foundation,

Inc.,

Revenue,

2015C,

AGMC

Insured,

4%,

7/01/42

.

2,500,000

2,718,850

Rowan

University

Foundation,

Inc.,

Revenue,

2015C,

5%,

7/01/44

.............

3,500,000

3,959,585

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

4%,

7/01/37

..............

750,000

886,417

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

4%,

7/01/38

..............

700,000

825,111

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

4%,

7/01/39

..............

600,000

705,684

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

5%,

7/01/44

..............

4,925,000

6,169,991

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

4%,

7/01/48

..............

5,250,000

6,068,738

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

1,181,150

County

of

Hudson,

Revenue,

2020,

4%,

10/01/46

..........................

5,000,000

5,950,250

County

of

Hudson,

Revenue,

2020,

4%,

10/01/51

..........................

5,000,000

5,911,700

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,916,124

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,837,410

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

923,063

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

915,000

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

608,275

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

909,885

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

726,474

Revenue,

2019A,

4%,

8/01/32

........................................

300,000

369,966

Revenue,

2019A,

4%,

8/01/33

........................................

350,000

429,201

Revenue,

2019A,

4%,

8/01/34

........................................

525,000

642,243

Revenue,

2019A,

4%,

8/01/35

........................................

525,000

639,928

Revenue,

2019A,

4%,

8/01/36

........................................

500,000

606,865

Revenue,

2019A,

4%,

8/01/37

........................................

275,000

332,777

Revenue,

2019A,

4%,

8/01/38

........................................

225,000

271,537

Revenue,

2019A,

4%,

8/01/39

........................................

400,000

481,692

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.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Brunswick

Parking

Authority

,

Revenue

,

2016A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

$

5,000,000

$

5,841,100

New

Jersey

Economic

Development

Authority

,

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/34

........................................................

1,500,000

1,651,815

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/39

........................................................

1,250,000

1,361,800

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/49

........................................................

3,000,000

3,227,790

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

6,954,230

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

3,750,000

4,595,963

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

634,982

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

591,270

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,397,790

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

7,028,760

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

6,575,240

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

Pre-Refunded,

5%,

6/15/38

........................................................

5,000,000

5,598,700

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

Pre-Refunded,

5%,

6/15/46

........................................................

7,500,000

8,398,050

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

6/15/22

........................................................

10,000,000

10,379,700

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/28

......

3,000,000

3,067,230

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/29

......

1,000,000

1,020,070

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

10,834,526

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

5%,

6/15/37

4,760,000

5,299,641

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,543,467

Kean

University,

Revenue,

2015H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,758,900

Kean

University,

Revenue,

2017D,

Refunding,

BAM

Insured,

4%,

9/01/38

........

1,150,000

1,284,182

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,550,950

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

18,077,787

Montclair

State

University,

Inc.,

Revenue,

2015D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,567,562

Montclair

State

University,

Inc.,

Revenue,

2015D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,381,179

Montclair

State

University,

Inc.,

Revenue,

2016B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,551,602

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/37

......

1,000,000

1,052,980

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/42

......

1,000,000

1,050,100

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

3,955,000

4,804,336

Seton

Hall

University,

Revenue,

2015C,

Refunding,

5%,

7/01/34

...............

400,000

441,960

Seton

Hall

University,

Revenue,

2015C,

Refunding,

5%,

7/01/37

...............

1,300,000

1,429,077

Seton

Hall

University,

Revenue,

2017D,

Refunding,

5%,

7/01/42

...............

3,945,000

4,447,909

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

1,203,176

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

1,850,000

2,100,878

Stevens

Institute

of

Technology,

Revenue,

1998

1,

Pre-Refunded,

ETM,

5%,

7/01/28

600,000

708,720

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

......

1,600,000

1,875,104

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

......

9,310,000

10,774,835

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

......

4,085,000

4,670,299

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/45

...............

4,000,000

4,813,000

Stevens

Institute

of

Technology,

Revenue,

2020

A,

4%,

7/01/50

...............

11,640,000

12,697,610

Trustees

of

Princeton

University

(The),

Revenue,

2011B,

5%,

7/01/39

...........

15,000,000

15,381,000

Trustees

of

Princeton

University

(The),

Revenue,

2011B,

4.375%,

7/01/41

.......

10,000,000

10,181,300

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

17,073,000

Trustees

of

Princeton

University

(The),

Revenue,

2017

I,

Refunding,

5%,

7/01/35

..

5,800,000

7,361,070

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

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008A,

Refunding,

5%,

7/01/27

................

$

220,000

$

220,717

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

11,224,700

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2011,

Refunding,

5%,

7/01/27

........................................................

2,500,000

2,671,850

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,632,250

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,624,720

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

6,030,900

Hunterdon

Medical

Center,

Revenue,

2014A,

Refunding,

5%,

7/01/45

...........

2,650,000

2,938,797

Inspira

Health

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

7/01/46

.......

18,500,000

21,671,640

Inspira

Health

Obligated

Group,

Revenue,

2017A,

5%,

7/01/42

................

8,000,000

9,614,560

Inspira

Health

Obligated

Group,

Revenue,

2017A,

4%,

7/01/47

................

8,700,000

9,724,860

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013A,

5.5%,

7/01/43

........

4,000,000

4,395,760

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014A,

5%,

7/01/43

.........

3,650,000

4,070,443

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

7/01/44

15,530,000

17,299,178

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

15,000,000

17,605,500

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/31

....

2,935,000

3,208,953

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/34

....

1,500,000

1,632,645

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6%,

7/01/26

........................................................

1,000,000

1,023,380

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6.25%,

7/01/35

........................................................

3,400,000

3,480,648

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

1,172,100

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/36

...........

1,750,000

2,041,095

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/38

...........

2,000,000

2,319,440

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/39

...........

2,200,000

2,545,796

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

11,000,000

12,562,330

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2010-2,

5%,

12/01/30

.......................................

1,500,000

1,501,425

Revenue,

2010-2,

5%,

12/01/36

.......................................

1,000,000

1,000,910

Revenue,

2011-1,

5.875%,

12/01/33

....................................

2,140,000

2,237,006

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

10,000,000

10,158,900

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,802,185

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

7,000,000

7,207,060

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

1,220,505

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

538,744

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

5,000,000

5,063,050

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

10,000,000

10,123,500

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

4,000,000

4,039,760

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

3,000,000

3,022,320

New

Jersey

Housing

&

Mortgage

Finance

Agency

Single-Family

Home

Mortgage,

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

..........................

4,300,000

4,740,578

New

Jersey

Institute

of

Technology

,

Revenue,

Pre-Refunded,

5%,

7/01/42

..................................

7,000,000

7,524,694

Revenue,

2015A,

5%,

7/01/45

........................................

6,000,000

6,857,340

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006C,

AGMC

Insured,

Zero

Cpn

.,

12/15/33

......................

10,000,000

7,454,600

Revenue,

2009A,

Zero

Cpn

.,

12/15/32

..................................

10,000,000

7,118,800

Revenue,

2010A,

Zero

Cpn

.,

12/15/29

..................................

5,000,000

3,968,050

Revenue,

2013AA,

5.25%,

6/15/31

.....................................

10,000,000

10,828,400

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

6,421,260

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.

124

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

$

7,921,659

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

4,250,724

Revenue,

2017B,

Refunding,

5%,

1/01/40

...............................

15,245,000

18,654,696

Revenue,

2017G,

Refunding,

4%,

1/01/43

...............................

5,000,000

5,643,700

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

19,104,835

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

23,097,068

North

Hudson

Sewerage

Authority

,

COP,

Senior

Lien,

Pre-Refunded,

5%,

6/01/42

............................

17,800,000

19,069,044

Rutgers

The

State

University

of

New

Jersey

,

Revenue

,

2013

L

,

Pre-Refunded

,

5

%

,

5/01/43

......................................................

12,000,000

13,383,240

Somerset

County

Improvement

Authority

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

..

10,115,000

12,096,630

South

Jersey

Transportation

Authority

,

Revenue

,

2020A

,

5

%

,

11/01/45

...........

3,500,000

4,308,710

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

2,300,000

2,806,552

GO,

2020

A,

4%,

6/01/32

............................................

2,200,000

2,698,630

698,557,087

New

York

6.9%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

166,

5.25%,

7/15/36

........................................

5,000,000

5,027,150

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

16,638,150

Revenue,

2014,

4%,

9/01/43

.........................................

3,000,000

3,428,370

Revenue,

2017,

4%,

11/01/49

........................................

9,000,000

10,395,630

Revenue,

TWO

HUNDRED

SIXTEENTH,

4%,

9/01/45

......................

5,000,000

5,791,900

Revenue,

First

Series,

171ST,

5%,

7/15/30

...............................

12,200,000

12,749,976

JFK

International

Air

Terminal

LLC,

Revenue,

NATL

Insured,

5.75%,

12/01/22

....

5,065,000

5,097,872

59,129,048

Pennsylvania

7.5%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

23,869,950

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

131,248

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

196,371

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

195,858

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

195,196

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

194,619

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

194,250

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

193,832

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

968,757

Revenue,

2019B,

Refunding,

5%,

7/01/31

...............................

850,000

1,127,593

Revenue,

2019B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,318,960

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

11,163,500

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

4,104,903

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

6,294,674

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,860,004

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

11,872,556

64,882,271

U.S.

Territories

0.4%

Puerto

Rico

0.4%

a

Puerto

Rico

Electric

Power

Authority,

Revenue,

WW-RSA-1,

5.5%,

7/01/38

........

3,950,000

2,982,250

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

125

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

$

300,000

$

355,938

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

200,000

238,248

3,576,436

Total

U.S.

Territories

....................................................................

3,576,436

Total

Municipal

Bonds

(Cost

$791,596,471)

.....................................

847,972,272

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

New

Jersey

0.1%

b

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.12

%

,

7/01/43

.........................................................

700,000

700,000

Total

Municipal

Bonds

(Cost

$700,000)

.........................................

700,000

Total

Short

Term

Investments

(Cost

$700,000

)

..................................

700,000

a

Total

Investments

(Cost

$792,296,471)

98.7%

...................................

$848,672,272

Other

Assets,

less

Liabilities

1.3%

.............................................

11,125,657

Net

Assets

100.0%

...........................................................

$859,797,929

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),

November

30,

2020

Franklin

North

Carolina

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

126

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.3%

North

Carolina

95.9%

Cape

Fear

Public

Utility

Authority

,

Revenue,

2011,

Pre-Refunded,

5%,

8/01/36

..............................

$

8,000,000

$

8,251,920

Revenue,

2014A,

Pre-Refunded,

5%,

6/01/40

.............................

2,250,000

2,623,612

Revenue,

2019A,

Refunding,

4%,

8/01/44

...............................

8,000,000

9,441,360

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2011A,

5.125%,

1/15/37

.............

4,000,000

4,017,600

Atrium

Health

Obligated

Group,

Revenue,

2011A,

5.25%,

1/15/42

.............

10,000,000

10,042,500

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

23,607,200

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

6,333,400

City

of

Charlotte

,

COP,

2008A,

Refunding,

5%,

6/01/33

...................................

2,500,000

2,508,725

COP,

2019A,

Refunding,

5%,

6/01/44

...................................

8,250,000

10,475,520

Airport

Special

Facilities,

Revenue,

2010-A,

5.5%,

7/01/34

...................

3,765,000

3,778,667

Airport

Special

Facilities,

Revenue,

2010-A,

5%,

7/01/39

....................

3,000,000

3,009,060

Airport

Special

Facilities,

Revenue,

2011A,

5%,

7/01/41

.....................

10,000,000

10,203,200

Airport

Special

Facilities,

Revenue,

2019A,

4%,

7/01/44

.....................

3,550,000

4,099,256

Airport

Special

Facilities,

Revenue,

2019A,

5%,

7/01/49

.....................

4,460,000

5,546,322

Airport

Special

Facilities,

Revenue,

2019B,

4%,

7/01/44

.....................

5,515,000

6,252,080

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

7,970,000

9,246,635

Water

&

Sewer

System,

Revenue,

2015,

Refunding,

5%,

7/01/40

..............

10,000,000

11,777,200

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

6,067,350

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

508,115

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/42

..............

1,000,000

1,013,360

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

4%,

7/01/46

..............

6,000,000

7,303,560

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2.25%,

7/01/50

............

