Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FTFT-Q1PH

1

Statements

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

2

Franklin

Arizona

Tax-Free

Income

Fund

5

Franklin

Colorado

Tax-Free

Income

Fund

12

Franklin

Connecticut

Tax-Free

Income

Fund

18

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

21

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

42

Franklin

Florida

Tax-Free

Income

Fund

53

Franklin

Georgia

Tax-Free

Income

Fund

57

Franklin

High

Yield

Tax-Free

Income

Fund

62

Franklin

Kentucky

Tax-Free

Income

Fund

101

Franklin

Louisiana

Tax-Free

Income

Fund

104

Franklin

Maryland

Tax-Free

Income

Fund

108

Franklin

Massachusetts

Tax-Free

Income

Fund

112

Franklin

Michigan

Tax-Free

Income

Fund

116

Franklin

Minnesota

Tax-Free

Income

Fund

123

Franklin

Missouri

Tax-Free

Income

Fund

131

Franklin

Municipal

Green

Bond

Fund

137

Franklin

New

Jersey

Tax-Free

Income

Fund

140

Franklin

North

Carolina

Tax-Free

Income

Fund

145

Franklin

Ohio

Tax-Free

Income

Fund

150

Franklin

Oregon

Tax-Free

Income

Fund

159

Franklin

Pennsylvania

Tax-Free

Income

Fund

166

Franklin

Virginia

Tax-Free

Income

Fund

174

Notes

to

Statements

of

Investments

179

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Alabama

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

Alabama

96.2%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

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

$

2,000,000

$

2,278,360

Alabama

Federal

Aid

Highway

Finance

Authority

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/37

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

4,130,000

5,161,309

Alabama

Highway

Finance

Corp.

,

Rebuild

Alabama

Act

Gasoline/Diesel

Tax

,

Revenue

,

2020

A

,

5

%

,

8/01/40

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

1,000,000

1,300,891

Alabama

Public

School

and

College

Authority

,

Revenue,

2020

A,

Refunding,

5%,

11/01/33

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

1,000,000

1,344,683

Revenue,

2020

A,

Refunding,

4%,

11/01/40

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

2,000,000

2,444,172

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,575,173

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

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

2,500,000

2,911,913

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

6,000,000

7,312,904

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

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

300,000

392,279

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

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

325,000

423,581

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

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

400,000

519,807

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

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

350,000

424,394

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

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

500,000

604,518

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

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

545,000

651,815

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

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

400,000

477,206

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

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

2,540,000

3,022,606

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

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

705,000

837,367

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,965,712

a

Black

Belt

Energy

Gas

District

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

4

%

,

12/01/31

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

2,000,000

2,489,698

Board

of

Water

&

Sewer

Commissioners

of

the

City

of

Mobile

,

Revenue

,

2014

,

Refunding

,

5

%

,

1/01/36

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

10,000,000

10,714,490

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

BAM

Insured

,

5

%

,

2/01/46

..

6,000,000

6,936,423

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

3,060,872

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

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

7,500,000

8,982,112

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

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

10,000,000

11,816,968

City

of

Huntsville

,

GO,

2018

B,

5%,

5/01/38

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

4,775,000

5,991,815

Water,

Revenue,

2015,

5%,

11/01/35

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

4,000,000

4,676,236

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

3,500,000

4,085,006

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

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

2,590,000

3,047,844

City

of

Pelham

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

2/01/34

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

2,635,000

2,970,105

City

of

Phenix

City

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

8/01/43

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

3,000,000

3,315,592

City

of

Trussville

,

GO,

2014

B,

Pre-Refunded,

5%,

10/01/39

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

1,895,000

2,109,680

GO,

2018

A,

4%,

8/01/41

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

3,000,000

3,545,159

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

5,446,928

County

of

Mobile

,

GO,

2020

A,

Refunding,

4%,

8/01/38

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

1,000,000

1,209,475

b

Revenue,

144A,

2020,

4%,

11/01/45

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

1,000,000

1,054,803

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/36

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

2,000,000

2,263,122

East

Alabama

Health

Care

Authority

(The)

,

Revenue,

2018

A,

4%,

9/01/30

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

1,000,000

1,152,513

Revenue,

2018

A,

5%,

9/01/41

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

3,000,000

3,595,732

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

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/45

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

$

10,000,000

$

11,692,365

Homewood

Educational

Building

Authority

,

Samford

University

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

12/01/49

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

2,500,000

2,818,847

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/41

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

3,000,000

3,451,582

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

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

5,000,000

6,099,367

Revenue,

2020,

Refunding,

4%,

12/01/50

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

5,000,000

5,691,581

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

6,797,059

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

3,504,202

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

5,614,925

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGMC

Insured

,

4

%

,

3/01/41

1,000,000

1,105,550

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

2,314,856

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,921,247

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2011

A

,

5.375

%

,

12/01/35

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

3,000,000

3,067,972

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

10/01/28

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

2,000,000

2,379,434

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,440,581

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

295,942

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,911,858

Tuscaloosa

County

Board

of

Education

,

Special

Tax

,

2017

,

4

%

,

2/01/47

..........

5,000,000

5,727,669

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

6,094,986

University

of

Alabama

(The)

,

Revenue,

2013

D-2,

5%,

10/01/37

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

7,520,000

8,273,367

Revenue,

2018

B2,

5%,

9/01/48

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

5,000,000

6,137,645

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

3,018,705

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,466,165

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue,

2013

B,

Pre-Refunded,

5%,

1/01/43

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

3,745,000

4,034,735

Revenue,

2016

B,

Refunding,

5%,

1/01/43

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

10,000,000

12,203,556

Revenue,

Senior

Lien,

2016

A,

Refunding,

4%,

1/01/35

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

4,000,000

4,629,419

241,806,878

Illinois

0.1%

State

of

Illinois

,

GO

,

2020

B

,

5

%

,

10/01/29

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

280,000

355,215

New

Jersey

0.9%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

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

250,000

279,982

Revenue,

2021

A,

Refunding,

5%,

6/15/33

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

1,000,000

1,299,007

Revenue,

2021

A,

Refunding,

4%,

6/15/34

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

500,000

599,148

2,178,137

U.S.

Territories

1.2%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,221,237

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.

4

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

0.7%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

$

500,000

$

539,897

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

1,079,838

1,619,735

Total

U.S.

Territories

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

2,840,972

Total

Municipal

Bonds

(Cost

$228,891,247)

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

247,181,202

a

a

a

a

a

Total

Investments

(Cost

$228,891,247)

98.4%

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

$247,181,202

Other

Assets,

less

Liabilities

1.6%

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

4,064,855

Net

Assets

100.0%

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

$251,246,057

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2021,

the

value

of

this

security

was

$1,054,803,

representing

0.4%

of

net

assets.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Arizona

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

Arizona

95.6%

Arizona

Board

of

Regents

,

Revenue,

2020

A,

5%,

7/01/35

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

$

1,000,000

$

1,320,078

Arizona

State

University,

Revenue,

2021

C,

Refunding,

5%,

7/01/43

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

400,000

527,381

Arizona

State

University,

Revenue,

2021

C,

Refunding,

4%,

7/01/44

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

1,050,000

1,269,451

Arizona

State

University,

Revenue,

2021

C,

Refunding,

4%,

7/01/45

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

510,000

614,985

Arizona

State

University,

Revenue,

2021

C,

Refunding,

4%,

7/01/46

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

315,000

379,385

Arizona

State

University,

Revenue,

2021

C,

Refunding,

4%,

7/01/51

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

6,250,000

7,482,530

University

of

Arizona

(The),

COP,

2012

C,

Pre-Refunded,

5%,

6/01/31

..........

7,025,000

7,369,463

Arizona

Department

of

Transportation

,

State

Highway

Fund,

Revenue,

2011

A,

Pre-Refunded,

5%,

7/01/36

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

10,000,000

10,039,782

State

Highway

Fund,

Revenue,

2015,

Refunding,

5%,

7/01/31

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

10,000,000

11,379,726

State

Highway

Fund,

Revenue,

2016,

Refunding,

5%,

7/01/36

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

8,680,000

10,436,459

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/39

......

15,000,000

17,148,400

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/42

......

9,535,000

10,865,233

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

2/01/42

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

8,000,000

8,251,704

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

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

2,045,000

2,385,126

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/51

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

1,080,000

1,249,423

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,818,918

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,879,073

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/40

865,000

1,024,814

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/46

2,750,000

3,217,594

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/33

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

1,000,000

1,242,324

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

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

1,630,000

2,002,101

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/39

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

1,000,000

1,225,228

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

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

6,645,000

8,051,802

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

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

5,115,000

5,762,059

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/38

.....

1,175,000

1,221,654

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/54

.....

1,250,000

1,266,532

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/36

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

1,105,000

1,120,354

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/49

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

3,500,000

3,412,922

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

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

2,000,000

1,961,092

a

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/31

..........

315,000

374,391

a

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/41

..........

405,000

468,604

a

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/52

..........

840,000

955,079

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

4%,

2/01/50

.....

11,595,000

13,422,069

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/49

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

3,345,000

4,061,580

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/54

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

3,240,000

3,918,848

Arizona

Sports

&

Tourism

Authority

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

7/01/36

.....

1,550,000

1,609,834

Arizona

State

University

,

Revenue,

2014,

5%,

8/01/33

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

2,200,000

2,509,621

Revenue,

2014,

5%,

8/01/34

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

3,320,000

3,784,203

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)

Arizona

State

University,

(continued)

Revenue,

2014,

5%,

8/01/44

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

$

4,145,000

$

4,696,951

Revenue,

2015

B,

Refunding,

5%,

7/01/41

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

14,070,000

16,395,338

Revenue,

2015

D,

5%,

7/01/41

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

5,000,000

5,826,346

Revenue,

2015

D,

5%,

7/01/46

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

5,000,000

5,826,346

Revenue,

2016

B,

5%,

7/01/42

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

2,000,000

2,385,007

Revenue,

2016

C,

5%,

7/01/46

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

10,000,000

11,896,598

Revenue,

2017

B,

Refunding,

5%,

7/01/43

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

4,005,000

4,868,204

Revenue,

2019

A,

5%,

7/01/43

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

2,100,000

2,675,386

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,184,506

City

of

El

Mirage

,

GO

,

2012

,

AGMC

Insured

,

5

%

,

7/01/42

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

2,200,000

2,298,049

City

of

Glendale

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

5%,

7/01/29

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

1,000,000

1,309,873

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

5%,

7/01/30

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

1,030,000

1,374,609

City

of

Goodyear

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2011,

Pre-Refunded,

AGMC

Insured,

5.25%,

7/01/31

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

1,000,000

1,004,138

Water

&

Sewer,

Revenue,

Sub.

Lien,

2011,

Pre-Refunded,

AGMC

Insured,

5.5%,

7/01/41

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

1,500,000

1,506,509

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

AGMC

Insured,

4%,

7/01/39

600,000

717,282

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGMC

Insured,

4%,

7/01/45

.........

5,000,000

5,901,132

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/40

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

650,000

775,725

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/45

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

7,135,000

8,420,916

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/40

...

15,000,000

17,309,340

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/43

...

9,155,000

10,521,007

City

of

Mesa

,

Utility

System,

Revenue,

2018,

5%,

7/01/32

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

1,000,000

1,266,236

Utility

System,

Revenue,

2018,

5%,

7/01/34

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

1,265,000

1,593,773

Utility

System,

Revenue,

2018,

4%,

7/01/38

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

1,425,000

1,679,456

Utility

System,

Revenue,

2018,

4%,

7/01/39

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

6,135,000

7,215,759

Utility

System,

Revenue,

2018,

5%,

7/01/42

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

15,000,000

18,600,297

Utility

System,

Revenue,

2019

A,

5%,

7/01/43

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

10,000,000

12,652,665

Utility

System,

Revenue,

2020,

Refunding,

4%,

7/01/34

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

2,500,000

3,072,732

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

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

15,090,000

18,192,865

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

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

20,570,000

23,606,833

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/44

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

8,500,000

10,550,313

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

5,000,000

6,140,405

Excise

Tax,

Revenue,

2015

A,

Refunding,

5%,

7/01/41

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

10,000,000

11,609,025

Excise

Tax,

Revenue,

2020

A,

Refunding,

4%,

7/01/39

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

1,200,000

1,461,760

Excise

Tax,

Revenue,

2020

A,

Refunding,

4%,

7/01/45

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

3,550,000

4,263,369

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

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

2,500,000

3,002,242

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

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

1,500,000

1,789,112

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

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

8,420,000

10,021,046

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

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

2,500,000

2,718,938

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

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

3,945,000

4,978,946

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)

City

of

Phoenix

Civic

Improvement

Corp.,

(continued)

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

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

$

2,000,000

$

2,588,311

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

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

2,000,000

2,646,163

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

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

5,000,000

7,412,021

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

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

7,000,000

10,520,657

Wastewater,

Revenue,

Junior

Lien,

2018

A,

5%,

7/01/37

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

1,000,000

1,249,865

Wastewater,

Revenue,

Junior

Lien,

2018

A,

4%,

7/01/39

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

5,000,000

5,807,570

Water

System,

Revenue,

Junior

Lien,

2014

A,

Pre-Refunded,

5%,

7/01/39

.......

10,000,000

11,460,044

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

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

5,000,000

5,962,413

Water

System,

Revenue,

Junior

Lien,

2020

B,

5%,

7/01/44

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

5,000,000

6,489,526

a

Water

System,

Revenue,

Junior

Lien,

2021

A,

5%,

7/01/45

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

3,000,000

3,963,314

City

of

Tempe

,

Revenue

,

2011

A

,

Pre-Refunded

,

5

%

,

7/01/31

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

2,325,000

2,334,249

City

of

Tucson

,

Water

System,

Revenue,

2011,

Pre-Refunded,

5%,

7/01/32

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

5,000,000

5,019,891

Water

System,

Revenue,

2020,

4%,

7/01/36

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

650,000

788,943

Water

System,

Revenue,

2020,

4%,

7/01/37

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

500,000

605,022

Water

System,

Revenue,

2020,

3%,

7/01/39

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

1,150,000

1,267,167

County

of

Maricopa

,

Banner

Health

Obligated

Group

,

Revenue

,

2005

,

Pre-Refunded

,

5

%

,

4/01/35

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

12,090,000

13,686,679

County

of

Pima

,

Sewer

System,

COP,

2020

B,

5%,

7/01/29

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

1,210,000

1,590,434

Sewer

System,

COP,

2020

B,

5%,

7/01/30

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

1,000,000

1,337,631

Sewer

System,

COP,

2020

B,

5%,

7/01/31

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

1,100,000

1,464,769

Glendale

Industrial

Development

Authority

,

Midwestern

University,

Revenue,

2007,

Refunding,

5%,

5/15/31

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

3,455,000

3,572,327

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/41

...........

1,500,000

1,713,540

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/56

...........

4,000,000

4,507,207

Glendale

Municipal

Property

Corp.

,

Revenue

,

Refunding

,

5

%

,

7/01/38

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

18,530,000

19,721,784

Golder

Ranch

Fire

District

,

GO

,

2021

,

4

%

,

7/01/45

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

1,155,000

1,365,692

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

1,187,504

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

2,357,834

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

1,330,000

1,566,565

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

600,000

720,470

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/37

2,000,000

2,379,718

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

8,550,000

10,050,297

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,591,615

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,375,458

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,491,165

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/34

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

1,355,000

1,438,811

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/39

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

5,610,000

5,942,276

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018

A,

5%,

7/01/48

......

1,000,000

1,190,433

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

2017

C,

Refunding,

5%,

12/15/47

........

3,840,000

4,302,682

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Refunding,

5%,

12/15/32

1,765,000

2,021,233

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Refunding,

5%,

6/15/37

2,240,000

2,538,773

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

5,033,547

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

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

1,310,000

1,550,630

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)

Industrial

Development

Authority

of

the

County

of

Yavapai

(The),

(continued)

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

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

$

1,510,000

$

1,762,382

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

8/01/39

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

1,350,000

1,702,092

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

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

3,000,000

3,463,473

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/23

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

110,000

117,306

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/25

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

90,000

102,443

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/26

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

95,000

110,867

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/27

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

75,000

89,534

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/28

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

80,000

97,075

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/29

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

110,000

135,164

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/30

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

100,000

124,134

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/41

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

430,000

484,235

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/46

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

345,000

386,141

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/51

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

580,000

645,925

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,222,493

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

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

9,630,000

11,054,145

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

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

37,590,000

45,906,122

Christian

Care

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/36

......

3,860,000

4,354,889

Christian

Care

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

1/01/40

......

9,740,000

10,932,764

Creighton

University,

Revenue,

2020,

5%,

7/01/47

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

13,000,000

16,177,135

Creighton

University,

Revenue,

2020,

4%,

7/01/50

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

1,695,000

1,935,893

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.

1,000,000

1,193,347

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/52

.

1,000,000

1,171,764

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/37

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

1,000,000

1,252,818

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/50

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

1,715,000

2,100,953

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/37

.......

4,025,000

5,064,252

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/42

.......

4,000,000

4,967,637

HonorHealth

Obligated

Group,

Revenue,

2021

A,

4%,

9/01/51

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

3,275,000

3,840,187

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

3,920,000

4,715,600

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/36

.........

1,120,000

1,257,571

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/47

.........

3,325,000

3,675,800

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

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

13,500,000

14,975,970

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

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

10,000,000

10,326,250

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2003

A,

Refunding,

Mandatory

Put,

1.05%,

6/01/22

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

4,250,000

4,280,814

Maricopa

County

School

District

No.

83-Cartwright

Elementary

,

GO

,

2011

A

,

AGMC

Insured

,

5.375

%

,

7/01/30

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

5,415,000

5,436,686

a

Maricopa

County

Special

Health

Care

District

,

GO

,

2021

D

,

5

%

,

7/01/34

..........

5,845,000

7,835,398

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO,

2013,

5%,

7/01/31

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

5,100,000

5,583,986

GO,

2018,

BAM

Insured,

5%,

7/01/33

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

1,000,000

1,230,318

Maricopa

County

Unified

School

District

No.

48

Scottsdale

,

GO,

2021

D,

3%,

7/01/35

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

5,625,000

6,370,059

GO,

2021

D,

3%,

7/01/37

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

1,350,000

1,519,437

Maricopa

County

Unified

School

District

No.

69

Paradise

Valley

,

GO,

2020

Second,

4%,

7/01/32

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

250,000

304,107

GO,

2020

Second,

4%,

7/01/38

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

1,060,000

1,274,593

GO,

2020

Second,

4%,

7/01/39

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

900,000

1,079,721

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Maricopa

County

Unified

School

District

No.

69

Paradise

Valley,

(continued)

GO,

2021

E,

3%,

7/01/38

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

$

700,000

$

785,833

GO,

2021

E,

3%,

7/01/39

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

800,000

892,167

Maricopa

County

Unified

School

District

No.

95

Queen

Creek

,

GO,

2018,

5%,

7/01/33

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

500,000

590,508

GO,

2018,

5%,

7/01/37

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

1,200,000

1,412,436

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

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

2,000,000

2,404,491

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

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

2,000,000

2,392,323

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

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

1,000,000

1,194,927

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,219,645

Northern

Arizona

University

,

Revenue,

2013,

5%,

8/01/26

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

2,380,000

2,592,153

Revenue,

2014,

Pre-Refunded,

5%,

6/01/40

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

2,820,000

3,212,448

Revenue,

2014,

5%,

6/01/40

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

4,545,000

5,093,215

Revenue,

2014,

Pre-Refunded,

5%,

6/01/44

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

8,005,000

9,131,933

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/38

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

4,000,000

5,137,541

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/39

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

1,355,000

1,751,724

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

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

3,305,000

3,932,146

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

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

2,665,000

3,261,217

GO,

2017,

BAM

Insured,

5%,

7/01/34

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

2,800,000

3,419,333

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017

C,

BAM

Insured,

5%,

7/01/36

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

2,385,000

2,918,674

GO,

2018

D,

AGMC

Insured,

5%,

7/01/38

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

2,500,000

3,039,532

Pinal

County

Community

College

District

,

GO,

2021,

Refunding,

3%,

7/01/35

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

750,000

840,179

GO,

2021,

Refunding,

3%,

7/01/36

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

695,000

776,130

Revenue,

2017,

BAM

Insured,

5%,

7/01/34

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

1,065,000

1,268,832

Pinal

County

Electric

District

No.

3

,

Revenue,

2011,

Pre-Refunded,

5.25%,

7/01/33

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

1,500,000

1,506,270

Revenue,

2011,

Pre-Refunded,

5.25%,

7/01/41

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

6,800,000

6,828,421

Revenue,

2016,

Refunding,

5%,

7/01/35

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

1,195,000

1,422,410

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2012

A,

Refunding,

5%,

12/01/30

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

4,500,000

4,712,583

Revenue,

2016

A,

Refunding,

5%,

1/01/38

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

9,745,000

11,778,269

Revenue,

2017

A,

Refunding,

5%,

1/01/37

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

10,000,000

12,436,092

Revenue,

2017

A,

Refunding,

5%,

1/01/38

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

3,310,000

4,107,998

Revenue,

2017

A,

Refunding,

5%,

1/01/39

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

5,605,000

6,943,151

Revenue,

2019

A,

5%,

1/01/47

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

5,000,000

6,407,208

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

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

10,000,000

13,295,822

Revenue,

2007-1,

5%,

12/01/37

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

5,000,000

7,048,409

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

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

1,000,000

1,123,140

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

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

1,400,000

1,563,115

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

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

3,155,000

3,507,746

Town

of

Gilbert

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

10,000,000

11,585,771

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

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

2,500,000

3,106,304

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

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

5,000,000

6,168,835

Excise

Tax,

Revenue,

2020,

4%,

8/01/45

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

5,710,000

6,812,876

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.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Town

of

Queen

Creek,

(continued)

Excise

Tax,

Revenue,

2020,

4%,

8/01/50

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

$

8,740,000

$

10,368,751

University

Medical

Center

Corp.

,

Banner-University

Medical

Center

Tucson

Campus

LLC,

Revenue,

2011,

Pre-

Refunded,

6%,

7/01/39

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

5,000,000

5,023,628

Banner-University

Medical

Center

Tucson

Campus

LLC,

Revenue,

2013,

Pre-

Refunded,

5.625%,

7/01/36

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

5,000,000

5,565,109

University

of

Arizona

(The)

,

Revenue,

2013,

Pre-Refunded,

5%,

8/01/38

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

4,360,000

4,813,647

Revenue,

2013,

5%,

8/01/38

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

5,790,000

6,318,056

Revenue,

2016,

Refunding,

5%,

6/01/39

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

2,750,000

3,280,754

Revenue,

2018

A,

5%,

6/01/43

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

5,000,000

6,158,658

Revenue,

2019

A,

5%,

6/01/42

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

2,000,000

2,530,518

Revenue,

2020

A,

Refunding,

4%,

8/01/44

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

11,245,000

13,332,254

Revenue,

2021

A,

Refunding,

5%,

6/01/40

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

2,230,000

2,956,649

Revenue,

2021

A,

Refunding,

5%,

6/01/41

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

2,000,000

2,644,174

Revenue,

2021

A,

Refunding,

5%,

6/01/42

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

1,800,000

2,372,699

Revenue,

2021

A,

Refunding,

5%,

6/01/43

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

3,000,000

3,945,652

1,004,346,922

U.S.

Territories

3.1%

Guam

1.3%

Guam

Power

Authority

,

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/39

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

6,490,000

7,239,567

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/44

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

5,325,000

5,911,740

13,151,307

Puerto

Rico

1.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

3,700,000

3,995,240

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

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

750,000

817,843

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

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

770,000

910,897

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

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

1,970,000

2,263,394

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

2,790,000

3,296,382

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

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

5,050,000

5,504,423

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

2,290,000

2,485,416

19,273,595

Total

U.S.

Territories

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

32,424,902

Total

Municipal

Bonds

(Cost

$957,185,030)

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

1,036,771,824

a

a

a

a

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

11

See

Abbreviations

on

page

184

.

Short

Term

Investments

1.1%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.1%

Arizona

1.1%

c

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

1/01/46

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

$

8,135,000

$

8,135,000

c

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

2/01/48

3,000,000

3,000,000

11,135,000

Total

Municipal

Bonds

(Cost

$11,135,000)

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

11,135,000

Total

Short

Term

Investments

(Cost

$11,135,000

)

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

11,135,000

a

Total

Investments

(Cost

$968,320,030)

99.8%

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

$1,047,906,824

Other

Assets,

less

Liabilities

0.2%

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

2,581,049

Net

Assets

100.0%

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

$1,050,487,873

a

Security

purchased

on

a

when-issued

basis.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Colorado

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.2%

Colorado

98.1%

Adams

&

Weld

Counties

School

District

No.

27J

Brighton

,

GO

,

2015

,

5

%

,

12/01/40

..

$

7,500,000

$

8,865,986

Adams

12

Five

Star

Schools

,

GO

,

2016

B

,

Refunding

,

5

%

,

12/15/36

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

5,000,000

6,057,282

Adams

State

University

,

Revenue,

2012,

Pre-Refunded,

5%,

5/15/37

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

370,000

385,914

Revenue,

2012,

5%,

5/15/37

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

630,000

657,014

Revenue,

2019

A,

Refunding,

4%,

5/15/42

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

1,515,000

1,776,809

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,501,603

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

8,389,249

Arapahoe

County

School

District

No.

5

Cherry

Creek

,

GO,

2021,

5%,

12/15/35

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

2,250,000

3,028,910

GO,

2021,

5%,

12/15/36

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

2,965,000

3,979,180

GO,

2021,

5%,

12/15/37

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

1,000,000

1,338,263

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

12,980,000

17,118,678

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,213,986

Auraria

Higher

Education

Center

,

Revenue

,

2013

A

,

AGMC

Insured

,

5

%

,

4/01/34

...

6,150,000

6,645,621

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013

A,

Refunding,

5%,

3/01/43

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

5,000,000

7,295,360

Revenue,

Pre-Refunded,

5%,

3/01/44

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

5,135,000

5,571,662

Revenue,

2015

A,

Pre-Refunded,

5%,

3/01/40

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

3,990,000

4,665,431

Revenue,

2015

A,

5%,

3/01/40

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

3,010,000

3,453,444

Revenue,

2016

B,

Refunding,

5%,

3/01/41

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

1,000,000

1,209,964

Revenue,

2017

E,

Refunding,

4%,

3/01/43

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

4,500,000

5,174,914

Revenue,

2019

A,

Refunding,

5%,

3/01/49

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

4,000,000

5,055,917

Revenue,

A,

Refunding,

4%,

3/01/40

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

5,000,000

5,744,185

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

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

10,000,000

12,258,649

Boulder

Valley

School

District

No.

Re-2

Boulder

,

GO

,

2015

,

5

%

,

12/01/41

.........

5,000,000

5,781,779

a,b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

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

1,440,000

1,586,397

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

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

1,150,000

1,354,565

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

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

3,000,000

3,750,636

Revenue,

2019,

5.25%,

12/01/48

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

6,760,000

8,518,681

Central

Weld

County

Water

District

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/40

..

1,000,000

1,189,488

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/50

........

2,000,000

2,372,712

City

&

County

of

Denver

,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

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

3,500,000

3,974,674

Revenue,

2018

A-1,

5%,

8/01/48

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

5,000,000

5,897,915

Revenue,

2021

A,

4%,

8/01/33

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

1,250,000

1,566,305

Revenue,

2021

A,

4%,

8/01/34

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

1,000,000

1,243,693

Airport

System,

Revenue,

2013

B,

5%,

11/15/43

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

5,000,000

5,531,748

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

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

5,000,000

6,271,229

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

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

4,440,000

5,534,641

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

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

3,000,000

3,871,224

City

of

Aurora

,

Water,

Revenue,

First

Lien,

2016,

Refunding,

5%,

8/01/41

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

3,000,000

3,581,704

Water,

Revenue,

First

Lien,

2016,

Refunding,

5%,

8/01/46

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

5,000,000

5,930,831

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2013

B-1,

5%,

11/15/38

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

4,000,000

4,425,398

Utilities

System,

Revenue,

2014

A-2,

5%,

11/15/44

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

5,000,000

5,675,166

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/40

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

3,000,000

3,523,041

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

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

2,665,000

3,106,836

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)

City

of

Colorado

Springs,

(continued)

Utilities

System,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/47

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

$

6,000,000

$

7,289,362

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

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

5,000,000

6,206,159

Utilities

System,

Revenue,

2020

C,

5%,

11/15/50

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

3,000,000

3,864,251

City

of

Commerce

City

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

8/01/41

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

4,000,000

4,735,868

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

16,814,701

City

of

Grand

Junction

,

COP,

2021,

4%,

12/01/40

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

1,500,000

1,805,983

COP,

2021,

4%,

12/01/45

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

1,000,000

1,189,533

Revenue,

2020

B,

4%,

3/01/45

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

1,500,000

1,778,884

Revenue,

2020

B,

4%,

3/01/49

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

1,240,000

1,463,795

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

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

5,280,000

5,295,657

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

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

175,000

199,009

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

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

150,000

168,680

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

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

370,000

411,488

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/61

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

550,000

606,083

Pinnacle

Charter

School,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

.......

5,820,000

6,811,253

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

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

715,000

856,414

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

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

3,950,000

4,809,225

West

Ridge

Academy

Charter

School,

Revenue,

2019

A,

Refunding,

5%,

6/01/49

..

400,000

435,856

Windsor

Charter

Academy,

Revenue,

2020,

Refunding,

4%,

9/01/50

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

2,400,000

2,797,364

Colorado

Health

Facilities

Authority

,

Adventist

Health

System/Sunbelt

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

11/15/41

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

3,000,000

3,347,210

Adventist

Health

System/Sunbelt

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

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

5,000,000

6,422,274

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

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

1,575,000

1,856,855

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

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

850,000

996,140

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

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

705,000

824,088

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

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

835,000

973,729

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

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

725,000

843,637

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

3,466,371

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

4.75%,

9/15/53

.........

1,500,000

1,684,160

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

5,000,000

5,867,178

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

3,000,000

3,765,146

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,499,038

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

5,000,000

5,664,601

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013

A,

Pre-

Refunded,

5.75%,

12/01/36

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

5,000,000

5,690,907

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

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

7,150,000

8,048,034

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

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

5,000,000

5,858,361

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

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

5,700,000

6,507,574

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2012,

Pre-

Refunded,

5%,

12/01/33

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

2,500,000

2,622,585

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.5%,

6/01/33

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

1,000,000

1,106,226

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.625%,

6/01/43

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

$

4,000,000

$

4,434,870

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/40

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

4,000,000

4,723,677

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/45

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

2,750,000

3,247,528

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2017,

Pre-

Refunded,

5%,

6/01/47

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

6,000,000

7,452,876

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,754,667

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

6,275,000

7,082,373

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/01/39

..........

1,000,000

1,190,161

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/44

..........

10,455,000

13,221,881

Sisters

of

Charity

of

Leavenworth

Health

System,

Inc.

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

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

3,660,000

4,354,769

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

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

2,000,000

2,252,529

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

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

1,000,000

1,126,264

Colorado

High

Performance

Transportation

Enterprise

,

Revenue

,

2017

,

5

%

,

12/31/47

2,555,000

2,943,491

Colorado

Higher

Education

,

COP

,

2020

,

4

%

,

9/01/39

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

4,010,000

4,914,613

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

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

1,000,000

1,069,135

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

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

1,000,000

1,067,952

Colorado

Mesa

University

,

Revenue,

2016,

5%,

5/15/45

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

4,000,000

4,737,292

Revenue,

2019

B,

5%,

5/15/44

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

1,000,000

1,256,556

Revenue,

2019

B,

5%,

5/15/49

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

1,565,000

1,957,167

Colorado

School

of

Mines

,

Revenue,

2012

B,

5%,

12/01/32

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

110,000

117,367

Revenue,

2017

A,

5%,

12/01/42

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

2,450,000

3,055,307

Revenue,

2017

A,

5%,

12/01/47

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

3,000,000

3,734,987

Colorado

Water

Resources

&

Power

Development

Authority

,

Revenue

,

2013

A

,

AGMC

Insured

,

5

%

,

9/01/38

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

1,210,000

1,276,137

Commerce

City

,

Northern

Infrastructure

General

Improvement

District

,

GO

,

2013

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/31

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

2,040,000

2,179,485

County

of

Pueblo

,

COP

,

2012

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

9/15/42

........

10,000,000

10,630,960

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

3,145,181

Denver

City

&

County

School

District

No.

1

,

COP,

2013

C,

5%,

12/15/30

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

4,000,000

4,448,463

COP,

2020

A,

5%,

12/01/42

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

2,000,000

2,589,685

GO,

2017,

5%,

12/01/41

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

12,440,000

14,938,195

GO,

2021,

4%,

12/01/45

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

5,000,000

6,059,262

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

11,333,878

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

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

5,255,000

6,351,768

Revenue,

2014

A,

5.25%,

12/01/45

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

9,250,000

10,061,860

Revenue,

2019

A,

Refunding,

5%,

12/01/30

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

1,000,000

1,288,299

Revenue,

2019

A,

Refunding,

5%,

12/01/31

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

1,400,000

1,794,618

Revenue,

2019

A,

Refunding,

5%,

12/01/33

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

3,300,000

4,205,157

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

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

$

350,000

$

362,918

c,d

E-470

Public

Highway

Authority

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

0.357

%

,

9/01/24

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

4,000,000

4,001,192

Eagle

River

Water

and

Sanitation

District

,

GO,

2016,

5%,

12/01/45

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

1,360,000

1,614,005

Revenue,

2012,

Pre-Refunded,

5%,

12/01/42

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

3,500,000

3,751,580

Revenue,

2020

A,

AGMC

Insured,

4%,

12/01/49

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

7,200,000

8,426,582

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/38

1,000,000

1,192,536

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

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

520,000

614,735

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

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

875,000

1,030,647

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

5,000,000

6,315,792

Little

Thompson

Water

District

,

Revenue

,

2020

,

4

%

,

12/01/50

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

1,200,000

1,448,110

Meridian

Metropolitan

District

,

GO

,

2011

A

,

Pre-Refunded

,

5

%

,

12/01/41

..........

5,000,000

5,117,688

Metropolitan

State

University

of

Denver

,

Revenue

,

2016

,

5

%

,

12/01/45

...........

4,000,000

4,690,723

Morgan

County

Quality

Water

District

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

1,200,000

1,407,778

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

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

1,000,000

1,160,942

GO,

2016,

Refunding,

5%,

12/01/46

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

1,500,000

1,716,189

Park

Creek

Metropolitan

District

,

Revenue,

2017

A,

5%,

12/01/41

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

3,000,000

3,457,476

Revenue,

2017

A,

5%,

12/01/46

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

2,500,000

2,865,971

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

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

7,000,000

8,031,274

Revenue,

Senior

Lien,

2018

A,

5%,

12/01/46

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

2,875,000

3,499,094

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

8,042,259

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

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

550,000

569,975

Platte

River

Power

Authority

,

Revenue

,

II

,

Pre-Refunded

,

5

%

,

6/01/37

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

5,000,000

5,242,587

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

15,454,770

Pueblo

City

Schools

,

GO

,

2020

,

5

%

,

12/15/38

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

3,000,000

3,876,528

Pueblo

Urban

Renewal

Authority

,

Revenue,

2011

B,

Pre-Refunded,

5.25%,

12/01/28

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

1,000,000

1,025,543

Revenue,

2011

B,

Pre-Refunded,

5.5%,

12/01/31

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

1,010,000

1,037,053

Revenue,

2011

B,

Pre-Refunded,

5.25%,

12/01/38

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

3,615,000

3,707,339

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

1/15/33

........