3,350,000

3,409,462

City

of

Durham

,

Water

&

Sewer

Utility

System

,

Revenue

,

2011

,

Pre-Refunded

,

5

%

,

6/01/41

.........................................................

4,000,000

4,097,000

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,646,519

City

of

Greensboro

,

GO,

2018

B,

5%,

10/01/29

...........................................

5,000,000

6,664,850

Combined

Water

&

Sewer

System,

Revenue,

2020A,

Refunding,

4%,

6/01/45

....

5,000,000

6,059,300

City

of

Raleigh

,

GO,

2016

A,

Refunding,

5%,

9/01/26

...................................

5,000,000

6,339,200

Combined

Enterprise

System,

Revenue,

2011,

Pre-Refunded,

5%,

3/01/40

.......

11,915,000

12,059,291

Combined

Enterprise

System,

Revenue,

2013

A,

Pre-Refunded,

5%,

3/01/43

.....

10,000,000

11,073,300

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

5,711,750

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,179,190

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,286,970

City

of

Wilmington

,

Storm

Water

Fee

,

Revenue

,

2007

,

Refunding

,

AMBAC

Insured

,

5

%

,

6/01/33

.........................................................

225,000

225,781

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2014A,

Pre-Refunded,

5%,

6/01/33

..........

2,350,000

2,740,218

Water

&

Sewer

System,

Revenue,

2016A,

Refunding,

4%,

6/01/34

.............

1,350,000

1,563,273

Water

&

Sewer

System,

Revenue,

2016A,

Refunding,

4%,

6/01/37

.............

5,000,000

5,740,200

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

11,472,700

County

of

Buncombe

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/34

.................

3,000,000

3,556,050

County

of

Dare

,

Utilities

System

,

Revenue

,

2011

,

Pre-Refunded

,

5

%

,

2/01/41

......

5,000,000

5,039,300

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

614,280

GO,

2019,

4%,

6/01/37

.............................................

450,000

551,151

GO,

2019,

4%,

6/01/39

.............................................

700,000

849,989

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

127

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

$

5,000,000

$

5,948,800

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

447,264

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

531,595

County

of

Mecklenburg

,

GO,

2015A,

5%,

4/01/28

............................................

5,000,000

6,011,100

GO,

2017

A,

4%,

4/01/30

............................................

5,000,000

6,011,900

County

of

New

Hanover

,

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Refunding,

5%,

10/01/42

.

5,000,000

5,970,800

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Refunding,

5%,

10/01/47

.

13,565,000

16,075,203

County

of

Union

,

Enterprise

System,

Revenue,

2015,

5%,

6/01/34

..........................

1,000,000

1,205,550

Enterprise

System,

Revenue,

2019,

4%,

6/01/41

..........................

3,200,000

3,797,728

Enterprise

System,

Revenue,

2019,

4%,

6/01/44

..........................

2,325,000

2,737,781

County

of

Wake

,

GO,

2018A,

5%,

3/01/30

............................................

8,000,000

10,447,680

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

10,498,423

Revenue,

2019,

4%,

9/01/38

.........................................

5,250,000

6,387,517

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

4,750,000

6,065,085

Nash

Health

Care

Systems

,

Revenue,

2003,

AGMC

Insured,

5%,

11/01/30

............................

2,250,000

2,257,380

Revenue,

2012,

5%,

11/01/41

........................................

5,000,000

5,170,000

North

Carolina

Capital

Facilities

Finance

Agency

,

Davidson

College

Trustees,

Revenue,

2012,

5%,

3/01/40

....................

4,000,000

4,209,440

Davidson

College

Trustees,

Revenue,

2014,

Refunding,

5%,

3/01/45

...........

3,500,000

3,677,870

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

16,630,078

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

10,000,000

12,281,600

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,778,086

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

13,474,780

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,680,800

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

6,208,290

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,915,647

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

22,736,600

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

16,526,970

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

6,435,000

7,012,026

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

9,905,000

10,770,796

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

1,000,000

1,057,660

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

4,000,000

4,221,920

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

3,500,000

3,673,495

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

6,000,000

6,383,640

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,750,000

2,897,318

Revenue,

44,

3%,

7/01/46

...........................................

3,000,000

3,172,050

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

2,000,000

2,036,600

North

Carolina

Medical

Care

Commission

,

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2011A,

Pre-

Refunded,

6.5%,

7/01/31

..........................................

5,000,000

5,179,950

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2011A,

Pre-

Refunded,

6.625%,

7/01/34

.........................................

6,000,000

6,220,320

Duke

University

Health

System,

Inc.,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/42

10,000,000

10,720,400

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

7,776,440

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

3,116,760

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

21,192,600

Novant

Health

Obligated

Group,

Revenue,

2019A,

4%,

11/01/49

..............

5,115,000

5,881,227

Novant

Health

Obligated

Group,

Revenue,

2019A,

4%,

11/01/52

..............

7,640,000

8,738,785

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.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

$

5,000,000

$

5,375,300

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,648,950

Presbyterian

Homes

Obligated

Group,

Revenue,

2020A,

4%,

10/01/45

..........

1,000,000

1,089,000

Presbyterian

Homes

Obligated

Group,

Revenue,

2020A,

5%,

10/01/45

..........

1,800,000

2,107,746

Presbyterian

Homes

Obligated

Group,

Revenue,

2020A,

4%,

10/01/50

..........

1,350,000

1,458,175

Presbyterian

Homes

Obligated

Group,

Revenue,

2020A,

5%,

10/01/50

..........

1,400,000

1,629,740

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

4,519,760

Scotland

Memorial

Hospital,

Inc.,

Revenue,

1999,

AGMC

Insured,

5.5%,

10/01/29

.

1,125,000

1,128,814

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017A,

Refunding,

5%,

10/01/37

...........................................

200,000

213,728

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017A,

Refunding,

5%,

10/01/42

...........................................

2,250,000

2,392,425

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017A,

Refunding,

5%,

10/01/47

...........................................

2,540,000

2,692,984

Vidant

Health

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/36

....

5,000,000

5,356,250

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,780,550

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019A,

5%,

12/01/32

..........

1,000,000

1,252,450

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019A,

5%,

12/01/33

..........

1,000,000

1,247,870

WakeMed

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

10/01/38

........

5,000,000

5,288,900

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,940,880

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020A,

5%,

6/01/25

...............................

125,000

141,570

Revenue,

Senior

Lien,

2020A,

5%,

6/01/26

...............................

300,000

346,506

Revenue,

Senior

Lien,

2020A,

5%,

6/01/27

...............................

450,000

527,292

Revenue,

Senior

Lien,

2020A,

5%,

6/01/28

...............................

500,000

588,960

Revenue,

Senior

Lien,

2020A,

5%,

6/01/29

...............................

350,000

419,006

Revenue,

Senior

Lien,

2020A,

3.125%,

6/01/39

...........................

1,060,000

1,065,226

North

Carolina

State

University

at

Raleigh

,

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/33

...........................

5,595,000

6,340,702

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/42

...........................

8,980,000

10,176,854

Revenue,

2020

A,

Refunding,

2.375%,

10/01/44

...........................

5,000,000

5,117,600

North

Carolina

Turnpike

Authority

,

Revenue,

2011,

5%,

7/01/41

.........................................

5,000,000

5,139,450

Revenue,

2016A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,825,650

Revenue,

2018A,

Refunding,

4%,

1/01/36

...............................

9,875,000

11,638,379

Revenue,

2018A,

Refunding,

4%,

1/01/39

...............................

9,815,000

11,425,347

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,213,550

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/39

...........

1,200,000

1,425,936

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

9,480,000

11,803,832

Raleigh

Durham

Airport

Authority

,

Revenue,

2015A,

Refunding,

5%,

5/01/27

...............................

350,000

412,317

Revenue,

2015A,

Refunding,

5%,

5/01/29

...............................

1,000,000

1,172,360

Revenue,

2015A,

Refunding,

5%,

5/01/30

...............................

550,000

642,725

Revenue,

2020

A,

Refunding,

5%,

5/01/35

...............................

2,250,000

2,905,515

State

of

North

Carolina

,

GO,

2016

A,

Refunding,

5%,

6/01/25

...................................

4,000,000

4,859,160

Revenue,

2011C,

Pre-Refunded,

5%,

5/01/29

.............................

10,000,000

10,202,300

Revenue,

2020

B,

4%,

5/01/35

........................................

2,750,000

3,431,725

Town

of

Cary

,

Combined

Utility

Systems,

Revenue,

2013,

Pre-Refunded,

5%,

12/01/42

........

10,000,000

10,956,300

Combined

Utility

Systems,

Revenue,

2017,

Pre-Refunded,

5%,

12/01/41

........

1,710,000

2,188,509

Combined

Utility

Systems,

Revenue,

2017B,

Refunding,

4%,

12/01/42

..........

8,000,000

9,332,000

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

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

$

1,000,000

$

1,229,920

University

of

North

Carolina

,

System

,

Revenue

,

2008A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/33

........................................................

160,000

160,544

University

of

North

Carolina

at

Chapel

Hill

,

Hospitals

at

Chapel

Hill

,

Revenue

,

2016

,

5

%

,

2/01/46

......................................................

4,265,000

4,950,428

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2012A,

Pre-Refunded,

5%,

4/01/37

.............................

12,995,000

13,817,973

Revenue,

2012A,

Pre-Refunded,

5%,

4/01/41

.............................

18,000,000

19,139,940

Revenue,

2014,

5%,

4/01/43

.........................................

5,000,000

5,551,700

Revenue,

2015,

Refunding,

5%,

4/01/45

.................................

9,450,000

10,783,489

Revenue,

2017,

5%,

10/01/47

........................................

10,000,000

12,112,600

Revenue,

2017A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,587,433

Revenue,

2020A,

Refunding,

4%,

10/01/40

..............................

290,000

343,491

Revenue,

2020A,

Refunding,

4%,

10/01/49

..............................

2,800,000

3,255,336

University

of

North

Carolina

at

Greensboro

,

Revenue,

2014,

5%,

4/01/39

.........................................

3,500,000

3,908,415

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,404,958

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,162,440

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

3,057,600

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,410,370

Western

Carolina

University

,

Revenue,

2020,

4%,

10/01/45

........................................

5,980,000

7,027,636

Revenue,

2020,

4%,

10/01/49

........................................

4,255,000

4,974,733

Revenue,

2020

B,

4%,

4/01/45

........................................

5,000,000

5,883,150

Revenue,

2020

B,

4%,

4/01/50

........................................

10,000,000

11,683,300

838,590,119

U.S.

Territories

0.4%

Puerto

Rico

0.4%

a

Puerto

Rico

Electric

Power

Authority,

Revenue,

XX-RSA-1,

5.25%,

7/01/40

........

4,120,000

3,100,300

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

355,938

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

350,000

416,934

3,873,172

Total

U.S.

Territories

....................................................................

3,873,172

Total

Municipal

Bonds

(Cost

$787,917,298)

.....................................

842,463,291

a

a

a

a

Short

Term

Investments

2.6%

Municipal

Bonds

2.6%

North

Carolina

2.6%

b

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2007B,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.12%,

1/15/38

..........................

2,600,000

2,600,000

Atrium

Health

Obligated

Group,

Revenue,

2018

H,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.13%,

1/15/48

.................................

1,830,000

1,830,000

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.

130

See

Abbreviations

on

page

160

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

b

North

Carolina

Medical

Care

Commission

,

Moses

H

Cone

Memorial

Hospital

Obligated

Group

,

Revenue

,

2001B

,

SPA

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.1

%

,

10/01/35

........................................................

$

17,900,000

$

17,900,000

22,330,000

Total

Municipal

Bonds

(Cost

$22,330,000)

......................................

22,330,000

Total

Short

Term

Investments

(Cost

$22,330,000

)

................................

22,330,000

a

Total

Investments

(Cost

$810,247,298)

98.9%

...................................

$864,793,291

Other

Assets,

less

Liabilities

1.1%

.............................................

9,679,264

Net

Assets

100.0%

...........................................................

$874,472,555

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),

November

30,

2020

Franklin

Ohio

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.6%

Ohio

97.5%

a

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

$

3,100,000

$

3,158,373

American

Municipal

Power,

Inc.

,

Revenue,

2015A,

Refunding,

5%,

2/15/28

...............................

5,000,000

5,670,200

Revenue,

2015A,

Pre-Refunded,

BAM

Insured,

5.25%,

2/15/31

...............

10,000,000

10,608,800

Revenue,

2016

A,

4%,

2/15/36

........................................

1,000,000

1,121,830

Revenue,

2016

A,

5%,

2/15/46

........................................

5,000,000

5,817,000

Revenue,

2016A,

Refunding,

5%,

2/15/46

...............................

7,500,000

8,676,900

Revenue,

2017

A,

Refunding,

5%,

2/15/37

...............................

3,700,000

4,567,280

Revenue,

2017

A,

Refunding,

5%,

2/15/38

...............................

3,500,000

4,310,635

Revenue,

2019

A,

5%,

2/15/44

........................................

3,345,000

4,160,210

Revenue,

2019

C,

Refunding,

4%,

2/15/39

...............................

18,795,000

22,431,080

Revenue,

2020A,

4%,

2/15/44

........................................

1,215,000

1,410,761

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,338,670

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

7,569,119

Ashland

City

School

District

,

GO

,

2013-2

,

4

%

,

11/01/49

.......................

6,685,000

6,700,710

Bath

Local

School

District

,

GO,

2012,

Refunding,

AGMC

Insured,

4%,

12/01/44

........................

1,295,000

1,295,000

GO,

2012,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

5,380,000

5,380,000

Beaver

Local

School

District

,

GO

,

2012

,

4

%

,

12/01/40

........................

3,000,000

3,111,840

Bethel

Local

School

District

,

COP,

2020,

BAM

Insured,

3%,

12/01/45

.................................

3,095,000

3,231,830

COP,

2020,

BAM

Insured,

2.75%,

12/01/49

..............................

4,000,000

4,063,600

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

11,263,122

Bloom-Carroll

Local

School

District

,

GO

,

2018A

,

5

%

,

11/01/55

..................

7,025,000

8,610,472

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,854,890

Brecksville-Broadview

Heights

City

School

District

,

GO

,

2018

,

Pre-Refunded

,

5.25

%

,

12/01/54

........................................................

7,390,000

8,497,465

Brooklyn

City

School

District

,

GO,

2013,

Pre-Refunded,

AGMC

Insured,

5.25%,

12/01/43

..................

3,000,000

3,000,000

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

2,321,223

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

9,000,000

10,779,210

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020A-2

,

1

,

Refunding

,

3

%

,

6/01/48

.............................................

12,875,000

13,142,414

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn

.,

12/01/32

............................

3,955,000

3,159,175

GO,

2005,

NATL

Insured,

Zero

Cpn

.,

12/01/33

............................

2,000,000

1,551,100

Central

Ohio

Solid

Waste

Authority

,

GO,

2012,

Pre-Refunded,

4%,

12/01/32

.................................

16,945,000

17,908,898

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/22

...................

1,905,000

1,882,349

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/23

...................

1,905,000

1,864,138

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/24

...................

1,905,000

1,846,612

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

19,651,610

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

11,065,250

City

of

Akron

,

Community

Learning

Center,

Revenue,

2014,

Pre-Refunded,

5%,

12/01/33

......

4,250,000

4,556,170

Waterworks

System,

Revenue,

2009,

Refunding,

AGMC

Insured,

5%,

3/01/34

....

1,000,000

1,003,670

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.

132

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.....................................................

$

5,000,000

$

6,001,350

City

of

Cincinnati

,

GO

,

2015A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

7,945,990

City

of

Cleveland

,

GO,

2012,

Pre-Refunded,

5%,

12/01/30

.................................

2,965,000

3,248,543

GO,

2012,

Refunding,

5%,

12/01/30

....................................

35,000

38,097

GO,

2020

A,

4%,

12/01/35

...........................................

1,000,000

1,242,480

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

1,234,877

Airport

System,

Revenue,

2012A,

Pre-Refunded,

AGMC

Insured,

5%,

1/01/30

....

3,000,000

3,154,350

Airport

System,

Revenue,

2012A,

Pre-Refunded,

AGMC

Insured,

5%,

1/01/31

....

1,500,000

1,577,175

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,374,020

City

of

Columbus

,

GO,

2014A,

5%,

2/15/25

............................................

5,000,000

5,759,600

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

5,000,000

6,421,950

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

9,096,080

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

16,852,950

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/29

........................

5,000,000

6,219,300

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

3,279,024

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,837,176

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

10,272,893

City

of

Middleburg

Heights

,

Southwest

General

Health

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/47

...............................

4,425,000

5,045,916

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

4,181,195

City

of

Toledo

,

GO,

2010,

Refunding,

AGMC

Insured,

5%,

12/01/28

........................

3,000,000

3,008,100

Water

System,

Revenue,

2012A,

4%,

11/15/36

............................

9,125,000

9,371,740

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/38

....................

19,395,000

21,314,135

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

3,192,967

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

710,808

Revenue,

B-2,

NATL

Insured,

Zero

Cpn

.,

11/15/38

.........................

10,000,000

6,520,700

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,350,360

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,344,750

Cleveland

Municipal

School

District

,

GO,

2013,

Refunding,

5%,

12/01/25

....................................

3,600,000

3,932,136

GO,

2013,

Refunding,

5%,

12/01/27

....................................

1,000,000

1,091,000

Cleveland

Public

Library

,

Revenue

,

2019

A

,

4

%

,

12/01/45

.....................

5,000,000

5,908,450

Columbus

Metropolitan

Library

,

Revenue,

2012-1,

Refunding,

4%,

12/01/28

..............................

2,970,000

2,970,000

Revenue,

2012-1,

Refunding,

4%,

12/01/29

..............................

4,125,000

4,125,000

Revenue,

2019,

3%,

12/01/43

........................................

1,550,000

1,662,049

Revenue,

2020,

Refunding,

2%,

12/01/35

................................

4,525,000

4,499,841

Revenue,

2020,

Refunding,

2%,

12/01/36

................................

4,620,000

4,582,255

Revenue,

2020,

Refunding,

2%,

12/01/37

................................

4,705,000

4,640,165

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

8,866,395

Kettering

Health

Network

Obligated

Group,

Revenue,

2011,

6.375%,

4/01/36

.....

5,000,000

5,078,600

Kettering

Health

Network

Obligated

Group,

Revenue,

2011,

5.625%,

4/01/41

.....

5,000,000

5,066,600

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

133

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Butler,

(continued)

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

$

20,270,000

$

23,503,673

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/35

..........

2,000,000

2,248,560

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

2,140,000

2,399,047

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,677,765

County

of

Cuyahoga

,

GO,

2020

A,

Refunding,

4%,

12/01/34

..................................

750,000

921,570

GO,

2020

A,

Refunding,

3%,

12/01/35

..................................

1,040,000

1,162,637

GO,

2020

A,

Refunding,

3%,

12/01/36

..................................

1,100,000

1,225,928

GO,

2020

A,

Refunding,

3%,

12/01/37

..................................

1,610,000

1,787,357

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

.............................

500,000

570,390

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

3,167,736

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

5,679,500

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2017A,

Refunding,

4%,

11/01/44

...

7,050,000

7,956,489

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

7,324,453

Sales

Tax,

Revenue,

2018,

5%,

6/01/43

.................................

6,000,000

7,546,980

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

7,500,000

8,947,125

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/44

..........

5,075,000

5,878,677

County

of

Hamilton

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2019

CC,

5%,

11/15/49

...................................................

15,000,000

23,718,450

Sewer

System,

Revenue,

2019A,

Refunding,

5%,

12/01/33

..................

6,965,000

9,303,220

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/32

..................

1,000,000

1,377,200

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/33

..................

1,500,000

2,051,490

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

..................

2,200,000

3,003,440

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

..................

1,000,000

1,359,990

TriHealth

Obligated

Group,

Revenue,

2017A,

5%,

8/15/42

...................

5,000,000

6,025,150

University

of

Cincinnati,

Revenue,

2010,

Refunding,

AGMC

Insured,

5%,

6/01/30

..

7,000,000

7,025,620

University

of

Cincinnati,

Revenue,

2010,

Refunding,

AGMC

Insured,

4.75%,

6/01/39

7,000,000

7,021,420

County

of

Mahoning

,

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

...............................................

2,690,000

3,051,590

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/49

.............................................

12,000,000

14,460,480

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019A

,

Refunding

,

4

%

,

11/15/39

............................................

5,000,000

5,481,700

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

............................................

5,000,000

6,030,200

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

6,068,400

Coventry

Local

School

District

,

GO

,

2013

,

5.25

%

,

11/01/47

....................

5,000,000

5,207,800

Cuyahoga

Community

College

District

,

Revenue

,

2012D

,

Refunding

,

5

%

,

8/01/32

...

2,310,000

2,481,748

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

6,848,700

a

Dayton

Metro

Library

,

GO

,

2013A

,

Pre-Refunded

,

4.75

%

,

12/01/38

..............

20,000,000

20,889,600

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,524,640

Defiance

City

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/46

............

6,635,000

7,269,505

Delaware

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.75

%

,

12/01/49

.........

6,000,000

6,827,460

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

11,900,200

Elyria

City

School

District

,

GO

,

2017A

,

5

%

,

12/01/43

.........................

5,500,000

6,636,850

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

23,732,200

Fremont

City

School

District

,

GO

,

2017A

,

5

%

,

1/15/49

........................

13,970,000

16,465,601

Grandview

Heights

City

School

District

,

GO,

2019,

4%,

12/01/51

.............................................

1,980,000

2,289,058

GO,

2019,

5%,

12/01/53

.............................................

2,150,000

2,696,810

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.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Greenville

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.25

%

,

1/01/41

.........

$

2,000,000

$

2,108,280

Groveport-Madison

Local

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

10/01/44

...

6,205,000

6,744,152

Highland

Local

School

District

,

GO

,

2018A

,

Pre-Refunded

,

5.25

%

,

12/01/54

.......

12,000,000

13,505,520

Hilliard

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/20

...................

4,525,000

4,525,000

GO,

2017,

4%,

12/01/46

.............................................

10,000,000

11,265,900

Hillsdale

Local

School

District

,

COP,

2020,

BAM

Insured,

4%,

12/01/38

.................................

2,465,000

2,924,032

COP,

2020,

BAM

Insured,

4%,

12/01/40

.................................

1,435,000

1,692,525

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

21,030,049

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,657,360

GO,

2018B,

BAM

Insured,

5%,

11/01/55

.................................

3,910,000

4,754,013

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2013A

,

Pre-Refunded

,

5

%

,

1/01/38

......................................................

26,010,000

28,595,134

Lakewood

City

School

District

,

GO

,

2014A

,

Pre-Refunded

,

5

%

,

11/01/43

..........

10,895,000

11,893,418

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,568,060

GO,

2014

C,

Refunding,

5%,

12/01/30

..................................

4,035,000

4,763,196

Lancaster

City

School

District

,

GO,

2012,

Pre-Refunded,

5%,

10/01/49

.................................

10,000,000

10,877,612

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,186,680

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,903,735

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

13,341,057

Marysville

Exempted

Village

School

District

,

GO,

2002,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/20

...................

1,000,000

1,000,000

GO,

2002,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/21

...................

1,000,000

996,120

Miami

University

,

Revenue,

2011,

Refunding,

5%,

9/01/31

.................................

4,000,000

4,137,720

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,698,717

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

4,055,800

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

5,985,100

Revenue,

2020A,

Refunding,

4%,

9/01/45

...............................

6,025,000

7,107,271

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

24,670,800

Middletown

City

School

District

,

GO,

2014,

Pre-Refunded,

5.25%,

12/01/40

...............................

2,625,000

2,886,319

GO,

2014,

Pre-Refunded,

5.25%,

12/01/48

...............................

15,000,000

16,493,250

Napoleon

Area

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

12/01/49

.......

11,460,000

12,285,578

New

Albany

Community

Authority

,

Revenue,

2012C,

Refunding,

5%,

10/01/23

..............................

1,100,000

1,192,444

Revenue,

2012C,

Refunding,

5%,

10/01/24

..............................

1,250,000

1,353,362

New

Albany

Plain

Local

School

District

,

GO

,

2013

,

Refunding

,

4

%

,

12/01/49

.......

10,000,000

10,446,600

North

Canton

City

School

District

,

GO

,

2020

,

3

%

,

11/01/45

....................

2,730,000

2,951,239

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2014,

Pre-Refunded,

5%,

11/15/32

.............................

5,500,000

6,526,905

Revenue,

2014,

Refunding,

4%,

11/15/49

................................