550,000

669,055

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,000,000

1,204,263

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/36

........

750,000

898,972

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/38

........

700,000

833,506

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/41

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

10,000,000

11,972,623

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/46

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

11,000,000

13,061,983

Sales

Tax,

Revenue,

2021

B,

Refunding,

5%,

11/01/29

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

5,000,000

6,626,228

Roaring

Fork

Transportation

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/44

....

1,000,000

1,177,375

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

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

2,665,000

3,185,379

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

500,000

542,352

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

6,591,956

State

of

Colorado

,

COP,

2013

I,

Pre-Refunded,

5%,

3/15/36

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

3,000,000

3,398,977

COP,

2017

J,

5.25%,

3/15/42

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

5,000,000

6,108,422

COP,

2019

O,

4%,

3/15/44

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

5,000,000

5,834,258

COP,

2020,

Refunding,

4%,

6/15/39

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

1,000,000

1,203,139

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.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

State

of

Colorado,

(continued)

COP,

2020,

Refunding,

4%,

6/15/40

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

$

1,315,000

$

1,579,204

COP,

2020,

Refunding,

4%,

6/15/41

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

1,275,000

1,522,341

COP,

2020

A,

4%,

12/15/39

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

2,750,000

3,334,140

COP,

2020

R,

4%,

3/15/45

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

7,000,000

8,243,506

University

of

Colorado,

COP,

2013

A,

Refunding,

5%,

11/01/29

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

3,105,000

3,435,899

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,347,134

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

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

500,000

550,477

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

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

1,250,000

1,397,277

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

4,500,000

5,322,179

Town

of

Castle

Rock

,

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/31

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

1,800,000

1,975,173

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/32

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

1,845,000

2,024,553

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/35

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

2,775,000

3,045,059

Town

of

Firestone

,

Water

Enterprise

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/49

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

1,400,000

1,650,857

Town

of

Monument

,

COP,

2020,

AGMC

Insured,

4%,

12/01/40

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

1,000,000

1,126,101

COP,

2020,

AGMC

Insured,

4%,

12/01/45

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

1,000,000

1,115,869

University

of

Colorado

,

Revenue,

2015

A,

Pre-Refunded,

5%,

6/01/38

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

5,655,000

6,690,450

Revenue,

2018

B,

5%,

6/01/48

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

5,000,000

6,158,113

Revenue,

2019

B,

Refunding,

5%,

6/01/44

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

3,385,000

4,251,866

Revenue,

2019

B,

Refunding,

5%,

6/01/49

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

3,295,000

4,113,617

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

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

2,500,000

2,992,607

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

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

380,000

446,561

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

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

480,000

557,412

Weld

County

School

District

No.

6

Greeley

,

GO

,

2020

,

5

%

,

12/01/40

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

8,750,000

11,331,409

Weld

County

School

District

No.

RE-4

,

GO

,

2016

,

5.25

%

,

12/01/41

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

5,000,000

6,109,094

Weld

County

School

District

No.

Re-5J

,

GO

,

2021

,

4

%

,

12/01/45

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

5,000,000

6,093,708

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

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

630,000

777,046

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

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

500,000

610,351

Woodmoor

Water

&

Sanitation

District

No.

1

,

Revenue

,

2011

,

5

%

,

12/01/36

........

5,000,000

5,114,305

749,544,855

U.S.

Territories

1.1%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,831,855

Puerto

Rico

0.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

1,200,000

1,295,753

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

1,079,838

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

1,670,000

1,973,103

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

17

See

Abbreviations

on

page

184

.

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,

(continued)

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

$

1,485,000

$

1,611,722

5,960,416

Total

U.S.

Territories

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

7,792,271

Total

Municipal

Bonds

(Cost

$698,141,429)

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

757,337,126

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Colorado

0.3%

e

City

&

County

of

Denver

,

COP

,

2008

A-2

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/29

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

600,000

600,000

e

Colorado

Educational

&

Cultural

Facilities

Authority

,

Daughters

of

Israel,

Inc.

,

Revenue

,

B-4

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/35

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

1,500,000

1,500,000

2,100,000

Total

Municipal

Bonds

(Cost

$2,100,000)

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

2,100,000

Total

Short

Term

Investments

(Cost

$2,100,000

)

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

2,100,000

a

Total

Investments

(Cost

$700,241,429)

99.5%

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

$759,437,126

Other

Assets,

less

Liabilities

0.5%

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

4,340,645

Net

Assets

100.0%

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

$763,777,771

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

May

31,

2021,

the

value

of

this

security

was

$1,586,397,

representing

0.2%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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),

May

31,

2021

Franklin

Connecticut

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.1%

Connecticut

96.4%

City

of

Ansonia

,

GO,

2021

A,

AGMC

Insured,

4%,

2/15/31

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

$

170,000

$

211,820

GO,

2021

A,

AGMC

Insured,

4%,

2/15/33

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

100,000

123,401

GO,

2021

A,

AGMC

Insured,

4%,

2/15/34

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

100,000

122,983

GO,

2021

A,

AGMC

Insured,

3%,

2/15/37

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

500,000

555,491

City

of

Bridgeport

,

GO

,

2012

A

,

Pre-Refunded

,

5

%

,

2/15/32

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

7,800,000

8,067,864

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,181,538

City

of

New

Haven

,

GO

,

2002

C

,

NATL

Insured

,

ETM,

5

%

,

11/01/22

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

25,000

25,086

City

of

Stamford

,

GO,

2021

A,

Refunding,

2%,

8/15/34

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

2,205,000

2,290,150

Water

Pollution

Control

System

&

Facility,

Revenue,

2013

A,

5.25%,

8/15/43

.....

1,000,000

1,103,285

Water

Pollution

Control

System

&

Facility,

Revenue,

2020

A,

4%,

11/15/45

.......

1,175,000

1,413,764

Connecticut

Housing

Finance

Authority

,

Revenue,

10,

5%,

6/15/28

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

420,000

420,399

Revenue,

13,

5%,

6/15/40

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

1,500,000

1,501,425

Revenue,

2019

E-E1,

3.05%,

11/15/44

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

5,000,000

5,264,735

Revenue,

2019

E-E1,

3.1%,

11/15/49

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

2,000,000

2,094,203

Revenue,

2020

C-1,

Refunding,

2.05%,

5/15/37

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

1,000,000

1,013,938

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

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

1,000,000

1,014,431

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2013

A

,

5

%

,

1/01/38

..

3,000,000

3,203,495

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/34

345,000

422,384

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/35

310,000

377,950

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

583,513

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

600,000

727,159

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

381,401

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

458,580

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

1,031,848

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

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

5,000,000

5,550,648

Connecticut

State

University

System,

Revenue,

N,

Pre-Refunded,

5%,

11/01/29

...

5,060,000

5,647,179

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

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

4,000,000

4,709,894

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

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

9,000,000

10,604,619

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

1,141,537

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

6,310,000

7,157,141

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

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

8,250,000

9,342,443

Sacred

Heart

University,

Inc.,

Revenue,

2012

H,

Pre-Refunded,

AGMC

Insured,

5%,

7/01/28

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

2,290,000

2,411,408

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

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

4,375,000

5,221,200

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

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

1,200,000

1,391,661

Stamford

Hospital

Obligated

Group

(The),

Revenue,

J,

5%,

7/01/42

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

5,000,000

5,186,588

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/41

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

2,430,000

2,637,218

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/46

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

2,210,000

2,373,948

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

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

5,000,000

5,993,073

Trustees

of

Trinity

College

(The),

Revenue,

R,

Refunding,

4%,

6/01/45

..........

2,500,000

2,907,402

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

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

5,000,000

5,428,700

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

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

1,700,000

1,758,383

Revenue,

2020

D,

Refunding,

3%,

11/15/35

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

1,145,000

1,185,695

a

Revenue,

2021

B,

2.25%,

11/15/37

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

2,500,000

2,500,564

Connecticut

Transmission

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2012

A

,

5

%

,

1/01/42

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

5,000,000

5,123,038

Metropolitan

District

(The)

,

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/36

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

5,000,000

5,204,631

Revenue,

2014

A,

5%,

11/01/42

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

5,000,000

5,638,073

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Connecticut

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)

Connecticut

(continued)

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

A-Thirtieth,

Pre-Refunded,

5%,

8/01/39

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

$

1,500,000

$

1,724,393

Revenue,

A-Thirtieth,

Pre-Refunded,

5%,

8/01/44

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

1,615,000

1,856,596

Revenue,

Second

Series,

B-Thirty

Second,

Refunding,

5%,

8/01/38

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

1,720,000

2,059,243

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/36

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

5,000,000

6,048,133

GO,

2020

A,

4%,

1/15/38

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

2,250,000

2,700,678

GO,

2020

C,

4%,

6/01/39

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

600,000

724,245

Special

Tax,

2013,

5%,

10/01/30

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

5,000,000

5,513,183

Special

Tax,

2016

A,

5%,

9/01/33

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

1,000,000

1,199,782

Special

Tax,

2018

A,

5%,

1/01/36

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

1,000,000

1,235,667

Special

Tax,

2020

A,

5%,

5/01/37

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

500,000

650,376

Special

Tax,

2020

A,

4%,

5/01/39

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

1,000,000

1,197,237

Special

Tax,

2021

A,

4%,

5/01/40

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

1,000,000

1,211,123

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

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

1,400,000

1,716,618

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/34

.......

5,000,000

5,816,368

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/35

.......

1,000,000

1,162,060

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017

A,

5%,

5/01/37

.......

3,000,000

3,675,932

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2019

A,

4%,

2/01/37

.......

1,500,000

1,800,635

Town

of

Darien

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/01/39

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

350,000

410,990

Town

of

Stafford

,

GO,

2021,

Refunding,

3%,

2/01/36

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

250,000

274,801

GO,

2021,

Refunding,

3%,

2/01/38

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

310,000

338,833

GO,

2021,

Refunding,

3%,

2/01/41

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

300,000

325,636

Town

of

Stratford

,

GO,

2017,

AGMC

Insured,

5%,

7/01/33

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

1,000,000

1,168,776

GO,

2020

A,

Refunding,

BAM

Insured,

5%,

7/01/31

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

1,000,000

1,319,487

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/36

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

300,000

359,897

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/38

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

300,000

357,905

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/40

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

300,000

356,326

Town

of

Windham

,

GO

,

2020

,

Refunding

,

4

%

,

8/15/45

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

2,000,000

2,350,475

University

of

Connecticut

,

Revenue,

2013

A,

5%,

8/15/28

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

6,590,000

7,201,076

Revenue,

2014

A,

5%,

2/15/31

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

2,000,000

2,237,057

Revenue,

2017

A,

5%,

1/15/37

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

1,000,000

1,208,453

Revenue,

2020

A,

5%,

2/15/39

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

1,000,000

1,279,066

Revenue,

2020

A,

5%,

2/15/40

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

1,000,000

1,276,625

Revenue,

2020

A,

5%,

2/15/41

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

995,000

1,267,327

194,730,885

Illinois

0.6%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

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

1,000,000

1,142,510

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

...

230,000

240,084

U.S.

Territories

2.0%

Puerto

Rico

2.0%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

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

2,010,000

2,256,891

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.

20

See

Abbreviations

on

page

184

.

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,

(continued)

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

$

1,480,000

$

1,748,618

4,005,509

Total

U.S.

Territories

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

4,005,509

Total

Municipal

Bonds

(Cost

$188,730,587)

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

200,118,988

a

a

a

a

a

Total

Investments

(Cost

$188,730,587)

99.1%

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

$200,118,988

Other

Assets,

less

Liabilities

0.9%

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

1,809,651

Net

Assets

100.0%

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

$201,928,639

a

Security

purchased

on

a

when-issued

basis.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

21

a

a

Shares

a

Value

a

Management

Investment

Companies

1.8%

Capital

Markets

1.8%

a

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

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

2,515,000

$

68,395,676

Total

Management

Investment

Companies

(Cost

$68,628,312)

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

68,395,676

Principal

Amount

a

a

a

a

Commercial

Mortgage-Backed

Securities

0.2%

Thrifts

&

Mortgage

Finance

0.2%

Washington

State

Housing

Finance

Commission

,

2021-1

,

A

,

3.5

%

,

12/20/35

.......

$

7,000,000

8,148,216

Total

Commercial

Mortgage-Backed

Securities

(Cost

$7,941,220)

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

8,148,216

Municipal

Bonds

97.7%

Alabama

1.6%

Alabama

Public

School

and

College

Authority

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

1/01/27

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

25,000,000

28,548,550

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

633,173

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

626,253

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

556,553

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/39

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

2,250,000

2,661,962

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/27

.......

4,920,000

5,856,127

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/28

.......

5,000,000

5,921,490

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

3,460,339

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,589,174

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,732,768

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

4,019,882

59,606,271

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

2,061,227

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,563,602

3,624,829

Arizona

3.0%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/29

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

10,920,000

12,433,872

Arizona

Health

Facilities

Authority

,

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

2/01/27

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

6,000,000

6,194,926

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,388,019

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

752,280

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

786,796

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,244,067

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,378,934

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)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

$

1,250,000

$

1,542,125

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,292,371

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/37

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

1,105,000

1,311,912

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/38

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

600,000

710,496

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/35

.....

500,000

648,356

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/36

.....

750,000

970,250

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/37

.....

600,000

773,989

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/38

.....

1,000,000

1,286,734

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

3%,

2/01/39

.....

1,200,000

1,295,322

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

3,015,557

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

12,397,004

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

3,500,000

4,432,364

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

10,225,000

12,915,730

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

9,720,000

11,654,003

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/36

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

6,380,000

7,630,067

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

684,756

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

547,585

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

674,432

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/30

.......

850,000

1,088,088

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

.......

1,000,000

1,275,658

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/32

.......

1,000,000

1,272,475

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/33

.......

800,000

1,015,267

Pima

County

Regional

Transportation

Authority

,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,709,032

Revenue,

2014,

5%,

6/01/26

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

7,180,000

7,855,193

Scottsdale

Municipal

Property

Corp.

,

Revenue,

2015,

Refunding,

5%,

7/01/26

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

2,580,000

3,054,261

Revenue,

2015,

Pre-Refunded,

5%,

7/01/27

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

2,000,000

2,372,882

Revenue,

2015,

Pre-Refunded,

5%,

7/01/28

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

3,325,000

3,944,917

113,549,720

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

4,992,721

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

4,630,000

5,880,099

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

3,625,000

4,590,420

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

1,250,000

1,578,302

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

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

1,000,000

1,259,520

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

1,000,000

1,256,547

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)

Arkansas

(continued)

City

of

Fort

Smith

,

Sales

&

Use

Tax

,

Revenue

,

2012

,

Refunding

,

5

%

,

5/01/23

......

$

5,000,000

$

5,217,060

24,774,669

California

6.6%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

7,000,000

8,242,337

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,870,379

b,c

California

Infrastructure

&

Economic

Development

Bank

,

Revenue

,

2018

B

,

Mandatory

Put

,

0.4

%

,

(

SIFMA

Municipal

Swap

Index

+

0.35

%

),

8/01/24

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

5,000,000

5,001,091

California

State

Public

Works

Board

,

Revenue,

A,

Refunding,

5.25%,

10/01/22

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

3,300,000

3,355,702

Revenue,

A,

Refunding,

5.25%,

10/01/23

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

5,365,000

5,455,559

Revenue,

A,

Refunding,

5.25%,

10/01/24

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

3,000,000

3,050,638

Revenue,

A,

Refunding,

5.25%,

10/01/25

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

3,000,000

3,050,639

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,685,976

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

835,537

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,607,337

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/34

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

10,605,000

12,455,212

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/35

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

11,000,000

12,899,352

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013

A,

5%,

7/01/26

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

11,025,000

11,858,265

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

8,220,000

10,153,880

Power

System,

Revenue,

2017

C,

5%,

7/01/32

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

4,615,000

5,793,192

Power

System,

Revenue,

2017

C,

5%,

7/01/33

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

3,960,000

4,962,118

Power

System,

Revenue,

2017

C,

5%,

7/01/34

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

4,080,000

5,104,621

Los

Angeles

Unified

School

District

,

GO,

2018

B-1,

5%,

7/01/32

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

8,000,000

10,054,166

GO,

2020

RYQ,

5%,

7/01/35

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

6,500,000

8,652,739

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/36

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

855,000

1,057,201

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/37

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

1,250,000

1,538,492

State

of

California

,

GO,

5.25%,

10/01/23

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

25,050,000

25,479,357

GO,

5.25%,

10/01/24

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

9,780,000

9,946,634

GO,

Refunding,

5.25%,

9/01/25

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

15,000,000

15,193,166

GO,

Refunding,

5%,

10/01/25

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

15,000,000

16,306,798

GO,

5.25%,

10/01/25

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

5,000,000

5,085,191

GO,

Refunding,

5%,

8/01/30

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

35,000,000

42,375,610

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

8/01/32

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

10,000,000

14,113,325

251,184,514

Colorado

2.0%

City

&

County

of

Denver

,

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,609,100

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

4,250,000

4,761,051

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

650,000

836,533

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

915,356

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/31

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

1,000,000

1,297,185

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

750,000

968,358

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)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

$

1,000,000

$

1,284,929

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/34

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

1,100,000

1,407,518

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

2,000,000

2,537,715

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

10,696,476

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,613,482

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,441,309

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,548,786

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

3,000,000

3,806,572

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

5,500,000

6,960,824

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

5,685,441

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

2,000,000

2,510,098

Regional

Transportation

District

,

COP,

2013

A,

Refunding,

5%,

6/01/26

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

14,000,000

15,242,994

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/33

........

1,000,000

1,256,144

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/34

........

1,400,000

1,692,068

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

550,898

74,622,837

Connecticut

3.0%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

3,314,248

GO,

2019,

3%,

6/01/36

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

3,025,000

3,307,484

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

..........

2,500,000

2,891,285

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/32

.....

5,900,000

7,413,012

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

6,263,693

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

287,562

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

5,449,442

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

911,846

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

811,492

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

938,580

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

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

550,000

710,754

State

of

Connecticut

,

GO,

2013

E,

5%,

8/15/25

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

11,295,000

12,469,723

GO,

2013

E,

5%,

8/15/26

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

18,585,000

20,480,086

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,835,248

GO,

2020

C,

4%,

6/01/36

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

1,800,000

2,190,502

GO,

2021

A,

3%,

1/15/33

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

3,500,000

3,946,232

GO,

2021

A,

3%,

1/15/34

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

3,000,000

3,362,173

GO,

2021

A,

3%,

1/15/38

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

5,000,000

5,512,635

Special

Tax,

2020

A,

5%,

5/01/35

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

4,500,000

5,886,649

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

4,237,396

Special

Tax,

2021

A,

5%,

5/01/41

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

1,500,000

1,968,555

Special

Tax,

A,

5%,

1/01/28

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

10,000,000

10,729,336

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,679,036

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

6,011,743

114,608,712

Florida

7.7%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

5,000,000

6,464,821

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)

Florida

(continued)

Alachua

County

Health

Facilities

Authority,

(continued)

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

$

1,600,000

$

2,062,662

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

3,445,000

4,427,883

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

3,007,326

Broward

County

,

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/24

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

6,000,000

6,387,694

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/25

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

6,325,000

6,732,815

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

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

1,000,000

1,272,712

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

6,780,205

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,882,778

City

of

Jacksonville

,

Revenue,

2012

A,

Refunding,

5%,

10/01/28

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

6,000,000

6,377,701

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

..

1,650,000

1,892,312

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/40

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

2,500,000

2,792,272

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,741,495

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,895,008

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,896,096

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

826,718

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

589,023

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,274,246

County

of

Miami-Dade

,

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/24

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

2,250,000

2,369,288

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/25

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

3,000,000

3,159,050

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/26

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

4,000,000

4,212,067

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/27

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

4,000,000

4,212,067

Transit

System,

Revenue,

2019,

Refunding,

4%,

7/01/35

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

13,890,000

16,618,113

Water

&

Sewer

System,

Revenue,

2013

B,

Pre-Refunded,

5%,

10/01/27

........

15,000,000

16,699,316

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

10/01/28

1,240,000

1,380,477

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,274,438

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/34

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

15,560,000

19,780,725

Revenue,

2019

A,

4%,

10/01/35

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

5,000,000

5,911,846

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

203,580

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

329,014

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

267,841

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

278,257

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

282,914

JEA

Water

&

Sewer

System

,

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/26

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

1,530,000

1,732,061

Revenue,

2014

A,

5%,

10/01/26

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

1,455,000

1,648,760

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/27

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

5,375,000

6,084,855

Revenue,

2014

A,

5%,

10/01/27

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

5,130,000

5,805,363

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/29

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

1,265,000

1,432,064

Revenue,

2014

A,

5%,

10/01/29

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

1,205,000

1,359,621

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)

Florida

(continued)

JEA

Water

&

Sewer

System,

(continued)

Revenue,

2017

A,

Refunding,

5%,

10/01/31

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

$

17,435,000

$

21,782,386

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group

,

Revenue

,

A-1

,

Refunding

,

4

%

,

4/01/37

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

5,000,000

5,869,355

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

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

6,040,000

6,687,997

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,212,905

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,452,146

Orlando

Utilities

Commission

,

Revenue,

2012

A,

Refunding,

5%,

10/01/24

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

2,405,000

2,778,053

Revenue,

2012

A,

Refunding,

5%,

10/01/25

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

2,000,000

2,391,257

Revenue,

2018

A,

5%,

10/01/33

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

1,755,000

2,192,310

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013

B

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/24

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

14,650,000

16,069,822

Palm

Beach

County

Health

Facilities

Authority

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2019

,

4

%

,

8/15/49

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

11,895,000

13,713,656

Palm

Beach

County

School

District

,

COP

,

2014

B

,

5

%

,

8/01/25

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

4,000,000

4,739,462

Palm

Beach

County

Solid

Waste

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

10/01/23

.

17,290,000

17,569,725

State

of

Florida

,

GO,

2015

E,

Refunding,

4%,

6/01/33

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

11,855,000

13,407,870

GO,

2017

C,

Refunding,

4%,

6/01/32

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

12,855,000

15,069,968

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,847,783

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

3,330,099

294,460,278

Georgia

2.2%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/27

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

7,000,000

7,822,512

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/28

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

5,100,000

5,696,459

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

5,165,000

6,053,058

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

8,475,783

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,760,095

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

900,000

1,083,492

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

565,000

677,994

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

450,000

538,328

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

865,000

1,032,817

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,400,000

1,667,217

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/32

250,000

300,970

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/33

250,000

299,997

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/34

275,000

328,978

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/35

275,000

328,352

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/36

275,000

327,489

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

4,392,864

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

5,083,796

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

5,566,448

Development

Authority

of

Burke

County

(The)

,

Georgia

Transmission

Corp.

,

Revenue

,

2012

,

Refunding

,

2.75

%

,

1/01/52

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

12,500,000

12,606,259

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

2,165,841

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,591,271

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)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

$

2,000,000

$

2,452,916

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

1,000,000

1,219,403

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/30

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

1,000,000

1,254,548

Revenue,

2019

A,

5%,

1/01/31

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

600,000

748,964

Revenue,

2019

A,

5%,

1/01/32

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

500,000

622,308

Revenue,

2019

A,

5%,

1/01/33

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

1,000,000

1,241,463

Revenue,

2019

B,

5%,

1/01/29

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

500,000

625,906

Revenue,

2019

B,

5%,

1/01/30

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

480,000

596,664

Revenue,

2019

B,

5%,

1/01/31

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

700,000

865,789

Revenue,

2019

B,

5%,

1/01/32

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

750,000

924,919

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,285,459

Revenue,

2019

B,

5%,

1/01/34

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

700,000

858,890

83,497,249

Hawaii

0.9%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

25,000,000

28,515,795

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

5,260,276

33,776,071

Illinois

4.2%

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

4,000,000

4,775,207

Revenue,

Senior

Lien,

2020

E,

Refunding,

4%,

1/01/35

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

1,560,000

1,862,331

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,894,485

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,777,680

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,277,679

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

2,975,392

Chicago

Transit

Authority

,

Revenue

,

2011

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

6,125,000

6,139,065

City

of

Chicago

,

GO

,

1999

,

NATL

Insured

,

Zero

Cpn.,

1/01/31

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

4,350,000

3,446,142

County

of

Cook

,

GO,

A,

Refunding,

AGMC

Insured,

5.25%,

11/15/22

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

12,395,000

12,682,008

Sales

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/15/38

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

2,350,000

3,045,985

Sales

Tax,

Revenue,

2021

A,

Refunding,

4%,

11/15/39

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

3,000,000

3,594,794

Sales

Tax,

Revenue,

2021

A,

Refunding,

4%,

11/15/40

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

2,500,000

2,988,791

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/40

4,300,000

5,201,045

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/41

16,855,000

20,325,922

Northwestern

University,

Revenue,

2015,

5%,

12/01/28

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

1,675,000

2,176,034

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

B

,

Pre-Refunded

,

5

%

,

6/15/23

...

600,000

629,279

d

Northern

Illinois

University

,

Revenue,

2021,

BAM

Insured,

4%,

10/01/41

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

400,000

468,967

Revenue,

2021,

BAM

Insured,

4%,

10/01/43

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

2,075,000

2,422,565

State

of

Illinois

,

GO,

2013

A,

AGMC

Insured,

5%,

4/01/25

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

18,000,000

19,514,713

GO,

2014,

AGMC

Insured,

5%,

2/01/26

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

5,650,000

6,302,561

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,188,839

GO,

2016,

Refunding,

5%,

2/01/28

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

3,015,000

3,623,757

GO,

2016,

Refunding,

5%,

2/01/29

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

2,250,000

2,684,324

GO,

2017

C,

5%,

11/01/29

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

3,675,000

4,443,701

GO,

2017

D,

3.25%,

11/01/26

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

750,000

837,031

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)

Illinois

(continued)

State

of

Illinois,

(continued)

GO,

2017

D,

5%,

11/01/27

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

$

1,500,000

$

1,847,724

GO,

2018

A,

Refunding,

5%,

10/01/28

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

1,500,000

1,873,602

GO,

2018

A,

Refunding,

5%,

10/01/29

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

1,125,000

1,392,945

GO,

2018

B,

Refunding,

5%,

10/01/31

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

1,875,000

2,297,093

GO,

2018

B,

Refunding,

5%,

10/01/32

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

1,120,000

1,368,297

GO,

2019

B,

5%,

11/01/30

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

1,125,000

1,415,580

GO,

2019

B,

4%,

11/01/38

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

1,030,000

1,174,215

GO,

2020,

5.5%,

5/01/30

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

6,550,000

8,644,647

GO,

2020,

5.5%,

5/01/39

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

3,700,000

4,750,348

GO,

2020

C,

4%,

10/01/37

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

8,170,000

9,453,956

GO,

2021

A,

5%,

3/01/46

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

2,000,000

2,486,828

e

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

A

,

Refunding

,

3.5

%

,

12/01/32

......

6,400,000

6,625,464

161,608,996

Indiana

0.8%

Indiana

Finance

Authority

,

State

Revolving

Fund

,

Revenue

,

2018

A

,

5

%

,

2/01/35

....

9,795,000

12,337,592

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/41

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

15,265,000

17,995,043

30,332,635

Iowa

0.8%

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

1,800,000

2,300,798

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,450,357

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,580,290

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,706,620

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

1,250,000

1,581,337

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

3,117,961

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

3,266,339

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

8,500,000

9,866,339

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

1,500,000

1,748,439

29,618,480

Kansas

0.2%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

9,160,790

Kentucky

1.0%

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,265,604

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

1,500,000

1,827,499

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,866,096

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,985,558

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,235,361

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,506,302

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

3,112,821

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,722,110

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District

,

Revenue

,

2011

A

,

5

%

,

5/15/24

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

7,000,000

7,153,823

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

6,704,172

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)

Kentucky

(continued)

Paducah

Electric

Plant

Board,

(continued)

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

$

5,500,000

$

6,698,504

38,077,850

Louisiana

2.5%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,572,687

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,399,079

Revenue,

2019

B,

Refunding,

5%,

2/01/32

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

2,000,000

2,764,121

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

7,000,000

8,457,857

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,860,034

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

4,162,982

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

5,560,011

e

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

10,000,000

10,595,510

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

3.5%,

12/01/32

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

1,960,000

2,019,350

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

10,000

12,057

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/29

.......

1,240,000

1,482,775

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

6,028

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/30

.......

995,000

1,183,889

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

18,086

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/32

.......

1,485,000

1,758,827

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

1,000,000

1,238,733

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/29

2,000,000

2,461,931

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,753,434

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

2,128,349

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

2,130,015

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,428,776

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

4,750,000

6,103,618

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,562,420

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,987,570

b

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-2

,

Refunding

,

Mandatory

Put

,

2.375

%

,

7/01/26

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

2,500,000

2,626,661

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,271,220

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,890,017

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,340,488

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,253,745

Revenue,

2020

E,

5%,

4/01/39

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

2,750,000

3,434,293

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

11,452,428

93,916,991

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020

A,

5%,

7/01/35

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

1,000,000

1,304,108

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/36

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

1,000,000

1,196,859

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

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

1,150,000

1,372,185

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/38

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

2,690,000

3,201,737

7,074,889

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)

Maryland

2.2%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

$

1,000,000

$

1,227,014

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,599,023

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

2,085,000

2,552,478

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

3,240,000

3,966,646

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

7,895,817

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

7,229,334

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

3,224,161

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

6,732,149

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,619,659

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

2,185,121

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

4,609,151

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,897,093

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

8,760,673

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

5,381,610

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

550,357

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

354,945

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

8,520,000

10,533,849

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

9,148,371

84,467,451

Massachusetts

3.6%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

8,841,395

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

7,068,243

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

17A,

5%,

2/01/24

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

9,380,000

10,137,162

Revenue,

17A,

5%,

2/01/25

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

9,750,000

10,533,617

Revenue,

2014,

Refunding,

5%,

8/01/26

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

10,650,000

13,099,716

Massachusetts

Development

Finance

Agency

,

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

196,912

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

621,933

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

587,363

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

683,012

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

583,894

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

5,368,149

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

5,618,636

Revenue,

2019

C,

5%,

7/01/34

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

9,280,000

11,738,842

Massachusetts

School

Building

Authority

,

Revenue,

Pre-Refunded,

5%,

8/15/27

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

6,000,000

6,353,764

Revenue,

Senior

Lien,

Pre-Refunded,

5%,

8/15/25

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

10,975,000

11,621,461

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

8/15/26

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

495,000

523,590

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue,

Senior

Lien

,

2019

A

,

Refunding

,

5

%

,

1/01/35

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

7,000,000

8,820,010

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

17,431,990

University

of

Massachusetts

Building

Authority

,

Revenue,

2017-3,

Refunding,

5%,

11/01/31

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

10,035,000

12,659,595

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)

Massachusetts

(continued)

University

of

Massachusetts

Building

Authority,

(continued)

Revenue,

2017-3,

Refunding,

5%,

11/01/32

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

$

5,000,000

$

6,293,273

138,782,557

Michigan

1.6%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,985,572

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

2,247,051

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,426,101

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,785,723

Michigan

Finance

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/24

......

5,000,000

5,326,376

Clean

Water

Revolving

Fund,

Revenue,

2013,

Pre-Refunded,

5%,

10/01/24

......

7,000,000

7,456,926

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

1,223,906

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

9,864,007

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/31

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

5,100,000

6,024,072

Michigan

Finance

Authority,

Revenue,

2008

C,

5%,

12/01/32

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

1,115,000

1,391,581

Michigan

Finance

Authority,

Revenue,

2008

C,

Pre-Refunded,

5%,

12/01/32

......

135,000

171,024

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Refunding,

5%,

12/01/31

.

2,700,000

3,377,635

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2012

MI,

Refunding,

5%,

12/01/24

8,000,000

8,376,276

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

3,728,715

60,384,965

Mississippi

0.2%

e

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

4

%

,

6/01/46

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

8,143,623

8,258,459

Missouri

1.1%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

15,874,062

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014

A,

Refunding,

5%,

1/01/27

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

3,250,000

3,744,249

Revenue,

2014

A,

Refunding,

5%,

1/01/28

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

4,500,000

5,174,306

Revenue,

2014

A,

Refunding,

5%,

1/01/29

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

4,045,000

4,651,219

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

3,181,057

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,518,546

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,816,149

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,686,058

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

2,293,328

42,938,974

Nevada

0.2%

Washoe

County

School

District

,

GO

,

2012

A

,

Refunding

,

5

%

,

6/01/25

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

6,130,000

6,422,113

New

Hampshire

0.2%

City

of

Manchester

,

General

Airport

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

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

7,930,000

8,142,081

New

Jersey

5.2%

County

of

Hudson

,

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/22

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

5,220,000

5,579,669

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/23

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

5,375,000

6,009,261

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/24

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

2,050,000

2,386,747

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)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

$

1,000,000

$

1,250,062

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,966,863

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

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

5,000,000

5,898,095

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/32

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

420,000

539,686

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/33

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

680,000

870,272

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/34

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

545,000

695,465

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/35

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

565,000

719,157

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/30

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

900,000

1,113,330

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/31

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

1,080,000

1,333,902

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

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

4,300,000

4,652,875

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

2,000,000

2,202,867

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

AGMC

Insured,

5.5%,

12/15/22

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

36,465,000

39,410,215

Revenue,

2012

AA,

AGMC

Insured,

5%,

6/15/26

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

26,650,000

27,979,057

Revenue,

2020

AA,

4%,

6/15/35

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

2,000,000

2,368,961

Revenue,

2020

AA,

4%,

6/15/36

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

4,000,000

4,726,588

d

Revenue,

2022

A,

4%,

6/15/40

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

10,000,000

11,262,166

d

Revenue,

2022

A,

4%,

6/15/42

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

7,000,000

7,837,115

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

2,154,573

Rutgers

The

State

University

of

New

Jersey

,

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/26

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

5,000,000

5,467,320

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/27

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

10,830,000

11,842,216

Revenue,

2013

L,

Pre-Refunded,

5%,

5/01/27

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

5,270,000

5,762,556

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

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

7,000,000

8,780,378

GO,

2020

A,

3%,

6/01/32

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

20,870,000

23,941,868

GO,

2020

A,

4%,

6/01/32

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

6,130,000

7,806,591

198,557,855

New

York

11.8%

City

of

New

York

,

GO,

2013

D,

5%,

8/01/27

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

10,000,000

10,777,513

GO,

2013

I,

5%,

8/01/24

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

10,200,000

11,248,860

GO,

2014

G,

5%,

8/01/22

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

8,000,000

8,456,823

GO,

2014

G,

5%,

8/01/23

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

6,860,000

7,571,711

GO,

2015

C,

Refunding,

5%,

8/01/25

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

2,000,000

2,332,902

GO,

2015

C,

Refunding,

5%,

8/01/26

...................................

10,000,000

11,656,557

GO,

2015

C,

Refunding,

5%,

8/01/27

...................................

7,500,000

8,742,418

GO,

2019

E,

Refunding,

5%,

8/01/32

...................................

2,000,000

2,548,617

GO,

2019

E,

Refunding,

5%,

8/01/34

...................................

3,500,000

4,430,888

GO,

2021

B,

Refunding,

5%,

11/01/31

..................................

11,120,000

14,838,767

GO,

2021

C,

4%,

8/01/36

............................................

5,000,000

6,047,750

GO,

A-1

2017

A,

5%,

8/01/29

.........................................

10,000,000

12,191,657

County

of

Nassau

,

GO,

2021

A,

AGMC

Insured,

4%,

4/01/48

................................

7,140,000

8,402,576

GO,

2021

A,

AGMC

Insured,

4%,

4/01/49

................................

7,960,000

9,354,338

Erie

County

Industrial

Development

Agency

(The)

,

Buffalo

City

School

District,

Revenue,

2012

A,

Refunding,

5%,

5/01/23

..........

6,235,000

6,512,153

Buffalo

City

School

District,

Revenue,

2012

A,

Refunding,

5%,

5/01/24

..........

8,000,000

8,356,971

Long

Island

Power

Authority

,

Revenue

,

2012

B

,

5

%

,

9/01/26

...................

5,000,000

5,300,482

Metropolitan

Transportation

Authority

,

Revenue,

2012

F,

Refunding,

5%,

11/15/25

..............................

25,000,000

26,643,295

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)

New

York

(continued)

Metropolitan

Transportation

Authority,

(continued)

Revenue,

2013

A,

Pre-Refunded,

5%,

11/15/27

...........................

$

3,500,000

$

3,834,489

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

7,000,000

9,082,804

Revenue,

2016

A-2,

Refunding,

5%,

11/15/25

.............................

21,090,000

25,181,228

Revenue,

2016

B,

Refunding,

5%,

11/15/34

..............................

3,265,000

3,910,235

Revenue,

2017

B,

Refunding,

5%,

11/15/26

..............................

2,140,000

2,628,363

Revenue,

2017

C-1,

Refunding,

5%,

11/15/31

............................

1,870,000

2,329,802

Revenue,

2017

C-1,

Refunding,

4%,

11/15/37

............................

2,500,000

2,837,221

Revenue,

2019

D-1,

5%,

9/01/22

......................................

10,000,000

10,588,505

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

.........................

6,045,000

7,111,446

Nassau

County

Local

Economic

Assistance

Corp.

,

Catholic

Health

Services

of

Long

Island

Obligated

Group

,

Revenue

,

2011

,

Refunding

,

5

%

,

7/01/21

..............

9,000,000

9,034,592

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/27

1,000,000

1,232,934

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/28

1,000,000

1,262,083

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/29

1,500,000

1,933,176

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

10,000,000

10,634,821

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/36

..

2,500,000

2,729,205

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2003

A-1,

Refunding,

5%,

11/01/23

.............

11,500,000

11,733,928

Future

Tax

Secured,

Revenue,

2012

C,

Refunding,

5%,

11/01/24

..............

7,620,000

7,773,388

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/27

......................

8,740,000

9,827,556

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/28

......................

5,000,000

5,620,748

Future

Tax

Secured,

Revenue,

2020

C,

4%,

5/01/37

........................

1,400,000

1,700,812

New

York

State

Dormitory

Authority

,

Revenue,

2009

A,

AGMC

Insured,

5%,

10/01/24

...........................

285,000

285,959

City

University

of

New

York

(The),

Revenue,

2005

A,

NATL

Insured,

5.5%,

7/01/23

.

7,915,000

8,797,082

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/29

....

10,000,000

11,548,393

State

of

New

York

Personal

Income

Tax,

Revenue,

2012

A,

Refunding,

5%,

12/15/27

10,000,000

10,728,440

State

of

New

York

Personal

Income

Tax,

Revenue,

2014

E,

Refunding,

5%,

2/15/30

5,000,000

5,825,804

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

A,

Refunding,

5%,

3/15/28

7,185,000

8,395,142

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Pre-Refunded,

5%,

3/15/32

........................................................

5,000

6,450

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

5%,

3/15/32

.........

9,995,000

12,804,137

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

D,

Refunding,

4%,

2/15/36

10,900,000

13,123,328

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/32

........

10,000,000

12,770,164

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/24

............

7,000,000

7,325,624

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2013

D,

5%,

3/15/24

.........

10,000,000

10,861,706

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

5%,

3/15/41

.........

5,000,000

6,437,247

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

450,000

579,532

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

513,937

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

256,191

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/33

...

1,200,000

1,572,553

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2014,

5%,

9/01/34

.........................................

2,500,000

3,183,283

Revenue,

2014,

5%,

9/01/35

.........................................

20,000

25,367

Revenue,

2018,

5%,

11/01/39

........................................

3,000,000

3,776,376

Revenue,

221,

4%,

7/15/36

..........................................

2,180,000

2,610,518

Suffolk

County

Economic

Development

Corp.

,

Catholic

Health

Services

of

Long

Island

Obligated

Group

,

Revenue

,

2011

,

5

%

,

7/01/22

............................

10,000,000

10,039,452

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

B

,

Refunding

,

5

%

,

11/15/30

.......

8,960,000

11,103,127

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/28

......

1,300,000

1,648,051

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

......

2,900,000

3,818,517

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)

New

York

(continued)

Troy

Capital

Resource

Corp.,

(continued)

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/34

......

$

4,175,000

$

5,432,741

449,870,735

North

Carolina

0.5%

City

of

Charlotte

,

Water

&

Sewer

System

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/27

..

10,000,000

11,797,338

County

of

Buncombe

,

Revenue

,

A

,

5

%

,

6/01/28

.............................

5,000,000

5,679,491

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

142,906

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

350,924

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

536,294

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

604,733

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

428,129

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

1,065,000

1,083,459

20,623,274

Ohio

4.9%

American

Municipal

Power,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

2/15/35

........

31,270,000

40,082,052

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-2

,

1

,

Refunding

,

4

%

,

6/01/48

.............................................

3,500,000

4,051,864

City

of

Akron

,

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/24

........

5,265,000

5,503,314

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/25

........

6,645,000

6,937,988

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/26

........

8,240,000

8,602,469

City

of

Cincinnati

,

GO,

2014

A,

Pre-Refunded,

5%,

12/01/25

...............................

2,000,000

2,098,068

GO,

2014

A,

Pre-Refunded,

5%,

12/01/27

...............................

2,000,000

2,098,068

GO,

2014

A,

Pre-Refunded,

5%,

12/01/28

...............................

2,350,000

2,465,229

City

of

Toledo

,

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/25

....................

4,000,000

4,362,206

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/26

....................

6,140,000

6,694,723

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/27

....................

6,450,000

7,027,430

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/28

....................

6,570,000

7,156,825

County

of

Hamilton

,

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/24

..................

2,500,000

2,794,213

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/25

..................

2,400,000

2,679,890

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/26

..................

4,000,000

4,462,229

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/27

..................

5,000,000

5,575,131

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/28

..................

3,000,000

3,345,078

Kent

State

University

,

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/23

............................

1,200,000

1,254,038

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/24

............................

1,500,000

1,567,548

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/25

............................

1,500,000

1,567,548

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/26

............................

1,600,000

1,672,051

Northeast

Ohio

Regional

Sewer

District

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/15/36

..

4,250,000

5,176,755

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

..............................................

10,000,000

10,901,029

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/36

........................................

5,650,000

7,410,053

Water

Pollution

Control

Loan

Fund,

Revenue,

2017

A,

5%,

12/01/31

............

10,000,000

12,454,175

State

of

Ohio

,

GO,

R,

Pre-Refunded,

5%,

5/01/26

....................................

11,000,000

12,491,879

GO,

R,

Pre-Refunded,

5%,

5/01/27

....................................

5,000,000

5,678,127

GO,

R,

Pre-Refunded,

5%,

5/01/28

....................................

9,100,000

10,334,191

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,271,769

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)

Ohio

(continued)

State

of

Ohio,

(continued)

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

$

905,000

$

1,059,253

188,775,193

Oregon

4.7%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

........................................................

5,000,000

5,428,855

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,629,779

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

6,680,418

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/35

.............................................

1,250,000

1,532,422

GO,

2020,

4%,

6/15/36

.............................................

2,605,000

3,184,360

GO,

2020,

4%,

6/15/37

.............................................

4,370,000

5,325,460

GO,

2020,

4%,

6/15/38

.............................................

4,575,000

5,561,458

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/34

1,100,000

1,447,696

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/35

800,000

1,050,815

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

1,300,000

1,702,637

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

.......................................................

425,000

499,734

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

.......................................................

150,000

181,212

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

.......................................................

325,000

410,887

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

.......................................................

600,000

770,005

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

.......................................................

275,000

350,866

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

2,000,000

2,318,685

Port

of

Portland

,

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/34

...........................

9,110,000

11,704,639

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/35

...........................

6,565,000

8,419,737

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

12,102,537

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,832,917

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

11,501,771

State

of

Oregon

,

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/27

.......................................................

3,000,000

3,489,595

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/28

.......................................................

3,500,000

4,071,194

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/35

17,980,000

23,620,847

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/36

15,805,000

20,706,333

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

4%,

11/15/42

16,000,000

19,046,344

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

B,

Pre-Refunded,

5%,

6/15/27

.....................................

5,000,000

5,721,172

GO,

B,

Pre-Refunded,

5%,

6/15/28

.....................................

5,000,000

5,721,172

GO,

B,

Pre-Refunded,

5%,

6/15/29

.....................................

7,500,000

8,581,758

180,595,305

Pennsylvania

3.1%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

.......................................

5,000,000

6,422,874

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

..............

5,750,000

7,204,858

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/36

..............

1,000,000

1,332,128

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

City

of

Philadelphia,

(continued)

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/37

..............

$

1,500,000

$

1,989,335

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/38

..............

2,000,000

2,641,535

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development,

Revenue,

2010

C-1,

AGMC

Insured,

5%,

6/01/22

.............

4,130,000

4,144,536

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development,

Revenue,

2010

C-1,

AGMC

Insured,

5%,

6/01/23

.............

4,345,000

4,360,094

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

14,879,983

Delaware

Valley

Regional

Finance

Authority

,

Revenue

,

1998

A

,

AMBAC

Insured

,

5.5

%

,

8/01/28

.........................................................

7,000,000

9,160,887

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/39

.............................................

4,000,000

4,754,094

Lancaster

County

Solid

Waste

Management

Authority

,

Revenue,

2013

A,

5.25%,

12/15/25

....................................

5,345,000

6,027,090

Revenue,

2013

A,

5.25%,

12/15/26

....................................

5,835,000

6,574,857

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

.....................

2,100,000

2,755,498

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

.....................

1,750,000

2,289,312

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

.....................

1,450,000

1,893,422

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/38

.....................

3,245,000

3,889,366

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/39

.....................

3,685,000

4,405,539

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/38

.....

6,950,000

8,904,469

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

....................................................

5,895,000

6,837,482

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

.................

4,000,000

4,995,256

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

236,800

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

358,714

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

.................................

2,000,000

2,472,925

Revenue,

15th,

Refunding,

5%,

8/01/31

.................................

4,030,000

4,972,846

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/50

........................

5,000,000

6,304,492

119,808,392

Rhode

Island

0.2%

State

of

Rhode

Island

,

GO,

2019

C,

5%,

1/15/32

............................................

4,500,000

5,792,429

GO,

2019

C,

4%,

1/15/34

............................................

1,520,000

1,829,212

GO,

2019

C,

4%,

1/15/35

............................................

600,000

720,663

8,342,304

South

Carolina

1.4%

City

of

Anderson

,

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/22

........

2,555,000

2,689,105

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/23

........

2,695,000

2,834,942

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/24

........

2,825,000

2,971,693

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/25

........

2,965,000

3,118,630

County

of

Berkeley

,

Combined

Utility

System,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/25

..........

3,665,000

4,017,798

Combined

Utility

System,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/26

..........

1,700,000

1,863,645

South

Carolina

Jobs-Economic

Development

Authority

,

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

...............................

6,000,000

7,396,531

South

Carolina

Public

Service

Authority

,

Revenue,

2020

A,

Refunding,

5%,

12/01/31

..............................

2,355,000

3,123,561

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

37

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Public

Service

Authority,

(continued)

Revenue,

2020

A,

Refunding,

5%,

12/01/43

..............................

$

20,280,000

$

25,893,727

53,909,632

South

Dakota

0.0%

†

County

of

Lincoln

,

Augustana

College

Association

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/01/51

......................................................

1,500,000

1,675,432

Tennessee

0.9%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/31

1,500,000

1,915,489

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/34

1,000,000

1,265,604

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,250,000

1,579,289

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/36

1,000,000

1,164,729

City

of

Memphis

,

GO

,

2012

A

,

Refunding

,

5

%

,

4/01/22

.......................

15,805,000

16,444,600

Metropolitan

Government

of

Nashville

&

Davidson

County

,

Water

&

Sewer,

Revenue,

2013,

5%,

7/01/26

.............................

1,675,000

1,842,427

Water

&

Sewer,

Revenue,

2013,

5%,

7/01/27

.............................

1,800,000

1,976,353

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

9,747,949

35,936,440

Texas

9.9%

Central

Texas

Regional

Mobility

Authority

,

Revenue,

Senior

Lien

,

2021

B

,

5

%

,

1/01/46

3,500,000

4,457,040

City

of

Austin

,

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/26

.........

4,835,000

5,182,336

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/27

.........

4,000,000

4,281,266

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/28

.......

5,000,000

5,462,019

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,886,991

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

3,139,109

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,252,830

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/35

...................................

1,000,000

1,213,467

GO,

2020

A,

Refunding,

4%,

8/15/36

...................................

1,000,000

1,211,070

City

of

Fort

Worth

,

GO,

2012,

Refunding,

5%,

3/01/25

.....................................

6,000,000

6,215,684

GO,

2012,

Refunding,

5%,

3/01/26

.....................................

6,790,000

7,031,990

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,693,981

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/26

...

19,690,000

22,341,721

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/34

..

3,250,000

4,061,908

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/35

..

4,500,000

5,618,086

City

of

San

Antonio

,

Electric

&

Gas

Systems,

Revenue,

2012,

Refunding,

5.25%,

2/01/25

...........

27,000,000

31,771,750

Electric

&

Gas

Systems,

Revenue,

2015,

Refunding,

5%,

2/01/27

..............

10,415,000

12,497,127

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2019,

Refunding,

5%,

2/01/35

....

4,400,000

5,718,054

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2021

A,

Refunding,

5%,

2/01/46

...

7,500,000

9,688,854

Clear

Creek

Independent

School

District

,

GO,

2012

B,

Pre-Refunded,

5%,

2/15/25

................................

11,370,000

11,764,582

GO,

2012

B,

Pre-Refunded,

5%,

2/15/26

................................

12,060,000

12,478,528

County

of

Williamson

,

GO

,

2012

,

Refunding

,

5

%

,

2/15/23

.....................

6,235,000

6,446,276

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013

D,

Refunding,

5.25%,

11/01/27

............................

5,000,000

5,587,156

Revenue,

2013

D,

Refunding,

5.25%,

11/01/28

............................

2,100,000

2,346,065

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

.....................................

800,000

974,086

GO,

2020,

Refunding,

5%,

9/15/30

.....................................

745,000

918,037

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.

38

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Ector

County

Hospital

District,

(continued)

GO,

2020,

Refunding,

5%,

9/15/31

.....................................

$

450,000

$

553,059

GO,

2020,

Refunding,

5%,

9/15/32

.....................................

600,000

736,286

GO,

2020,

Refunding,

5%,

9/15/33

.....................................

650,000

794,453

GO,

2020,

Refunding,

4%,

9/15/34

.....................................

650,000

729,204

GO,

2020,

Refunding,

4%,

9/15/35

.....................................

700,000

783,657

El

Paso

Independent

School

District

,

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/27

......................

5,460,000

6,286,789

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/28

......................

2,500,000

2,878,566

Harris

County

Toll

Road

Authority

(The)

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

.....................

2,500,000

3,132,183

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

.....................

2,500,000

3,131,696

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/27

.....

2,000,000

2,485,308

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/28

.....

2,200,000

2,797,190

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/29

.....

2,000,000

2,595,153

Metropolitan

Transit

Authority

of

Harris

County

,

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/26

...............

2,000,000

2,319,024

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/27

...............

2,000,000

2,319,025

Sales

&

Use

Tax,

Revenue,

2014,

5%,

11/01/28

...........................

2,000,000

2,312,724

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

.............................................

5,000,000

5,743,218

Northwest

Independent

School

District

,

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/28

.....................

4,815,000

5,641,841

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/29

.....................

7,015,000

8,219,628

Permanent

University

Fund

,

University

of

Texas

System

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

......................................................

10,000,000

11,412,793

San

Angelo

Independent

School

District

,

GO

,

A

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/28

.........................................................

5,220,000

5,893,514

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

......................

1,500,000

1,676,316

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

......................

2,200,000

2,453,416

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

......................

2,000,000

2,227,246

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

......................

1,000,000

1,113,362

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/28

................................

1,500,000

1,910,174

Revenue,

2021,

Refunding,

5%,

12/15/29

................................

2,500,000

3,235,803

Revenue,

2021,

Refunding,

5%,

12/15/30

................................

2,250,000

2,951,165

Revenue,

2021,

Refunding,

5%,

12/15/31

................................

2,250,000

2,983,330

Revenue,

2021,

Refunding,

5%,

12/15/32

................................

2,250,000

3,032,277

Texas

Transportation

Commission

,

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/23

.......

20,000,000

21,788,744

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/24

.......

20,000,000

22,712,078

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/25

.......

20,000,000

22,663,370

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2017

A,

5%,

10/15/31

.......................................................

12,585,000

15,837,941

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2018

A,

4%,

10/15/34

.......................................................

5,800,000

6,917,681

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2018

B,

4%,

10/15/36

.......................................................

10,000,000

12,002,204

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2019

A,

4%,

10/15/36

.......................................................

4,000,000

4,886,570

378,397,001

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

39

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Utah

0.1%

City

of

Lehi

,

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

.............

$

3,000,000

$

3,569,325

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

472,917

4,042,242

Virginia

2.9%

City

of

Norfolk

,

Water,

Revenue,

2012,

5%,

11/01/24

...................................

95,000

99,239

Water,

Revenue,

2012,

5%,

11/01/25

...................................

90,000

93,999

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

12,003,980

Virginia

College

Building

Authority

,

Revenue

,

2015

D

,

5

%

,

2/01/25

...............

7,405,000

8,652,317

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

3

%

,

5/15/36

.......

9,460,000

10,571,935

Virginia

Public

Building

Authority

,

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

................................

1,075,000

1,259,370

Revenue,

B,

4%,

8/01/29

............................................

12,060,000

14,022,944

Virginia

Public

School

Authority

,

Revenue,

2014

C,

5%,

8/01/27

........................................

4,460,000

5,113,016

County

of

Prince

William,

Revenue,

2019

A,

3%,

10/01/37

...................

5,405,000

6,122,147

Virginia

Resources

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2014

B,

Refunding,

5%,

10/01/26

.......

26,155,000

30,249,830

Clean

Water

Revolving

Fund,

Revenue,

2015,

Refunding,

5%,

10/01/28

.........

11,950,000

14,299,133

Virginia

Small

Business

Financing

Authority

,

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/35

........................................................

3,000,000

3,653,470

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/36

........................................................

3,000,000

3,397,972

109,539,352

Washington

3.8%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

..............

5,230,000

5,955,297

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/25

..............

5,500,000

6,252,389

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

..............

2,995,000

3,400,021

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/27

..............

3,150,000

3,569,092

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

............

5,300,000

6,166,677

County

of

King

,

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/25

.........................

1,200,000

1,371,923

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/26

.........................

1,200,000

1,369,933

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/27

.........................

1,900,000

2,164,658

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/28

.........................

3,050,000

3,467,798

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/29

.........................

2,600,000

2,956,155

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2014

A,

Refunding,

5%,

7/01/22

......

3,250,000

3,423,137

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/36

......

7,000,000

9,057,624

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/23

..........

3,500,000

3,853,709

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,431,578

State

of

Washington

,

GO,

2017

D,

5%,

2/01/31

............................................

5,480,000

6,737,929

GO,

2017

D,

5%,

2/01/32

............................................

10,000,000

12,291,820

GO,

R-2015B,

Refunding,

5%,

7/01/25

..................................

29,370,000

33,616,832

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,370,000

1,730,901

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

3,592,312

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

4,724,872

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,911,590

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,770,056

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,550,365

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.

40

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%,

8/01/35

$

1,250,000

$

1,579,289

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

6,449,346

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

........................................................

1,000,000

1,231,530

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

........................................................

1,925,000

2,362,641

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

........................................................

1,000,000

1,297,844

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

........................................................

1,000,000

1,294,764

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

........................................................

1,000,000

1,292,154

e

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/35

440,000

468,695

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

........................................................

2,250,000

2,689,787

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

........................................................

1,605,000

1,914,587

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

........................................................

2,400,000

2,846,721

145,794,026

West

Virginia

0.3%

State

of

West

Virginia

,

GO

,

2019

A

,

5

%

,

12/01/36

...........................

9,700,000

12,509,045

Wisconsin

0.9%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

4,969,338

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

3.5%,

12/01/32

....................

1,405,000

1,451,183

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/15/37

.......................................................

600,000

698,923

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

........................................................

1,100,000

1,270,561

Renown

Regional

Medical

Center,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

.....

2,100,000

2,515,794

b,e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

9,700,000

9,921,979

Wisconsin

Department

of

Transportation

,

Revenue

,

2017-2

,

Refunding

,

5

%

,

7/01/31

.

5,000,000

6,208,814

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/34

........................................

600,000

717,521

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/35

........................................

1,000,000

1,193,425

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/36

........................................

600,000

714,295

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/37

........................................

600,000

712,195

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/41

......

1,650,000

1,902,129

32,276,157

U.S.

Territories

0.5%

District

of

Columbia

0.5%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2019

A

,

5

%

,

3/01/33

................

3,000,000

3,924,835

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/31

........................................

5,000,000

6,175,471

Revenue,

2017

B,

5%,

7/01/32

........................................

5,750,000

7,086,915

17,187,221

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

41

s

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

0.0%

†

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

CC

,

Refunding

,

AGMC

Insured

,

5.5

%

,

7/01/29

..............................................

$

1,000,000

$

1,182,984

Total

U.S.

Territories

....................................................................

18,370,205

Total

Municipal

Bonds

(Cost

$3,500,749,324)

...................................

3,731,914,971

Total

Long

Term

Investments

(Cost

$3,577,318,856)

.............................

3,808,458,863

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Minnesota

0.0%

†

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

,

0.01

%

,

11/15/35

............................................

1,400,000

1,400,000

Missouri

0.1%

f

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

3/01/40

...................................................

3,000,000

3,000,000

Total

Municipal

Bonds

(Cost

$4,400,000)

.......................................

4,400,000

Total

Short

Term

Investments

(Cost

$4,400,000

)

.................................

4,400,000

a

Total

Investments

(Cost

$3,581,718,856)

99.8%

..................................

$3,812,858,863

Other

Assets,

less

Liabilities

0.2%

.............................................

6,549,010

Net

Assets

100.0%

...........................................................

$3,819,407,873

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Security

purchased

on

a

when-issued

basis.

e

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

May

31,

2021,

the

aggregate

value

of

these

securities

was

$37,889,457,

representing

1.0%

of

net

assets.

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),

May

31,

2021

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

42

a

a

Shares

a

Value

a

Management

Investment

Companies

2.7%

Capital

Markets

2.7%

a

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

...............................

1,400,000

$

38,073,140

Total

Management

Investment

Companies

(Cost

$36,654,700)

....................

38,073,140

Principal

Amount

a

a

a

a

Municipal

Bonds

71.5%

Alabama

1.1%

Black

Belt

Energy

Gas

District

,

Revenue,

2021

A,

Refunding,

4%,

12/01/21

..............................

$

435,000

443,094

Revenue,

2021

A,

Refunding,

4%,

6/01/22

...............................

340,000

352,504

Revenue,

2021

A,

Refunding,

4%,

12/01/22

..............................

490,000

517,107

Revenue,

2021

A,

Refunding,

4%,

6/01/23

...............................

400,000

429,237

Revenue,

2021

A,

Refunding,

4%,

6/01/24

...............................

400,000

442,081

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

4,056,498

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

8,021,915

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

4%,

10/01/22

.......................................

355,000

372,538

Revenue,

2021

A,

4%,

10/01/23

.......................................

450,000

487,313

Revenue,

2021

A,

4%,

10/01/24

.......................................

725,000

806,046

15,928,333

Alaska

0.9%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

5

%

,

12/01/21

...

1,000,000

1,024,183

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

..............................

10,000,000

11,651,102

12,675,285

Arizona

1.4%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/24

.......................................................

1,000,000

1,112,377

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/25

.......................................................

1,000,000

1,138,333

b

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

0.85

%

,

(

SIFMA

Municipal

Swap

Index

+

0.8

%

),

9/01/24

.........................................................

17,000,000

16,950,489

19,201,199

Arkansas

0.8%

State

of

Arkansas

,

GO

,

2013

,

Refunding

,

3.25

%

,

6/15/22

.....................

11,195,000

11,207,604

California

2.7%

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3%,

6/01/21

.....................

400,000

400,000

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/22

.....................

400,000

415,879

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/23

.....................

400,000

431,033

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

14,234,706

California

Statewide

Communities

Development

Authority

,

b

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

.......................................................

3,000,000

3,166,469

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

........................................................

3,500,000

3,505,300

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)

California

(continued)

County

of

Los

Angeles

,

Revenue

,

2020-21

A

,

4

%

,

6/30/21

.....................

$

5,000,000

$

5,015,864

Mount

San

Antonio

Community

College

District

,

GO

,

2017

,

ETM,

Zero

Cpn.,

4/01/22

.

10,000,000

9,989,212

37,158,463

Colorado

0.7%

Denver

City

&

County

School

District

No.

1

,

GO

,

2012

B

,

4

%

,

12/01/27

...........

7,480,000

7,888,444

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/24

........

400,000

445,877

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/24

........

300,000

340,357

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/25

........

325,000

374,205

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/25

........

400,000

467,713

9,516,596

Connecticut

0.5%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2015

A

,

Refunding

,

Mandatory

Put

,

2.05

%

,

7/12/21

........................

7,500,000

7,515,989

Delaware

0.4%

b

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

..............................

5,000,000

5,036,767

Florida

1.9%

County

of

Escambia

,

Florida

Power

&

Light

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

.........................................................

5,000,000

5,219,075

Florida

Municipal

Power

Agency

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......

1,000,000

1,190,409

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/22

................................

1,615,000

1,704,668

Revenue,

Senior

Lien,

2020,

5%,

8/01/23

................................

1,720,000

1,894,106

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

................................

1,805,000

2,061,291

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

................................

1,800,000

2,122,154

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

................................

1,940,000

2,353,089

Revenue,

Senior

Lien,

2020,

5%,

8/01/27

................................

2,095,000

2,604,540

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2012

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/24

....................

4,000,000

4,205,686

State

of

Florida

,

Department

of

Transportation

Turnpike

System

,

Revenue

,

2012

A

,

2.875

%

,

7/01/25

...................................................

3,000,000

3,080,346

26,435,364

Georgia

3.3%

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

.............

2,500,000

2,860,663

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/25

.............

1,500,000

1,776,402

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

3,276,647

b

Macon-Bibb

County

Housing

Authority

,

Green

Meadows

Housing

Partners

LP

,

Revenue

,

2021

A

,

Mandatory

Put

,

0.25

%

,

10/01/22

........................

2,150,000

2,149,216

b

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2018

A

,

Mandatory

Put

,

4

%

,

9/01/23

......

10,025,000

10,807,010

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2018

A

,

Refunding

,

3

%

,

7/01/23

11,000,000

11,619,255

State

of

Georgia

,

GO

,

2016

A

,

5

%

,

2/01/23

................................

12,375,000

13,384,756

45,873,949

Hawaii

2.2%

State

of

Hawaii

,

GO

,

EF

,

Refunding

,

5

%

,

11/01/23

...........................

10,000,000

10,690,525

University

of

Hawaii

,

Revenue,

2020

B,

Refunding,

5%,

10/01/24

..............................

3,440,000

3,969,877

Revenue,

2020

B,

Refunding,

5%,

10/01/25

..............................

3,440,000

4,108,056

Revenue,

2020

B,

Refunding,

5%,

10/01/26

..............................

2,865,000

3,524,758

Revenue,

2020

D,

Refunding,

5%,

10/01/24

..............................

600,000

692,420

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)

Hawaii

(continued)

University

of

Hawaii,

(continued)

Revenue,

2020

D,

Refunding,

5%,

10/01/25

..............................

$

1,725,000

$

2,059,999

Revenue,

2020

D,

Refunding,

5%,

10/01/26

..............................

4,360,000

5,364,030

30,409,665

Illinois

3.4%

Chicago

Board

of

Education

,

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

.

1,000,000

1,109,995

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

..................................

350,000

400,360

GO,

2020

F-2,

Refunding,

5%,

1/01/26

..................................

500,000

588,804

GO,

2020

F-2,

Refunding,

5%,

1/01/27

..................................

550,000

662,076

County

of

Cook

,

GO,

2021

A,

Refunding,

5%,

11/15/22

..................................

5,000,000

5,351,583

Sales

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/15/29

......................

845,000

1,102,334

b

Illinois

Finance

Authority

,

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

0.575%,

9/01/22

.................................................

8,510,000

8,509,653

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

.......................................

1,250,000

1,415,182

State

of

Illinois

,

GO,

2016,

Refunding,

5%,

2/01/28

.....................................

2,000,000

2,403,819

GO,

2016,

Refunding,

5%,

2/01/29

.....................................

750,000

894,774

GO,

2017

D,

5%,

11/01/25

...........................................

10,000,000

11,830,062

GO,

2018

A,

6%,

5/01/25

............................................

6,000,000

7,234,344

GO,

2018

A,

Refunding,

5%,

10/01/28

..................................

500,000

624,534

GO,

2018

A,

Refunding,

5%,

10/01/29

..................................

375,000

464,315

GO,

2018

B,

Refunding,

5%,

10/01/31

..................................

625,000

765,698

GO,

2019

B,

5%,

11/01/30

...........................................

375,000

471,860

GO,

2020,

5.5%,

5/01/30

............................................

1,710,000

2,256,847

c

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

B

,

Refunding

,

4.25

%

,

3/01/23

......

972,000

972,811

47,059,051

Iowa

0.8%

Des

Moines

Independent

Community

School

District

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

......................................................

9,300,000

10,086,302

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

B-1

,

2

,

Refunding

,

0.375

%

,

6/01/30

715,000

715,546

10,801,848

Kansas

0.1%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,968,520

Kentucky

1.9%

Kentucky

Asset

Liability

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/01/21

..............................

3,310,000

3,363,358

b

Kentucky

Public

Energy

Authority

,

Revenue,

2018

A,

Mandatory

Put,

4%,

4/01/24

............................

10,000,000

10,950,804

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

............................

10,000,000

11,553,667

25,867,829

Louisiana

3.6%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

.........................

450,000

536,438

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

.........................

600,000

732,697

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

.........................

550,000

685,252

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

2.75

%

,

12/01/25

...................................

$

1,065,000

$

1,076,896

b

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

Mandatory

Put

,

5

%

,

5/15/25

...................

7,500,000

8,789,041

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

3,650,000

3,910,348

b

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-1

,

Refunding

,

Mandatory

Put

,

2.125

%

,

7/01/24

......................................

4,100,000

4,239,566

State

of

Louisiana

,

GO,

2013

A,

Pre-Refunded,

4%,

5/15/31

................................

15,225,000

16,379,972

GO,

2019

A,

5%,

3/01/31

............................................

10,870,000

14,078,765

50,428,975

Maryland

4.1%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

......................

5,000,000

5,985,832

City

of

Cumberland

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/24

.........................

395,000

449,696

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/25

.........................

455,000

534,943

b

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2020

B-2

,

Refunding

,

Mandatory

Put

,

5

%

,

7/01/27

......................................................

5,110,000

6,219,066

State

of

Maryland

,

GO,

2017

B,

Refunding,

5%,

8/01/26

...................................

12,330,000

15,137,859

GO,

Second

Series,

2013

A,

Pre-Refunded,

5%,

8/01/23

....................

11,355,000

11,446,904

Washington

Suburban

Sanitary

Commission

,

Revenue,

2013,

Pre-Refunded,

4%,

6/01/28

..............................

5,500,000

5,925,569

Revenue,

2013,

Pre-Refunded,

4%,

6/01/30

..............................

5,500,000

5,925,569

Revenue,

2013,

Pre-Refunded,

4%,

6/01/31

..............................

5,500,000

5,925,569

57,551,007

Massachusetts

0.4%

b

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

S-4

,

Refunding

,

Mandatory

Put

,

5

%

,

1/25/24

.........................

5,000,000

5,621,369

Michigan

0.4%

City

of

Grand

Rapids

,

Sanitary

Sewer

System

,

Revenue

,

1998

A

,

Refunding

,

BHAC,

AGMC,

FGIC

Insured

,

5.5

%

,

1/01/22

...................................

1,100,000

1,134,575

Michigan

Finance

Authority

,

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

B-1

,

2

,

Refunding

,

1.25

%

,

6/01/30

...........................................

1,000,000

1,002,605

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

1.5

%

,

10/01/22

.

1,000,000

1,000,801

State

of

Michigan

,

GO

,

2020

A

,

5

%

,

5/15/30

...............................

1,350,000

1,813,284

4,951,265

Minnesota

1.4%

b

City

of

Brooklyn

Center

,

Brooklyn

Center

AH

I

LLLP

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

1.35

%

,

7/01/22

.......................................

4,000,000

4,003,268

b

Dakota

County

Community

Development

Agency

,

Eagan

AH

I

LLLP

,

Revenue

,

2020

,

Mandatory

Put

,

0.35

%

,

6/01/23

.......................................

6,000,000

6,012,967

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,819,694

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

.....................

1,000,000

1,218,537

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

.....................

1,000,000

1,246,817

19,301,283

Mississippi

0.0%

†

c

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

2.75

%

,

6/01/26

............................................

326,937

329,233

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Montana

0.5%

b

Montana

Facility

Finance

Authority

,

Billings

Clinic

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

Mandatory

Put

,

0.6

%

,

(

SIFMA

Municipal

Swap

Index

+

0.55

%

),

8/15/23

$

6,300,000

$

6,310,073

Nevada

1.6%

County

of

Clark

Department

of

Aviation

,

Revenue,

Sub.

Lien

,

2018

A

,

Refunding

,

5

%

,

7/01/21

.........................................................

17,080,000

17,146,918

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

...................................

1,745,000

1,992,261

GO,

2020

D,

Refunding,

5%,

6/01/25

...................................