6,000,000

6,594,120

Revenue,

2017,

Refunding,

4%,

11/15/43

................................

10,000,000

11,655,100

Revenue,

2019,

Refunding,

3%,

11/15/35

................................

4,500,000

5,148,090

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

5,420,000

6,874,674

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

5,663,000

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

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Northmont

City

School

District

,

GO

,

2012A

,

Pre-Refunded

,

5

%

,

11/01/49

..........

$

5,130,000

$

5,355,669

Northwest

Local

School

District

,

GO,

2015,

Pre-Refunded,

5%,

12/01/45

.................................

3,760,000

4,289,333

GO,

2015,

4%,

12/01/50

.............................................

5,000,000

5,347,700

Norwood

City

School

District

,

GO,

2017

A,

5%,

11/01/46

...........................................

5,000,000

5,938,750

GO,

2017

A,

5.25%,

11/01/51

.........................................

7,645,000

9,192,960

Oakwood

City

School

District

,

GO

,

2019

,

4

%

,

12/01/48

.......................

6,340,000

7,324,095

Ohio

Air

Quality

Development

Authority

,

Buckeye

Power,

Inc.

,

Revenue

,

2010

,

6

%

,

12/01/40

........................................................

6,020,000

6,047,090

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

Pre-

Refunded

,

AGMC

Insured

,

5.25

%

,

12/01/23

..............................

445,000

446,780

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

7,096,800

Denison

University,

Revenue,

2012,

5%,

11/01/26

.........................

1,445,000

1,532,813

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,693,584

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,488,642

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,900,000

3,166,075

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

10,500,000

12,203,205

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,478,388

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

5,000,000

5,514,500

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

13,388,096

Ohio

Housing

Finance

Agency

,

Revenue

,

2020B

,

GNMA

Insured

,

2.1

%

,

9/01/35

....

600,000

615,396

Ohio

State

University

(The)

,

Revenue

,

2014A

,

4

%

,

12/01/30

...................

4,325,000

4,865,409

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

41,389,017

Revenue,

Junior

Lien,

2013

A-1,

5.25%,

2/15/33

...........................

4,200,000

4,571,028

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn

.,

2/15/38

.............

3,665,000

2,649,795

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn

.,

2/15/43

........................

10,485,000

6,184,787

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

8,428,350

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

6/01/44

.........................................

4,000,000

5,220,040

Drinking

Water

Assistance

Fund,

Revenue,

2019,

5%,

12/01/29

...............

12,655,000

17,261,547

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

5%,

12/01/44

...

15,000,000

19,546,350

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

6/01/33

.............

7,250,000

9,872,470

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/38

............

5,405,000

7,236,160

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

6,680,450

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/50

............

2,500,000

3,278,575

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

B,

4%,

12/01/37

............

14,160,000

17,618,155

Olentangy

Local

School

District

,

GO,

2016,

4%,

12/01/46

.............................................

15,235,000

17,052,993

GO,

2020

A,

3%,

12/01/38

...........................................

500,000

565,560

GO,

2020

A,

2.5%,

12/01/49

..........................................

6,935,000

7,055,114

Perrysburg

Exempted

Village

School

District

,

GO

,

2015

,

5

%

,

12/01/38

............

3,225,000

3,766,477

Princeton

City

School

District

,

COP,

2012,

Pre-Refunded,

4.5%,

12/01/41

...............................

3,000,000

3,129,060

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

14,265,720

GO,

2014,

Refunding,

Zero

Cpn

.,

12/01/40

...............................

6,000,000

4,003,500

GO,

2014,

Refunding,

Zero

Cpn

.,

12/01/41

...............................

6,000,000

3,878,100

Reading

Community

City

School

District

,

GO

,

2016A

,

5

%

,

11/01/46

..............

2,000,000

2,311,320

Revere

Local

School

District

,

GO,

2017

A,

Pre-Refunded,

5%,

12/01/42

...............................

3,025,000

3,242,921

GO,

2017

A,

Pre-Refunded,

5%,

12/01/45

...............................

2,560,000

2,744,422

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.

136

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Riverside

Local

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

10/01/47

........................................................

$

5,000,000

$

5,781,800

Sandusky

City

School

District

,

GO

,

2017-1

,

Pre-Refunded

,

5

%

,

11/01/50

..........

6,000,000

6,394,920

South-Western

City

School

District

,

GO,

2012,

Pre-Refunded,

4%,

12/01/42

.................................

10,000,000

10,570,900

GO,

2019

A,

4%,

12/01/48

...........................................

3,500,000

4,121,460

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

6,710,112

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,652,440

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,703,100

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

12,144,500

GO,

2019

A,

5%,

5/01/36

............................................

11,000,000

13,794,550

GO,

2019

A,

5%,

6/15/38

............................................

6,500,000

8,500,635

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,289,770

GO,

V,

5%,

5/01/34

................................................

4,000,000

5,145,720

GO,

W,

5%,

5/01/32

................................................

1,035,000

1,409,329

GO,

W,

5%,

5/01/33

................................................

1,600,000

2,166,112

GO,

W,

5%,

5/01/35

................................................

1,125,000

1,514,396

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

10,994,100

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

1,112,300

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

5,191,750

Summit

County

Development

Finance

Authority

,

University

of

Akron

(The),

Revenue,

2011,

Pre-Refunded,

6%,

1/01/42

..........

11,580,000

11,634,542

a

Switzerland

of

Ohio

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/37

...

5,500,000

6,011,665

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,500,000

7,648,225

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

11,420,877

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

6,827,659

Toledo

City

School

District

,

GO

,

2012B

,

Pre-Refunded

,

5

%

,

12/01/32

............

7,830,000

8,578,783

University

of

Akron

(The)

,

Revenue,

2015A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,981,993

Revenue,

2016A,

Refunding,

BAM

Insured,

5%,

1/01/34

.....................

6,000,000

7,092,900

Revenue,

2016A,

Refunding,

5%,

1/01/36

...............................

11,065,000

12,970,725

Revenue,

2016A,

Refunding,

5%,

1/01/38

...............................

13,225,000

15,439,394

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

6,939,845

University

of

Cincinnati

,

Revenue,

2010-F,

Refunding,

5%,

6/01/32

...............................

140,000

140,496

Revenue,

Pre-Refunded,

5%,

6/01/32

..................................

5,665,000

5,665,000

Revenue,

2013

C,

Pre-Refunded,

5%,

6/01/39

............................

6,255,000

7,145,649

Revenue,

2018A,

Refunding,

4%,

6/01/48

...............................

10,000,000

11,408,100

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

5

%

,

12/01/48

.................

13,000,000

16,012,880

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,884,582

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

2,160,661

Warrensville

Heights

City

School

District

,

GO,

2019

A,

Refunding,

BAM

Insured,

5%,

12/01/44

.......................

650,000

744,192

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

2,081,962

West

Carrollton

City

School

District

,

GO,

2020

A,

3%,

12/01/44

...........................................

2,540,000

2,718,384

GO,

2020

A,

3%,

12/01/49

...........................................

1,645,000

1,750,149

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

137

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

West

Carrollton

City

School

District,

(continued)

GO,

2020

A,

4%,

12/01/56

...........................................

$

3,500,000

$

3,958,885

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,866,260

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

12,318,300

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

...........

7,000,000

7,981,680

Wyoming

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

12/01/42

............

7,250,000

7,772,290

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

8,628,500

1,626,324,632

U.S.

Territories

0.1%

Puerto

Rico

0.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

800,000

949,168

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

700,000

833,868

1,783,036

Total

U.S.

Territories

....................................................................

1,783,036

Total

Municipal

Bonds

(Cost

$1,499,250,444)

...................................

1,628,107,668

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Ohio

1.0%

b

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010-C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.11

%

,

6/01/34

...........................

17,350,000

17,350,000

Total

Municipal

Bonds

(Cost

$17,350,000)

......................................

17,350,000

Total

Short

Term

Investments

(Cost

$17,350,000

)

................................

17,350,000

a

Total

Investments

(Cost

$1,516,600,444)

98.6%

..................................

$1,645,457,668

Other

Assets,

less

Liabilities

1.4%

.............................................

22,536,248

Net

Assets

100.0%

...........................................................

$1,667,993,916

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),

November

30,

2020

Franklin

Oregon

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

138

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.0%

Oregon

97.0%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

8/01/28

........................................................

$

1,325,000

$

1,406,978

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,928,427

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,905,960

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010B

,

Zero

Cpn.,

6/15/31

...........

1,000,000

862,120

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

3,442,271

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/35

....................................

1,675,000

2,233,060

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

2,337,896

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,449,141

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,551,080

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,675,848

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,800,725

City

of

Eugene

,

Electric

Utility

System,

Revenue,

2011

A,

Pre-Refunded,

5%,

8/01/40

...........

6,745,000

6,961,987

Electric

Utility

System,

Revenue,

2017,

5%,

8/01/47

........................

3,580,000

4,364,915

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/45

......................

4,170,000

5,011,840

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/49

......................

2,500,000

2,983,300

Water

Utility

System,

Revenue,

2011,

Pre-Refunded,

5%,

8/01/40

.............

4,425,000

4,567,352

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

3,500,000

3,307,360

Pacific

University,

Revenue,

2015A,

Refunding,

5%,

5/01/36

..................

2,500,000

2,704,900

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,600,000

1,606,064

City

of

Portland

,

GO,

2001-B,

Zero

Cpn.,

6/01/21

.......................................

1,000,000

999,060

GO,

2011

A,

Refunding,

5%,

6/01/28

...................................

7,840,000

8,020,947

GO,

2011

A,

Refunding,

5%,

6/01/29

...................................

8,330,000

8,521,840

GO,

2011

A,

Refunding,

5%,

6/01/30

...................................

8,750,000

8,948,887

Tax

Allocation,

2011B,

5%,

6/15/29

.....................................

1,000,000

1,024,060

Tax

Allocation,

2011B,

5%,

6/15/30

.....................................

1,000,000

1,023,900

Tax

Allocation,

2011B,

5%,

6/15/31

.....................................

1,000,000

1,023,620

Tax

Allocation,

2012B,

Refunding,

5%,

6/15/22

............................

1,035,000

1,110,990

Tax

Allocation,

2012C,

5%,

6/15/28

....................................

1,000,000

1,068,690

Tax

Allocation,

2012C,

5%,

6/15/30

....................................

1,000,000

1,068,210

Sewer

System,

Revenue,

Second

Lien,

2020A,

4%,

3/01/34

..................

5,000,000

6,294,250

Water

System,

Revenue,

Second

Lien,

2019

A,

5%,

5/01/44

..................

5,500,000

7,127,175

City

of

Sherwood

,

GO

,

2011

,

AGMC

Insured

,

5

%

,

6/01/36

.....................

4,240,000

4,332,686

City

of

Tigard

,

Water,

Revenue,

2012,

Pre-Refunded,

5%,

8/01/37

........................

11,050,000

11,924,828

Water,

Revenue,

2012,

Pre-Refunded,

5%,

8/01/42

........................

20,915,000

22,570,841

Water,

Revenue,

2015,

5%,

8/01/45

....................................

23,545,000

27,669,142

Clackamas

Community

College

District

,

GO,

2017A,

5%,

6/15/38

............................................

760,000

930,521

GO,

2017A,

5%,

6/15/39

............................................

1,000,000

1,222,260

GO,

2017A,

5%,

6/15/40

............................................

1,250,000

1,525,125

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017A,

Zero

Cpn.,

6/15/40

.......................................

10,000,000

4,940,500

GO,

2017A,

Zero

Cpn.,

6/15/41

.......................................

17,030,000

8,017,724

GO,

2017A,

Zero

Cpn.,

6/15/42

.......................................

16,625,000

7,457,310

GO,

2017B,

5%,

6/15/34

............................................

8,000,000

9,998,480

GO,

2017B,

5%,

6/15/37

............................................

10,000,000

12,410,300

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

2,200,642

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

139

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn.,

6/15/37

.............................................

$

12,130,000

$

8,829,184

GO,

Zero

Cpn.,

6/15/38

.............................................

12,495,000

8,819,846

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,754,452

Clackamas

County

School

District

No.

86

Canby

,

GO,

2020

A,

Refunding,

4%,

6/15/35

...................................

580,000

725,794

GO,

2020

A,

Refunding,

4%,

6/15/36

...................................

3,000,000

3,733,770

GO,

2020

A,

Refunding,

4%,

6/15/38

...................................