2,750,000

3,253,544

22,392,723

New

Jersey

8.0%

Bergen

County

Improvement

Authority

(The)

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

8/15/22

.........................................................

2,500,000

2,581,160

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

......................

1,000,000

1,100,917

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

......................

1,000,000

1,139,370

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/21

..........................................

501,000

501,000

GO,

2020,

0.375%,

6/01/23

..........................................

1,730,000

1,707,814

GO,

2020,

0.375%,

6/01/24

..........................................

1,765,000

1,723,199

GO,

2020,

0.375%,

6/01/25

..........................................

1,800,000

1,733,987

County

of

Union

,

GO,

2020,

0.5%,

3/01/23

............................................

5,215,000

5,248,247

GO,

2020,

0.5%,

3/01/24

............................................

5,290,000

5,331,290

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

30,918,003

New

Jersey

Economic

Development

Authority

,

d

Revenue,

FRN,

2019

A,

Refunding,

5.25%,

4/01/28

........................

5,000,000

6,330,018

b

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

.................................................

7,500,000

7,997,797

d

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

FRN,

2013

I,

Refunding,

1.65%,

(SIFMA

Municipal

Swap

Index

+

1.6%),

3/01/28

....................

12,170,000

12,374,928

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AMBAC

Insured,

Zero

Cpn.,

12/15/26

....................

10,000,000

9,386,263

Revenue,

2006

C,

BHAC

Insured,

Zero

Cpn.,

12/15/27

......................

11,110,000

10,364,619

State

of

New

Jersey

,

GO,

3%,

6/01/25

..................................................

2,000,000

2,105,395

GO,

2020

A,

5%,

6/01/29

............................................

3,000,000

3,901,500

GO,

2020

A,

4%,

6/01/30

............................................

5,000,000

6,180,868

110,626,375

New

York

4.8%

b

Chautauqua

County

Capital

Resource

Corp.

,

Jamestown

Center

City

Development

Corp.

,

Revenue

,

2013

,

Refunding

,

Mandatory

Put

,

2

%

,

11/01/21

..............

4,750,000

4,768,344

City

of

New

York

,

GO

,

2019

A

,

Refunding

,

5

%

,

8/01/22

.......................

5,000,000

5,285,515

County

of

Suffolk

,

GO,

2018

B,

AGMC

Insured,

4%,

10/15/28

...............................

4,205,000

4,926,515

GO,

2020-II,

2%,

8/19/21

............................................

2,560,000

2,569,470

Metropolitan

Transportation

Authority

,

b

Revenue,

2012

G-4,

Refunding,

Mandatory

Put,

0.624%,

11/01/22

.............

6,240,000

6,239,458

Revenue,

2017

D,

Refunding,

5%,

11/15/25

..............................

3,775,000

4,507,309

Revenue,

2020

A-1,

5%,

2/01/23

......................................

8,250,000

8,888,771

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/24

1,000,000

1,120,802

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/25

1,000,000

1,162,335

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

3/01/28

..

1,350,000

1,691,402

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

47

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/26

......................................................

$

5,000,000

$

6,140,146

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

3,530,717

b

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

........................................................

10,000,000

10,924,838

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

F

,

1.1

%

,

11/01/26

.......

2,860,000

2,903,373

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/25

...

500,000

593,986

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/25

...

900,000

1,073,577

66,326,558

North

Carolina

0.6%

City

of

Charlotte

,

COP

,

2013

B

,

3

%

,

6/01/22

...............................

2,740,000

2,745,668

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

................................

3,000,000

3,699,717

Revenue,

2018,

Refunding,

5%,

10/01/27

................................

1,500,000

1,901,843

8,347,228

Ohio

3.1%

County

of

Cuyahoga

,

Revenue

,

2020

D

,

Refunding

,

3

%

,

12/01/21

...............

9,090,000

9,219,942

County

of

Lucas

,

Promedica

Healthcare

Obligated

Group

,

Revenue

,

2011

A

,

Pre-

Refunded

,

6.5

%

,

11/15/37

...........................................

10,000,000

10,290,100

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/22

...........

1,200,000

1,266,756

Ohio

Water

Development

Authority

,

Revenue,

2018,

5%,

6/01/28

.........................................

7,000,000

8,979,989

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

A,

5%,

6/01/29

.............

8,500,000

11,124,823

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

.............

2,560,000

2,800,293

43,681,903

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

1,063,227

Oklahoma

State

University

,

Revenue,

2021

A,

Refunding,

5%,

9/01/21

...............................

880,000

890,670

Revenue,

2021

A,

Refunding,

5%,

9/01/23

...............................

705,000

780,973

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/21

........................................................

2,010,000

2,033,812

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/22

........................................................

1,500,000

1,589,365

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/23

........................................................

1,170,000

1,289,669

7,647,716

Oregon

0.9%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

.........................................................

850,000

937,519

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,364,947

State

of

Oregon

,

GO,

2015

B,

Refunding,

5%,

8/01/27

...................................

2,785,000

3,297,320

Department

of

Transportation,

Revenue,

Senior

Lien,

2012

A,

Refunding,

5%,

11/15/22

.......................................................

5,000,000

5,356,906

11,956,692

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.

48

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

3.5%

Albert

Gallatin

Area

School

District

,

GO

,

2020

B

,

AGMC

Insured

,

4

%

,

9/01/27

......

$

1,130,000

$

1,330,255

b

Delaware

Valley

Regional

Finance

Authority

,

Revenue

,

2018

B

,

Mandatory

Put

,

0.47

%

,

(

SIFMA

Municipal

Swap

Index

+

0.42

%

),

9/01/22

..........................

2,500,000

2,496,193

b

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014

B

,

Refunding

,

Mandatory

Put

,

1.132

%

,

(

1-month

USD

LIBOR

+

1.07

%

),

6/01/24

.....

10,000,000

10,127,043

b

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.8

%

,

9/01/22

.........................

10,000,000

10,184,056

b,e

Pennsylvania

Economic

Development

Financing

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2021

A

,

Mandatory

Put

,

0.43

%

,

(

SIFMA

Municipal

Swap

Index

+

0.4

%

),

6/03/24

.........................................................

6,000,000

6,001,487

Philadelphia

Gas

Works

Co.

,

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/25

........................

500,000

589,035

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/26

........................

600,000

726,744

d

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2019

,

0.41

%

,

(

SIFMA

Municipal

Swap

Index

+

0.36

%

),

2/15/24

...........

7,750,000

7,790,013

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/21

......

250,000

250,733

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/22

......

300,000

311,708

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/23

......

375,000

402,584

Westmoreland

County

Municipal

Authority

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

8/15/37

7,895,000

8,731,186

48,941,037

Rhode

Island

0.2%

City

of

Providence

,

GO,

2021

A,

Refunding,

5%,

1/15/22

...................................

400,000

411,032

GO,

2021

A,

Refunding,

5%,

1/15/23

...................................

475,000

508,234

GO,

2021

A,

Refunding,

5%,

1/15/24

...................................

500,000

554,993

GO,

2021

A,

Refunding,

5%,

1/15/25

...................................

500,000

572,611

GO,

2021

A,

Refunding,

5%,

1/15/26

...................................

500,000

587,703

2,634,573

Tennessee

1.9%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

7,881,439

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

8,567,165

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

9,288,997

25,737,601

Texas

7.2%

Board

of

Regents

of

the

University

of

Texas

System

,

Revenue

,

2016

J

,

5

%

,

8/15/21

.

4,000,000

4,040,031

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

3,280,000

3,103,186

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

5,973,387

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,238,848

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

6,017,133

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools,

Revenue,

2017,

Refunding,

PSF

Guaranty,

4%,

8/15/21

....

2,000,000

2,015,548

IDEA

Public

Schools,

Revenue,

2017,

Refunding,

PSF

Guaranty,

4%,

8/15/22

....

3,200,000

3,347,103

Comal

Independent

School

District

,

GO

,

2017

,

PSF

Guaranty

,

5

%

,

2/01/22

........

2,250,000

2,323,867

Cypress-Fairbanks

Independent

School

District

,

GO,

2013,

Refunding,

PSF

Guaranty,

5%,

2/15/22

.........................

7,320,000

7,571,734

b

GO,

2017

A-1,

PSF

Guaranty,

Mandatory

Put,

2.125%,

8/16/21

...............

4,930,000

4,949,590

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

49

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Pre-Refunded

,

5.25

%

,

10/01/51

........................................................

$

27,930,000

$

31,256,555

State

of

Texas

,

GO,

2018

B-3,

Refunding,

5%,

8/01/24

..................................

4,750,000

5,453,589

GO,

2018

B-3,

Refunding,

5%,

8/01/25

..................................

2,000,000

2,375,193

GO,

2018

B-3,

Refunding,

5%,

8/01/26

..................................

2,000,000

2,452,016

Revenue,

2020,

4%,

8/26/21

.........................................

10,000,000

10,093,000

b

Texas

Transportation

Commission

State

Highway

Fund

,

Revenue,

First

Tier

,

2016

B

,

Refunding

,

Mandatory

Put

,

4

%

,

10/01/21

................................

3,000,000

3,038,352

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

4,200,000

5,310,636

100,559,768

Utah

0.1%

South

Valley

Water

Reclamation

Facility

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

2/15/23

1,225,000

1,319,803

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

3

%

,

10/15/23

.....................

475,000

502,993

1,822,796

Virginia

1.1%

Virginia

College

Building

Authority

,

Revenue

,

2012

A

,

Pre-Refunded

,

4

%

,

2/01/29

...

15,375,000

15,777,016

Washington

4.3%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

1,700,000

2,158,505

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

4,216,637

Clark

County

School

District

No.

37

Vancouver

,

GO,

2021,

4%,

12/01/21

.............................................

2,250,000

2,294,257

GO,

2021,

4%,

12/01/22

.............................................

3,575,000

3,786,082

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/23

.........................................................

5,000,000

5,505,298

King

County

School

District

No.

410

Snoqualmie

Valley

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/21

........................................................

2,455,000

2,515,243

King

County

School

District

No.

414

Lake

Washington

,

GO

,

2020

,

4

%

,

12/01/21

....

1,415,000

1,442,617

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,354,495

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,897,736

Spokane

County

School

District

No.

356

Central

Valley

,

GO

,

2018

,

4

%

,

12/01/31

....

8,295,000

9,879,312

State

of

Washington

,

GO,

2012

D,

Pre-Refunded,

5%,

2/01/34

................................

6,545,000

6,759,570

GO,

R-2012D,

Refunding,

5%,

7/01/23

..................................

4,085,000

4,300,785

GO,

R-2013B,

Refunding,

5%,

7/01/23

..................................

3,255,000

3,426,942

GO,

R-2015

D,

Refunding,

5%,

7/01/28

.................................

3,985,000

4,624,181

b

University

of

Washington

,

Revenue

,

2019

A

,

Mandatory

Put

,

5

%

,

5/01/22

.........

5,000,000

5,100,293

c

Washington

Health

Care

Facilities

Authority

,

Seattle

Cancer

Care

Alliance

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

372,555

59,634,508

Wisconsin

1.1%

City

of

Fond

Du

Lac

,

GO

,

2017

B

,

Refunding

,

2

%

,

4/01/22

.....................

1,000,000

1,015,237

City

of

Milwaukee

,

Milwaukee

Public

Schools

,

Revenue

,

2020

M-8

,

3

%

,

7/01/21

....

10,000,000

10,024,070

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

2.75%,

12/01/25

...................

760,157

774,759

c

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

B,

4.25%,

6/01/25

2,833,000

2,822,696

14,636,762

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/23

.....

800,000

857,220

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.

50

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wyoming

(continued)

County

of

Laramie,

(continued)

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/27

.....

$

550,000

$

647,600

1,504,820

Total

Municipal

Bonds

(Cost

$958,816,269)

.....................................

993,377,743

Total

Long

Term

Investments

(Cost

$995,470,969)

...............................

1,031,450,883

a

a

a

a

a

Short

Term

Investments

25.3%

Municipal

Bonds

25.3%

Arizona

1.7%

f

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

1/01/46

...............

1,835,000

1,835,000

f

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

2/01/48

22,400,000

22,400,000

24,235,000

California

3.4%

f

Santa

Clara

Valley

Transportation

Authority

,

2000

Measure

A

Sales

Tax

,

Revenue

,

2008

D

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

4/01/36

..........

10,800,000

10,800,000

f

University

of

California

,

Revenue,

2013

AL-1,

Daily

VRDN

and

Put,

0.01%,

5/15/48

..................

16,300,000

16,300,000

Revenue,

2013

AL-2,

Refunding,

Daily

VRDN

and

Put,

0.01%,

5/15/48

..........

13,900,000

13,900,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

0.01%,

5/15/48

..........

6,150,000

6,150,000

47,150,000

Colorado

1.4%

f

City

&

County

of

Denver

,

COP,

2008

A-1,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

12/01/29

.................................................

3,500,000

3,500,000

COP,

2008

A-2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

12/01/29

.................................................

7,625,000

7,625,000

COP,

2008

A-3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

12/01/31

.................................................

7,830,000

7,830,000

18,955,000

Florida

1.8%

f

City

of

Jacksonville

,

Florida

Power

&

Light

Co.

,

Revenue

,

1995

,

Refunding

,

Daily

VRDN

and

Put

,

0.03

%

,

5/01/29

.......................................

3,900,000

3,900,000

f

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.03

%

,

7/15/22

.............................................

20,400,000

20,400,000

24,300,000

Georgia

0.3%

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

,

0.01

%

,

7/01/35

...................................

4,600,000

4,600,000

Maryland

2.0%

f

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/37

........................................................

11,050,000

11,050,000

f

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008

D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

7/01/41

.............................................

16,240,000

16,240,000

27,290,000

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

51

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Michigan

0.5%

f

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/24

..

$

7,120,000

$

7,120,000

Minnesota

1.6%

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,

0.01%,

11/15/35

.................................

4,300,000

4,300,000

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/15/35

.....................................

17,925,000

17,925,000

22,225,000

Missouri

0.6%

f

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

3/01/40

...................................................

8,900,000

8,900,000

New

York

4.8%

f

City

of

New

York

,

GO

,

2006

I

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.01

%

,

4/01/36

...................................................

4,600,000

4,600,000

f

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

11/01/31

...........

10,820,000

10,820,000

f

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

1/01/34

4,200,000

4,200,000

f

New

York

City

,

Water

&

Sewer

System,

Revenue,

2014

AA-1,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

6/15/50

......................................

7,800,000

7,800,000

Water

&

Sewer

System,

Revenue,

BB

1B,

SPA

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.02%,

6/15/49

......................................

7,200,000

7,200,000

f

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2013

C-4,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/01/36

.....................................

4,700,000

4,700,000

Future

Tax

Secured,

Revenue,

2019

B-4,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

8/01/42

......................................

24,500,000

24,500,000

f

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2002

F,

Refunding,

LOC

Citibank

NA,

Daily

VRDN

and

Put,

0.01%,

11/01/32

.......................................................

1,580,000

1,580,000

Revenue,

2005

B-3,

Refunding,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.02%,

1/01/32

..............................................

1,200,000

1,200,000

66,600,000

North

Carolina

0.3%

f

North

Carolina

Medical

Care

Commission

,

Moses

H

Cone

Memorial

Hospital

Obligated

Group

,

Revenue

,

2001

B

,

SPA

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.02

%

,

10/01/35

........................................................

3,600,000

3,600,000

Ohio

1.4%

f

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.02

%

,

6/01/34

...........................

19,970,000

19,970,000

Oregon

0.6%

f

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

8/01/34

............

6,300,000

6,300,000

f

State

of

Oregon

,

GO

,

2020

J

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

6/01/39

...................................................

3,100,000

3,100,000

9,400,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

52

See

Abbreviations

on

page

184

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Pennsylvania

0.4%

f

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/37

...............................................

$

5,100,000

$

5,100,000

Tennessee

1.5%

f

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

6/01/42

...................................

21,130,000

21,130,000

Virginia

3.0%

f

Albermarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

10/01/48

........................................................

36,050,000

36,050,000

f

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/36

......................

5,495,000

5,495,000

41,545,000

Total

Municipal

Bonds

(Cost

$352,120,000)

.....................................

352,120,000

Total

Short

Term

Investments

(Cost

$352,120,000

)

...............................

352,120,000

a

Total

Investments

(Cost

$1,347,590,969)

99.5%

..................................

$1,383,570,883

Other

Assets,

less

Liabilities

0.5%

.............................................

6,737,220

Net

Assets

100.0%

...........................................................

$1,390,308,103

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

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

May

31,

2021,

the

aggregate

value

of

these

securities

was

$5,574,191,

representing

0.4%

of

net

assets.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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),

May

31,

2021

Franklin

Florida

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

53

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

Florida

96.1%

Brevard

County

Health

Facilities

Authority

,

Health

First,

Inc.

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5

%

,

4/01/39

........................................

$

5,000,000

$

5,547,283

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/35

............................................

1,000,000

1,245,496

Capital

Trust

Agency,

Inc.

,

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/31

.................

500,000

552,829

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/41

.................

325,000

352,898

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/51

.................

385,000

413,715

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/56

.................

485,000

516,848

Central

Florida

Expressway

Authority

,

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/39

.....................

5,000,000

5,640,631

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/40

.....................

5,825,000

6,576,123

Revenue,

Senior

Lien,

2019

B,

5%,

7/01/49

..............................

5,000,000

6,253,678

Revenue,

Senior

Lien,

2021,

Refunding,

AGMC

Insured,

4%,

7/01/38

...........

4,000,000

4,908,242

City

of

Atlantic

Beach

,

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

11/15/38

.......................................

1,105,000

1,259,498

City

of

Fort

Myers

,

Utility

System

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

10/01/44

......

7,000,000

8,121,059

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2019

A

,

5

%

,

10/01/47

.............

5,000,000

6,293,022

City

of

Jacksonville

,

Revenue,

2012,

Refunding,

5%,

10/01/30

................................

2,000,000

2,125,901

Revenue,

2020

A,

Refunding,

4%,

10/01/50

..............................

8,510,000

9,890,504

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/45

..

5,000,000

5,660,337

City

of

Lakeland

,

Lakeland

Regional

Health

Systems

Obligated

Group

,

Revenue

,

2015

,

5

%

,

11/15/45

.....................................................

12,300,000

13,778,300

City

of

Melbourne

,

Water

&

Sewer,

Revenue,

2000

A,

FGIC

Insured,

ETM,

Zero

Cpn.,

10/01/26

......

1,500,000

1,437,500

Water

&

Sewer,

Revenue,

2002

B,

Refunding,

NATL

Insured,

Zero

Cpn.,

10/01/22

.

1,785,000

1,775,830

Water

&

Sewer,

Revenue,

2002

B,

Refunding,

NATL

Insured,

Zero

Cpn.,

10/01/26

.

4,500,000

4,268,460

City

of

Miami

Beach

,

Stormwater

,

Revenue

,

2015

,

5

%

,

9/01/41

.................

10,000,000

11,660,855

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

........................................

2,220,000

2,457,210

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/15/42

........................................................

5,000,000

5,652,943

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/42

........................................................

6,500,000

7,955,752

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

7/01/37

.........................................

5,000,000

5,870,251

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/45

..................................................

4,150,000

4,820,287

Water

&

Wastewater

System,

Revenue,

2020

A,

4%,

10/01/48

................

7,500,000

9,107,427

Water

&

Wastewater

System,

Revenue,

2020

A,

5%,

10/01/54

................

5,000,000

6,463,243

Collier

County

Educational

Facilities

Authority

,

Hodges

University,

Inc.

,

Revenue

,

2013

,

5.625

%

,

11/01/28

..................................................

2,860,000

3,074,427

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

4

%

,

9/01/44

.....

5,000,000

5,774,450

County

of

Hillsborough

,

Wastewater

Impact

Fee,

Revenue,

2021,

5%,

5/01/31

......................

1,640,000

2,197,925

Wastewater

Impact

Fee,

Revenue,

2021,

4%,

5/01/36

......................

1,370,000

1,676,002

Wastewater

Impact

Fee,

Revenue,

2021,

4%,

5/01/37

......................

650,000

792,527

County

of

Miami-Dade

,

GO,

2016

A,

4%,

7/01/39

............................................

1,000,000

1,206,790

Aviation,

Revenue,

2014

B,

Refunding,

5%,

10/01/37

.......................

10,000,000

11,425,693

Aviation,

Revenue,

2017

B,

Refunding,

5%,

10/01/40

.......................

5,000,000

6,082,417

Aviation,

Revenue,

2020

A,

Refunding,

4%,

10/01/41

.......................

4,950,000

5,882,418

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.

54

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

County

of

Miami-Dade,

(continued)

Seaport

Department,

Revenue,

2013

A,

6%,

10/01/38

......................

$

10,000,000

$

11,160,940

Transit

System,

Revenue,

2018,

5%,

7/01/43

.............................

10,000,000

12,288,700

Transit

System,

Revenue,

2018,

4%,

7/01/47

.............................

5,000,000

5,731,850

Transit

System,

Revenue,

2020

A,

4%,

7/01/45

...........................

4,000,000

4,748,077

Transit

System,

Revenue,

2020

A,

4%,

7/01/50

...........................

5,000,000

5,901,503

Water

&

Sewer

System,

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/42

.........

10,000,000

10,652,752

Water

&

Sewer

System,

Revenue,

2019,

5%,

10/01/43

......................

5,000,000

6,269,998

Water

&

Sewer

System,

Revenue,

2019

B,

4%,

10/01/49

....................

4,000,000

4,720,646

Water

&

Sewer

System,

Revenue,

2021,

4%,

10/01/33

......................

2,500,000

3,106,239

Water

&

Sewer

System,

Revenue,

2021,

4%,

10/01/38

......................

3,000,000

3,675,211

County

of

Polk

,

Utility

System

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/43

..........

4,600,000

5,544,882

Florida

Development

Finance

Corp.

,

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/35

..........

325,000

360,040

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/45

..........

600,000

649,869

Florida

Higher

Educational

Facilities

Financial

Authority

,

University

of

Tampa,

Inc.

(The)

,

Revenue

,

2012

A

,

Pre-Refunded

,

5.25

%

,

4/01/42

.....................

1,000,000

1,042,572

Florida

Housing

Finance

Corp.

,

Revenue,

2020-1,

GNMA

Insured,

2.75%,

7/01/50

.........................

1,970,000

2,037,195

Revenue,

2020-2,

GNMA

Insured,

2.5%,

7/01/50

..........................

2,220,000

2,291,992

Florida

Municipal

Loan

Council

,

Revenue

,

2011

D

,

AGMC

Insured

,

5.5

%

,

10/01/41

..

3,750,000

3,810,891

Fort

Pierce

Utilities

Authority

,

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn.,

10/01/21

....................

2,585,000

2,581,730

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn.,

10/01/22

....................

3,090,000

3,070,455

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn.,

10/01/23

....................

3,060,000

3,016,121

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn.,

10/01/24

....................

2,560,000

2,494,112

Greater

Orlando

Aviation

Authority

,

Revenue,

2010

A,

5%,

10/01/39

.......................................

5,000,000

5,016,972

Revenue,

2019

A,

4%,

10/01/49

.......................................

5,000,000

5,716,794

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/46

........................................................

4,250,000

4,842,775

Halifax

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/36

........................................................

2,500,000

2,925,986

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/45

.............

1,515,000

1,746,757

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/50

.............

1,800,000

2,055,777

Hillsborough

County

Aviation

Authority

,

Revenue,

2015

A,

5%,

10/01/44

.......................................

5,000,000

5,675,600

Revenue,

2018

E,

5%,

10/01/43

.......................................

5,000,000

6,214,763

Hillsborough

County

Industrial

Development

Authority

,

Florida

Health

Sciences

Center,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

8/01/55

.......................

3,000,000

3,471,218

JEA

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/40

.........

1,000,000

1,195,732

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2019

,

5

%

,

11/15/44

................................................

5,000,000

5,823,302

Miami

Beach

Redevelopment

Agency

,

Tax

Allocation

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

2/01/40

...............................................

5,000,000

5,552,905

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

18,770,000

18,822,055

Miami-Dade

County

Health

Facilities

Authority

,

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/01/42

........................................................

3,000,000

3,634,334

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/01/47

........................................................

3,500,000

3,964,606

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

A,

6.125%,

8/01/42

......

1,055,000

1,058,723

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

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Mid-Bay

Bridge

Authority

,

Revenue,

2015

A,

Refunding,

5%,

10/01/40

..............................

$

5,000,000

$

5,698,801

Revenue,

A,

ETM,

6.875%,

10/01/22

...................................

2,715,000

2,856,059

Revenue,

D,

ETM,

6.1%,

10/01/22

.....................................

3,545,000

3,734,373

North

Sumter

County

Utility

Dependent

District

,

Revenue,

Senior

Lien

,

2019

,

BAM

Insured

,

5

%

,

10/01/44

..............................................

4,000,000

4,965,208

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2019

A,

5%,

10/01/47

.............

5,000,000

6,093,185

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

5,000,000

5,468,474

Orlando

Utilities

Commission

,

Revenue,

2021

A,

4%,

10/01/39

.......................................

5,000,000

6,130,469

Revenue,

2021

A,

4%,

10/01/40

.......................................

4,000,000

4,893,282

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

7/01/35

...............................

8,330,000

9,117,867

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

B,

4%,

11/15/41

.......................................................

500,000

577,420

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

B,

5%,

11/15/42

.......................................................

500,000

605,958

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

B,

5%,

5/15/41

....

5,000,000

5,691,257

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Senior

Lien,

2020

A-1,

Refunding,

AGMC

Insured,

2.625%,

5/01/34

........................................................

1,205,000

1,245,243

Special

Assessment,

Senior

Lien,

2020

A-1,

Refunding,

AGMC

Insured,

2.8%,

5/01/37

........................................................

995,000

1,031,676

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/37

........................................................

2,350,000

2,556,414

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/42

........................................................

1,600,000

1,732,105

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/47

........................................................

2,450,000

2,645,216

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

..............

600,000

687,703

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

..............

1,025,000

1,165,489

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

..............

1,850,000

2,081,594

Sarasota

County

Public

Hospital

District

,

Sarasota

County

Public

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

4

%

,

7/01/48

............................

10,000,000

11,172,648

School

Board

of

Miami-Dade

County

(The)

,

GO

,

2013

,

5

%

,

3/15/43

..............

2,465,000

2,651,586

School

District

of

Broward

County

,

GO

,

2021

,

5

%

,

7/01/35

.....................

6,275,000

8,512,245

St.

Johns

County

Industrial

Development

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/55

...

3,500,000

3,832,168

State

of

Florida

,

GO,

1999

D,

Refunding,

6%,

6/01/23

...................................

15,000,000

16,763,616

GO,

2016

C,

Refunding,

4%,

6/01/35

...................................

5,340,000

6,125,843

GO,

2016

F,

Refunding,

4%,

6/01/37

...................................

8,000,000

9,103,082

Tampa

Bay

Water

,

Revenue

,

2013

,

5

%

,

10/01/38

...........................

10,000,000

11,050,982

Tampa

Sports

Authority

,

Revenue

,

1995

,

NATL

Insured

,

6.1

%

,

10/01/26

...........

2,505,000

2,877,818

Tampa-Hillsborough

County

Expressway

Authority

,

Revenue

,

2017

,

5

%

,

7/01/47

....

5,000,000

5,984,520

Town

of

Palm

Beach

,

GO

,

2018

,

4

%

,

7/01/43

..............................

5,000,000

5,799,658

University

of

North

Florida

Financing

Corp.

(The)

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/35

..............................................

5,000,000

6,054,035

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/42

1,500,000

1,814,508

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.

56

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Volusia

County

Educational

Facility

Authority,

(continued)

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/47

$

3,500,000

$

4,207,706

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2020

A,

Refunding,

5%,

10/15/49

.......................................................

3,000,000

3,696,993

520,218,046

U.S.

Territories

2.6%

Puerto

Rico

2.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

3,300,000

3,563,322

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

327,137

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

4,700,000

5,122,928

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

950,000

1,031,068

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

3,900,000

4,036,500

14,080,955

Total

U.S.

Territories

....................................................................

14,080,955

Total

Municipal

Bonds

(Cost

$497,628,758)

.....................................

534,299,001

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

Florida

0.5%

a

City

of

Jacksonville

,

Florida

Power

&

Light

Co.

,

Revenue

,

1995

,

Refunding

,

Daily

VRDN

and

Put

,

0.03

%

,

5/01/29

.......................................

1,490,000

1,490,000

a

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.03

%

,

7/15/22

.............................................

1,000,000

1,000,000

2,490,000

Total

Municipal

Bonds

(Cost

$2,490,000)

.......................................

2,490,000

Total

Short

Term

Investments

(Cost

$2,490,000

)

.................................

2,490,000

a

Total

Investments

(Cost

$500,118,758)

99.2%

...................................

$536,789,001

Other

Assets,

less

Liabilities

0.8%

.............................................

4,580,753

Net

Assets

100.0%

...........................................................

$541,369,754

a

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Georgia

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

57

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.3%

Georgia

95.7%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

5%,

6/15/36

........................................................

$

2,390,000

$

2,890,293

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

4%,

6/15/40

........................................................

5,000,000

5,656,224

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

Park

Tax

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/35

..........................................

3,530,000

4,080,576

Atlanta

Development

Authority

(The)

,

Revenue,

2015

A-1,

5.25%,

7/01/40

....................................

7,750,000

8,961,302

Revenue,

2015

A-1,

5.25%,

7/01/44

....................................

3,000,000

3,452,457

Piedmont

Ellis

LLC,

Revenue,

2013,

Pre-Refunded,

5%,

9/01/32

..............

2,000,000

2,213,702

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,928,519

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

1,172,631

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

1,165,912

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

4,000,000

4,558,777

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

4,168,182

Bibb

County

Development

Authority

,

Macon

State

College

Foundation

Real

Estate

LLC

,

Revenue

,

2012

,

AGMC

Insured

,

5

%

,

7/01/40

.............................

5,000,000

5,238,015

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,672,601

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

6,000,000

6,993,452

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/45

.

1,250,000

1,489,552

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

1,500,000

1,770,451

Tanner

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

......

2,000,000

2,332,289

Carrollton

Payroll

Development

Authority

,

UWG

Athletic

Complex

LLC

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/37

.................................

3,140,000

3,641,844

City

of

Atlanta

,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

...........................

1,780,000

2,137,003

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/33

........................................................

4,005,000

4,467,906

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/34

........................................................

3,250,000

3,625,642

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

5,298,400

Department

of

Aviation,

Revenue,

2012

B,

5%,

1/01/42

.....................

2,000,000

2,053,488

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

6,080,526

Water

&

Wastewater,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/43

............

10,000,000

11,797,390

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

6,227,645

Water

&

Wastewater,

Revenue,

2019,

Refunding,

4%,

11/01/38

...............

1,450,000

1,748,438

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.

58

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

$

1,835,000

$

1,987,503

City

of

Buford

,

GO

,

2017

C

,

Refunding

,

4

%

,

1/01/43

.........................

5,000,000

5,757,042

City

of

Cartersville

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

...................

4,000,000

5,050,743

City

of

Columbus

,

Water

&

Sewerage

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

5/01/33

1,030,000

1,172,923

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,748,318

City

of

Fairburn

,

GO

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5.75

%

,

12/01/31

.......

2,000,000

2,056,567

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,768,248

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

1,177,837

Clayton

County

Development

Authority

,

CSU

Foundation

Real

Estate

II

LLC,

Revenue,

2011,

Refunding,

AGMC

Insured,

5%,

7/01/36

........................................................

3,000,000

3,011,811

TUFF

Archives

LLC,

Revenue,

2012,

Refunding,

5%,

7/01/33

.................

5,000,000

5,245,650

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

479,985

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

425,000

502,065

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

400,000

509,787

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

441,067

County

of

DeKalb

,

Water

&

Sewerage,

Revenue,

2006

B,

Refunding,

AGMC

Insured,

5%,

10/01/35

..

10,655,000

12,955,875

Water

&

Sewerage,

Revenue,

2011

A,

5.25%,

10/01/41

.....................

11,425,000

11,609,987

County

of

Fulton

,

GO,

2017,

4%,

7/01/40

.............................................

5,000,000

5,830,008

Water

&

Sewerage,

Revenue,

2020

A,

3%,

1/01/45

........................

5,000,000

5,476,030

Coweta

County

Water

&

Sewage

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

6/01/39

.

1,500,000

1,765,801

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

3,408,165

Decatur

Urban

Redevelopment

Agency

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

1/01/38

6,195,000

6,674,282

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

5,000,000

5,251,651

Development

Authority

for

Fulton

County

,

AMC

Campus

Project

I

LLC,

Revenue,

2011,

AGMC

Insured,

5%,

6/15/37

.......

3,075,000

3,080,427

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

2,334,728

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

........................................................

10,000,000

11,106,482

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

5,815,620

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,194,286

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

4,000,000

4,619,466

Development

Authority

of

Bulloch

County

,

Georgia

Southern

University

Housing

Foundation

Five

LLC

,

Revenue

,

2011

,

AGMC

Insured

,

5

%

,

7/01/36

............

2,055,000

2,063,091

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

6,733,155

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,847,275

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,304,668

KSU

2020

Housing

Real

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

6,613,883

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/35

..........

2,500,000

2,620,214

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/38

..........

2,500,000

2,620,258

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

2,294,667

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/22

......

3,000,000

3,089,945

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/24

......

2,000,000

2,257,769

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

59

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Etowah

Water

&

Sewer

Authority

,

Revenue,

2019,

Refunding,

BAM

Insured,

4%,

3/01/36

......................

$

1,450,000

$

1,707,984

Revenue,

2019,

Refunding,

BAM

Insured,

3%,

3/01/44

......................

1,250,000

1,332,671

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/43

......................................................

7,735,000

8,549,031

Forsyth

County

School

District

,

GO

,

2018

,

5

%

,

2/01/38

.......................

2,650,000

3,317,341

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,436,004

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

8,337,727

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

5,855,208

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

1,205,735

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,720,393

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

5,000,000

5,131,463

Revenue,

2018

A,

3.85%,

12/01/38

....................................

5,600,000

6,014,992

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,269,913

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

4,930,000

5,324,522

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,874,976

Gwinnett

County

School

District

,

GO,

2019,

5%,

2/01/41

.............................................

3,000,000

3,826,162

GO,

2021,

5%,

2/01/32

.............................................

3,150,000

4,284,672

GO,

2021,

4%,

2/01/37

.............................................

5,000,000

6,253,449

Henry

County

School

District

,

GO

,

2016

,

4

%

,

8/01/33

........................

5,000,000

5,796,797

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

Refunding

,

AGMC

Insured

,

6

%

,

10/01/23

..............................................

1,430,000

1,517,091

Lawrenceville

Building

Authority

,

City

of

Lawrenceville

,

Revenue

,

2015

,

5

%

,

4/01/35

.

2,270,000

2,634,656

Macon

Water

Authority

,

Revenue

,

2015

,

4

%

,

10/01/35

........................

2,810,000

3,223,218

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

6,313,327

Revenue,

2019

A,

5%,

5/15/38

........................................

2,500,000

3,572,428

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/45

........

5,000,000

6,048,416

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

1,158,415

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,942,808

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

5,740,187

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

4,405,112

Revenue,

GG,

Refunding,

5%,

1/01/39

..................................

7,000,000

7,447,752

Municipal

Gas

Authority

of

Georgia

,

Revenue,

S,

Refunding,

5%,

10/01/25

..................................

2,500,000

2,652,618

Revenue,

S,

Refunding,

5%,

10/01/26

..................................

2,500,000

2,648,869

Paulding

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

4/01/42

........................................

3,500,000

3,625,477

Pierce

County

School

District

,

GO

,

2017

,

4

%

,

1/01/43

........................

3,725,000

4,323,498

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2011

A,

Pre-Refunded,

5%,

9/01/41

..............

2,000,000

2,024,418

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

5,500,909

Emory

University,

Revenue,

2019

B,

Refunding,

5%,

9/01/48

.................

4,000,000

5,030,901

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.

60

See

Abbreviations

on

page

184

.

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

$

1,204,260

Richmond

County

Hospital

Authority

,

University

Health

Services

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

9,034,915

Sandy

Springs

Public

Facilities

Authority

,

City

of

Sandy

Springs

,

Revenue

,

2015

,

Pre-

Refunded

,

5

%

,

5/01/41

.............................................

3,000,000

3,652,840

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

11,524,335

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,465,681

State

of

Georgia

,

GO,

2017

A,

4%,

2/01/36

............................................

5,000,000

5,793,958

GO,

2018

A,

4%,

7/01/36

............................................

5,000,000

5,979,085

Tift

County

Hospital

Authority

,

Southwell

Obligated

Group

,

Revenue

,

2013

,

Pre-

Refunded

,

5

%

,

12/01/38

.............................................

2,000,000

2,146,895

Valdosta

&

Lowndes

County

Hospital

Authority

,

Revenue

,

2011

B

,

Pre-Refunded

,

5

%

,

10/01/41

........................................................

3,000,000

3,048,973

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

6,195,713

463,396,336

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

5

%

,

6/15/37

...

1,220,000

1,555,496

U.S.

Territories

2.3%

Puerto

Rico

2.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

560,000

604,685

a

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

2,270,000

2,179,200

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

4,800,000

5,514,869

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,450,000

1,580,478

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,100,000

1,193,868

11,073,100

Total

U.S.

Territories

....................................................................

11,073,100

Total

Municipal

Bonds

(Cost

$445,626,370)

.....................................

476,024,932

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

Georgia

0.5%

b

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

0.05

%

,

9/01/37

.....................

2,500,000

2,500,000

Total

Municipal

Bonds

(Cost

$2,500,000)

.......................................

2,500,000

Total

Short

Term

Investments

(Cost

$2,500,000

)

.................................

2,500,000

a

Total

Investments

(Cost

$448,126,370)

98.8%

...................................

$478,524,932

Other

Assets,

less

Liabilities

1.2%

.............................................

5,977,067

Net

Assets

100.0%

...........................................................

$484,501,999

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

61

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

High

Yield

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

62

a

a

Shares

a

Value

a

Management

Investment

Companies

1.2%

Capital

Markets

1.2%

a

Franklin

Liberty

Federal

Intermediate

Tax-Free

Bond

Opportunities

ETF

..........

1,405,000

$

37,590,775

VanEck

Vectors

High

Yield

Muni

ETF

....................................

775,000

48,933,500

86,524,275

Total

Management

Investment

Companies

(Cost

$84,990,848)

....................

86,524,275

Principal

Amount

a

a

a

a

Senior

Floating

Rate

Interests

0.1%

Commercial

Services

&

Supplies

0.1%

b,c

CarbonLite

P

LLC,

Debtor-in-possession

Delayed

Draw

Term

Loan

,

12

%

,

PIK,

9/06/21

$

2,263,798

2,195,884

b,c,d

CarbonLite

P

LLC,

Roll

Up

Term

Loan

,

12

%

,

PIK,

9/06/21

.....................

4,563,281

4,563,281

6,759,165

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$2,316,924)

...........................

6,759,165

U.S.

Government

and

Agency

Securities

0.0%

†

d

Coalview

Centralia

LLC,

15%,

12/31/21

...................................

1,900,000

1,900,000

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,900,000)

..................

1,900,000

Municipal

Bonds

98.5%

Alabama

2.5%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/28

....................

7,350,000

5,253,160

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/29

....................

13,465,000

8,858,833

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/30

....................

19,050,000

11,521,028

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

13,801,865

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

15,764,602

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

16,839,801

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,161,313

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

5,996,419

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,560,805

Sewer,

Revenue,

Sub.

Lien,

2013

F,

Zero

Cpn.,

10/01/39

....................

75,000,000

77,037,465

Cullman

County

Health

Care

Authority

,

Cullman

Regional

Medical

Center,

Inc.

,

Revenue

,

2009

A

,

7

%

,

2/01/36

........................................

5,000

5,010

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2011

A

,

5.375

%

,

12/01/35

..................................................

3,250,000

3,323,636

175,123,937

Arizona

1.2%

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

1,572,454

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

1,000,000

1,175,473

e

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2017,

5%,

6/15/47

........

5,450,000

5,550,243

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,313,950

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

....................

1,000,000

1,175,263

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

....................

1,000,000

1,158,912

e

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

5,000,000

6,078,379

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

11,935,838

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)

Arizona

(continued)

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

$

6,000,000

$

7,106,345

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

14,548,470

Tempe

Industrial

Development

Authority

,

e

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,200,000

1,325,917

e

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

1,400,000

1,530,460

e

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

1,400,000

1,526,427

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

4,629,641

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

8,589,391

Yuma

County

Industrial

Development

Authority

,

Far

West

Water

&

Sewer,

Inc.

,

Revenue

,

2007

A

,

Refunding

,

6.375

%

,

12/01/37

...........................

14,200,000

14,198,988

83,416,151

Arkansas

0.1%

Arkansas

Development

Finance

Authority

,

Baptist

Health

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/47

................................................

3,000,000

3,693,612

California

18.8%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

17,937,997

e

California

Community

Housing

Agency

,

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

12,342,784

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

8,995,000

9,985,824

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

144A,

2021

A-2,

4%,

8/01/47

12,500,000

13,601,525

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

....................................................

12,000,000

13,503,163

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

30,500,000

32,302,730

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

3,625,000

3,630,452

e

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

19,810,215

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

7,729,447

f

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

9,152,782

e

California

Pollution

Control

Financing

Authority

,

g

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

15,925,000

g

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

9,331,474

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

4,050,000

4,219,183

e

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

4,177,987

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017

A,

Refunding,

5%,

7/01/47

............................................

2,900,000

2,436,000

f

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/46

.......................................................

1,250,000

1,397,702

California

State

Public

Works

Board

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

4/01/30

....

17,785,000

18,497,099

California

Statewide

Communities

Development

Authority

,

e

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

8,248,539

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014

A,

5.25%,

12/01/44

.......................................................

20,555,000

23,341,068

e

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

3,000,000

3,385,913

e

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,402,556

e

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

4,030,312

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)

California

(continued)

Centinela

Valley

Union

High

School

District

,

GO

,

2012

B

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

8/01/37

.................................................

$

8,400,000

$

3,499,645

City

of

San

Buenaventura

,

Community

Memorial

Health

System,

Revenue,

2011,

Pre-Refunded,

8%,

12/01/31

10,000,000

10,380,741

Community

Memorial

Health

System,

Revenue,

2011,

Pre-Refunded,

7.5%,

12/01/41

15,000,000

15,537,738

City

of

San

Jose

,

Hotel

Tax

,

Special

Tax

,

2011

,

6.5

%

,

5/01/42

..................

10,000,000

10,025,224

Compton

Community

College

District

,

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/30

...................

3,425,000

2,201,938

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/32

...................

4,000,000

2,236,196

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/34

...................

4,560,000

2,203,735

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/36

...................

5,250,000

2,198,686

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/37

...................

3,065,000

1,194,678

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/38

...................

6,000,000

2,178,124

e

CSCDA

Community

Improvement

Authority

,

Revenue,

144A,

2021

A,

4%,

8/01/56

...................................

8,000,000

8,707,686

Altana

Apartments,

Revenue,

144A,

2021

A-2,

4%,

10/01/56

.................

15,000,000

16,248,577

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

10,000,000

9,967,933

f

Union

South

Bay,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

....................

12,500,000

13,477,014

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

10,000,000

11,632,829

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

8,663,173

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/43

.....................

30,215,000

35,597,745

Revenue,

Junior

Lien,

C,

Pre-Refunded,

6.25%,

1/15/33

.....................

17,580,000

20,124,643

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2007

B,

Zero

Cpn.,

6/01/47

...................................

50,000,000

11,129,835

Revenue,

2018

A-2,

Refunding,

5%,

6/01/47

.............................

20,000,000

20,712,562

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

30,050,000

38,303,368

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

31,643,766

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

32,972,784

Novato

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2011

,

Pre-

Refunded

,

6.75

%

,

9/01/40

...........................................

3,750,000

3,811,428

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,347,681

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

1,058,729

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

1,028,547

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,696,936

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

A,

5.75%,

6/01/44

............................

6,065,000

6,603,104

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

3,070,282

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

4,095,349

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,869,763

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

3,878,561

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

42,392,875

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

32,358,988

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

Zero

Cpn.,

1/15/41

..........................

35,256,000

52,326,673

Revenue,

1997

A,

Refunding,

Zero

Cpn.,

1/15/42

..........................

35,256,000

52,738,812

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/24

...........................

52,700,000

52,374,815

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/25

...........................

45,200,000

44,573,813

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)

California

(continued)

San

Joaquin

Hills

Transportation

Corridor

Agency,

(continued)

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

$

131,900,000

$

128,153,908

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

132,080,847

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/44

...................

20,000,000

22,611,432

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/49

...................

25,000,000

28,203,750

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

45,241,824

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

23,705,408

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,855,673

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,560,290

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

6,531,518

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

6,846,978

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25

%

,

11/01/27

.....

9,855,000

12,366,726

State

of

California

,

GO

,

5

%

,

10/01/41

....................................

10,000,000

10,157,384

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

10,739,895

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

18,000,000

3,495,508

1,299,505,869

Colorado

5.5%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

4,130,067

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,420,000

7,974,599

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,500,000

5,974,417

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

4,250,000

4,577,705

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

3,000,000

3,192,891

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,652,869

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,636,227

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,245,000

2,424,576

f

Baseline

Metropolitan

District

No.

1

,

Revenue,

2021

A,

5%,

12/01/42

.......................................

555,000

597,553

Revenue,

2021

A,

5%,

12/01/51

.......................................

1,000,000

1,071,530

Revenue,

2021

B,

7.5%,

12/15/51

.....................................

2,190,000

2,192,899

e

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,846,770

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

692,171

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,727,029

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

557,322

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,579,389

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A(3)

,

5

%

,

12/01/50

........

2,000,000

2,207,939

e

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,471,672

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,736,642

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)

Colorado

(continued)

e,f

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

5

%

,

12/01/49

...

$

740,000

$

793,716

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

4,398,048

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/48

24,120,000

29,397,960

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

637,850

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

1,096,561

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

4,300,000

5,316,676

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

11,990,000

13,583,713

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

7,572,784

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

5/15/48

........................................................

12,255,000

12,900,012

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/45

...

1,000,000

1,136,886

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

4,525,000

5,107,209

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,933,224

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2018

A

,

5.25

%

,

12/01/48

.............

3,850,000

4,134,983

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

2,118,103

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

5,494,614

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

900,000

969,525

e

Denver

Health

&

Hospital

Authority

,

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/35

.........................

5,000,000

5,709,829

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/36

.........................

5,000,000

5,697,096

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

4,290,000

4,671,590

e

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

2,163,571

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

13,596,401

Evan's

Place

Metropolitan

District

,

GO,

2020

A(3),

5%,

12/01/40

.........................................

550,000

611,878

GO,

2020

A(3),

5%,

12/01/50

.........................................

1,575,000

1,735,449

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

595,000

659,641

GO,

2019

A,

5%,

8/01/49

............................................

540,000

592,480

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

...........................................

750,000

819,400

GO,

2019

A,

5%,

12/01/49

...........................................

1,000,000

1,086,344

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

613,884

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

1,201,821

e

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A(3),

5.375%,

12/01/40

.................................

645,000

712,748

GO,

144A,

2020

A(3),

5.625%,

12/01/50

.................................

1,900,000

2,095,849

Leyden

Rock

Metropolitan

District

No.

10

,

GO

,

2016

A

,

Refunding

,

5

%

,

12/01/45

....

3,020,000

3,139,182

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

564,817

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

819,005

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

613,243

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,617,409

e

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

3,091,253

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

900,000

977,442

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)

Colorado

(continued)

Prairie

Center

Metropolitan

District

No.

7,

(continued)

GO,

2020,

4.875%,

12/15/44

.........................................

$

725,000

$

787,776

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

1,615,000

1,749,937

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

15,782,776

Revenue,

2008,

6.5%,

11/15/38

.......................................

80,100,000

125,043,141

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

686,026

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

4,662,991

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

2,157,264

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

3,176,921

Sierra

Ridge

Metropolitan

District

No.

2

,

GO,

Senior

Lien

,

2016

A

,

5.5

%

,

12/01/46

...

1,500,000

1,560,983

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

3,023,757

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,612,529

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

841,961

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

4,361,019

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

2,196,513

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

1,000,000

1,089,103

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

.................................................

500,000

550,477

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

.................................................

1,150,000

1,285,494

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,918,515

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

1,370,000

1,452,772

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,246,813

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,971,512

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,700,000

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

....................

595,000

649,587

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

1,081,136

382,215,466

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

e

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

1,111,267

e

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

8,695,082

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/37

........

5,500,000

6,247,675

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

14,613,970

e

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

2,000,000

2,232,281

e

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

2,800,000

3,105,925

36,006,200

Florida

10.5%

e

Astonia

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

550,000

585,670

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,395,000

1,466,110

Avalon

Groves

Community

Development

District

,

Assessment

Area

Three,

Special

Assessment,

2021,

3%,

5/01/32

..............

200,000

201,348

Assessment

Area

Three,

Special

Assessment,

2021,

3.375%,

5/01/41

..........

500,000

503,645

Assessment

Area

Three,

Special

Assessment,

2021,

4%,

5/01/51

..............

500,000

522,504

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)

Florida

(continued)

Avalon

Park

West

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

......................

$

215,000

$

223,576

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

......................

580,000

610,113

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

........................

880,000

923,712

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

259,254

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

838,254

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,645,116

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

259,257

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

................

1,840,000

1,990,177

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

................

2,500,000

2,653,412

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

416,423

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

944,615

e

Bannon

Lakes

Community

Development

District

,

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

700,000

714,449

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

775,000

809,851

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

3,097,445

Belmond

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

1,750,000

1,871,029

Special

Assessment,

2020,

4%,

5/01/51

.................................

3,635,000

3,807,696

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

339,094

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,453,346

Special

Assessment,

2020,

4%,

12/15/50

................................

1,000,000

1,054,347

Berry

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

250,000

252,570

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

408,510

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,282,488

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,500,000

1,563,611

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

395,000

398,264

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

457,361

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,165,000

1,189,492

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,360,000

1,421,158

e

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

5,631,299

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/34

............................................

2,000,000

2,500,611

Capital

Trust

Agency,

Inc.

,

e

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

11,145,000

6,487,870

e

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

5,000,000

5,880,226

Liza

Jackson

Preparatory

School,

Inc.,

Revenue,

2020

A,

5%,

8/01/55

..........

800,000

944,358

e

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/49

.............

1,280,000

1,420,535

e

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/54

.............

2,390,000

2,646,425

e

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

3,404,123

e

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,340,592

e

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

4,074,592

e

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

36,960,108

e

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

3,956,450

CFM

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

195,000

195,389

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,265,000

1,319,725

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)

Florida

(continued)

Chaparral

Palm

Bay

Community

Development

District

,

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

$

1,235,000

$

1,313,032

Special

Assessment,

2020

A-1,

4%,

5/01/50

..............................

2,015,000

2,111,584

e,f

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

260,000

260,545

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

875,000

877,168

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,125,000

1,169,668

e

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

485,000

492,202

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

695,000

719,652

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,825,000

1,913,159

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

3,010,000

3,155,128

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/50

..................................................

2,000,000

2,500,609

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/34

............

650,000

462,000

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/40

............

1,000,000

541,832

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/41

............

1,000,000

517,049

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/42

............

1,000,000

493,063

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/45

............

2,000,000

862,935

e

Coco

Palms

Community

Development

District

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

6/15/39

...................................................

500,000

563,054

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/33

...........

5,500,000

5,948,909

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/38

...........

12,000,000

12,942,548

Hodges

University,

Inc.,

Revenue,

2013,

6.125%,

11/01/43

...................

10,035,000

10,759,666

Coral

Keys

Homes

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

570,000

610,704

Special

Assessment,

2020,

4%,

5/01/50

.................................

750,000

788,859

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

857,099

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

831,342

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2019

A

,

5

%

,

10/01/44

...............

8,500,000

10,536,263

e

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

280,733

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

519,301

e

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

3,312,053

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

6,121,440

e

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

260,440

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

838,839

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,175,000

1,229,275

e

Cypress

Park

Estates

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

295,000

304,874

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........................

1,170,000

1,242,246

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,210,000

1,272,576

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

155,000

156,576

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

220,000

225,247

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

365,000

374,745

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)

Florida

(continued)

e

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

.................................

$

5,310,000

$

6,200,020

e

DW

Bayview

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

.........................

410,000

412,103

Special

Assessment,

144A,

2021,

3%,

5/01/32

............................

430,000

434,188

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

1,160,000

1,172,146

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

750,000

785,145

East

Bonita

Beach

Road

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/32

.................................

255,000

257,487

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

750,000

756,868

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

792,271

East

Nassau

Stewardship

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

330,000

331,315

Special

Assessment,

2021,

3%,

5/01/31

.................................

500,000

503,178

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,270,000

1,287,004

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,520,000

1,577,995

Eden

Hills

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

110,000

113,973

Special

Assessment,

2020,

4%,

5/01/40

.................................

300,000

318,479

Special

Assessment,

2020,

4.125%,

5/01/51

.............................

500,000

524,717

Edgewater

East

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

525,000

531,013

Special

Assessment,

2021,

3.1%,

5/01/31

...............................

700,000

718,452

Special

Assessment,

2021,

3.6%,

5/01/41

...............................

2,625,000

2,713,500

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,825,000

2,964,072

e

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

835,000

893,793

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

1,209,885

Epperson

North

Community

Development

District

,

e

Special

Assessment,

144A,

2018

A-1,

5.5%,

11/01/39

.......................

1,500,000

1,755,093

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

300,000

302,049

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

354,720

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,710,000

1,740,134

Special

Assessment,

2021,

4%,

5/01/51

.................................

3,540,000

3,678,073

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

775,000

796,029

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

1,135,000

1,204,059

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

3,075,000

3,342,517

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

5,315,000

5,758,149

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/45

........................................................

9,000,000

10,365,889

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

........................................................

3,200,000

3,662,965

Florida

Development

Finance

Corp.

,

e,h

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

2,036,259

e,h

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

4,065,257

e

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

35,000,000

38,000,795

i

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/31

........................................................

175,000

206,714

i

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/35

........................................................

200,000

234,124

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)

Florida

(continued)

Florida

Development

Finance

Corp.,

(continued)

i

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/51

........................................................

$

5,500,000

$

6,308,474

e

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

5,000,000

5,661,605

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/55

..........

1,000,000

1,074,122

e

Forest

Lake

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

350,000

364,214

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

1,285,000

1,373,410

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,190,000

1,248,173

Grand

Oaks

Community

Development

District

,

Special

Assessment,

2020,

4.25%,

5/01/40

..............................

1,100,000

1,166,684

Special

Assessment,

2020,

4.5%,

5/01/52

...............................

3,500,000

3,718,614

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

725,941

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

770,394

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

5

%

,

10/01/44

..............

14,200,000

17,651,263

e

Greeneway

Improvement

District

,

Special

Assessment

,

144A,

2013

,

5.125

%

,

5/01/43

35,075,000

36,258,392

Hammock

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

540,000

574,658

Special

Assessment,

2020,

4%,

5/01/51

.................................

860,000

900,642

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

201,840

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

525,000

531,181

Special

Assessment,

2021,

4%,

5/01/51

.................................

635,000

666,277

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125

%

,

5/01/45

...................................................

2,170,000

2,533,473

e

Hills

Minneola

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

1,061,790

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

2,625,000

2,806,338

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

5,813,004

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

181,590

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

404,828

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

604,803

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

560,000

560,987

Special

Assessment,

1999

C,

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

411,283

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

595,485

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

394,047

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

839,127

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

2,409,617

Special

Assessment,

2021,

2.5%,

6/15/26

...............................

100,000

100,888

Special

Assessment,

2021,

3.125%,

6/15/31

.............................

250,000

255,210

Special

Assessment,

2021,

3.6%,

6/15/41

...............................

750,000

769,083

Special

Assessment,

2021,

4%,

6/15/51

.................................

750,000

781,498

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,245,000

2,413,327

Lakes

of

Sarasota

Community

Development

District

,

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

............................

285,000

291,830

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

............................

265,000

271,289

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

850,000

864,351

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)

Florida

(continued)

Lakes

of

Sarasota

Community

Development

District,

(continued)

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

..........................

$

125,000

$

127,126

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

..........................

200,000

204,326

Special

Assessment,

2021

B-1,

4.3%,

5/01/51

............................

325,000

331,304

Special

Assessment,

2021

B-2,

4.125%,

5/01/31

..........................

1,000,000

1,021,630

Lakewood

Park

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2021,

3.2%,

5/01/31

.............

125,000

127,119

Assessment

Area

One,

Special

Assessment,

2021,

3.625%,

5/01/41

...........

325,000

331,516

Assessment

Area

One,

Special

Assessment,

2021,

4%,

5/01/52

...............

500,000

518,229

Lakewood

Ranch

Stewardship

District

,

Special

Assessment,

2020,

3%,

5/01/30

.................................

470,000

480,423

e

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

250,000

260,318

e

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

..................

440,000

459,321

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

750,000

773,195

e

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,080,000

1,129,848

e

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

.................

2,100,000

2,213,935

Special

Assessment,

2020,

4%,

5/01/50

.................................

1,270,000

1,334,122

e

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/50

...................

1,250,000

1,314,098

e

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.........................

2,650,000

2,780,592

Special

Assessment,

2020

A,

3.75%,

5/01/40

.............................

525,000

554,227

Special

Assessment,

2020

A,

3.9%,

5/01/50

..............................

770,000

809,971

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,743,954

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

3,131,071

e

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

280,681

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

750,928

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,780,000

1,897,817

Miami-Dade

County

Educational

Facilities

Authority

,

University

of

Miami

,

Revenue

,

B

,

Refunding

,

AMBAC

Insured

,

5.25

%

,

4/01/27

..............................

10,995,000

13,648,284

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

44,360,000

44,483,024

Mirada

II

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

500,000

503,702

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

650,000

661,043

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

2,100,000

2,138,790

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,375,000

2,469,652

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

350,000

353,789

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

500,000

510,842

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

1,281,042

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

2,301,464

e,f

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.625%,

5/01/26

.........................

250,000

250,209

Special

Assessment,

144A,

2021,

3.125%,

5/01/31

.........................

400,000

400,136

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

1,285,000

1,281,313

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

1,500,000

1,550,434

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

501,444

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

1,000,000

1,029,972

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,500,000

1,563,980

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

590,000

598,680

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

884,490

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

1,197,256

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

North

River

Ranch

Community

Development

District,

(continued)

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

$

1,960,000

$

2,036,635

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,670,000

1,738,019

Special

Assessment,

2020

A-3,

4.75%,

5/01/40

...........................

2,000,000

2,000,790

e

North

Springs

Improvement

District

,

Special

Assessment

,

144A,

2017-2

,

5

%

,

5/01/48

5,000,000

5,569,801

Northern

Palm

Beach

County

,

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5%,

8/01/34

........................................................

2,700,000

2,923,386

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5.2%,

8/01/46

........................................................

6,000,000

6,456,457

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/37

........................................................

750,000

857,177

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/46

........................................................

3,000,000

3,384,920

Old

Hickory

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,300,000

1,400,080

Special

Assessment,

2020,

4%,

6/15/50

.................................

1,955,000

2,072,123

Orange

County

Health

Facilities

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

3,800,000

4,156,040

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/47

............................................

4,285,000

4,672,112

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/32

...............

1,500,000

1,783,398

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

1,003,764

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

839,768

Parrish

Plantation

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

255,000

257,527

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

235,000

239,327

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

790,000

806,609

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,370,000

1,428,098

Pelican

Marsh

Community

Development

District

,

Special

Assessment,

2012,

Refunding,

4.875%,

5/01/22

.....................

165,000

169,526

Special

Assessment,

2012,

Refunding,

5.375%,

5/01/31

.....................

1,235,000

1,268,541

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

739,118

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2017,

5%,

7/01/39

................................................

2,000,000

2,399,357

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2019,

5%,

7/01/29

................................................

1,000,000

1,150,502

Preserve

at

South

Branch

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

150,000

152,666

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

750,000

766,760

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

1,050,975

River

Glen

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

354,222

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

1,013,897

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

1,049,255

River

Hall

Community

Development

District

,

Special

Assessment,

2020

A,

3.25%,

5/01/31

.............................

430,000

450,169

Special

Assessment,

2020

A,

3.625%,

5/01/40

............................

1,030,000

1,081,221

Special

Assessment,

2020

A,

3.875%,

5/01/51

............................

2,690,000

2,831,740

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)

Florida

(continued)

River

Landing

Community

Development

District

,

Special

Assessment,

2020

A,

3%,

5/01/25

...............................

$

325,000

$

330,783

Special

Assessment,

2020

A,

3.6%,

5/01/30

..............................

475,000

495,897

Special

Assessment,

2020

A,

4.125%,

5/01/40

............................

850,000

894,352

Special

Assessment,

2020

A,

4.35%,

5/01/51

.............................

1,100,000

1,155,775

Special

Assessment,

2020

B,

4.25%,

11/01/35

............................

1,200,000

1,287,083

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

1,105,000

1,105,496

g

Special

Assessment,

2001

B,

7.25%,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

205,000

207,180

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

947,815

e

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

165,000

165,799

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

303,830

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

791,954

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

905,000

944,923

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

1,905,000

2,007,305

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Special

Assessment,

2020,

3%,

6/15/30

.................................

250,000

258,261

Special

Assessment,

2020,

4%,

6/15/40

.................................

610,000

654,963

Special

Assessment,

2020,

4%,

6/15/50

.................................

785,000

829,512

e

Sandmine

Road

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.......

300,000

312,817

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.......

1,040,000

1,095,822

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

.......

2,020,000

2,117,207

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

500,000

502,478

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

760,487

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

740,000

753,728

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

745,207

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

885,000

901,418

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,500,000

1,617,466

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

2,392,480

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

481,227

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

1,262,839

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,250,000

1,282,045

School

Board

of

Miami-Dade

County

(The)

,

COP

,

2013

A

,

Pre-Refunded

,

5

%

,

5/01/31

7,985,000

8,715,160

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

382,000

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

1,000,000

1,023,841

Special

Assessment,

2021,

4%,

6/15/51

.................................

1,250,000

1,311,137

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

350,000

359,374

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

505,000

539,210

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,486,216

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,305,000

2,472,158

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

350,000

351,814

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

524,415

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,602,210

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,200,000

1,242,735

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

75

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Somerset

Community

Development

District

,

Special

Assessment

,

2005

,

5.3

%

,

5/01/37

$

5,755,000

$

5,760,945

State

of

Florida

,

GO

,

1999

D

,

Refunding

,

6

%

,

6/01/23

........................

5,000,000

5,587,872

e

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

375,000

377,054

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

330,620

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

1,324,102

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

1,750,000

1,840,153

e

Stoneybrook

South

Community

Development

District

,

Special

Assessment,

144A,

2020,

3%,

12/15/30

...........................

500,000

512,314

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

.........................

1,000,000

1,032,683

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

.........................

1,500,000

1,544,906

e,f

Storey

Park

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........................

230,000

230,822

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

..........................

620,000

622,102

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

625,000

653,325

Summer

Woods

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

200,422

Special

Assessment,

2021,

3.4%,

5/01/41

...............................

500,000

502,925

Special

Assessment,

2021,

4%,

5/01/51

.................................

375,000

388,355

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

165,000

171,591

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

700,000

734,629

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

954,486

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

188,422

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

820,000

838,069

Special

Assessment,

2021,

4%,

5/01/51

.................................

680,000

717,009

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,000,000

1,076,985

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,000,000

2,119,819

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

216,370

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

818,200

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,785,000

1,862,243

e

Towne

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

410,000

422,722

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,075,000

1,115,667

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,000,000

1,050,734

e

Trevesta

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

235,000

244,077

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

.........................

880,000

920,739

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,750,000

1,834,173

Triple

Creek

Community

Development

District

,

Special

Assessment,

2021,

3%,

11/01/31

................................

250,000

254,316

Special

Assessment,

2021,

3.5%,

11/01/41

...............................

740,000

755,561

Special

Assessment,

2021,

4%,

11/01/50

................................

750,000

785,495

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

406,079

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,279,299

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,500,000

1,559,780

e

Assessment

Area

One,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

........

375,000

393,986

e

Assessment

Area

One,

Special

Assessment,

144A,

2020,

4%,

5/01/40

..........

1,775,000

1,897,895

e

Assessment

Area

One,

Special

Assessment,

144A,

2020,

4%,

5/01/51

..........

3,500,000

3,682,033

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)

Florida

(continued)

e

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

$

435,000

$

439,448

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

415,000

425,041

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

1,020,000

1,050,029

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,500,000

1,568,737

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3%,

5/01/31

............

200,000

203,843

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3.375%,

5/01/41

.........

750,000

765,544

Phase

1

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

............

1,000,000

1,051,750

Village

Community

Development

District

No.

10

,

Special

Assessment,

2012,

5%,

5/01/32

.................................

4,920,000

5,086,622

Special

Assessment,

2012,

5.125%,

5/01/43

.............................

7,800,000

8,076,577

Special

Assessment,

2014,

5.75%,

5/01/31

..............................

1,600,000

1,731,280

Special

Assessment,

2014,

6%,

5/01/44

.................................

6,800,000

7,391,285

e

Village

Community

Development

District

No.

13

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

5/01/51

....................................................

17,000,000

17,753,413

Village

Community

Development

District

No.

6

,

Special

Assessment

,

2013

,

Refunding

,

4

%

,

5/01/35

......................................................

3,335,000

3,407,487

Village

Community

Development

District

No.

9

,

Special

Assessment,

2012,

Refunding,

5%,

5/01/22

........................

195,000

200,107

Special

Assessment,

2012,

Refunding,

5.25%,

5/01/31

......................

1,730,000

1,779,461

Special

Assessment,

2012,

Refunding,

5.5%,

5/01/42

.......................

1,740,000

1,790,511

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

248,361

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

655,000

686,883

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

1,047,509

West

Port

Community

Development

District

,

e

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

420,149

e

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

1,115,050

e

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,545,000

1,611,838

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

370,000

370,947

Special

Assessment,

2021,

3%,

5/01/31

.................................

570,000

571,608

Special

Assessment,

2021,

3.4%,

5/01/41

...............................

1,470,000

1,479,836

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,250,000

1,295,574

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

250,000

251,923

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

203,827

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

816,138

Unit

of

Development

No.

7,

Special

Assessment,

2021,

4%,

5/01/51

............

1,050,000

1,097,217

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

335,000

337,581

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

535,047

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,295,000

1,321,123

Unit

of

Development

No.

8,

Special

Assessment,

2021,

4%,

5/01/51

............

1,855,000

1,938,418

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

100,000

101,978

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

130,000

136,442

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

667,880

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

523,665

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

2,000,000

2,171,595

Wiregrass

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

645,000

668,576

Special

Assessment,

2020,

3.7%,

5/01/40

...............................

1,680,000

1,759,284

Special

Assessment,

2020,

3.875%,

5/01/50

.............................

1,960,000

2,041,759

724,997,171

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)

Georgia

1.3%

g

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

e

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,896,684

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

10,961,337

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

6,765,000

8,337,739

e

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/36

2,500,000

3,051,618

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

11,854,044

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

5,000,000

5,988,035

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

5,050,661

Revenue,

2007

A,

5.5%,

9/15/28

......................................

10,000,000

12,858,186

Revenue,

2019

A,

5%,

5/15/49

........................................

11,500,000

17,342,567

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/56

........................................

5,000,000

6,021,582

Revenue,

2019

B,

5%,

1/01/48

........................................

4,595,000

5,535,948

88,935,644

Idaho

0.2%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,346,848

Illinois

5.2%

Bureau

County

Township

High

School

District

No.

502

,

GO

,

2013

A

,

Pre-Refunded

,

BAM

Insured

,

6.625

%

,

10/01/43

.......................................

5,250,000

6,078,376

City

of

Belleville

,

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.25%,

7/01/29

.................

1,000,000

1,019,991

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.75%,

7/01/41

.................

1,000,000

1,019,628

County

of

Cook

,

GO

,

2012

C

,

Refunding

,

5

%

,

11/15/29

.......................

34,555,000

36,854,939

Illinois

Finance

Authority

,

g

2017

IAVF

Windy

City

Obligated

Group,

Revenue,

2017

A-1,

4.375%,

12/01/42

...

893,501

35,740

g

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/43

....................

3,000,000

1,935,000

g

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/53

....................

3,075,000

1,983,375

CHF-Dekalb

II

LLC,

Revenue,

2011,

6.875%,

10/01/43

......................

15,000,000

15,151,391

e

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

14,093,179

e

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

4,190,000

4,329,517

e,h

Navistar

International

Corp.,

Revenue,

144A,

2020,

Refunding,

Mandatory

Put,

4.75%,

8/01/30

..................................................

26,100,000

27,827,729

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/25

......

2,750,000

2,952,872

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/32

......

3,750,000

4,029,494

OSF

Healthcare

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.......................................................

15,750,000

18,153,923

Plymouth

Place

Obligated

Group,

Revenue,

2015,

5%,

5/15/37

...............

2,500,000

2,932,259

Plymouth

Place

Obligated

Group,

Revenue,

2015,

5.25%,

5/15/45

.............

1,100,000

1,300,927

Plymouth

Place

Obligated

Group,

Revenue,

2015,

5.25%,

5/15/50

.............

3,150,000

3,725,382

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

A,

Refunding,

5%,

8/01/47

........................................................

1,525,000

1,774,547

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

C,

5%,

8/01/46

...

1,900,000

2,211,293

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

4,030,000

4,086,248

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)

Illinois

(continued)

Illinois

Finance

Authority,

(continued)

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

$

10,000,000

$

10,344,903

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

8,310,000

8,668,311

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

5,485,000

6,455,352

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/35

.......................

15,000,000

10,720,962

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/36

.......................

4,925,000

3,407,775

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

12/15/37

......................

13,650,000

8,977,889

Revenue,

2002

A,

AGMC,

NATL

Insured,

Zero

Cpn.,

12/15/40

................

4,000,000

2,424,206

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

9,318,056

Revenue,

2020

B,

Refunding,

5%,

6/15/42

...............................