2,815,000

3,472,950

GO,

2020

A,

Refunding,

4%,

6/15/40

...................................

2,670,000

3,275,049

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,306,772

Coos

County

School

District

No.

13

North

Bend

,

GO

,

2002

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/22

......................................................

55,000

55,212

Coos

County

School

District

No.

9

Coos

Bay

,

GO,

2018,

5%,

6/15/43

.............................................

5,005,000

6,280,975

GO,

2020,

5%,

6/15/42

.............................................

1,770,000

2,311,390

GO,

2020,

5%,

6/15/43

.............................................

1,155,000

1,504,503

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

...

7,010,000

8,004,789

Crook

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/34

..................................

4,475,000

5,010,836

GO,

2013,

Pre-Refunded,

5%,

6/15/37

..................................

8,090,000

9,058,697

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2004A

,

Pre-

Refunded

,

NATL

Insured

,

5

%

,

6/15/21

..................................

85,000

85,332

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

1/01/49

......

5,160,000

5,748,343

St.

Charles

Health

System,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/48

......

8,440,000

9,677,726

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

................................

3,690,000

3,845,903

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

7,671,868

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

8,327,499

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

7,674,060

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn.,

6/15/40

.......................................

705,000

414,512

GO,

2019

B,

Zero

Cpn.,

6/15/41

.......................................

710,000

400,476

GO,

2019

B,

Zero

Cpn.,

6/15/42

.......................................

610,000

330,254

GO,

2019

B,

Zero

Cpn.,

6/15/43

.......................................

820,000

426,416

GO,

2019

B,

Zero

Cpn.,

6/15/44

.......................................

1,115,000

556,251

GO,

2019

B,

Zero

Cpn.,

6/15/45

.......................................

985,000

472,603

GO,

2019

B,

Zero

Cpn.,

6/15/46

.......................................

1,190,000

546,448

GO,

2019

B,

Zero

Cpn.,

6/15/47

.......................................

1,170,000

516,356

GO,

2019

B,

Zero

Cpn.,

6/15/48

.......................................

1,320,000

559,706

GO,

2019

B,

Zero

Cpn.,

6/15/49

.......................................

1,270,000

517,246

Jefferson

County

School

District

No.

509J

,

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,000,000

1,119,740

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,410,000

1,578,833

GO,

2013B,

Pre-Refunded,

5%,

6/15/30

.................................

2,000,000

2,239,480

Klamath

County

School

District

,

GO,

2013,

5%,

6/15/29

.............................................

1,155,000

1,286,335

GO,

2013,

5%,

6/15/30

.............................................

1,095,000

1,218,932

GO,

2013,

5%,

6/15/31

.............................................

1,000,000

1,112,100

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.

140

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

$

1,000,000

$

1,136,880

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO,

2014

A,

5%,

6/15/30

............................................

3,175,000

3,916,585

GO,

2014

A,

5%,

6/15/33

............................................

2,115,000

2,590,938

GO,

2014

A,

5%,

6/15/36

............................................

2,000,000

2,430,720

Lane

Community

College

,

GO,

2020

A,

4%,

6/15/37

............................................

5,345,000

6,613,743

GO,

2020

A,

4%,

6/15/38

............................................

2,500,000

3,079,300

GO,

2020

A,

4%,

6/15/39

............................................

2,795,000

3,434,216

GO,

2020

A,

4%,

6/15/40

............................................

1,200,000

1,470,744

Lebanon

Rural

Fire

Protection

District

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/15/45

.......

5,000,000

5,580,850

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,660,193

Marion

County

School

District

No.

103

Woodburn

,

GO,

2015,

5%,

6/15/33

.............................................

2,930,000

3,468,388

GO,

2015,

5%,

6/15/34

.............................................

3,200,000

3,781,728

GO,

2015,

5%,

6/15/35

.............................................

2,075,000

2,446,155

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

5%,

8/15/45

4,500,000

5,687,685

Rogue

Valley

Manor,

Revenue,

2013A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,594,770

Rogue

Valley

Manor,

Revenue,

2013A,

Refunding,

5%,

10/01/42

..............

9,420,000

9,945,730

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

9,134,175

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

10,950,000

13,232,966

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017B,

5%,

6/15/37

............................................

7,885,000

9,813,592

GO,

2019A,

Zero

Cpn.,

6/15/39

.......................................

9,500,000

5,617,730

Multnomah

County

School

District

No.

3

Parkrose

,

GO,

2011A,

Pre-Refunded,

5%,

6/30/35

.................................

2,000,000

2,055,760

GO,

2011A,

Pre-Refunded,

5%,

6/30/36

.................................

1,500,000

1,541,820

Multnomah

County

School

District

No.

40

,

GO,

2012B,

Zero

Cpn.,

6/15/24

.......................................

1,640,000

1,610,857

GO,

2012B,

Zero

Cpn.,

6/15/25

.......................................

1,325,000

1,291,769

GO,

2012B,

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,487,959

GO,

2012B,

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,508,895

GO,

2012B,

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,309,497

GO,

2012B,

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,350,344

GO,

2012B,

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,664,813

GO,

2012B,

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,750,104

GO,

2012B,

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,679,160

Multnomah

County

School

District

No.

7

Reynolds

,

GO

,

2010

,

Refunding

,

5

%

,

6/01/35

6,605,000

6,620,654

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

5

%

,

6/15/50

.............................................

24,655,000

31,976,302

Oregon

City

School

District

No.

62

,

GO,

2014,

Pre-Refunded,

MAC

Insured,

5%,

6/01/29

.......................

440,000

511,390

GO,

2014,

Refunding,

MAC

Insured,

5%,

6/01/29

..........................

560,000

646,044

GO,

2014,

Pre-Refunded,

MAC

Insured,

5%,

6/01/34

.......................

780,000

906,555

GO,

2014,

Refunding,

MAC

Insured,

5%,

6/01/34

..........................

990,000

1,136,164

GO,

2014,

Pre-Refunded,

MAC

Insured,

5%,

6/01/39

.......................

550,000

639,237

GO,

2014,

Refunding,

MAC

Insured,

5%,

6/01/39

..........................

700,000

805,973

GO,

2018

B,

Refunding,

5%,

6/15/49

...................................

20,000,000

24,957,200

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group,

Revenue,

1995A&B,

NATL

Insured,

Zero

Cpn.,

7/01/21

........................................

2,320,000

2,316,218

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

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Oregon

Health

&

Science

University,

(continued)

Oregon

Health

&

Science

University

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

$

10,000,000

$

12,142,900

Oregon

State

Facilities

Authority

,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...........................

220,000

277,250

Revenue,

2016

A,

Refunding,

5%,

10/01/46

..............................

3,280,000

3,769,442

CHF-Ashland

LLC,

Revenue,

2012,

AGMC

Insured,

5%,

7/01/44

..............

8,910,000

9,463,667

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,625,000

1,619,914

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,679,953

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

4,001,720

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

8,000,000

9,239,120

Lewis

&

Clark

College,

Revenue,

2011

A,

Pre-Refunded,

5.75%,

10/01/41

.......

30,000,000

31,375,800

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,560,080

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

9,034,272

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

8,125,000

10,103,681

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

2,219,978

Oregon

State

Lottery

,

Revenue,

2013A,

5%,

4/01/28

........................................

5,800,000

6,409,928

Revenue,

2013A,

5%,

4/01/32

........................................

5,000,000

5,504,900

Oregon

State

University

,

Revenue

,

2015A

,

5

%

,

4/01/45

.......................

12,500,000

14,286,375

Port

of

Portland

,

Airport,

Revenue,

TWENTY-

FOUR

A,

5%,

7/01/47

.........................

4,700,000

5,507,695

Airport,

Revenue,

TWENTY-

FOUR

B,

5%,

7/01/47

.........................

9,395,000

10,869,639

Airport,

Revenue,

TWENTY

SEVEN

A,

5%,

7/01/38

........................

10,000,000

12,536,500

Airport,

Revenue,

TWENTY

SIX

B,

Refunding,

5%,

7/01/33

..................

650,000

844,707

Airport,

Revenue,

TWENTY

SIX

B,

Refunding,

5%,

7/01/37

..................

800,000

1,027,464

Airport,

Revenue,

TWENTY

SIX

B,

Refunding,

5%,

7/01/40

..................

675,000

860,288

Airport,

Revenue,

TWENTY

SIX

C,

Refunding,

5%,

7/01/28

..................

1,300,000

1,649,128

Airport,

Revenue,

TWENTY-FIVE

A,

5%,

7/01/49

..........................

12,425,000

15,252,806

Airport,

Revenue,

TWENTY-FIVE

B,

5%,

7/01/44

..........................

16,250,000

19,710,112

Airport,

Revenue,

TWENTY-SIX

A,

Refunding,

5%,

7/01/33

..................

500,000

649,775

Airport,

Revenue,

TWENTY-SIX

A,

Refunding,

4%,

7/01/37

..................

600,000

703,482

Airport,

Revenue,

TWENTY-SIX

A,

Refunding,

4%,

7/01/40

..................

500,000

581,635

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

555,000

612,770

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

545,465

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,433,532

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

2,700,000

2,907,711

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/53

.............

1,000,000

1,071,790

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

40,500,000

47,181,285

Salem-Keizer

School

District

No.

24J

,

GO,

2009B,

Zero

Cpn.,

6/15/30

.......................................

8,500,000

7,471,670

GO,

2020

A,

Zero

Cpn.,

6/15/39

.......................................

2,805,000

1,825,522

GO,

2020

A,

Zero

Cpn.,

6/15/40

.......................................

4,500,000

2,832,075

GO,

2020

C,

4%,

6/15/37

............................................

5,000,000

6,202,000

GO,

2020

C,

4%,

6/15/38

............................................

10,000,000

12,317,200

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,286,240

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,948,126

Seaside

School

District

No.

10

,

GO,

2017B,

5%,

6/15/35

............................................

2,000,000

2,494,600

GO,

2017B,

5%,

6/15/36

............................................

2,500,000

3,109,925

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

3,057,442

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.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

State

of

Oregon,

(continued)

GO,

2015

M,

5%,

8/01/45

............................................

$

3,315,000

$

3,892,374

GO,

2015

O,

5%,

8/01/40

............................................

7,005,000

8,288,036

GO,

2017

A,

5%,

5/01/42

............................................

10,000,000

12,384,600

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

18,701,100

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

6,424,050

GO,

2019

G,

5%,

8/01/44

............................................

25,370,000

32,773,981

GO,

2020

E,

Refunding,

5%,

6/01/39

...................................

1,785,000

2,383,564

GO,

2020

E,

Refunding,

5%,

6/01/40

...................................

1,640,000

2,184,660

GO,

H,

Pre-Refunded,

5%,

5/01/36

....................................

1,000,000

1,068,030

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

4,076,840

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

5%,

11/15/37

12,500,000

16,526,500

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

5%,

11/15/42

30,000,000

39,045,300

Department

of

Transportation,

Revenue,

Sub.

Lien,

2020A,

5%,

11/15/40

........

25,000,000

33,465,750

Housing

&

Community

Services

Department,

Revenue,

2010C,

4.75%,

7/01/42

...

65,000

65,240

Housing

&

Community

Services

Department,

Revenue,

2018

B,

2.9%,

7/01/43

....

29,020,000

30,399,611

Housing

&

Community

Services

Department,

Revenue,

2019A,

2.9%,

7/01/43

....

13,905,000

14,759,045

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,659,172

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

3,226,810

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2012

A,

Pre-Refunded,

5%,

9/01/37

............................

11,000,000

11,924,440

Revenue,

2015

A,

Pre-Refunded,

5%,

9/01/40

............................

6,000,000

7,337,760

Revenue,

2018

A,

5%,

10/01/32

.......................................

6,865,000

8,604,385

Revenue,

2018

A,

4%,

9/01/48

........................................

7,850,000

8,972,157

Revenue,

2018

A,

5%,

9/01/48

........................................

18,505,000

22,719,884

Revenue,

Senior

Lien,

2017

A,

5%,

9/01/41

..............................

18,650,000

22,904,065

Umatilla

County

School

District

No.

16R

Pendleton

,

GO

,

2014A

,

Pre-Refunded

,

5

%

,

6/15/37

.........................................................

4,970,000

5,804,413

University

of

Oregon

,

Revenue,

2015A,

5%,

4/01/45

........................................