5,000,000

6,307,307

State

of

Illinois

,

GO,

2016,

Refunding,

5%,

2/01/26

.....................................

4,000,000

4,755,355

GO,

2017

A,

4.25%,

12/01/40

.........................................

1,850,000

2,074,671

GO,

2017

C,

5%,

11/01/29

...........................................

10,330,000

12,490,728

GO,

2017

D,

3.25%,

11/01/26

.........................................

2,500,000

2,790,105

GO,

2017

D,

5%,

11/01/26

...........................................

5,200,000

6,281,245

GO,

2017

D,

5%,

11/01/27

...........................................

6,445,000

7,939,055

GO,

2017

D,

5%,

11/01/28

...........................................

8,545,000

10,407,371

GO,

2018

B,

Refunding,

5%,

10/01/32

..................................

1,870,000

2,284,567

GO,

2019

B,

4%,

11/01/34

...........................................

2,400,000

2,764,870

GO,

2019

B,

4%,

11/01/38

...........................................

1,420,000

1,618,820

GO,

2019

C,

4%,

11/01/40

...........................................

1,490,000

1,691,428

GO,

2019

C,

4%,

11/01/43

...........................................

2,515,000

2,835,038

GO,

2020,

5.5%,

5/01/30

............................................

7,650,000

10,096,420

GO,

2020,

5.5%,

5/01/39

............................................

14,175,000

18,198,969

GO,

2020,

5.75%,

5/01/45

...........................................

7,420,000

9,583,125

GO,

2020

B,

4%,

10/01/34

...........................................

2,000,000

2,334,807

GO,

2020

C,

4%,

10/01/37

...........................................

5,350,000

6,190,779

GO,

2020

C,

4%,

10/01/38

...........................................

5,250,000

6,058,697

GO,

2020

C,

4%,

10/01/39

...........................................

2,545,000

2,929,972

GO,

2020

C,

4%,

10/01/42

...........................................

1,335,000

1,525,250

GO,

2021

A,

5%,

3/01/36

............................................

3,250,000

4,146,315

GO,

2021

A,

5%,

3/01/46

............................................

7,000,000

8,703,898

e

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

C

,

Refunding

,

5

%

,

12/01/50

.......

10,750,000

11,019,385

Village

of

Hillside

,

Mannheim

Redevelopment

Project

Area

,

Tax

Allocation

,

2018

,

Refunding

,

5

%

,

1/01/30

.............................................

2,690,000

2,954,341

359,795,782

Indiana

0.9%

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,870,929

e

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

4,654,372

Indiana

Finance

Authority

,

BHI

Senior

Living

Obligated

Group,

Revenue,

2011,

5.75%,

11/15/41

...........

5,000,000

5,077,387

Greencroft

Goshen

Obligated

Group,

Revenue,

2013

A,

7%,

11/15/43

..........

5,000,000

5,434,811

Ohio

Valley

Electric

Corp.,

Revenue,

2012

A,

5%,

6/01/32

...................

10,000,000

10,311,844

WVB

East

End

Partners

LLC,

Revenue,

2013

A,

5%,

7/01/40

.................

12,500,000

13,609,794

WVB

East

End

Partners

LLC,

Revenue,

2013

A,

5.25%,

1/01/51

...............

12,500,000

13,650,521

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)

Indiana

(continued)

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

2021

A

,

5.25

%

,

4/01/41

.............................................

$

3,750,000

$

3,937,722

59,547,380

Iowa

0.2%

Iowa

Finance

Authority

,

Northcrest

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

3/01/48

.

7,500,000

8,074,768

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

B-2

,

2

,

Refunding

,

Zero

Cpn.,

6/01/65

.....................................................

50,000,000

8,831,605

16,906,373

Kansas

0.0%

†

City

of

Derby

,

Revenue

,

2020

,

3.9

%

,

3/01/37

...............................

1,625,000

1,679,329

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,800,000

1,886,551

3,565,880

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

11,725,839

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/39

...........................

10,000,000

12,219,641

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/43

...........................

5,000,000

6,092,071

30,037,551

Louisiana

1.1%

Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

............

2,055,000

2,240,516

e

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,575,000

2,988,032

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

3,065,441

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

5,840,431

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,650,000

2,811,267

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,475,000

4,741,101

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

3,250,000

3,523,376

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

2,080,000

2,310,438

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

4,097,318

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,790,000

2,023,774

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

60,000

72,342

e

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

5,789,903

e

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

5,172,769

e

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

11,388,555

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,009,207

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,322,299

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,782,139

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2013

A

,

Refunding

,

5.25

%

,

5/15/35

..

1,000,000

1,083,401

74,262,309

Maryland

0.4%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

1,250,000

1,387,879

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.

80

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

City

of

Baltimore,

(continued)

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

$

5,500,000

$

6,043,996

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

796,986

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,497,849

e

Technology

Park

Project

TIF

Development

District,

Special

Tax,

144A,

2020

B,

Refunding,

4.625%,

7/01/43

........................................

3,365,000

4,048,233

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

400,000

451,959

Urbana

Community

Development

Authority,

Special

Tax,

2020

C,

4%,

7/01/50

....

4,000,000

4,543,806

Maryland

Economic

Development

Corp.

,

Tax

Allocation,

2020,

4%,

9/01/40

......................................

2,000,000

2,329,178

Tax

Allocation,

2020,

4%,

9/01/50

......................................

2,000,000

2,291,625

Morgan

State

University,

Revenue,

2020,

4.25%,

7/01/50

....................

500,000

580,372

Morgan

State

University,

Revenue,

2020,

5%,

7/01/56

......................

1,000,000

1,225,622

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/55

...............................

1,000,000

1,130,450

26,327,955

Massachusetts

1.0%

Commonwealth

of

Massachusetts

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5

%

,

1/01/34

.........................................................

35,000,000

48,470,474

Massachusetts

Development

Finance

Agency

,

e

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

...........

3,000,000

3,344,551

e

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

........

5,000,000

5,551,034

e

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.25%,

11/15/28

.........................................

1,658,000

1,854,255

e

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.25%,

11/15/33

.........................................

2,000,000

2,298,042

e

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.5%,

11/15/43

..........................................

4,125,000

4,759,429

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

4%,

10/01/45

.......................................................

1,500,000

1,760,343

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2013

K

,

5.25

%

,

7/01/29

..

3,695,000

3,856,421

71,894,549

Michigan

2.8%

City

of

Detroit

,

GO,

2021

A,

5%,

4/01/30

............................................

350,000

432,614

GO,

2021

A,

5%,

4/01/31

............................................

480,000

601,528

GO,

2021

A,

5%,

4/01/32

............................................

500,000

624,473

GO,

2021

A,

5%,

4/01/33

............................................

770,000

958,405

GO,

2021

A,

5%,

4/01/34

............................................

725,000

899,451

GO,

2021

A,

5%,

4/01/35

............................................

955,000

1,182,412

GO,

2021

A,

5%,

4/01/36

............................................

800,000

987,753

GO,

2021

A,

5%,

4/01/37

............................................

875,000

1,076,931

GO,

2021

A,

5%,

4/01/38

............................................

850,000

1,043,384

GO,

2021

A,

5%,

4/01/39

............................................

750,000

918,187

GO,

2021

A,

4%,

4/01/40

............................................

550,000

619,082

GO,

2021

A,

4%,

4/01/41

............................................

600,000

673,544

GO,

2021

A,

4%,

4/01/42

............................................

600,000

671,558

GO,

2021

A,

5%,

4/01/46

............................................

2,750,000

3,358,490

GO,

2021

A,

5%,

4/01/50

............................................

3,500,000

4,250,976

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)

Michigan

(continued)

City

of

Detroit,

(continued)

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2001

B,

NATL

Insured,

5.5%,

7/01/29

.....................................

$

5,000,000

$

6,158,320

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006

B,

NATL

Insured,

5%,

7/01/36

.......................................

15,000

15,049

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

3,415,000

3,492,293

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

15,900,000

19,650,813

Kalamazoo

Economic

Development

Corp.

,

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

1,275,371

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

9,953,570

Michigan

Finance

Authority

,

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014

B,

5%,

7/01/39

..

5,600,000

6,031,520

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014

B,

5%,

7/01/44

..

5,000,000

5,355,788

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-3,

AGMC

Insured,

5%,

7/01/32

....................................

10,000,000

11,359,942

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-3,

AGMC

Insured,

5%,

7/01/33

....................................

3,000,000

3,406,007

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-6,

Refunding,

5%,

7/01/33

........................................

10,000,000

11,353,356

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-1,

Refunding,

AGMC

Insured,

5%,

7/01/37

..............................................

5,000,000

5,653,693

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/29

........................................................

11,000,000

12,506,812

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/30

........................................................

9,000,000

10,232,846

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/34

........................................................

10,000,000

11,343,486

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2019

A,

5%,

11/15/48

.....

10,000,000

12,454,402

e

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

2,500,000

2,608,580

e

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6.75%,

7/01/44

.

5,505,000

5,847,574

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

3,000,000

3,457,764

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/65

........................................................

110,000,000

14,410,099

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2011

MI,

Pre-Refunded,

5%,

12/01/39

.......................................................

75,000

76,784

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2013

MI-5,

4%,

12/01/40

........

3,000,000

3,578,179

Trinity

Health

Corp.

Obligated

Group,

Revenue,

MI

2019

A,

Refunding,

5%,

12/01/41

7,500,000

9,625,575

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

2,968,798

191,115,409

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,835,422

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

1,000,556

3,835,978

Mississippi

1.0%

County

of

Lowndes

,

International

Paper

Co.

,

Revenue

,

1992

B

,

Refunding

,

6.7

%

,

4/01/22

.........................................................

18,875,000

19,816,953

e

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

........................................................

2,250,000

2,481,804

e

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

7,096,423

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

8,107,172

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)

Mississippi

(continued)

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

A

,

5

%

,

9/01/41

...............................

$

30,000,000

$

34,292,505

71,794,857

Missouri

0.8%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

4,435,000

4,921,228

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

300,143

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

2,500,000

2,688,449

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/46

...............................................

23,000,000

28,184,543

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

1,113,162

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

3,850,185

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County

,

Revenue

,

2012

,

Pre-Refunded

,

5

%

,

9/01/42

..............................

7,000,000

7,423,771

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,875,000

4,289,721

52,771,202

Montana

0.1%

Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

5,765,000

6,661,628

Nevada

1.1%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.1%,

3/01/22

...

905,000

891,790

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

950,000

885,770

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,750,000

1,868,777

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/35

........................................................

2,500,000

2,647,566

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

8,185,000

9,178,380

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

205,189

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

204,097

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

203,321

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

450,000

488,953

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,150,000

1,241,922

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

210,000

220,936

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

1,000,000

1,056,503

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

1,445,000

1,634,547

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,670,000

1,863,314

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

1,060,000

1,168,737

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

450,000

492,234

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

750,000

810,679

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

1,000,000

1,143,060

e

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

19,000,000

3,184,320

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

1,295,000

1,301,499

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

1,010,000

1,014,412

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)

Nevada

(continued)

County

of

Clark,

(continued)

Special

Improvement

District

No.

142,

Special

Assessment,

2012,

Refunding,

5%,

8/01/21

........................................................

$

930,000

$

936,259

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,270,000

2,477,175

e

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

11,885,000

12,055,998

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

8,972,178

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/38

................................

1,000,000

1,116,120

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/48

................................

1,500,000

1,650,387

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/33

.........................................

3,190,000

3,789,569

Revenue,

2020,

5%,

7/01/40

.........................................

3,225,000

3,749,854

Revenue,

2020,

5%,

7/01/45

.........................................

3,250,000

3,732,028

Revenue,

2020,

5%,

7/01/51

.........................................

4,250,000

4,871,388

75,056,962

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

105,861

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,698,648

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

2,860,000

3,024,006

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

6,322,394

e,h

Covanta

Holding

Corp.,

Revenue,

144A,

2020

B,

Refunding,

Mandatory

Put,

3.75%,

7/02/40

........................................................

3,000,000

3,119,710

15,270,619

New

Jersey

4.7%

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.,

Revenue,

2020

A,

5%,

11/01/44

...................

7,800,000

9,610,825

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

500,000

545,917

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,324,596

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

2,349,306

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/33

1,365,000

1,709,566

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/36

2,640,000

3,284,375

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

4.625%,

6/15/48

........................................................

1,000,000

1,172,032

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/48

10,000,000

12,182,004

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

750,000

937,547

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

4%,

6/15/44

3,300,000

3,769,010

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/35

....

3,450,000

4,112,236

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

4,550,000

5,371,050

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/34

..............................................

1,020,000

1,245,606

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/35

..............................................

1,100,000

1,341,450

United

Airlines,

Inc.,

Revenue,

1999,

5.125%,

9/15/23

......................

15,300,000

16,207,269

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

25,000,000

26,488,425

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

16,480,000

18,029,000

e

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

3,038,742

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

12/01/32

............................................

8,000,000

8,254,500

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

NATL

Insured,

Zero

Cpn.,

12/15/30

......................

500,000

419,340

Revenue,

2006

C,

NATL

Insured,

Zero

Cpn.,

12/15/31

......................

3,675,000

2,982,304

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)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority,

(continued)

Revenue,

2008

A,

Zero

Cpn.,

12/15/38

..................................

$

46,750,000

$

29,603,961

Revenue,

2009

A,

Zero

Cpn.,

12/15/39

..................................

42,425,000

25,898,541

Revenue,

2010

A,

Zero

Cpn.,

12/15/40

..................................

2,750,000

1,619,132

Revenue,

2011

B,

Refunding,

5.25%,

6/15/36

.............................

17,500,000

17,532,139

Revenue,

2014

AA,

5%,

6/15/38

.......................................

5,060,000

5,643,492

Revenue,

2014

AA,

5%,

6/15/44

.......................................

9,335,000

10,348,732

Revenue,

2014

BB-1,

5%,

6/15/34

.....................................

500,000

624,591

Revenue,

2015

AA,

5.25%,

6/15/41

....................................

2,500,000

2,867,946

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

4,100,000

5,135,788

Revenue,

2018

A,

Refunding,

5%,

12/15/35

..............................

1,800,000

2,242,202

Revenue,

2019

A,

Refunding,

4%,

12/15/39

..............................

1,500,000

1,731,367

Revenue,

2019

AA,

5%,

6/15/46

.......................................

2,500,000

3,050,723

Revenue,

2019

BB,

4%,

6/15/44

.......................................

1,000,000

1,131,326

Revenue,

2019

BB,

5%,

6/15/44

.......................................

3,050,000

3,733,220

Revenue,

2019

BB,

5%,

6/15/50

.......................................

670,000

814,395

Revenue,

2020

AA,

4%,

6/15/45

.......................................

2,840,000

3,261,501

Revenue,

2020

AA,

5%,

6/15/45

.......................................

2,660,000

3,318,339

Revenue,

2020

AA,

4%,

6/15/50

.......................................

6,745,000

7,678,242

Revenue,

2020

AA,

5%,

6/15/50

.......................................

1,755,000

2,177,493

f

Revenue,

2022

AA,

Refunding,

5%,

6/15/37

..............................

9,500,000

11,719,475

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5%,

6/01/46

...............................

9,500,000

11,352,336

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

18,000,000

21,933,425

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

25,000,000

29,392,662

328,186,128

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

555,420

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

494,643

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,316,384

New

Mexico

Hospital

Equipment

Loan

Council

,

Haverland

Carter

Lifestyle

Obligated

Group

,

Revenue

,

2012

,

5

%

,

7/01/42

....................................

5,000,000

5,153,083

7,519,530

New

York

6.7%

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

College

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/45

......................................

2,000,000

2,301,478

City

of

New

York

,

GO

,

1992

G

,

7.5

%

,

2/01/22

..............................

5,000

5,027

Metropolitan

Transportation

Authority

,

Revenue,

2013

D,

5%,

11/15/38

.......................................

14,040,000

15,319,710

Revenue,

2013

E,

5%,

11/15/33

.......................................

10,000,000

10,938,852

h

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

1,000,000

1,297,543

Revenue,

2015

D-1,

Refunding,

5%,

11/15/32

............................

1,250,000

1,457,003

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

5,000,000

5,872,367

Revenue,

2017

A-2,

Refunding,

5%,

11/15/26

.............................

1,000,000

1,227,945

Revenue,

2017

C-1,

Refunding,

5%,

11/15/34

............................

7,500,000

9,201,866

Revenue,

2020

A-1,

5%,

11/15/47

.....................................

24,300,000

29,922,546

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

650,000

800,084

Revenue,

2020

A-1,

5%,

11/15/49

.....................................

2,500,000

3,075,710

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

2,950,000

3,580,143

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

42,795,000

52,597,002

Revenue,

2020

D,

5%,

11/15/44

.......................................

33,000,000

41,273,117

Revenue,

2020

D,

4%,

11/15/50

.......................................

40,000,000

45,810,228

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)

New

York

(continued)

Municipal

Assistance

Corp.

for

the

City

of

Troy

,

Revenue,

1996

C,

NATL

Insured,

Zero

Cpn.,

7/15/21

.......................

$

428,010

$

427,871

Revenue,

1996

C,

NATL

Insured,

Zero

Cpn.,

1/15/22

.......................

649,658

648,359

New

York

City

Housing

Development

Corp.

,

FC

8

Spruce

Street

Residential

LLC

,

Revenue

,

2014

,

F

,

Refunding

,

4.5

%

,

2/15/48

.............................

9,825,000

10,214,205

New

York

Liberty

Development

Corp.

,

e

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

16,921,581

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

65,000,000

93,642,341

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

12,000,000

14,333,486

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

14,950,000

18,770,588

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

.........................

6,500,000

8,358,057

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

.........................

6,000,000

7,586,076

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

41,785,000

47,283,488

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2014

,

4

%

,

9/01/43

...........

5,500,000

6,374,734

e

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

61,000,000

15,033,938

464,275,345

North

Carolina

0.3%

North

Carolina

Medical

Care

Commission

,

Galloway

Ridge

Obligated

Group,

Revenue,

2014

A,

Refunding,

5.25%,

1/01/41

...

2,720,000

2,888,216

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/30

.......

2,790,000

2,995,748

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/35

.......

1,000,000

1,063,555

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

..............

1,000,000

1,117,684

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

..............

1,500,000

1,667,378

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

9/01/37

....................................................

2,100,000

2,231,612

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2017

C,

Refunding,

5%,

9/01/41

....................................................

2,120,000

2,267,486

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2017

C,

Refunding,

5%,

9/01/46

....................................................

6,325,000

6,743,482

20,975,161

North

Dakota

0.4%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

2,800,000

2,979,509

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

5,430,000

5,740,066

e,i

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

2,881,097

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

13,000,000

13,031,075

24,631,747

Ohio

2.8%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

25,130,000

26,408,107

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

1,000,000

1,157,676

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

..................

20,875,000

24,199,095

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

5,283,690

Cleveland-Cuyahoga

County

Port

Authority

,

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

813,713

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

816,203

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

$

10,000,000

$

10,343,898

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

3,304,349

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

9,790,236

County

of

Lake

,

Lake

Hospital

System,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/45

6,000,000

6,796,657

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,000,000

5,846,886

Little

Miami

Local

School

District

,

GO

,

2011

,

Pre-Refunded

,

6.875

%

,

12/01/34

......

5,100,000

5,100,000

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,598,135

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,407,726

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,995,058

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

Zero

Cpn.,

2/15/35

.....................................................

35,000,000

43,791,202

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

12/01/42

.......................................................

14,000,000

14,438,907

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

1,076,470

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

1,064,429

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,416,436

State

of

Ohio

,

e

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

5,381,080

e

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

16,120,781

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/46

............................................

6,000,000

7,000,976

196,151,710

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,141,006

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

10,280,000

11,613,929

12,754,935

Oregon

0.6%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

500,000

553,394

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

1,250,000

1,381,650

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,662,403

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

...

9,285,000

11,532,704

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.4%,

10/01/44

.....

3,000,000

3,228,437

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.5%,

10/01/49

.....

5,500,000

5,910,786

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group,

Revenue,

2020

A,

5.125%,

7/01/55

.................................................

3,500,000

3,635,855

Dallas

Mennonite

Retirement

Community

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/24

........................................................

1,500,000

1,501,169

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

5/15/22

....

215,000

222,987

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

87

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Salem

Hospital

Facility

Authority,

(continued)

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.75%,

5/15/27

..

$

1,000,000

$

1,043,653

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.625%,

5/15/32

.

1,000,000

1,036,156

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/42

....

3,100,000

3,211,920

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/47

....

2,000,000

2,070,086

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

11/15/51

..........................................

4,325,000

4,594,887

41,586,087

Pennsylvania

2.1%

Allegheny

County

Higher

Education

Building

Authority

,

Carlow

University,

Revenue,

2011,

Pre-Refunded,

6.75%,

11/01/31

............

1,215,000

1,247,957

Carlow

University,

Revenue,

2011,

Pre-Refunded,

7%,

11/01/40

...............

2,000,000

2,056,318

e

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

Refunding,

5%,

5/01/32

............................

11,975,000

14,108,088

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,863,710

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,910,897

Bucks

County

Industrial

Development

Authority

,

Grand

View

Hospital/Sellersville

Obligated

Group,

Revenue,

2021,

4%,

7/01/46

...

1,500,000

1,677,198

Grand

View

Hospital/Sellersville

Obligated

Group,

Revenue,

2021,

5%,

7/01/54

...

1,500,000

1,816,393

Chester

County

Industrial

Development

Authority

,

e

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,250,000

4,509,739

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/34

..........

1,500,000

1,619,540

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/39

..........

3,325,000

3,577,285

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/44

..........

1,945,000

2,082,687

e

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

525,000

626,851

e

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

1,181,755

Dallas

Area

Municipal

Authority

,

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/39

..............

1,100,000

1,295,460

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/48

..............

4,000,000

4,637,089

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

4%,

7/01/21

........................

350,000

350,645

Student

Services,

Inc.,

Revenue,

2013,

5%,

7/01/35

........................

1,000,000

1,046,415

Student

Services,

Inc.,

Revenue,

2013,

5%,

7/01/45

........................

2,500,000

2,596,981

Student

Services,

Inc.,

Revenue,

2014,

5%,

7/01/39

........................

875,000

930,086

Student

Services,

Inc.,

Revenue,

2014,

5%,

7/01/46

........................

3,100,000

3,274,508

Student

Services,

Inc.,

Revenue,

2015,

5%,

7/01/35

........................

1,060,000

1,154,007

Student

Services,

Inc.,

Revenue,

2015,

5%,

7/01/47

........................

4,750,000

5,097,085

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

1,090,221

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

1,295,658

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

4,938,751

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

3,267,975

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

1,071,051

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

1,109,658

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,875,169

f

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

754,628

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

2,541,174

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.

88

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

...........................................

$

6,710,000

$

7,873,701

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,000,000

1,205,102

e

Pennsylvania

Economic

Development

Financing

Authority

,

CarbonLite

P

LLC

,

Revenue

,

144A,

2019

,

5.75

%

,

6/01/36

..................................

68,383

68,383

Pennsylvania

Turnpike

Commission

,

Revenue,

2009

C,

AGMC

Insured,

6.25%,

6/01/33

.........................

5,000,000

6,306,171

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

20,400,178

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

25,075,000

25,438,856

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

3,152,150

149,049,520

Rhode

Island

0.1%

Rhode

Island

Health

and

Educational

Building

Corp.

,

Care

New

England

Health

System

Obligated

Group

,

Revenue

,

2013

A

,

Pre-Refunded

,

6

%

,

9/01/33

........

7,320,000

8,278,531

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,887,026

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

3,757,072

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

11,872,290

South

Carolina

Public

Service

Authority

,

Revenue

,

2013

B

,

Refunding

,

5.125

%

,

12/01/43

........................................................

52,890,000

58,779,751

76,296,139

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

11,110,000

11,465,413

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

3,244,693

14,710,106

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

17,544,198

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

....................................

19,400,000

17,087,815

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

....................................

19,365,000

16,529,763

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

....................................

19,370,000

15,986,508

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

11,990,769

e

Nashville

Metropolitan

Development

&

Housing

Agency

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

...................................................

900,000

1,035,832

80,174,885

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

89

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

6.6%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

$

7,500,000

$

7,877,898

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

2,226,963

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,746,343

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,626,949

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,669,087

e

City

of

Austin

,

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.625%,

11/01/39

................................................

1,405,000

1,600,516

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

11/01/48

.................................................

2,450,000

2,780,318

City

of

Celina

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

9/01/35

.............

1,020,000

1,039,668

e

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

.........................

230,000

242,315

e

Special

Assessment,

144A,

2020,

4.375%,

9/01/49

.........................

1,845,000

1,944,069

e

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

215,000

217,160

e

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

..................................................

500,000

507,453

e

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

375,242

e

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/50

...................................................

605,000

613,904

e

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

505,419

e

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.25%,

9/01/49

..................................................

3,065,000

3,303,637

e

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

1,800,000

1,872,250

e

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

425,000

445,652

e

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

520,000

544,557

e

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

350,000

375,435

e

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

1,018,418

e

City

of

Fate

,

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.125%,

8/15/30

........................................................

665,000

689,202

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.625%,

8/15/40

........................................................

1,163,000

1,212,844

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.875%,

8/15/50

........................................................

1,772,000

1,848,371

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.................................................

125,000

130,195

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.................................................

691,000

719,187

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.................................................

994,000

1,033,530

e

City

of

Fort

Worth

,

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................

1,960,000

2,130,077

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,348,166

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.

90

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

e

City

of

Fort

Worth,

(continued)

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

$

1,650,000

$

1,731,704

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,585,000

1,664,521

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,530,000

1,618,568

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

1,975,000

2,059,364

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

500,000

520,216

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

456,440

e

City

of

Hutto

,

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..................................................

206,000

208,527

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.................................................

519,000

525,079

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

1,146,000

1,167,741

e

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

130,000

130,756

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

576,827

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/50

.

440,000

450,809

e

City

of

Kyle

,

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

400,000

406,541

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

........................................................

1,310,000

1,332,440

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

........................................................

1,380,000

1,393,007

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/46

375,000

386,395

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

313,956

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

1,045,000

1,102,656

e

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5%,

9/01/30

.....................................

2,000,000

2,080,653

e

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

2,147,471

e

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,858,604

e

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

B,

Refunding,

4.875%,

9/01/50

..................................

2,500,000

2,660,592

City

of

Leander

,

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/32

..................................................

530,000

568,919

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/38

..................................................

1,275,000

1,338,860

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/44

..................................................

1,490,000

1,544,569

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

91

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

e

City

of

Liberty

Hill

,

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

$

250,000

$

259,948

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

911,348

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,994,622

e

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/15/26

........................................................

110,000

110,238

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.................................................

110,000

110,234

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

251,090

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................................................

310,000

311,316

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

700,000

703,587

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.................................................

830,000

834,111

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

1,030,614

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

1,225,000

1,230,984

e

City

of

Mclendon-Chisholm

,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.........................

205,000

205,388

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

.........................

620,000

624,220

Special

Assessment,

144A,

2021,

4%,

9/15/51

............................

865,000

884,018

e

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

300,000

305,222

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.................................................

230,000

232,648

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

1,105,000

1,122,318

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

........................................................

420,000

427,249

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,663,763

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..................................................

610,000

621,401

e

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

314,166

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

1,226,853

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

1,110,058

e

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

152,000

155,543

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

189,956

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

693,443

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.

92

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

e

City

of

Princeton,

(continued)

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

$

936,000

$

1,000,152

f

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

128,000

128,367

f

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

325,914

f

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

435,000

449,099

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

213,553

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

505,822

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

729,675

e,f

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

............................................

200,000

198,864

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

.............................................

200,000

200,118

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

.............................................

820,000

825,770

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

............................................

600,000

601,011

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

................................................

1,172,000

1,192,602

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,000,000

993,200

e

City

of

Royse

City

,

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

........................................................

450,000

468,749

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

........................................................

225,000

238,948

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

........................................................

210,000

220,750

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

........................................................

1,190,000

1,249,648

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

........................................................

590,000

631,395

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

........................................................

375,000

401,017

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

........................................................

1,780,000

1,866,755

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

........................................................

715,000

763,551

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

........................................................

575,000

614,474

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2017,

5%,

9/15/48

........................................................

2,700,000

3,012,394

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.375%,

9/15/39

........................................................

610,000

666,051

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.5%,

9/15/48

........................................................

1,260,000

1,368,164

e

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

421,157

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

1,123,945

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

93

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

e

City

of

Sachse,

(continued)

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

$

2,035,000

$

2,145,871

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,557,796

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,353,696

City

of

San

Marcos

,

Special

Assessment,

2020,

4.375%,

9/01/25

.............................

260,000

267,189

Special

Assessment,

2020,

4.875%,

9/01/30

.............................

305,000

326,467

Special

Assessment,

2020,

5.375%,

9/01/40

.............................

1,300,000

1,418,363

Special

Assessment,

2020,

5.625%,

9/01/50

.............................

1,300,000

1,424,476

e

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

.................................................

375,000

387,450

Raburn

Reserve

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

........................................................

2,015,000

2,105,175

Clifton

Higher

Education

Finance

Corp.

,

Uplift

Education

,

Revenue

,

A

,

5

%

,

12/01/45

.

3,855,000

4,242,885

e

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

104,048

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

840,993

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

1,259,802

e

County

of

Medina

,

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

........................................................

240,000

241,491

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

........................................................

400,000

404,764

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

........................................................

815,000

823,662

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

1,085,000

1,101,904

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

........................................................

780,000

791,050

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................................................

870,000

883,354

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

........................................................

1,160,000

1,173,485

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2013

B

,

5

%

,

11/01/44

...........

11,385,000

12,114,085

El

Paso

Downtown

Development

Corp.

,

City

of

El

Paso

,

Revenue

,

2013

A

,

7.25

%

,

8/15/38

.........................................................

15,000,000

17,272,615

Grand

Parkway

Transportation

Corp.

,

Revenue,

2013

B,

Zero

Cpn.,

10/01/45

..................................

10,000,000

11,505,895

Revenue,

First

Tier,

2013

A,

5.125%,

10/01/43

............................

2,850,000

3,031,658

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/43

........................................................

3,000,000

3,311,133

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/48

........................................................

5,250,000

5,794,483

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/48

........................................................

5,000,000

5,536,578

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.

94

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Harris

County-Houston

Sports

Authority

,

Revenue,

Third

Lien

,

2004

A-3

,

NATL

Insured

,

Zero

Cpn.,

11/15/37

................................................

$

3,700,000

$

1,561,308

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

1,000,000

780,000

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

3,750,000

2,925,000

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

5,175,000

4,036,499

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

130,000

125,478

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

4,621,608

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/29

....

2,190,000

2,360,448

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,587,047

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/31

........................................................

1,300,000

1,568,483

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/36

........................................................

1,000,000

1,206,525

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/48

........................................................

2,500,000

3,016,313

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

4%,

4/01/22

250,000

257,943

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/24

965,000

1,090,980

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/26

525,000

633,426

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/27

460,000

570,432

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/28

........................................................

420,000

520,829

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/29

........................................................

255,000

316,218

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/32

........................................................

425,000

527,030

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/42

........................................................

4,500,000

5,580,316

CHF-Stephenville

LLC,

Revenue,

2013

A,

Pre-Refunded,

6%,

4/01/45

..........

3,000,000

3,315,425

e

Cityscape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/39

................

500,000

569,235

e

Cityscape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/51

................

1,570,000

1,767,260

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

5,403,640

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

4,953,915

Morningside

Ministries

Obligated

Group,

Revenue,

2013,

6.5%,

1/01/43

.........

4,350,000

4,590,785

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

4,413,674

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

......

1,020,000

1,092,618

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/46

......

4,100,000

4,347,579

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

25,800,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,955,176

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

13,585,583

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

2,713,801

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

15,000,000

14,553,752

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

7,425,000

7,017,167

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

3,347,668

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

1,042,763

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

1,232,136

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

4,579,965

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

First

Tier,

I,

Pre-Refunded,

6.5%,

1/01/43

..

25,000,000

30,356,125

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

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

North

Texas

Tollway

Authority,

(continued)

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

$

7,500,000

$

4,180,103

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

13,821,546

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/45

....

25,000,000

37,402,670

e

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

1,295,000

1,344,415

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,130,991

Red

River

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2017

,

Refunding

,

5.5

%

,

10/01/46

...........................................

4,250,000

4,949,413

Red

River

Health

Facilities

Development

Corp.

,

g

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

1,522,078

Wichita

Falls

Retirement

Foundation

Obligated

Group,

Revenue,

2012,

5.125%,

1/01/41

........................................................

2,000,000

2,020,877

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

(The)

,

Revenue

,

A-1

,

Refunding

,

5

%

,

10/01/49

............................

5,125,000

5,584,987

Texas

Transportation

Commission

,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/46

...........................

3,000,000

1,043,153

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/47

...........................

5,750,000

1,897,203

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/51

...........................

3,500,000

926,025

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/52

...........................

4,000,000

999,174

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/53

...........................

400,000

94,504

e

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

920,000

922,606

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

600,000

602,592

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

804,086

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

1,500,000

1,539,310

Town

of

Ponder

,

Special

Assessment,

2017,

5%,

9/01/45

.................................

500,000

558,068

Special

Assessment,

2017,

5%,

9/01/47

.................................

865,000

964,987

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

263,970

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

425,018

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

497,730

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

854,553

Wood

County

Central

Hospital

District

,

East

Texas

Medical

Center

Quitman

,

Revenue

,

2011

,

Pre-Refunded

,

6

%

,

11/01/41

.....................................

350,000

358,423

454,166,023

Utah

0.1%

Salt

Lake

City

Corp.

,

Airport

,

Revenue

,

2018

A

,

5.25

%

,

7/01/48

.................

5,600,000

6,873,858

e

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

541,845

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

825,000

926,628

8,342,331

Virginia

1.3%

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

...

500,000

601,895

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

500,000

598,407

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.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Farmville

Industrial

Development

Authority,

(continued)

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/40

...

$

2,000,000

$

2,501,585

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...

2,700,000

3,321,642

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/59

...

2,000,000

2,443,888

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

3,550,000

3,820,297

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

4,363,430

Norfolk

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2012

B

,

Refunding

,

5

%

,

11/01/43

..............................

17,575,000

18,666,947

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2017,

5%,

1/01/40

.............

8,000,000

8,210,779

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

6%,

1/01/37

...

6,485,000

6,863,030

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

5.5%,

1/01/42

.

35,790,000

37,623,876

89,015,776

Washington

1.6%

Greater

Wenatchee

Regional

Events

Center

Public

Facilities

District

,

Revenue

,

A

,

5.5

%

,

9/01/42

....................................................

10,000,000

10,373,244

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

2,130,000

2,625,445

Washington

Economic

Development

Finance

Authority

,

g

Coalview

Centralia

LLC,

Revenue,

2013,

8.25%,

8/01/25

....................

3,800,000

1,900,000

g

Coalview

Centralia

LLC,

Revenue,

2013,

9.5%,

8/01/25

.....................

12,855,000

6,427,500

h

Propeller

Airports

Paine

Field

LLC,

Revenue,

A,

Mandatory

Put,

6.5%,

3/01/24

....

24,500,000

25,509,939

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

15,500,000

19,125,132

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2012

A,

5%,

10/01/42

..

19,725,000

20,865,853

e

Washington

State

Housing

Finance

Commission

,

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/49

..............................................

1,500,000

1,660,936

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

1,800,000

1,987,735

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

2,425,297

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,829,441

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

10,080,591

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

6,000,000

6,716,620

111,527,733

West

Virginia

0.2%

County

of

Kanawha

,

West

Virginia

State

University

Foundation,

Inc.

,

Revenue

,

2013

,

6.75

%

,

7/01/45

...................................................

6,650,000

6,857,018

e,f

Monongalia

County

Commission

Excise

Tax

District

,

Revenue,

144A,

2021

A,

Refunding,

4.125%,

6/01/43

.......................

2,250,000

2,257,295

Revenue,

144A,

2021

B,

4.875%,

6/01/43

...............................

1,635,000

1,640,108

10,754,421

Wisconsin

1.7%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

1,104,385

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

7,448,740

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

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

e,h

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

.......................................................

$

18,000,000

$

18,402,719

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/39

.............

1,595,000

1,920,864

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/44

.............

1,900,000

2,260,564

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

3,975,000

4,707,093

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

11/15/41

.......................................................

1,205,000

1,464,483

Celanese

US

Holdings

LLC,

Revenue,

2016

C,

Refunding,

4.3%,

11/01/30

.......

4,000,000

4,464,224

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

3,159,108

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,876,767

e

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/40

........

815,000

941,075

e

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/54

........

1,380,000

1,565,458

e

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,407,412

e

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

8,579,355

e

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

2,157,345

e,f

High

Desert

Montessori

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

..........

300,000

335,949

e,f

High

Desert

Montessori

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

..........

1,000,000

1,093,395

e,f

High

Desert

Montessori

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

..........

1,275,000

1,384,884

e

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

687,974

e

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

4,428,159

e

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/45

..................................................

1,665,000

1,872,149

e

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

6,810,000

7,603,056

e

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

8,970,000

10,955,979

e

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

10,280,735

e,h

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

2,000,000

2,045,769

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

969,385

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

2,750,000

2,749,726

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2015

B,

Refunding,

5%,

9/15/45

........................................................

3,500,000

3,620,723

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

9/15/45

....

3,500,000

3,712,299

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

9/15/50

....

500,000

529,484

116,729,258

Wyoming

0.1%

West

Park

Hospital

District

,

Revenue

,

2011

A

,

Refunding

,

7

%

,

6/01/40

...........

5,500,000

5,500,000

Wyoming

Community

Development

Authority

,

CHF-Wyoming

LLC,

Revenue,

2011,

6.25%,

7/01/31

.......................

600,000

602,120

CHF-Wyoming

LLC,

Revenue,

2011,

6.5%,

7/01/43

........................

1,600,000

1,605,376

7,707,496

U.S.

Territories

10.5%

District

of

Columbia

1.9%

District

of

Columbia

,

American

Society

of

Hematology,

Inc.

(The),

Revenue,

2009,

Pre-Refunded,

5%,

7/01/36

........................................................

1,500,000

1,578,684

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

6,770,000

7,534,999

Tobacco

Settlement

Financing

Corp.,

Revenue,

2002,

Zero

Cpn.,

6/15/46

........

175,000,000

37,489,585

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.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

District

of

Columbia

(continued)

Metropolitan

Washington

Airports

Authority

,

Dulles

Toll

Road

,

Revenue,

Second

Lien

,

2009

C

,

AGMC

Insured

,

6.5

%

,

10/01/41

.................................

$

60,145,000

$

77,369,794

Washington

Convention

&

Sports

Authority

,

Tax

Allocation,

Senior

Lien

,

2010

A

,

Refunding

,

5

%

,

10/01/40

............................................

10,000,000

10,016,291

133,989,353

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2013

B,

AGMC

Insured,

5.5%,

10/01/33

.........................

2,000,000

2,179,778

Revenue,

2013

B,

AGMC

Insured,

5.75%,

10/01/43

........................

3,000,000

3,281,525

f

Territory

of

Guam

,

Revenue,

2021

F,

Refunding,

4%,

1/01/42

...............................

4,125,000

4,702,711

Revenue,

2021

F,

Refunding,

4%,

1/01/36

...............................

3,750,000

4,359,743

14,523,757

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

9,025,000

8,936,025

Puerto

Rico

8.3%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

.............................................

9,500,000

9,726,861

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,512,992

g

Commonwealth

of

Puerto

Rico

,

GO

,

2014

A

,

8

%

,

7/01/35

.....................

42,205,000

34,080,537

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

37,665,414

33,239,728

e

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/30

................

22,000,000

26,710,420

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/35

................

20,000,000

23,829,978

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

30,000,000

35,211,075

g

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2013

A

RSA-1,

6.75%,

7/01/36

................................

29,750,000

29,192,188

Revenue,

2013

A

RSA-1,

7%,

7/01/43

..................................

5,000,000

4,918,750

Revenue,

2013

A

RSA-1,

7.25%,

7/01/30

................................

25,000,000

24,656,250

Revenue,

A-4-RSA-1

2016

A-4,

10%,

7/01/19

.............................

5,500,000

5,582,500

Revenue,

B-2-RSA-1

2016

B-4,

10%,

7/01/19

............................

5,500,000

5,582,500

Revenue,

E-1-RSA-1,

10%,

1/01/21

....................................

6,000,000

6,097,500

Revenue,

E-2-RSA-1,

10%,

7/01/21

....................................

6,000,000

6,112,500

Revenue,

E-3-RSA-1,

10%,

1/01/22

....................................

1,989,500

2,026,803

Revenue,

E-4-RSA-1,

10%,

7/01/22

....................................

1,989,499

2,026,802

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

10,895,000

10,459,200

Revenue,

XX-RSA-1,

5.75%,

7/01/36

...................................

23,620,000

22,793,300

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

700,000

763,320

Revenue,

L,

Refunding,

AMBAC

Insured,

5.25%,

7/01/38

....................

8,970,000

9,731,374

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

7,125,000

7,733,008

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

16,835,000

17,424,225

Puerto

Rico

Infrastructure

Financing

Authority

,

Special

Tax

,

2005

C

,

Refunding

,

AMBAC

Insured

,

5.5

%

,

7/01/27

..............................................

27,500,000

30,149,578

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

441,616

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

33,780,000

37,974,260

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

23,600,000

26,923,007

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

141,421,000

46,042,435

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

82,259,000

19,452,872

Sales

Tax,

Revenue,

4.329%,

7/01/40

..................................

40,819,000

45,289,791

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

99

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

$

44,364,000

$

49,847,448

576,532,818

Total

U.S.

Territories

....................................................................

733,981,953

Total

Municipal

Bonds

(Cost

$5,909,120,316)

...................................

6,822,900,147

Total

Long

Term

Investments

(Cost

$5,998,328,088)

.............................

6,918,083,587

a

a

a

a

a

Short

Term

Investments

0.7%

Municipal

Bonds

0.7%

Arizona

0.3%

j

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

2/01/48

20,900,000

20,900,000

New

York

0.2%

j

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

1/01/34

4,695,000

4,695,000

j

New

York

City

,

Water

&

Sewer

System

,

Revenue

,

2014

AA-1

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

6/15/50

...........................

7,500,000

7,500,000

12,195,000

Oregon

0.0%

†

j

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

8/01/34

............

1,200,000

1,200,000

j

State

of

Oregon

,

GO

,

2020

M

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

12/01/44

........................................................

1,485,000

1,485,000

2,685,000

Pennsylvania

0.1%

j

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/37

...............................................

5,000,000

5,000,000

j

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

,

0.01

%

,

7/01/41

................................

2,800,000

2,800,000

7,800,000

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.

100

See

Abbreviations

on

page

184

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Tennessee

0.1%

j

Public

Building

Authority

of

Sevier

County

(The)

,

County

of

Knox

,

Revenue

,

V1-K-1

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

6/01/34

.....................

$

4,300,000

$

4,300,000

j

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008

A

,

AGMC

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

6/01/42

...................................

1,335,000

1,335,000

5,635,000

Total

Municipal

Bonds

(Cost

$49,215,000)

......................................

49,215,000

Total

Short

Term

Investments

(Cost

$49,215,000

)

................................

49,215,000

a

Total

Investments

(Cost

$6,047,543,088)

100.5%

................................

$6,967,298,587

Other

Assets,

less

Liabilities

(0.5)%

...........................................

(38,572,383)

Net

Assets

100.0%

...........................................................

$6,928,726,204

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

Income

may

be

received

in

additional

securities

and/or

cash.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

e

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

May

31,

2021,

the

aggregate

value

of

these

securities

was

$1,203,916,348,

representing

17.4%

of

net

assets.

f

Security

purchased

on

a

when-issued

basis.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

The

maturity

date

shown

represents

the

mandatory

put

date.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Kentucky

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

101

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

101.1%

Kentucky

99.3%

Campbell

Kenton

&

Boone

Counties

Sanitation

District

No.

1

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/34

.............................................

$

5,310,000

$

6,171,238

City

of

Glasgow

,

TJ

Samson

Community

Hospital

Obligated

Group

,

Revenue

,

2011

,

6.45

%

,

2/01/41

...................................................

2,000,000

2,014,214

City

of

Owensboro

,

Electric

Light

&

Power

System,

Revenue,

2017,

Refunding,

4%,

1/01/27

.........

1,250,000

1,440,386

Water,

Revenue,

2018,

Refunding,

BAM

Insured,

4%,

9/15/45

................

5,000,000

5,551,895

City

of

Russell

,

Bon

Secours

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

11/01/26

.........................................

4,000,000

4,268,579

County

of

Boyle

,

Centre

College

of

Kentucky

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/37

2,000,000

2,411,177

County

of

Carroll

,

a

Kentucky

Utilities

Co.,

Revenue,

2008

A,

2%,

2/01/32

.......................

2,000,000

2,033,317

b

Kentucky

Utilities

Co.,

Revenue,

2016

A,

Refunding,

Mandatory

Put,

1.55%,

9/01/26

2,000,000

2,011,199

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2012

A

,

5

%

,

10/01/33

...............................................

1,000,000

1,050,574

Eastern

Kentucky

University

,

Revenue

,

2018

A

,

4

%

,

10/01/37

..................

1,540,000

1,759,334

Fayette

County

School

District

Finance

Corp.

,

Fayette

County

School

District,

Revenue,

2015

D,

5%,

8/01/34

................

1,985,000

2,328,679

Fayette

County

School

District,

Revenue,

2018

A,

4%,

5/01/38

................

1,000,000

1,113,382

Greater

Kentucky

Housing

Assistance

Corp.

,

Revenue

,

1997

A

,

Refunding

,

NATL,

FHA

Insured

,

6.1

%

,

1/01/24

..............................................

105,000

105,400

Hopkins

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

2

%

,

2/01/41

.......

2,340,000

2,260,391

Jefferson

County

School

District

Finance

Corp.

,

Kentucky

School

Facilities

Construction

Commission

,

Revenue

,

2015

B

,

Refunding

,

4

%

,

12/01/26

.........

3,500,000

4,121,242

Kentucky

Bond

Development

Corp.

,

Revenue,

2018

A,

5%,

9/01/48

........................................

2,500,000

2,974,766

a

Centre

College

of

Kentucky,

Revenue,

2021,

4%,

6/01/46

....................

800,000

943,086

a

Centre

College

of

Kentucky,

Revenue,

2021,

4%,

6/01/51

....................

1,350,000

1,582,016

Transylvania

University,

Revenue,

2019

B,

4%,

3/01/49

.....................

2,500,000

2,761,821

Transylvania

University,

Revenue,

2021

A,

Refunding,

4%,

3/01/46

.............

735,000

829,643

Transylvania

University,

Revenue,

2021

A,

Refunding,

4%,

3/01/49

.............

330,000

371,313

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

........................

4,000,000

4,945,745

Kentucky

Infrastructure

Authority

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

2/01/31

....

4,190,000

4,327,364

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/36

....................

3,000,000

3,645,715

Revenue,

2019

A,

Refunding,

4%,

9/01/45

...............................

2,000,000

2,212,417

Kentucky

Rural

Water

Finance

Corp.

,

Revenue

,

2001

A

,

5

%

,

2/01/26

.............

380,000

381,357

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet,

Revenue,

5%,

4/01/38

...........

2,500,000

3,019,424

Kentucky

Finance

and

Administration

Cabinet,

Revenue,

A,

Refunding,

5%,

8/01/34

3,500,000

4,101,270

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

2011

A,

Refunding,

5%,

7/01/30

.....

2,500,000

2,509,031

Kentucky

Transportation

Cabinet,

Revenue,

2013

A,

5%,

7/01/32

..............

2,000,000

2,187,199

Kentucky

Transportation

Cabinet,

Revenue,

2015

A,

Refunding,

5%,

7/01/33

.....

3,000,000

3,513,203

Kentucky

Transportation

Cabinet,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

.....

550,000

671,264

Kentucky

Transportation

Cabinet,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.....

700,000

852,991

Lewis

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

2

%

,

2/01/41

.........

2,000,000

1,966,538

Lexington

Fayette

Urban

County

Government

Public

Facilities

Corp.

,

Revenue

,

2011

A

,

5.25

%

,

6/01/32

...................................................

3,000,000

3,000,000

Lexington-Fayette

Urban

County

Airport

Board

,

Lexington-Fayette

Urban

County

Government

,

Revenue

,

2012

B

,

Pre-Refunded

,

5

%

,

7/01/29

..................

1,185,000

1,247,825

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District,

Revenue,

2017

A,

4%,

5/15/48

..................

2,750,000

3,056,811

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.

102

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kentucky

(continued)

Louisville

and

Jefferson

County,

(continued)

Metropolitan

Sewer

District,

Revenue,

2018

A,

Refunding,

4%,

5/15/38

..........

$

5,000,000

$

5,817,659

Louisville

and

Jefferson

County

Metropolitan

Sewer

District

,

Revenue

,

2020

A

,

Refunding

,

2.375

%

,

5/15/50

..........................................

2,205,000

2,182,813

Louisville/Jefferson

County

Metropolitan

Government

,

Bellarmine

University,

Inc.,

Revenue,

2015,

Refunding,

5%,

5/01/31

............

2,000,000

2,156,104

Bellarmine

University,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

5/01/36

..........

2,715,000

2,994,879

Louisville

Gas

and

Electric

Co.,

Revenue,

2003

A,

Refunding,

2%,

10/01/33

......

4,000,000

4,058,501

Norton

Healthcare

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/39

...........

4,000,000

4,609,127

Norton

Healthcare

Obligated

Group,

Revenue,

2020

A,

3%,

10/01/43

...........

2,000,000

2,108,815

Morehead

State

University

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

10/01/28

...........

1,910,000

2,142,626

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/34

........................................................

5,700,000

6,933,289

Scott

County

School

District

Finance

Corp.

,

Scott

County

Board

of

Education

,

Revenue

,

2018

,

4

%

,

6/01/38

.........................................

1,615,000

1,800,893

Shelby

County

School

District

Finance

Corp.

,

Shelby

County

Public

School

District

,

Revenue

,

2018

,

4

%

,

8/01/38

.........................................

3,465,000

3,919,614

University

of

Kentucky

,

Revenue,

2014

A,

4%,

4/01/44

........................................

2,250,000

2,435,675

Revenue,

2018

A,

4%,

10/01/32

.......................................

4,000,000

4,535,263

University

of

Louisville

,

Revenue

,

2016

D

,

5

%

,

3/01/30

.......................

4,140,000

4,983,735

Western

Kentucky

University

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

5/01/32

..........

1,625,000

1,687,061

142,107,860

U.S.

Territories

1.8%

Puerto

Rico

1.8%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC,

FGIC

Insured,

5.25%,

7/01/39

...........

160,000

173,984

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

1,785,000

2,004,253

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

400,000

434,134

2,612,371

Total

U.S.

Territories

....................................................................

2,612,371

Total

Municipal

Bonds

(Cost

$135,714,749)

.....................................

144,720,231

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Kentucky

1.0%

c

City

of

Berea

,

Berea

College,

Revenue,

2002

A,

Daily

VRDN

and

Put,

0.03%,

6/01/32

.........

1,060,000

1,060,000

Berea

College,

Revenue,

2003

B,

Refunding,

Daily

VRDN

and

Put,

0.03%,

6/01/29

400,000

400,000

1,460,000

Total

Municipal

Bonds

(Cost

$1,460,000)

.......................................

1,460,000

Total

Short

Term

Investments

(Cost

$1,460,000

)

.................................

1,460,000

a

Total

Investments

(Cost

$137,174,749)

102.1%

..................................

$146,180,231

Other

Assets,

less

Liabilities

(2.1)%

...........................................

(3,047,073)

Net

Assets

100.0%

...........................................................

$143,133,158

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

103

See

Abbreviations

on

page

184

.

a

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Louisiana

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.3%

Louisiana

97.2%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

$

1,000,000

$

1,175,939

Caddo

Parish

Parishwide

School

District

,

GO,

2021,

AGMC

Insured,

3%,

3/01/36

.................................

505,000

562,612

GO,

2021,

AGMC

Insured,

2%,

3/01/41

.................................

2,500,000

2,401,866

Calcasieu

Parish

Public

Trust

Authority

,

Cowboy

Facilities,

Inc.

,

Revenue

,

2011

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/29

.................................

2,050,000

2,134,587

Calcasieu

Parish

School

District

No.

23

,

GO,

2019,

BAM

Insured,

4%,

9/01/36

...................................

670,000

793,046

GO,

2019,

BAM

Insured,

4%,

9/01/37

...................................

600,000

705,734

GO,

2019,

BAM

Insured,

4%,

9/01/39

...................................

2,060,000

2,394,938

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,232,921

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,227,629

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,188,413

GO,

2019,

BAM

Insured,

4%,

3/01/39

...................................

750,000

887,871

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,351,713

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,427,036

City

of

Alexandria

,

Utilities

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

5/01/38

.........

2,000,000

2,186,928

City

of

Bossier

City

,

Revenue,

2017,

5%,

12/01/36

........................................

1,405,000

1,717,285

Utilities,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/37

......................

5,280,000

6,111,300

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

5,509,430

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

5,902,896

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

2,121,065

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,494,161

City

of

Ruston

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...................

1,085,000

1,295,124

City

of

Shreveport

,

Revenue,

2016,

Refunding,

BAM

Insured,

5%,

3/01/27

......................

1,500,000

1,841,137

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,805,361

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

5,384,549

Consolidated

Government

of

the

City

of

Baton

Rouge

&

Parish

of

East

Baton

Rouge

,

Sales

Tax

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/30

............

2,000,000

2,637,206

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/33

............................

1,000,000

1,169,930

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,849,648

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

5,889,705

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

988,817

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,662,086

Jefferson

Sales

Tax

District

,

Revenue,

2017

B,

AGMC

Insured,

5%,

12/01/42

...........................

2,250,000

2,799,500

Revenue,

2019

B,

AGMC

Insured,

4%,

12/01/42

...........................

5,000,000

5,978,132

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

279,472

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

222,882

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/28

...................

1,345,000

1,595,929

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/31

...................

2,400,000

2,846,912

Lafayette

Parish

School

Board

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

4/01/48

.......

6,000,000

7,498,666

Livingston

Parish

School

Board

,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

...............................

500,000

619,850

Revenue,

2021

A,

Refunding,

4%,

5/01/31

...............................

1,300,000

1,632,847

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

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Livingston

Parish

School

Board,

(continued)

Revenue,

2021

A,

Refunding,

4%,

5/01/32

...............................

$

1,500,000

$

1,876,089

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

875,000

1,051,860

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

1,305,000

1,557,629

Louisiana

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

625,000

631,215

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

2,000,000

2,025,507

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

Bossier

City,

Revenue,

2021,

Refunding,

4%,

11/01/37

................

1,905,000

2,340,741

City

of

Bossier

City,

Revenue,

2021,

Refunding,

4%,

11/01/38

................

1,420,000

1,738,317

City

of

Bossier

City,

Revenue,

2021,

Refunding,

4%,

11/01/40

................

1,000,000

1,215,926

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

2,000,000

2,119,102

Cowboy

Facilities,

Inc.,

Revenue,

2011,

AGMC

Insured,

5%,

3/01/36

...........

1,800,000

1,861,244

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,455,443

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,531,265

Entergy

Louisiana

LLC,

Revenue,

2021

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

3,058,079

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

903,981

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

700,788

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

8,247,740

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

5%,

10/01/32

.

3,000,000

3,420,248

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

5%,

10/01/33

.

5,000,000

5,692,914

a,b

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

1,002,707

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

1,900,000

1,996,055

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

3,305,315

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

4,240,265

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,178,998

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

6,029,696

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

6,096,477

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

41,447

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,712,239

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

10,000,000

12,006,996

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

7,505,462

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,725,164

Loyola

University

New

Orleans,

Revenue,

2011,

5%,

10/01/41

................

5,000,000

5,031,022

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2002

B,

ETM,

5.75%,

5/15/23

2,500,000

2,767,162

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

36,171

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

24,114

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

10,000,000

11,970,496

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

5/15/49

........................................................

5,000,000

5,790,270

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

2,299,008

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.

106

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

$

3,750,000

$

3,562,500

Tulane

University,

Revenue,

2013

B,

5%,

10/01/37

.........................

5,540,000

5,948,957

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,581,256

Tulane

University,

Revenue,

2017

A,

Refunding,

4%,

12/15/50

................

2,000,000

2,245,152

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

1,000,000

1,255,919

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,232,027

Louisiana

State

Transportation

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

8/15/38

4,500,000

4,976,610

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Revenue,

2014,

Refunding,

5%,

7/01/29

.................................

1,000,000

1,119,460

Revenue,

2014,

Refunding,

5%,

7/01/30

.................................

1,040,000

1,164,349

Revenue,

2014,

Refunding,

5%,

7/01/34

.................................

1,000,000

1,123,144

Revenue,

2016

A,

Refunding,

5%,

7/01/40

...............................

4,500,000

5,314,967

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,791,038

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

10,000,000

12,107,929

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

5%,

8/01/31

.........................................

1,000,000

1,308,454

Revenue,

2019,

4%,

8/01/44

.........................................

2,055,000

2,406,291

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

3,114,779

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

3,291,951

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,382,006

Revenue,

2020

D,

5%,

4/01/50

........................................

4,000,000

4,973,573

St.

Charles

Parish

School

Board

,

Revenue

,

2019

,

4

%

,

8/01/38

.................

805,000

991,732

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

6,551,372

State

of

Louisiana

,

GO,

2014

C,

Refunding,

5%,

8/01/27

...................................

7,200,000

8,213,152

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

6,061,855

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,845,347

GO,

2021

A,

5%,

3/01/40

............................................

5,000,000

6,589,094

Revenue,

2013,

Pre-Refunded,

5%,

9/01/33

..............................

5,860,000

6,493,150

Revenue,

2013

A,

Pre-Refunded,

5%,

6/15/30

............................

2,860,000

3,140,657

Revenue,

2014

A,

Pre-Refunded,

5%,

6/15/32

............................

9,850,000

11,254,576

Revenue,

2019

A,

5%,

9/01/30

........................................

2,000,000

2,558,598

Revenue,

2019

A,

5%,

9/01/31

........................................

4,750,000

6,074,625

c

Revenue,

2021,

5%,

9/01/33

.........................................

1,200,000

1,590,168

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Refunding,

5%,

5/01/41

......

3,000,000

3,469,090

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

6,243,261

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

12,473,039

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

1,000,000

1,144,816

Terrebonne

Parish

Consolidated

Government

,

Revenue,

2020

A,

4%,

3/01/35

........................................

1,015,000

1,219,515

Revenue,

2020

A,

4%,

3/01/41

........................................

2,660,000

3,148,820

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

3,401,849

381,077,353

U.S.

Territories

2.1%

Puerto

Rico

2.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

539,897

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

107

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

d

Revenue,

WW-RSA-1,

5.25%,

7/01/33

..................................

$

855,000

$

820,800

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

.............................................

6,230,000

6,790,605

8,151,302

Total

U.S.

Territories

....................................................................

8,151,302

Total

Municipal

Bonds

(Cost

$362,304,458)

.....................................

389,228,655

a

a

a

a

a

Total

Investments

(Cost

$362,304,458)

99.3%

...................................

$389,228,655

Other

Assets,

less

Liabilities

0.7%

.............................................

2,825,100

Net

Assets

100.0%

...........................................................

$392,053,755

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

May

31,

2021,

the

aggregate

value

of

these

securities

was

$15,664,612,

representing

4.0%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Maryland

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.9%

Maryland

92.1%

City

of

Baltimore

,

Revenue,

2020

A,

4%,

7/01/45

........................................

$

4,500,000

$

5,345,739

Revenue,

2020

A,

5%,

7/01/50

........................................

9,115,000

11,773,313

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

6,108,310

County

of

Anne

Arundel

,

GO,

2013,

5%,

4/01/33

.............................................

3,140,000

3,404,004

a

Glenview

Housing

LP,

Revenue,

2009,

Mandatory

Put,

5%,

1/01/27

............

1,875,000

1,898,896

County

of

Baltimore

,

GO,

5%,

2/01/39

..................................................

2,900,000

3,467,236

GO,

5%,

2/01/41

..................................................

2,900,000

3,467,608

County

of

Harford

,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/31

.............................

150,000

181,093

Tax

Allocation,

2021,

Refunding,

4%,

7/01/36

.............................

750,000

889,308

Tax

Allocation,

2021,

Refunding,

4%,

7/01/40

.............................

675,000

792,451

County

of

Montgomery

,

COP,

2020

A,

5%,

10/01/29

..........................................

2,950,000

3,911,224

GO,

2016

A,

4%,

12/01/33

...........................................

7,000,000

7,800,971

Revenue,

2011

A,

5%,

4/01/27

........................................

1,625,000

1,630,648

Revenue,

2011

A,

5%,

4/01/28

........................................

2,230,000

2,237,669

Revenue,

2011

A,

5%,

4/01/30

........................................

1,935,000

1,941,482

Revenue,

2011

A,

5%,

4/01/31

........................................

2,470,000

2,478,275

Water

Quality

Protection

Charge,

Revenue,

2012

A,

5%,

4/01/30

..............

1,855,000

1,861,214

Water

Quality

Protection

Charge,

Revenue,

2012

A,

5%,

4/01/31

..............

1,240,000

1,244,163

County

of

Prince

George's

,

COP,

2011,

5%,

10/01/30

............................................

2,060,000

2,067,053

GO,

2018

A,

4%,

7/15/35

............................................

11,405,000

13,715,593

GO,

2020

A,

5%,

7/15/40

............................................

900,000

1,128,818

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

10,844,042

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

2,175,890

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,799,971

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,607,940

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

1,078,923

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2014

A-2,

5%,

6/01/34

......................................

3,045,000

3,318,542

Revenue,

2014

A-2,

Pre-Refunded,

5%,

6/01/34

...........................

455,000

497,839

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,593,736

Revenue,

2018

A-1,

5%,

6/01/48

......................................

1,310,000

1,621,273

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

3,472,942

Maryland

Economic

Development

Corp.

,

Revenue,

2012,

Refunding,

5%,

7/01/27

.................................

1,500,000

1,560,351

Revenue,

2012,

Refunding,

5%,

7/01/33

.................................

2,495,000

2,581,173

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

....................

4,225,000

4,982,219

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

....................

3,305,000

3,889,703

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/27

.......................

4,750,000

4,978,980

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/34

.......................

2,150,000

2,240,041

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

......................

5,000,000

5,363,769

Morgan

State

University,

Revenue,

2020,

4%,

7/01/40

......................

1,000,000

1,159,879

Morgan

State

University,

Revenue,

2020,

5%,

7/01/50

......................

1,250,000

1,538,954

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,160,473

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

1,145,000

1,189,291

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

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

$

9,750,000

$

11,521,127

Adventist

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

1/01/38

...

865,000

969,347

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,750,318

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

..

1,715,000

1,982,295

Goucher

College,

Revenue,

2012

A,

5%,

7/01/34

..........................

1,500,000

1,571,890

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

8,797,761

Johns

Hopkins

Health

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/37

........................................................

10,000,000

11,527,727

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

660,670

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,043,283

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004

B,

AMBAC

Insured,

5%,

7/01/38

..............................................

6,200,000

6,253,671

Johns

Hopkins

University,

Revenue,

2013

B,

5%,

7/01/38

....................

5,000,000

5,450,446

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,745,980

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,402,569

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,558,696

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,508,159

Luminis

Health

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/39

.......

10,000,000

11,138,593

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,045,844

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

5,836,550

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

8,930,000

10,285,329

MedStar

Health

Obligated

Group,

Revenue,

2013

A,

5%,

8/15/38

..............

5,000,000

5,492,569

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

6,123,957

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

.

8,535,000

9,661,571

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/28

..........

430,000

532,177

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/30

..........

775,000

988,255

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/32

..........

800,000

1,032,428

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/34

..........

350,000

411,644

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

..........

1,125,000

1,315,454

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/40

..........

1,850,000

2,136,380

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

..........

1,000,000

1,139,062

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/55

..........

1,000,000

1,130,450

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

MD,

5%,

12/01/46

........

1,680,000

2,029,756

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/35

....................................................

2,100,000

2,430,589

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

12,052,585

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

5,518,802

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,269,383

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

699,258

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

10,085,000

12,279,632

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

12,225,000

18,056,438

Maryland

State

Transportation

Authority

,

Revenue,

2020,

4%,

7/01/45

.........................................

8,000,000

9,547,971

Revenue,

2020,

4%,

7/01/50

.........................................

5,000,000

5,929,068

Revenue,

2021

A,

Refunding,

5%,

7/01/51

...............................

4,900,000

6,425,609

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.

110

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

State

of

Maryland

,

GO,

2020

A,

5%,

8/01/35

............................................

$

5,000,000

$

6,689,297

Department

of

Transportation,

Revenue,

2020,

5%,

10/01/33

.................

3,000,000

4,032,696

University

System

of

Maryland

,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

...............................

8,685,000

11,850,780

Revenue,

2021

A,

Refunding,

4%,

4/01/32

...............................

5,855,000

7,405,875

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series,

2016,

5%,

6/01/37

.............................

5,000,000

6,067,014

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

8,070,000

9,179,989

392,479,943

U.S.

Territories

6.8%

District

of

Columbia

4.5%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

6,050,789

Revenue,

2020

A,

4%,

7/15/45

........................................

5,000,000

5,961,713

Revenue,

2020

A,

5%,

7/15/45

........................................

3,000,000

3,873,239

b

Revenue,

2021

A,

4%,

7/15/43

........................................

1,750,000

2,125,280

b

Revenue,

2021

A,

5%,

7/15/37

........................................

1,000,000

1,342,885

19,353,906

Puerto

Rico

2.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

2,000,000

2,159,589

c

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,975,000

1,900,938

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,535,000

1,742,338

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,089,984

Revenue,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.......................

2,550,000

2,767,603

9,660,452

Total

U.S.

Territories

....................................................................

29,014,358

Total

Municipal

Bonds

(Cost

$397,960,715)

.....................................

421,494,301

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Maryland

0.3%

d

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/37

........................................................

1,100,000

1,100,000

Total

Municipal

Bonds

(Cost

$1,100,000)

.......................................

1,100,000

Total

Short

Term

Investments

(Cost

$1,100,000

)

.................................

1,100,000

a

Total

Investments

(Cost

$399,060,715)

99.2%

...................................

$422,594,301

Other

Assets,

less

Liabilities

0.8%

.............................................

3,731,121

Net

Assets

100.0%

...........................................................

$426,325,422

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

111

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Massachusetts

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.9%

Illinois

0.3%

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/26

................................

$

1,000,000

$

1,207,932

Massachusetts

95.4%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

2,095,000

2,701,503

GO,

3%,

3/01/34

..................................................

1,485,000

1,672,406

GO,

3%,

3/01/35

..................................................

2,130,000

2,384,357

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

4

%

,

11/01/28

...

4,400,000

4,922,196

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,447,064

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,454,194

GO,

2020,

Refunding,

3%,

9/01/34

.....................................

1,000,000

1,118,510

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,821,259

City

of

Waltham

,

GO

,

3

%

,

10/15/31

......................................

3,500,000

4,034,612

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,826,872

Commonwealth

of

Massachusetts

,

GO,

2018

A,

5%,

1/01/47

............................................

5,000,000

6,204,768

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

6,246,892

GO,

F,

4%,

11/01/29

................................................

6,000,000

6,305,459

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

16,626,848

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

7,175,000

8,116,468

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

.......................

5,000,000

6,184,167

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

6,301,911

Transportation

Fund,

Revenue,

2019

A,

5%,

6/01/49

.......................

1,925,000

2,444,483

Massachusetts

Bay

Transportation

Authority

,

Revenue,

2020

B-1,

Refunding,

5%,

7/01/50

.............................

5,000,000

6,276,278

Revenue,

2021

A-1,

Refunding,

4%,

7/01/37

.............................

3,000,000

3,722,877

Revenue,

A,

5%,

7/01/40

............................................

5,000,000

5,869,096

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

...............................

4,000,000

5,461,586

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

..........................

2,500,000

2,938,699

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999

A,

5.75%,

8/01/29

.....................................

250,000

250,991

Revenue,

2000-6,

5.5%,

8/01/30

......................................

195,000

195,738

Revenue,

2020,

Refunding,

3%,

8/01/38

.................................

1,580,000

1,752,170

Revenue,

2020,

Refunding,

3%,

8/01/39

.................................

1,605,000

1,775,345

Revenue,

2020,

Refunding,

3%,

8/01/40

.................................

1,635,000

1,804,843

Revenue,

7,

5.125%,

2/01/31

.........................................

260,000

260,914

Massachusetts

Development

Finance

Agency

,

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,474,012

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,825,178

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,793,599

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

3,019,698

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

5,758,659

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

8,177,146

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

6,030,959

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,343,304

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

8,666,188

Mass

General

Brigham,

Inc.,

Revenue,

2020

A-2,

Refunding,

4%,

7/01/41

.......

1,000,000

1,180,382

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,599,244

President

&

Trustees

of

Williams

College,

Revenue,

2017

S,

4%,

7/01/46

........

9,550,000

10,904,820

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

6,085,438

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/40

1,000,000

1,481,656

President

and

Fellows

of

Harvard

College,

Revenue,

2020

A,

Refunding,

5%,

10/15/30

.......................................................

1,250,000

1,706,381

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

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

$

4,545,000

$

5,359,122

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

4,790,000

6,128,545

Sterling

and

Francine

Clark

Art

Institute,

Revenue,

2011,

Pre-Refunded,

5%,

7/01/41

12,900,000

12,951,319

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

1,150,000

1,359,443

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

5,000,000

5,885,386

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

4,569,865

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

5,679,289

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

7,065,263

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

3,747,910

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,488,292

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,237,461

Worcester

Polytechnic

Institute,

Revenue,

2012,

4%,

9/01/49

.................

4,825,000

5,017,262

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,314,599

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,557,990

Massachusetts

Educational

Financing

Authority

,

Revenue,

2009

I,

6%,

1/01/28

........................................

845,000

855,382

Revenue,

2010

A,

5.5%,

1/01/22

......................................