20,000,000

22,822,200

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

13,629,839

Revenue,

2020A,

5%,

4/01/50

........................................

20,000,000

25,489,800

a

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

308,883

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

200,000

245,984

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/36

.........................

750,000

913,935

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

700,000

847,042

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

11,726,876

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

7,467,540

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2014B,

Pre-Refunded,

5%,

6/15/33

.................................

8,000,000

9,343,120

GO,

2014B,

Pre-Refunded,

5%,

6/15/34

.................................

11,000,000

12,846,790

GO,

2017D,

5%,

6/15/35

............................................

10,000,000

12,544,800

GO,

2017D,

5%,

6/15/36

............................................

10,000,000

12,511,300

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn.,

6/15/38

.......................................

2,350,000

1,340,464

GO,

2018

A,

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,784,187

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012B,

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,279,760

GO,

2012B,

Zero

Cpn.,

6/15/30

.......................................

2,490,000

2,174,293

GO,

2012B,

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,678,891

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

143

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

$

1,600,000

$

1,921,504

1,291,056,192

U.S.

Territories

1.0%

Puerto

Rico

1.0%

Children's

Trust

Fund,

Revenue,

2002,

5.625%,

5/15/43

......................

6,000,000

6,031,800

b

Puerto

Rico

Electric

Power

Authority,

Revenue,

WW-RSA-1,

5.25%,

7/01/33

.......

7,040,000

5,297,600

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

1,100,000

1,305,106

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

400,000

476,496

13,111,002

Total

U.S.

Territories

....................................................................

13,111,002

Total

Municipal

Bonds

(Cost

$1,205,168,686)

...................................

1,304,167,194

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Oregon

1.0%

c

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.09

%

,

8/01/34

............

4,300,000

4,300,000

c

State

of

Oregon

,

GO,

2020

J,

Refunding,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.08%,

6/01/39

..

3,100,000

3,100,000

GO,

2020

M,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.08%,

12/01/44

..........

5,700,000

5,700,000

13,100,000

Total

Municipal

Bonds

(Cost

$13,100,000)

......................................

13,100,000

Total

Short

Term

Investments

(Cost

$13,100,000

)

................................

13,100,000

a

Total

Investments

(Cost

$1,218,268,686)

99.0%

..................................

$1,317,267,194

Other

Assets,

less

Liabilities

1.0%

.............................................

13,524,057

Net

Assets

100.0%

...........................................................

$1,330,791,251

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2020,

the

aggregate

value

of

these

securities

was

$9,617,431,

representing

0.7%

of

net

assets.

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),

November

30,

2020

Franklin

Pennsylvania

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.4%

Pennsylvania

94.8%

Abington

School

District

,

GO

,

2017

A

,

4

%

,

10/01/42

.........................

$

12,000,000

$

13,706,280

Allegheny

County

Higher

Education

Building

Authority

,

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2011A,

Pre-Refunded,

5.5%,

3/01/31

........................................................

3,000,000

3,039,660

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

1,085,130

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,383,759

Allegheny

County

Sanitary

Authority

,

Revenue,

2010,

Refunding,

AGMC

Insured,

5%,

6/01/40

....................

5,000,000

5,000,000

Revenue,

2018,

5%,

6/01/43

.........................................

9,785,000

11,995,236

Revenue,

2020

B,

4%,

6/01/45

........................................

2,000,000

2,391,240

Revenue,

2020

B,

4%,

6/01/50

........................................

2,825,000

3,352,964

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

1,081,150

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

644,754

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,343,878

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/38

1,030,000

1,114,831

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/48

1,000,000

1,069,890

Bradys

Run

Sanitary

Authority

,

Sewer

System

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/45

..............................................

1,580,000

1,815,831

Bucks

County

Industrial

Development

Authority

,

George

School,

Revenue,

2011,

5%,

9/15/41

.............................

5,000,000

5,174,250

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,655,490

Bucks

County

Water

and

Sewer

Authority

,

Revenue,

2010A,

Pre-Refunded,

AGMC

Insured,

5%,

12/01/35

...............

2,500,000

2,500,000

Revenue,

2011,

Pre-Refunded,

AGMC

Insured,

5%,

12/01/41

.................

10,000,000

10,480,000

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015A

,

Refunding

,

5

%

,

7/01/39

.......................................

1,625,000

1,812,623

Canon

Mcmillan

School

District

,

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/44

..........................

6,075,000

6,873,923

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/46

..........................

7,680,000

8,676,634

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/48

..........................

5,250,000

5,920,740

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/50

..........................

6,000,000

6,741,360

Centennial

School

District

Bucks

County

,

GO

,

2010A

,

Refunding

,

5

%

,

12/15/37

.....

5,855,000

5,865,363

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2011

,

Pre-

Refunded

,

5.375

%

,

12/01/41

.........................................

3,000,000

3,153,660

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,454,476

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

2,048,472

Chester

County

Health

and

Education

Facilities

Authority

,

Main

Line

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2020A

,

4

%

,

9/01/50

.......................

4,500,000

5,254,515

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013A,

5%,

8/01/35

...............

500,000

487,290

University

Student

Housing

LLC,

Revenue,

2013A,

5%,

8/01/45

...............

1,500,000

1,447,710

City

of

Bethlehem

,

GO

,

2011B

,

Pre-Refunded

,

AGMC

Insured

,

6.5

%

,

12/01/32

.....

4,970,000

5,115,870

City

of

Philadelphia

,

GO,

2013A,

Pre-Refunded,

5.25%,

7/15/33

..............................

5,000,000

5,156,550

GO,

2019B,

5%,

2/01/36

............................................

3,300,000

4,170,408

GO,

2019B,

5%,

2/01/37

............................................

4,950,000

6,248,682

GO,

2019B,

5%,

2/01/38

............................................

2,500,000

3,154,425

GO,

2019B,

5%,

2/01/39

............................................

2,500,000

3,148,900

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/42

.........................

10,000,000

11,813,600

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

145

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

City

of

Philadelphia,

(continued)

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

$

2,725,000

$

3,036,740

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/50

.........................

3,225,000

3,569,204

Water

&

Wastewater,

Revenue,

2011A,

Pre-Refunded,

5%,

1/01/41

............

13,000,000

13,050,700

Water

&

Wastewater,

Revenue,

2013

A,

Pre-Refunded,

5.125%,

1/01/43

........

5,000,000

5,264,000

Water

&

Wastewater,

Revenue,

2015A,

5%,

7/01/40

........................

10,000,000

11,309,800

Water

&

Wastewater,

Revenue,

2015A,

5%,

7/01/45

........................

5,000,000

5,624,950

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/42

......................

10,000,000

12,235,200

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

6,077,900

Water

&

Wastewater,

Revenue,

2018

A,

5%,

10/01/43

......................

5,000,000

6,221,900

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

6,305,350

Water

&

Wastewater,

Revenue,

2020A,

Refunding,

5%,

11/01/45

..............

5,000,000

6,430,600

Water

&

Wastewater,

Revenue,

2020A,

Refunding,

5%,

11/01/50

..............

5,000,000

6,393,250

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

11,692,300

County

of

Allegheny

,

GO,

Pre-Refunded,

5.375%,

5/01/31

...................................

5,000,000

5,108,900

GO,

C-78,

4%,

11/01/45

.............................................

6,500,000

7,831,785

GO,

C-78,

4%,

11/01/49

.............................................

10,000,000

11,984,600

County

of

Chester

,

GO,

2020,

4%,

7/15/37

.............................................

1,000,000

1,174,620

GO,

2020,

4%,

7/15/39

.............................................

1,120,000

1,310,165

GO,

2020,

4%,

7/15/40

.............................................

1,330,000

1,552,708

County

of

York

,

GO,

2020

B,

4%,

6/01/37

............................................

940,000

1,142,795

GO,

2020

B,

4%,

6/01/38

............................................

860,000

1,042,475

Cumberland

County

Municipal

Authority

,

Dickinson

College

,

Revenue

,

2012

,

5

%

,

11/01/42

........................................................

4,500,000

4,798,755

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,627,825

Dauphin

County

General

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2012A

,

5

%

,

6/01/42

.........................................................

15,590,000

16,412,061

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

3,040,000

3,229,696

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,705,260

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,298,695

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,255,424

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

BAM

Insured

,

5

%

,

11/01/38

................

1,250,000

1,391,987

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

5%,

7/01/45

........................

3,250,000

3,256,305

Student

Services,

Inc.,

Revenue,

2015,

5%,

7/01/47

........................

3,750,000

3,761,438

Erie

City

Water

Authority

,

Revenue

,

2016

,

Refunding

,

5

%

,

12/01/43

..............

6,000,000

7,224,900

Falls

Township

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

12/01/41

..............

2,210,000

2,304,942

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-1,

Refunding,

5%,

2/15/45

........................................................

19,055,000

22,705,557

Geisinger

Health

System

Obligated

Group,

Revenue,

2020A,

Refunding,

4%,

4/01/50

13,000,000

14,949,610

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

6/01/44

.....

11,955,000

13,283,440

York

College

of

Pennsylvania,

Revenue,

2011,

Pre-Refunded,

5.75%,

11/01/41

...

9,500,000

9,717,645

Governor

Mifflin

School

District

,

GO,

2020

A,

4%,

4/01/40

............................................

680,000

784,509

GO,

2020

A,

4%,

4/01/41

............................................

1,700,000

1,956,071

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.

146

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Governor

Mifflin

School

District,

(continued)

GO,

2020

A,

4%,

4/01/44

............................................

$

1,725,000

$

1,971,658

GO,

2020

A,

4%,

4/01/45

............................................

1,750,000

1,995,297

Greater

Johnstown

Water

Authority

,

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/38

.......................

1,740,000

2,030,197

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/41

.......................

2,650,000

3,070,449

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/44

.......................

3,590,000

4,124,695

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/48

.......................

4,210,000

4,803,736

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2011C

,

5

%

,

7/01/41

........

5,000,000

5,105,700

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,930,735

Lancaster

Industrial

Development

Authority

,

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

2,099,954

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,601,438

Latrobe

Industrial

Development

Authority

,

St.

Vincent

College

Corp.

,

Revenue

,

2013

,

5

%

,

5/01/43

......................................................

4,120,000

4,270,462

Lehigh

County

Authority

,

Revenue,

2013A,

Pre-Refunded,

5%,

12/01/43

............................

2,805,000

3,195,372

Revenue,

2013A,

Refunding,

5%,

12/01/43

..............................

2,435,000

2,700,926

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM1,

5.25%,

11/01/38

...................

1,400,000

1,582,868

Lycoming

College,

Revenue,

2013

MM1,

5.25%,

11/01/43

...................

1,495,000

1,687,033

Mckeesport

Area

School

District

,

GO

,

2020

B

,

AGMC

Insured

,

4

%

,

10/01/40

.......

1,500,000

1,774,110

Monroe

County

Hospital

Authority

,

Lehigh

Valley

Health

Network

Obligated

Group

,

Revenue

,

2012A

,

Pre-Refunded

,

5

%

,

1/01/41

.............................

4,000,000

4,199,080

Montgomery

County

Higher

Education

and

Health

Authority

,

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

9/01/43

........................................................

3,000,000

3,530,580

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

11,045,200

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

658,422

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

2,323,423

Main

Line

Health

System,

Inc.

Obligated

Group,

Revenue,

2012A,

Pre-Refunded,

5%,

10/01/41

...................................................

9,600,000

10,214,592

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,713,800

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,219,200

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

10,000,000

11,479,800

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018A,

Refunding,

5%,

8/15/43

...

2,285,000

2,733,248

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018A,

Refunding,

5%,

8/15/48

...

2,500,000

2,965,400

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College,

Revenue,

2019,

5%,

5/01/44

.............................

1,000,000

1,093,720

Wilkes

University,

Revenue,

2012A,

5.25%,

3/01/42

........................

2,400,000

2,431,320

Pennsylvania

Economic

Development

Financing

Authority

,

Aqua

Pennsylvania,

Inc.,

Revenue,

2010B,

5%,

12/01/43

....................

25,000,000

25,053,000

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/29

.

500,000

580,950

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/32

.

1,300,000

1,528,774

UPMC

Obligated

Group,

Revenue,

2014A,

5%,

2/01/45

.....................

5,000,000

5,559,550

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

5,606,650

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

10,003,429

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

147

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

$

6,365,000

$

7,199,070

Bryn

Mawr

College,

Revenue,

2019,

Refunding,

4%,

12/01/44

................

1,000,000

1,176,710

Bryn

Mawr

College,

Revenue,

2019,

Refunding,

4%,

12/01/48

................

2,500,000

2,925,400

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

5/01/50

.....

5,000,000

5,686,950

Foundation

for

Indiana

University

of

Pennsylvania

(The),

Revenue,

2012A,

Pre-

Refunded,

5%,

7/01/41

............................................

1,250,000

1,339,887

Gwynedd

Mercy

University,

Revenue,

2012-KK1,

5.375%,

5/01/42

.............

1,800,000

1,854,414

Shippensburg

University

of

Pennsylvania,

Revenue,

2011,

Pre-Refunded,

6.25%,

10/01/43

.......................................................

7,000,000

7,348,810

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/35

.......................................................

1,400,000

1,521,646

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/44

.......................................................

2,000,000

2,173,780

St.

Francis

University,

Revenue,

2011-JJ2,

Pre-Refunded,

6.25%,

11/01/41

......

3,840,000

4,050,163

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2012,

Pre-Refunded,

5%,

4/01/42

..........................

15,000,000

15,960,300

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

9/01/45

........................................................

7,465,000

8,357,515

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2011A,

Pre-Refunded,

5%,

9/01/41

....................................................

25,000,000

25,302,750

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017A,

5%,

8/15/36

...

2,750,000

3,360,583

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017A,

5%,

8/15/46

...

14,000,000

16,797,620

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018A,

4%,

2/15/43

...

12,575,000

14,261,559

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018A,

5%,

2/15/48

...

5,000,000

6,104,300

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2011A,

Pre-Refunded,

5.75%,

8/15/41

......................................

3,950,000

4,105,314

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

7,544,023

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/42

....................................................

5,000,000

5,727,200

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

10,972,440

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2019,

4%,

8/15/44

....................................................

6,000,000

6,969,000

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2019,

4%,

8/15/49

....................................................

3,000,000

3,461,220

University

of

Sciences,

Revenue,

2012,

5%,

11/01/42

.......................

5,000,000

5,114,250

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

6,406,800

Revenue,

2019-130A,

3%,

10/01/46

....................................

5,000,000

5,222,400

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

11,602,721

Revenue,

2020-133,

2.5%,

10/01/45

...................................

10,000,000

10,297,700

Pennsylvania

State

University

(The)

,

Revenue,

2015A,

Refunding,

5%,

9/01/40

...............................

10,490,000

12,294,909

Revenue,

2016A,

Refunding,

5%,

9/01/41

...............................

10,000,000

11,970,200

Revenue,

2017A,

5%,

9/01/42

........................................

15,750,000

19,391,873

Revenue,

2017A,

5%,

9/01/47

........................................

10,000,000

12,217,600

Revenue,

2018,

5%,

9/01/48

.........................................

5,955,000

7,437,080

Revenue,

2019

A,

5%,

9/01/45

........................................

5,475,000

7,011,504

Revenue,

2019

A,

5%,

9/01/46

........................................

5,780,000

7,392,736

Revenue,

2019

A,

5%,

9/01/49

........................................

6,720,000

8,564,304

Revenue,

2020A,

4%,

9/01/50

........................................

5,000,000

5,826,800

Pennsylvania

Turnpike

Commission

,

Revenue,

2011A,

Pre-Refunded,

5.5%,

12/01/41

..........................

5,000,000

5,000,000

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

8,676,452

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.

148

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Turnpike

Commission,

(continued)

Revenue,

2013

C,

Refunding,

5%,

12/01/43

..............................

$

2,405,000

$

2,651,296

Revenue,

2018A,

5%,

12/01/48

.......................................

18,600,000

23,331,468

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010A,

5.625%,

6/15/42

.................

4,000,000

4,005,600

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/42

5,000,000

5,600,250

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

239,768

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

357,165

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/50

............

2,515,000

2,930,050

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,708,450

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

11,150,000

12,698,512

Philadelphia

Gas

Works

Co.

,

Revenue,

14TH,

Refunding,

5%,

10/01/32

...............................

1,000,000

1,206,720

Revenue,

15TH,

Refunding,

5%,

8/01/42

................................

5,000,000

6,009,600

Revenue,

15TH,

Refunding,

5%,

8/01/47

................................

6,000,000

7,156,080

Revenue,

SIXTEENTH

A,

AGMC

Insured,

4%,

8/01/45

......................

3,750,000

4,397,700

Revenue,

SIXTEENTH

A,

AGMC

Insured,

5%,

8/01/50

......................

7,000,000

8,901,760

Philadelphia

Housing

Authority

,

Revenue

,

2002A

,

AGMC

Insured

,

5

%

,

12/01/21

....

5,000,000

5,019,500

a

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien,

2020

B,

AGMC

Insured,

4%,

9/01/45

...................

1,700,000

2,016,965

Revenue,

First

Lien,

2020

B,

AGMC

Insured,

4%,

9/01/50

...................

6,105,000

7,217,209

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015A

,

5

%

,

8/15/40

........................................

5,000,000

5,607,400

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,645,360

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

19,170,944

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,369,174

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

4,388,370

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

8,584,311

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

3,000,000

3,614,370

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

1,000,000

1,118,440

Township

of

Lower

Paxton

,

GO

,

2020

A

,

4

%

,

4/01/50

.........................

1,100,000

1,269,741

Township

of

Moon

,

GO

,

2020

A

,

4

%

,

11/15/50

..............................

3,270,000

3,750,396

Township

of

Swatara

,

GO

,

2020

,

4

%

,

10/01/50

.............................

3,550,000

4,095,280

Union

County

Higher

Educational

Facilities

Financing

Authority

,

Bucknell

University

,

Revenue

,

2012A

,

Pre-Refunded

,

5

%

,

4/01/42

.............................

5,000,000

5,316,650

Upper

Darby

School

District

,

GO

,

2020

,

AGMC

Insured

,

4

%

,

4/01/45

.............

2,400,000

2,755,104

Upper

Merion

Area

School

District

,

GO

,

2020

,

4

%

,

9/01/49

....................

1,265,000

1,480,164

West

Shore

School

District

,

GO

,

2020

,

4

%

,

11/15/48

.........................

3,845,000

4,532,140

1,034,062,294

U.S.

Territories

0.6%

Puerto

Rico

0.6%

b

Puerto

Rico

Electric

Power

Authority,

Revenue,

XX-RSA-1,

5.25%,

7/01/40

........

5,175,000

3,894,187

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

950,000

1,127,137

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

149

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

$

1,290,000

$

1,536,700

6,558,024

Total

U.S.

Territories

....................................................................

6,558,024

Total

Municipal

Bonds

(Cost

$983,589,309)

.....................................

1,040,620,318

a

a

a

a

Short

Term

Investments

3.7%

Municipal

Bonds

3.7%

Pennsylvania

3.7%

c

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

0.07

%

,

12/01/37

...............................................

28,900,000

28,900,000

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

,

0.11

%

,

7/01/41

................................

11,000,000

11,000,000

39,900,000

Total

Municipal

Bonds

(Cost

$39,900,000)

......................................

39,900,000

Total

Short

Term

Investments

(Cost

$39,900,000

)

................................

39,900,000

a

Total

Investments

(Cost

$1,023,489,309)

99.1%

..................................

$1,080,520,318

Other

Assets,

less

Liabilities

0.9%

.............................................

10,216,027

Net

Assets

100.0%

...........................................................

$1,090,736,345

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),

November

30,

2020

Franklin

Virginia

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

150

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.1%

Virginia

95.3%

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/45

................................

$

975,000

$

1,043,913

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

....................

2,000,000

2,329,980

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

1,150,370

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

4,552,800

City

of

Bristol

,

Revenue

,

2001

,

Refunding

,

AGMC

Insured

,

ETM,

5

%

,

7/15/21

......

270,000

278,035

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,971,202

City

of

Norfolk

,

GO,

2012

C,

Pre-Refunded,

5%,

10/01/42

...............................

7,825,000

7,951,687

GO,

2013A,

Pre-Refunded,

5%,

8/01/32

.................................

5,845,000

6,586,672

GO,

2016A,

Pre-Refunded,

5%,

10/01/41

................................

1,040,000

1,324,378

GO,

2016A,

Pre-Refunded,

5%,

10/01/46

................................

2,500,000

3,183,600

GO,

2019,

Pre-Refunded,

5%,

8/01/44

..................................

3,995,000

5,323,777

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

8,596,785

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

8,551,613

City

of

Portsmouth

,

GO,

2012A,

Pre-Refunded,

5%,

7/15/41

.................................

5,990,000

6,451,590

GO,

2012A,

Refunding,

5%,

7/15/41

....................................

4,010,000

4,286,730

City

of

Richmond

,

Public

Utility,

Revenue,

2013A,

Pre-Refunded,

5%,

1/15/43

..................

10,000,000

11,012,400

Public

Utility,

Revenue,

2016

A,

Refunding,

5%,

1/15/33

.....................

10,000,000

12,286,400

Public

Utility,

Revenue,

2020

A,

4%,

1/15/38

..............................

5,745,000

7,029,869

City

of

Suffolk

,

GO,

2011,

Pre-Refunded,

5%,

2/01/41

..................................

10,000,000

10,079,634

GO,

2012,

Pre-Refunded,

5%,

6/01/42

..................................

10,000,000

10,242,500

City

of

Virginia

Beach

,

Storm

Water

Utility,

Revenue,

2020A,

5%,

11/15/31

........................

2,920,000

4,063,559

Storm

Water

Utility,

Revenue,

2020A,

3%,

11/15/43

........................

4,225,000

4,712,692

County

of

Arlington

,

GO,

2019,

4%,

6/15/34

.............................................

2,000,000

2,477,380

GO,

2020A,

Refunding,

4%,

8/01/38

....................................

9,190,000

11,482,997

County

of

Fairfax

,

GO,

2018A,

4%,

10/01/34

...........................................

3,000,000

3,655,110

GO,

2020A,

Refunding,

5%,

10/01/32

...................................

5,735,000

7,867,388

GO,

2020A,

Refunding,

5%,

10/01/34

...................................

5,000,000

6,812,850

GO,

2020A,

Refunding,

5%,

10/01/35

...................................

5,750,000

7,808,902

GO,

2020A,

Refunding,

5%,

10/01/36

...................................

5,030,000

6,800,811

GO,

2020A,

Refunding,

5%,

10/01/37

...................................

1,980,000

2,669,060

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

3,486,984

County

of

Henrico

,

Water

&

Sewer,

Revenue,

2020A,

3%,

5/01/46

............................

2,150,000

2,370,783

Water

&

Sewer,

Revenue,

2020A,

4%,

5/01/50

............................

6,050,000

7,259,516

County

of

Smyth

,

GO

,

2011

A

,

Pre-Refunded

,

5

%

,

11/01/31

....................

4,145,000

4,327,339

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

6,186,258

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/36

4,865,000

5,282,709

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

10/01/42

1,500,000

1,548,780

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group,

Revenue,

2014

A,

5%,

5/15/44

..........

2,500,000

2,850,325

Inova

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

5/15/48

.

5,000,000

5,749,000

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

151

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

$

3,510,000

$

4,329,129

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

6,110,000

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

...............................

5,000,000

5,475,850

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/31

............................

6,200,000

7,847,216

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

6,473,953

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

14,985,651

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

20,000,000

24,637,400

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

5,172,040

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/60

..............................

2,000,000

2,568,200

Henrico

County

Economic

Development

Authority

,

a

Revenue,

2020,

Refunding,

4%,

10/01/40

................................

500,000

552,265

a

Revenue,

2020,

Refunding,

4%,

10/01/45

................................

725,000

792,454

a

Revenue,

2020,

Refunding,

4%,

10/01/50

................................

1,500,000

1,629,315

Bon

Secours

Health

System,

Inc.

Obligated

Group,

Revenue,

2013C,

Pre-Refunded,

5%,

11/01/30

...................................................

7,000,000

7,634,410

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2017A,

5%,

1/01/42

.

2,000,000

2,101,340

Washington

&

Lee

University

(The),

Revenue,

2013,

Pre-Refunded,

5%,

1/01/43

..

10,000,000

10,520,100

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,396,842

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,857,825

Loudoun

County

Sanitation

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/29

....

4,770,000

5,667,428

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/47

.......................................

4,500,000

5,120,685

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019A,

4%,

6/01/36

.................

1,200,000

1,447,344

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019A,

4%,

6/01/37

.................

500,000

601,210

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019A,

4%,

6/01/38

.................

1,750,000

2,098,635

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/37

.........................................

1,000,000

1,224,710

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

975,144

Revenue,

2019,

5%,

7/01/43

.........................................

2,925,000

3,528,662

Northern

Virginia

Transportation

Authority

,

Special

Tax

,

2014

,

5

%

,

6/01/33

.........

3,000,000

3,462,060

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,404,978

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

3,316,128

Novant

Health

Obligated

Group,

Revenue,

2013B,

Refunding,

5%,

11/01/46

......

10,000,000

10,596,300

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

7,457,565

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/51

.......................................

10,055,000

11,695,775

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

1,038,155

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007E

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/37

.................................

960,000

960,451

University

of

Virginia

,

Revenue,

2013A,

Pre-Refunded,

5%,

6/01/43

.............................

15,000,000

16,788,600

Revenue,

2017

A,

Refunding,

5%,

4/01/47

...............................

9,630,000

11,794,054

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.

152

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

$

6,165,000

$

7,103,375

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

1,960,945

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

2,468,285

Virginia

College

Building

Authority

,

Revenue,

2016

A,

Refunding,

5%,

9/01/27

...............................

4,000,000

5,027,200

Revenue,

2016A,

Refunding,

4%,

2/01/30

...............................

7,000,000

8,099,070

Revenue,

2019A,

4%,

2/01/34

........................................

5,000,000

6,086,050

Revenue,

2020

A,

4%,

2/01/38

........................................

5,000,000

6,132,250

Washington

&

Lee

University

(The),

Revenue,

2015A,

Refunding,

5%,

1/01/40

....

5,000,000

5,672,900

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,814,287

Revenue,

2016,

5%,

9/15/31

.........................................

4,000,000

4,965,640

Revenue,

2019,

4%,

5/15/40

.........................................

13,060,000

15,672,392

Revenue,

2020,

4%,

9/15/35

.........................................

4,000,000

4,954,720

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

4,189,381

Virginia

Public

Building

Authority

,

Revenue

,

2019A

,

4

%

,

8/01/35

................

1,250,000

1,546,688

Virginia

Public

School

Authority

,

Revenue,

2014

B,

Refunding,

5%,

8/01/24

...............................

10,000,000

11,707,900

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

6,904,709

Revenue,

2019A,

5%,

8/01/30

........................................

3,535,000

4,794,733

Revenue,

2019A,

5%,

8/01/31

........................................

2,625,000

3,530,021

Revenue,

2020B,

Refunding,

4%,

8/01/34

...............................

5,190,000

6,566,388

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,991,667

County

of

Prince

William,

Revenue,

2019

A,

3%,

10/01/38

...................

5,455,000

6,218,100

Virginia

Resources

Authority

,

Revenue,

2008,

Refunding,

5%,

11/01/38

................................

135,000

135,386

Revenue,

2011B,

Pre-Refunded,

5%,

11/01/41

............................

9,410,000

9,819,523

Revenue,

2015

A,

5%,

11/01/38

.......................................

5,165,000

6,242,058

Revenue,

2015B,

Refunding,

5%,

11/01/45

...............................

5,255,000

6,288,921

Revenue,

2018C,

Refunding,

5%,

11/01/48

..............................

7,655,000

9,714,272

Revenue,

2020

B,

Refunding,

4%,

11/01/32

..............................

1,470,000

1,882,967

Clean

Water

Revolving

Fund,

Revenue,

2020,

4%,

10/01/52

..................

1,915,000

2,284,959

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2012,

5%,

1/01/40

.............

2,400,000

2,488,080

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2019,

5%,

1/01/44

.............

2,500,000

2,587,550

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020A,

Refunding,

4%,

12/01/49

.....

5,000,000

5,695,850

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

6,600,000

7,560,498

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020A,

Refunding,

4%,

1/01/45

........................................................

750,000

827,505

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

4,000,000

4,725,440

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

8,730,000

10,292,495

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,724,600

608,585,057

U.S.

Territories

3.8%

District

of

Columbia

3.3%

Metropolitan

Washington

Airports

Authority,

Revenue,

2019A,

Refunding,

5%,

10/01/49

5,000,000

6,116,500

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017B,

5%,

7/01/42

........................................

5,000,000

6,057,550

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

153

See

Abbreviations

on

page

160

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

District

of

Columbia

(continued)

Revenue,

2020A,

5%,

7/15/45

........................................

$

7,000,000

$

9,069,340

21,243,390

Puerto

Rico

0.5%

b

Puerto

Rico

Electric

Power

Authority

,

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,040,000

785,200

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

1,900,000

1,429,750

Puerto

Rico

Highway

&

Transportation

Authority,

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.............................................

900,000

1,072,116

3,287,066

Total

U.S.

Territories

....................................................................

24,530,456

Total

Municipal

Bonds

(Cost

$591,483,471)

.....................................

633,115,513

a

a

a

a

Short

Term

Investments

0.2%

Municipal

Bonds

0.2%

Virginia

0.2%

c

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.11

%

,

11/01/36

......................

1,520,000

1,520,000

Total

Municipal

Bonds

(Cost

$1,520,000)

.......................................

1,520,000

Total

Short

Term

Investments

(Cost

$1,520,000

)

.................................

1,520,000

a

Total

Investments

(Cost

$593,003,471)

99.3%

...................................

$634,635,513

Other

Assets,

less

Liabilities

0.7%

.............................................

3,943,531

Net

Assets

100.0%

...........................................................

$638,579,044

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

Notes

to

Statements

of

Investments

(unaudited)

154

Quarterly

Statements

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)

155

Quarterly

Statements

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. Restricted

Securities 

At

November

30,

2020,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

6.

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

November

30,

2020,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Principal

Amount

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Yield

Tax-Free

Income

Fund

1,900,000

Coalview

Centralia

LLC

.......................

4/17/20

$

1,900,000

$

1,898,691

Total

Restricted

Securities

(Value

is

0.03%

of

Net

Assets)

.............

$1,900,000

$1,898,691

    aa

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  

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

................

$—

$26,174,688

$—

$—

$34,712

$26,209,400

965,000

$80,763

Total

Affiliated

Securities

....

$—

$26,174,688

$—

$—

$34,712

$26,209,400

$80,763

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

................

$19,265,675

$14,133,512

$—

$

—

$

550,813

$

33,950,000

1,250,000

$

337,296

Total

Affiliated

Securities

....

$19,265,675

$14,133,512

$—

$—

$550,813

$33,950,000

$337,296

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Intermediate

Tax-Free

Bond

Opportunities

ETF

..........

$2,604,000

$19,301,862

$—

—

358,338

22,264,200

855,000

165,389

Total

Affiliated

Securities

....

$2,604,000

$19,301,862

$—

$—

$358,338

$22,264,200

$165,389

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

156

Quarterly

Statements

of

Investments

7. 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

summary

of

inputs

used

as

of

November

30,

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

.........................

$

—

$

242,101,597

$

—

$

242,101,597

Total

Investments

in

Securities

...........

$—

$242,101,597

$—

$242,101,597

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

970,947,737

—

970,947,737

Short

Term

Investments

...................

—

20,400,000

—

20,400,000

Total

Investments

in

Securities

...........

$—

$991,347,737

$—

$991,347,737

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

729,146,970

—

729,146,970

Short

Term

Investments

...................

—

2,570,000

—

2,570,000

Total

Investments

in

Securities

...........

$—

$731,716,970

$—

$731,716,970

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

201,400,469

—

201,400,469

Short

Term

Investments

...................

—

600,000

—

600,000

Total

Investments

in

Securities

...........

$—

$202,000,469

$—

$202,000,469

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

26,209,400

—

—

26,209,400

Municipal

Bonds

.........................

—

3,621,235,258

—

3,621,235,258

Short

Term

Investments

...................

—

10,100,000

—

10,100,000

Total

Investments

in

Securities

...........

$26,209,400

$3,631,335,258

$—

$3,657,544,658

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

33,950,000

—

—

33,950,000

Municipal

Bonds

.........................

—

1,113,962,236

—

1,113,962,236

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

157

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Assets:

Investments

in

Securities:

Short

Term

Investments

...................

—

$

127,875,000

—

$

127,875,000

Total

Investments

in

Securities

...........

$33,950,000

$1,241,837,236

$—

$1,275,787,236

Franklin

Florida

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

539,360,850

$

—

539,360,850

Short

Term

Investments

...................

—

1,600,000

—

1,600,000

Total

Investments

in

Securities

...........

$—

$540,960,850

$—

$540,960,850

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

467,726,258

—

467,726,258

Short

Term

Investments

...................

—

795,000

—

795,000

Total

Investments

in

Securities

...........

$—

$468,521,258

$—

$468,521,258

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

22,264,200

—

—

22,264,200

U.S.

Government

and

Agency

Securities

.......

—

—

1,898,691

1,898,691

Municipal

Bonds

.........................

—

6,528,309,818

—

6,528,309,818

Short

Term

Investments

...................

—

31,100,000

—

31,100,000

Total

Investments

in

Securities

...........

$22,264,200

$6,559,409,818

$1,898,691

$6,583,572,709

Franklin

Kentucky

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

139,527,222

—

139,527,222

Short

Term

Investments

...................

—

1,900,000

—

1,900,000

Total

Investments

in

Securities

...........

$—

$141,427,222

$—

$141,427,222

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

387,073,871

—

387,073,871

Total

Investments

in

Securities

...........

$—

$387,073,871

$—

$387,073,871

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

424,184,543

—

424,184,543

Short

Term

Investments

...................

—

7,300,000

—

7,300,000

Total

Investments

in

Securities

...........

$—

$431,484,543

$—

$431,484,543

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

451,515,488

—

451,515,488

Short

Term

Investments

...................

—

2,300,000

—

2,300,000

Total

Investments

in

Securities

...........

$—

$453,815,488

$—

$453,815,488

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

958,239,728

—

958,239,728

7. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

158

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Assets:

Investments

in

Securities:

Short

Term

Investments

...................

—

$

6,050,000

—

$

6,050,000

Total

Investments

in

Securities

...........

$—

$964,289,728

$—

$964,289,728

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

1,078,929,810

$

—

1,078,929,810

Short

Term

Investments

...................

—

6,350,000

—

6,350,000

Total

Investments

in

Securities

...........

$—

$1,085,279,810

$—

$1,085,279,810

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

989,754,366

—

989,754,366

Short

Term

Investments

...................

—

10,835,000

—

10,835,000

Total

Investments

in

Securities

...........

$—

$1,000,589,366

$—

$1,000,589,366

Franklin

Municipal

Green

Bond

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

5,976,741

—

5,976,741

Total

Investments

in

Securities

...........

$—

$5,976,741

$—

$5,976,741

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

847,972,272

—

847,972,272

Short

Term

Investments

...................

—

700,000

—

700,000

Total

Investments

in

Securities

...........

$—

$848,672,272

$—

$848,672,272

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

842,463,291

—

842,463,291

Short

Term

Investments

...................

—

22,330,000

—

22,330,000

Total

Investments

in

Securities

...........

$—

$864,793,291

$—

$864,793,291

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,628,107,668

—

1,628,107,668

Short

Term

Investments

...................

—

17,350,000

—

17,350,000

Total

Investments

in

Securities

...........

$—

$1,645,457,668

$—

$1,645,457,668

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,304,167,194

—

1,304,167,194

Short

Term

Investments

...................

—

13,100,000

—

13,100,000

Total

Investments

in

Securities

...........

$—

$1,317,267,194

$—

$1,317,267,194

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,040,620,318

—

1,040,620,318

7. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

159

Quarterly

Statements

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

8.

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

Pennsylvania

Tax-Free

Income

Fund

(continued)

Assets:

Investments

in

Securities:

Short

Term

Investments

...................

—

$

39,900,000

—

$

39,900,000

Total

Investments

in

Securities

...........

$—

$1,080,520,318

$—

$1,080,520,318

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

633,115,513

$

—

633,115,513

Short

Term

Investments

...................

—

1,520,000

—

1,520,000

Total

Investments

in

Securities

...........

$—

$634,635,513

$—

$634,635,513

7. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

160

Quarterly

Statements

of

Investments

Abbreviations

Selected

Portfolio

AGMC

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

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co..

FHA

Federal

Housing

Administration

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.