3,000,000

3,037,085

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

2,500,000

2,668,519

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M2

,

5.5

%

,

6/01/35

.........................................

8,600,000

12,357,617

Massachusetts

Housing

Finance

Agency

,

Revenue,

159,

FNMA

Insured,

4.05%,

12/01/32

...........................

705,000

712,530

Revenue,

162,

GNMA

Insured,

3.15%,

12/01/32

...........................

9,840,000

9,967,617

Revenue,

2009

C,

Refunding,

5.125%,

12/01/39

...........................

1,045,000

1,046,204

Revenue,

2009

C,

Refunding,

5.35%,

12/01/49

...........................

2,770,000

2,773,324

Revenue,

2012

F,

3.15%,

12/01/32

.....................................

105,000

105,808

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

45,413

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

1,057,593

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

4,000,000

4,232,520

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

4,117,060

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,948,346

Massachusetts

Port

Authority

,

Revenue,

2019

B,

5%,

7/01/44

........................................

5,000,000

6,291,739

Revenue,

2019

B,

5%,

7/01/49

........................................

5,000,000

6,253,678

Revenue,

2021

B,

Refunding,

5%,

7/01/35

...............................

500,000

661,574

Revenue,

2021

B,

Refunding,

5%,

7/01/36

...............................

400,000

527,191

Revenue,

2021

B,

Refunding,

5%,

7/01/38

...............................

1,400,000

1,832,787

Revenue,

2021

B,

Refunding,

5%,

7/01/40

...............................

1,215,000

1,580,523

Revenue,

2021

E,

5%,

7/01/51

........................................

2,000,000

2,550,129

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,926,063

Revenue,

2019

A,

5%,

2/15/44

........................................

1,000,000

1,260,308

Revenue,

2020

A,

4%,

8/15/45

........................................

8,000,000

9,580,900

Revenue,

Senior

Lien,

2011

B,

Pre-Refunded,

5%,

10/15/41

..................

10,000,000

10,182,451

Revenue,

Senior

Lien,

2016

C,

Refunding,

5%,

11/15/34

....................

5,000,000

6,099,316

Massachusetts

State

College

Building

Authority

,

Revenue,

2003

B,

Refunding,

AGMC

Insured,

5.5%,

5/01/39

.................

5,000,000

7,521,746

Revenue,

2017

D,

Refunding,

4%,

5/01/38

...............................

4,350,000

5,033,223

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,287,279

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

3,442,585

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.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Refunding,

5%,

8/01/40

...............................

$

5,000,000

$

6,052,576

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

5,039,101

Revenue,

2020

B,

5%,

8/01/36

........................................

1,500,000

1,987,221

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

7,200,856

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,415,995

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,906,534

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

1,260,000

1,554,066

Town

of

Belmont

,

GO,

2019,

4%,

3/15/45

.............................................

3,020,000

3,572,862

GO,

2020,

3%,

6/01/33

.............................................

2,695,000

3,060,951

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,507,776

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,950,674

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,849,589

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

5,748,332

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

4,000,000

4,645,468

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

6,326,440

Revenue,

Senior

Lien,

2019-1,

Refunding,

5%,

5/01/39

.....................

5,000,000

6,384,715

433,690,582

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

250,000

279,982

Revenue,

2020

AA,

5%,

6/15/38

.......................................

1,000,000

1,271,567

1,551,549

U.S.

Territories

1.9%

Puerto

Rico

1.9%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

5,000,000

5,614,156

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

2,700,000

2,942,959

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

250,000

271,333

8,828,448

Total

U.S.

Territories

....................................................................

8,828,448

Total

Municipal

Bonds

(Cost

$411,721,638)

.....................................

445,278,511

a

a

a

a

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

115

See

Abbreviations

on

page

184

.

Short

Term

Investments

0.1%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.1%

Massachusetts

0.1%

a

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/49

...........

$

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

$412,321,638)

98.0%

...................................

$445,878,511

Other

Assets,

less

Liabilities

2.0%

.............................................

8,994,807

Net

Assets

100.0%

...........................................................

$454,873,318

a

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Michigan

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

116

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.4%

Illinois

0.2%

State

of

Illinois

,

GO

,

2021

A

,

4

%

,

3/01/40

.................................

$

1,860,000

$

2,150,824

Michigan

96.6%

Ann

Arbor

School

District

,

GO,

2015,

Refunding,

5%,

5/01/28

.....................................

1,000,000

1,175,069

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

1,235,000

1,448,060

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,231,068

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,358,248

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

796,863

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,810,607

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,623,477

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,788,964

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,719,983

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,962,855

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,216,198

a

Cedar

Springs

Public

School

District

,

GO

,

2021

I

,

3

%

,

11/01/50

.................

2,430,000

2,626,950

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

2,156,220

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,191,614

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,809,073

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,264,510

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

573,145

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,211,327

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,843,505

Chippewa

Valley

Schools

,

GO,

2013,

Pre-Refunded,

5%,

5/01/29

..................................

6,425,000

7,025,507

GO,

2013,

Pre-Refunded,

5%,

5/01/30

..................................

6,420,000

7,020,040

GO,

2013,

Pre-Refunded,

5%,

5/01/31

..................................

3,000,000

3,280,392

GO,

2013,

Pre-Refunded,

5%,

5/01/32

..................................

6,590,000

7,205,928

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,560,239

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003

B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,088

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGMC

Insured,

5%,

7/01/34

........................................

30,000

30,106

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/28

..............

1,560,000

1,745,875

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/29

..............

1,000,000

1,117,776

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/31

..............

2,095,000

2,341,166

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/32

..............

1,175,000

1,312,419

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/33

..............

1,125,000

1,255,955

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/34

..............

1,000,000

1,115,308

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/35

..............

1,500,000

1,670,910

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/39

..............

880,000

977,625

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/44

..............

2,000,000

2,218,062

Sanitary

Sewer

System,

Revenue,

2016,

Refunding,

5%,

1/01/36

..............

1,250,000

1,480,015

Sanitary

Sewer

System,

Revenue,

2016,

Refunding,

5%,

1/01/38

..............

1,000,000

1,179,082

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,285,182

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,216,584

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/48

.......................

5,000,000

6,045,385

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

5%,

1/01/45

..............

1,500,000

1,903,562

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

4%,

1/01/50

..............

3,440,000

4,019,016

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,567,164

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

117

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,

2016,

Refunding,

5%,

1/01/46

...............

$

2,525,000

$

2,938,979

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

1,500,000

1,824,877

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,418,154

Water

Supply

System,

Revenue,

2020,

5%,

1/01/40

........................

2,240,000

2,876,999

Water

Supply

System,

Revenue,

2020,

5%,

1/01/45

........................

2,425,000

3,086,330

Water

Supply

System,

Revenue,

2020,

5%,

1/01/50

........................

3,000,000

3,785,173

City

of

Saginaw

,

Water

Supply

System

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

7/01/41

......................................................

1,080,000

1,308,236

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,585,477

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,547,627

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,619,376

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

2,054,240

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

10,000,000

12,359,002

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

623,304

GO,

2017,

5%,

5/01/33

.............................................

815,000

1,010,220

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,237,553

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,234,723

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,232,398

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

640,273

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,997,991

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,865,022

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,667,316

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,842,382

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,345,721

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

4,246,155

Elk

Rapids

Schools

,

GO

,

2021

I

,

4

%

,

5/01/50

..............................

3,075,000

3,679,622

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,175,921

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,346,735

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,719,131

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

3,389,238

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,502,303

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,165,746

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

8,673,936

b

Grand

Ledge

Public

Schools

,

GO

,

2021

II

,

5

%

,

5/01/47

.......................

5,220,000

6,791,920

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

...........

2,000,000

2,221,296

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/47

...........

2,500,000

2,776,620

Munson

Healthcare

Obligated

Group,

Revenue,

2019

A,

5%,

7/01/44

...........

1,110,000

1,344,188

Munson

Healthcare

Obligated

Group,

Revenue,

2019

B,

5%,

7/01/39

...........

1,625,000

1,980,100

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

4,295,000

5,113,850

Revenue,

2018,

5%,

12/01/38

........................................

900,000

1,118,166

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

2,220,183

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

876,845

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,169,126

GO,

II,

AGMC

Insured,

5%,

5/01/31

....................................

1,150,000

1,344,008

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.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Grandville

Public

Schools,

(continued)

GO,

II,

AGMC

Insured,

5%,

5/01/32

....................................

$

1,165,000

$

1,360,553

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,532,401

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,425,458

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

3,382,208

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

7,179,919

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/48

.................

5,000,000

6,119,593

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,183,054

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,176,421

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,906,223

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

3,060,732

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

3,048,275

Kelloggsville

Public

Schools

,

GO,

2015,

AGMC

Insured,

5%,

5/01/33

.................................

1,045,000

1,219,527

GO,

2015,

AGMC

Insured,

5%,

5/01/35

.................................

1,150,000

1,338,185

GO,

2015,

AGMC

Insured,

5%,

5/01/38

.................................

3,815,000

4,420,062

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,444,772

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,442,202

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,441,761

GO,

2016,

5%,

5/01/41

.............................................

1,120,000

1,325,658

GO,

2016,

5%,

5/01/44

.............................................

1,800,000

2,119,204

L'Anse

Creuse

Public

Schools

,

GO,

2015,

Pre-Refunded,

5%,

5/01/28

..................................

5,230,000

6,158,860

GO,

2015,

Pre-Refunded,

5%,

5/01/30

..................................

5,560,000

6,547,468

GO,

2015,

Pre-Refunded,

5%,

5/01/32

..................................

5,890,000

6,936,077

GO,

2015,

Pre-Refunded,

5%,

5/01/34

..................................

6,220,000

7,324,686

GO,

2015,

Pre-Refunded,

5%,

5/01/35

..................................

2,840,000

3,344,390

Lansing

Board

of

Water

&

Light

,

Revenue,

2019

A,

5%,

7/01/48

........................................

10,000,000

12,565,669

Revenue,

2021

A,

5%,

7/01/51

........................................

8,000,000

10,430,237

Lansing

Community

College

,

GO,

2012,

5%,

5/01/32

.............................................

690,000

720,071

GO,

2017,

Refunding,

5%,

5/01/32

.....................................

2,000,000

2,506,142

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/37

.............................................

1,490,000

1,779,342

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,526,397

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,609,760

Livonia

Public

Schools

,

GO,

2013

I,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/36

.....................

5,725,000

6,254,289

GO,

2013

I,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/38

.....................

6,000,000

6,554,713

GO,

2013

I,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/43

.....................

16,850,000

18,407,820

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment,

2017

A,

Refunding,

5%,

5/01/34

.......................

2,000,000

2,462,135

Special

Assessment,

2017

A,

Refunding,

5%,

5/01/42

.......................

7,500,000

9,084,615

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,295,390

Mattawan

Consolidated

School

District

,

GO,

2015

I,

5%,

5/01/30

.............................................

1,000,000

1,174,644

GO,

2015

I,

5%,

5/01/31

.............................................

1,915,000

2,248,628

GO,

2015

I,

5%,

5/01/32

.............................................

1,110,000

1,302,438

GO,

2015

I,

5%,

5/01/34

.............................................

2,325,000

2,721,172

GO,

2015

I,

5%,

5/01/39

.............................................

3,375,000

3,914,520

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

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

$

735,000

$

867,127

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

910,349

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

1,130,000

1,326,866

Michigan

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/32

.......................................................

10,005,000

10,553,617

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/42

.......................................................

12,000,000

12,658,012

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/28

.....

5,585,000

6,092,588

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/29

.....

5,865,000

6,380,515

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/46

......

1,750,000

2,023,878

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

9/01/50

......

895,000

932,975

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/50

......

1,300,000

1,495,937

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/29

......

1,000,000

1,065,275

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

3,216,030

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/38

.......

8,055,000

10,244,845

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

4%,

11/01/50

.......

4,000,000

4,672,423

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

BAM

Insured,

4%,

11/01/55

.......................................................

11,000,000

12,868,630

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

.......................................................

2,725,000

3,333,165

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/37

.......................................................

4,235,000

5,149,873

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

22,015,000

26,614,418

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

3,016,055

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

467,574

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

565,000

658,577

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

743,876

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

782,659

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

746,146

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

4,313,937

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

3,405,199

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

7,611,848

Sparrow

Health

Obligated

Group,

Revenue,

2012,

AGMC

Insured,

5%,

11/15/42

..

8,000,000

8,496,018

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

17,170,000

19,789,938

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

2,750,000

3,333,190

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

351,769

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

23,545,718

Michigan

State

Building

Authority

,

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,528,668

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,539,263

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

15,480,604

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

11,705,067

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,174,923

Revenue,

2019

I,

Refunding,

4%,

10/15/49

...............................

2,500,000

2,916,120

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/32

.............

5,000,000

5,891,100

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

.............

5,370,000

6,310,711

Ascension

Health

Credit

Group,

Revenue,

2010

F-7,

Refunding,

5%,

11/15/47

....

10,000,000

12,042,125

Ascension

Health

Credit

Group,

Revenue,

2010

F-8,

Refunding,

5%,

11/15/46

....

5,000,000

6,032,823

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/26

........................................................

2,065,000

2,163,403

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.

120

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

State

Hospital

Finance

Authority,

(continued)

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/27

........................................................

$

2,285,000

$

2,393,180

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/28

........................................................

2,615,000

2,737,995

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/35

........................................................

2,250,000

2,352,585

Michigan

State

Housing

Development

Authority

,

Revenue,

2019

B,

3.1%,

12/01/44

.....................................

15,000,000

15,838,047

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

4,534,575

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

5,150,000

5,342,767

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

9,884,962

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

12/31/43

................................................

7,000,000

8,499,621

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

..............

2,400,000

2,791,989

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,799,271

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,202,833

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/27

.................................

1,000,000

1,115,290

Revenue,

2014,

Refunding,

5%,

3/01/30

.................................

1,010,000

1,119,981

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,397,446

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,109,545

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,426,056

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,110,321

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,333,886

Revenue,

2016,

5%,

3/01/47

.........................................

7,230,000

8,503,015

Revenue,

2019,

5%,

3/01/50

.........................................

3,500,000

4,255,516

Rochester

Community

School

District

,

GO,

2016

I,

5%,

5/01/32

.............................................

5,575,000

6,723,119

GO,

2016

I,

5%,

5/01/35

.............................................

6,450,000

7,736,867

GO,

2016

I,

5%,

5/01/36

.............................................

2,800,000

3,351,176

Roseville

Community

Schools

,

GO,

2014,

Refunding,

5%,

5/01/26

.....................................

1,400,000

1,648,679

GO,

2014,

Refunding,

5%,

5/01/27

.....................................

1,370,000

1,610,429

GO,

2014,

Refunding,

5%,

5/01/28

.....................................

3,040,000

3,565,745

GO,

2014,

Refunding,

5%,

5/01/29

.....................................

3,300,000

3,862,308

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,620,000

1,896,042

GO,

2014,

Refunding,

5%,

5/01/31

.....................................

1,585,000

1,854,407

Royal

Oak

Hospital

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/27

....

3,350,000

3,768,145

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/28

....

2,500,000

2,809,851

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/39

....

17,500,000

19,450,046

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

2,113,797

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,619,906

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,494,345

Saline

Area

Schools

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

3,306,015

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,530,703

South

Haven

Public

Schools

,

GO,

2015

B,

AGMC

Insured,

5%,

5/01/33

................................

350,000

408,454

GO,

2015

B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,832,731

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

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

$

5,750,000

$

6,974,569

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2020

B

,

4

%

,

11/15/45

.................

12,000,000

14,496,722

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

6,054,491

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

13,959,246

University

of

Michigan

,

Revenue,

2015,

Refunding,

5%,

4/01/46

.................................

2,000,000

2,361,513

Revenue,

2017

A,

Refunding,

5%,

4/01/37

...............................

2,700,000

3,295,457

Revenue,

2017

A,

Refunding,

5%,

4/01/42

...............................

26,635,000

32,307,762

Revenue,

2017

A,

Refunding,

5%,

4/01/47

...............................

5,000,000

6,064,752

Warren

Consolidated

Schools

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

5/01/32

............

2,500,000

2,611,397

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2017

B,

5%,

12/01/42

......

1,045,000

1,273,112

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018

A,

5%,

12/01/43

......

7,750,000

9,751,785

Wayne

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/31

..............................

1,860,000

2,141,388

Revenue,

2015

A,

Refunding,

5%,

11/15/33

..............................

1,500,000

1,724,554

Revenue,

2018

A,

5%,

11/15/43

.......................................

4,500,000

5,523,786

Revenue,

2018

A,

4%,

11/15/48

.......................................

10,000,000

11,483,663

Western

Michigan

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/26

..............................

1,500,000

1,746,903

Revenue,

2015

A,

Refunding,

5%,

11/15/27

..............................

2,160,000

2,510,039

Revenue,

2015

A,

Refunding,

5%,

11/15/28

..............................

1,635,000

1,897,190

Revenue,

2015

A,

Refunding,

5%,

11/15/29

..............................

2,000,000

2,319,030

Revenue,

2015

A,

Refunding,

5%,

11/15/30

..............................

2,500,000

2,891,399

Revenue,

2015

A,

Refunding,

5%,

11/15/40

..............................

1,560,000

1,804,233

Revenue,

2015

A,

Refunding,

5%,

11/15/45

..............................

2,000,000

2,313,119

Revenue,

2019

A,

Refunding,

5%,

11/15/49

..............................

5,100,000

6,340,082

Zeeland

Public

Schools

,

GO,

2015

A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,785,528

GO,

2015

A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,330,648

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/34

....................

2,000,000

2,350,940

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

....................

2,000,000

2,350,940

943,807,983

New

Jersey

0.6%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

559,963

Revenue,

2020

AA,

5%,

6/15/38

.......................................

2,000,000

2,543,134

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

2,065,000

2,682,449

5,785,546

U.S.

Territories

2.0%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

2,137,165

Puerto

Rico

1.8%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

7,420,000

8,331,408

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

545,228

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,100,000

2,412,755

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

1,515,000

1,652,274

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

300,000

326,995

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.

122

See

Abbreviations

on

page

184

.

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,

(continued)

Revenue,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.......................

$

3,900,000

$

4,232,805

17,501,465

Total

U.S.

Territories

....................................................................

19,638,630

Total

Municipal

Bonds

(Cost

$894,330,377)

.....................................

971,382,983

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Michigan

1.0%

c

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

BMO

Harris

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

6/01/34

.........................................................

1,000,000

1,000,000

c

Michigan

Strategic

Fund

,

Edison

Institute

(The)

,

Revenue

,

2002

,

LOC

Comerica

Bank

,

Daily

VRDN

and

Put

,

0.02

%

,

12/01/33

..................................

8,290,000

8,290,000

9,290,000

Total

Municipal

Bonds

(Cost

$9,290,000)

.......................................

9,290,000

Total

Short

Term

Investments

(Cost

$9,290,000

)

.................................

9,290,000

a

Total

Investments

(Cost

$903,620,377)

100.4%

..................................

$980,672,983

Other

Assets,

less

Liabilities

(0.4)%

...........................................

(3,596,141)

Net

Assets

100.0%

...........................................................

$977,076,842

a

Security

purchased

on

a

when-issued

basis.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Minnesota

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.1%

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

$

2,385,000

$

2,924,434

State

of

Illinois

,

GO

,

2020

B

,

5

%

,

10/01/29

................................

1,000,000

1,268,627

4,193,061

Minnesota

96.8%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

32,345,502

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018

A,

3.25%,

2/01/37

..........................................

5,355,000

5,883,579

GO,

2018

A,

3.375%,

2/01/43

.........................................

6,020,000

6,596,305

GO,

2020

A,

3%,

2/01/45

............................................

4,000,000

4,323,553

Big

Lake

Independent

School

District

No.

727

,

GO,

2012

B,

Refunding,

5%,

2/01/23

...................................

2,990,000

3,085,547

GO,

2012

B,

Refunding,

5%,

2/01/24

...................................

3,000,000

3,096,233

GO,

2012

B,

Refunding,

5%,

2/01/25

...................................

1,225,000

1,264,128

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,539,522

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

12,085,082

GO,

2018

A,

4%,

2/01/42

............................................

1,900,000

2,155,875

GO,

2018

C,

Refunding,

5%,

2/01/28

...................................

3,735,000

4,503,110

Cambridge-Isanti

Independent

School

District

No.

911

,

GO,

2012

A,

Refunding,

3%,

2/01/27

...................................

3,410,000

3,464,311

GO,

2012

A,

Refunding,

3%,

2/01/30

...................................

5,585,000

5,666,396

Centennial

Independent

School

District

No.

12

,

GO,

2015

A,

Zero

Cpn

.,

2/01/32

.......................................

1,450,000

1,053,111

GO,

2015

A,

Zero

Cpn

.,

2/01/34

.......................................

1,600,000

1,059,238

GO,

2015

A,

Zero

Cpn

.,

2/01/35

.......................................

350,000

221,502

Central

Minnesota

Municipal

Power

Agency

,

Revenue,

2012,

5%,

1/01/32

.........................................

1,150,000

1,181,029

Revenue,

2012,

5%,

1/01/42

.........................................

1,615,000

1,656,178

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

1,137,017

City

of

Elk

River

,

Electric,

Revenue,

2021

B,

2.25%,

8/01/47

...............................

1,475,000

1,474,796

Electric,

Revenue,

2021

B,

2.25%,

8/01/51

...............................

980,000

965,652

City

of

Fridley

,

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

............................................

9,714,317

11,282,716

City

of

Lakeville

,

GO

,

2012

B

,

Refunding

,

3

%

,

2/01/30

........................

4,690,000

4,758,352

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,710,019

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,983,459

GO,

2019,

3%,

12/01/28

.............................................

1,400,000

1,560,528

GO,

2019,

3%,

12/01/40

.............................................

5,000,000

5,416,752

GO,

2020,

Refunding,

2%,

12/01/29

....................................

5,730,000

6,065,732

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

10,000,000

10,299,085

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

11,710,114

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

.............................................

6,000,000

7,284,130

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

2,000,000

2,463,176

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,483,999

City

of

Plymouth

,

GO,

2020

A,

2%,

2/01/31

............................................

1,790,000

1,878,282

GO,

2020

A,

2%,

2/01/32

............................................

2,080,000

2,167,754

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.

124

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Plymouth,

(continued)

GO,

2020

A,

2%,

2/01/33

............................................

$

2,125,000

$

2,200,261

City

of

Ramsey

,

GO,

2012

A,

3%,

12/15/28

...........................................

1,105,000

1,118,486

GO,

2012

A,

3.375%,

12/15/31

........................................

1,215,000

1,231,292

City

of

Rochester

,

Electric

Utility,

Revenue,

2013

B,

Pre-Refunded,

5%,

12/01/43

................

1,000,000

1,120,843

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/42

...................

2,000,000

2,398,105

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

9,210,000

10,951,583

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/33

....................

4,425,000

6,363,551

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/34

....................

10,235,000

15,016,061

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/35

....................

5,000,000

7,461,648

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/36

....................

4,200,000

6,368,427

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

6,901,796

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

13,849,993

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

5,508,738

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/31

.........................

1,000,000

1,149,002

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/32

.........................

1,000,000

1,148,269

City

of

Virginia

,

GO,

2020

A,

AGMC

Insured,

4%,

2/01/36

................................

1,000,000

1,150,414

GO,

2020

A,

AGMC

Insured,

4%,

2/01/40

................................

1,160,000

1,323,991

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

4,196,642

County

of

Hennepin

,

GO,

2019

B,

5%,

12/15/33

...........................................

2,280,000

2,933,769

GO,

2019

B,

5%,

12/15/34

...........................................

1,055,000

1,355,719

GO,

2019

B,

5%,

12/15/36

...........................................

12,680,000

16,221,453

GO,

2020

A,

5%,

12/01/36

...........................................

6,080,000

8,159,186

GO,

2020

C,

5%,

12/15/31

...........................................

5,220,000

6,913,184

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

530,000

530,291

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

3,231,380

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/37

............................................

1,000,000

1,072,016

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

1,068,860

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,306,072

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

15,900,000

19,155,740

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/58

...

13,035,000

15,674,336

Duluth

Independent

School

District

No.

709

,

COP,

2016

A,

Refunding,

5%,

2/01/25

..................................

1,015,000

1,164,751

COP,

2016

A,

Refunding,

5%,

2/01/26

..................................

2,740,000

3,236,821

COP,

2016

A,

Refunding,

4%,

2/01/27

..................................

3,750,000

4,318,328

COP,

2016

A,

Refunding,

4%,

2/01/28

..................................

1,500,000

1,722,230

GO,

2015

B,

Refunding,

4%,

2/01/25

...................................

3,450,000

3,878,810

GO,

2015

B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

2,989,728

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

125

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Edina

Independent

School

District

No.

273

,

GO

,

2019

A

,

3

%

,

2/01/36

............

$

1,630,000

$

1,770,566

Elk

River

Independent

School

District

No.

728

,

GO

,

2015

A

,

4

%

,

2/01/32

..........

6,130,000

6,634,603

Farmington

Independent

School

District

No.

192

,

GO

,

2016

A

,

4

%

,

2/01/28

........

3,830,000

4,397,428

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,541,291

Hastings

Independent

School

District

No.

200

,

GO,

2018

A,

Zero

Cpn

.,

2/01/38

.......................................

4,685,000

2,818,863

GO,

2018

A,

Zero

Cpn

.,

2/01/39

.......................................

4,685,000

2,698,091

GO,

2018

A,

Zero

Cpn

.,

2/01/40

.......................................

4,685,000

2,581,483

Hennepin

County

Regional

Railroad

Authority

,

GO,

2019

A,

5%,

12/01/35

...........................................

4,480,000

5,714,040

GO,

2019

A,

5%,

12/01/36

...........................................

5,220,000

6,641,314

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Refunding

,

4

%

,

2/01/29

.........................................................

2,310,000

2,539,194

Hopkins

Independent

School

District

No.

270

,

GO,

2019

A,

3%,

2/01/33

............................................

5,640,000

6,110,827

GO,

2019

A,

3%,

2/01/34

............................................

2,450,000

2,648,808

Jordan

Independent

School

District

No.

717

,

GO,

2014

A,

Refunding,

5%,

2/01/31

...................................

1,460,000

1,575,074

GO,

Refunding,

5%,

2/01/32

.........................................

2,000,000

2,157,636

GO,

2014

A,

Refunding,

5%,

2/01/33

...................................

1,700,000

1,833,991

GO,

2014

A,

Refunding,

5%,

2/01/34

...................................

1,805,000

1,947,266

GO,

2014

A,

Refunding,

5%,

2/01/35

...................................

1,000,000

1,078,993

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

1,055,448

Lakeville

Independent

School

District

No.

194

,

GO

,

2012

B

,

3

%

,

2/01/25

..........

3,560,000

3,622,559

Mankato

Independent

School

District

No.

77

,

GO,

2020

A,

4%,

2/01/37

............................................

935,000

1,096,281

GO,

2020

A,

4%,

2/01/41

............................................

1,385,000

1,610,344

Maple

River

Independent

School

District

No.

2135

,

GO,

2020

A,

4%,

2/01/45

............................................

6,000,000

7,107,112

GO,

2020

A,

4%,

2/01/50

............................................

10,000,000

11,775,793

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,602,188

GO,

2019

A,

3%,

3/01/29

............................................

6,400,000

7,026,375

GO,

2020

B,

2.125%,

3/01/36

.........................................

4,500,000

4,649,845

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

4,120,255

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

4,109,151

Minneapolis

Special

School

District

No.

1

,

GO,

2017

B,

5%,

2/01/30

............................................

2,590,000

3,261,252

GO,

2020

B,

4%,

2/01/38

............................................

1,885,000

2,277,755

GO,

2020

C,

4%,

2/01/36

............................................

1,210,000

1,470,199

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

2012

B,

Refunding,

5%,

1/01/27

...............................

1,500,000

1,540,652

Revenue,

2012

B,

Refunding,

5%,

1/01/28

...............................

2,250,000

2,310,174

Revenue,

2019

A,

Refunding,

5%,

1/01/44

...............................

4,750,000

5,938,350

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,481,722

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,883,012

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

19,655,000

23,791,241

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

15,500,000

18,763,868

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

3,575,000

4,064,196

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

3,255,545

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

1,023,281

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/35

.................

125,000

153,493

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/36

.................

125,000

153,068

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.

126

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Higher

Education

Facilities

Authority,

(continued)

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/37

.................

$

125,000

$

152,697

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/40

.................

365,000

402,777

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/43

.................

330,000

360,547

a

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/30

...............

320,000

395,491

a

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/31

...............

270,000

331,744

a

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/32

...............

255,000

311,069

a

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/33

...............

240,000

292,020

a

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/34

...............

355,000

430,434

a

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/36

...............

210,000

232,151

a

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/37

...............

250,000

275,529

a

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/38

...............

250,000

274,799

a

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/39

...............

220,000

263,270

a

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/40

...............

310,000

369,880

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/38

...........................

1,000,000

1,111,200

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/41

...........................

1,600,000

1,764,521

St.

Olaf

College,

Revenue,

2021,

4%,

10/01/46

...........................

3,740,000

4,447,381

St.

Olaf

College,

Revenue,

2021,

4%,

10/01/50

...........................

3,805,000

4,503,699

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/33

.................

1,500,000

1,717,344

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/35

.................

500,000

570,744

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,743,659

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

2,014,202

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/36

..........

750,000

864,489

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/37

..........

750,000

862,664

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/40

.....................

3,260,000

4,103,006

University

of

St.

Thomas,

Revenue,

2019,

4%,

10/01/44

.....................

2,745,000

3,178,093

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,683,349

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,242,399

Revenue,

2011

E,

GNMA

Insured,

4.45%,

7/01/31

.........................

1,825,000

1,829,539

Revenue,

2011

G,

GNMA

Insured,

4%,

7/01/26

...........................

870,000

872,760

Revenue,

2011

G,

GNMA

Insured,

4.4%,

7/01/32

..........................

1,495,000

1,500,225

Revenue,

2019

C,

4%,

8/01/39

........................................

1,000,000

1,173,635

Revenue,

2020

B,

4%,

8/01/39

........................................

2,055,000

2,473,463

Revenue,

2020

B,

4%,

8/01/40

........................................

3,405,000

4,087,041

Revenue,

2020

B,

4%,

8/01/41

........................................

3,100,000

3,713,714

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

3,820,000

3,962,590

Revenue,

2020

D,

4%,

8/01/41

........................................

1,000,000

1,197,972

Revenue,

2020

D,

4%,

8/01/42

........................................

1,000,000

1,194,727

Revenue,

2020

D,

4%,

8/01/43

........................................

1,000,000

1,192,142

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

2,265,000

2,331,290

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

3,175,000

3,303,522

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,410,000

2,435,710

Revenue,

2020

I,

2%,

7/01/40

........................................

3,105,000

3,133,362

Revenue,

2020

I,

2.15%,

7/01/45

......................................

2,480,000

2,506,811

Revenue,

2020

I,

2.2%,

1/01/51

.......................................

3,970,000

4,003,771

Revenue,

2021

B,

GNMA

Insured,

2.1%,

7/01/36

..........................

1,000,000

1,010,260

Revenue,

2021

B,

GNMA

Insured,

2.3%,

7/01/41

..........................

3,500,000

3,540,524

Revenue,

2021

B,

GNMA

Insured,

2.45%,

7/01/46

.........................

3,500,000

3,535,220

Revenue,

2021

B,

GNMA

Insured,

2.5%,

7/01/51

..........................

4,100,000

4,134,292

a

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2%,

7/01/36

...................

6,000,000

6,016,832

a

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2.375%,

7/01/46

...............

8,000,000

8,031,550

a

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2.45%,

1/01/52

................

12,000,000

12,046,649

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,372,325

Revenue,

2014

A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,299,354

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

127

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Municipal

Power

Agency,

(continued)

Revenue,

2014

A,

Refunding,

4%,

10/01/33

..............................

$

1,000,000

$

1,080,682

Revenue,

2014

A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,142,926

Revenue,

2014

A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,147,209

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

5,148,979

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

5,524,391

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010

A

,

5

%

,

3/01/24

.............

17,010,000

19,238,259

Minnesota

State

Colleges

And

Universities

Foundation

,

Revenue,

2011

A,

5%,

10/01/28

.......................................

2,135,000

2,167,591

Revenue,

2012

A,

Refunding,

5%,

10/01/22

..............................

1,410,000

1,501,108

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

9,295,000

9,702,170

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

6,478,078

GO,

2019

A,

3%,

2/01/46

............................................

23,965,000

25,809,188

Northern

Municipal

Power

Agency

,

Revenue,

2013

A,

5%,

1/01/30

........................................

1,190,000

1,273,653

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

932,954

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018

B,

Zero

Cpn

.,

2/01/27

.......................................

10,545,000

9,947,809

GO,

2018

B,

Zero

Cpn

.,

2/01/28

.......................................

13,055,000

12,054,165

GO,

2018

B,

Zero

Cpn

.,

2/01/30

.......................................

9,010,000

7,739,098

GO,

2018

B,

Zero

Cpn

.,

2/01/31

.......................................

5,310,000

4,397,132

Rochester

Independent

School

District

No.

535

,

GO,

2020

A,

4%,

2/01/28

............................................

4,300,000

5,203,430

GO,

2020

A,

4%,

2/01/29

............................................

6,565,000

7,887,895

Roseville

Independent

School

District

No.

623

,

GO,

2018

A,

5%,

2/01/30

............................................

3,700,000

4,514,387

GO,

2018

A,

4%,

2/01/34

............................................

9,535,000

10,880,246

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016

B,

Zero

Cpn

.,

2/01/36

.......................................

3,000,000

1,962,203

GO,

2016

B,

Zero

Cpn

.,

2/01/37

.......................................

2,820,000

1,771,756

GO,

2016

B,

Zero

Cpn

.,

2/01/38

.......................................

5,220,000

3,160,494

GO,

2016

B,

Zero

Cpn

.,

2/01/39

.......................................

3,020,000

1,761,369

South

Washington

County

Independent

School

District

No.

833

,

GO

,

2016

C

,

4

%

,

2/01/29

.........................................................

5,260,000

6,021,256

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/23

.......................

4,000,000

3,964,319

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/26

.......................

5,395,000

5,139,710

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/27

.......................

6,600,000

6,166,084

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

10,872,607

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,601,728

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

902,168

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

719,576

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

781,476

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

1,071,255

GO,

2015

A,

4%,

2/01/28

............................................

2,080,000

2,331,020

GO,

2017

B,

4%,

2/01/30

............................................

4,060,000

4,634,819

GO,

2017

B,

4%,

2/01/36

............................................

2,500,000

2,821,371

GO,

2017

B,

4%,

2/01/37

............................................

2,250,000

2,534,970

St.

Francis

Independent

School

District

No.

15

,

GO,

2018

A,

4%,

2/01/37

............................................

1,025,000

1,075,617

GO,

2018

A,

3.5%,

2/01/41

...........................................

6,350,000

6,581,880

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.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

St.

Michael-Albertville

Independent

School

District

No.

885

,

GO

,

2011

A

,

Refunding

,

4.25

%

,

2/01/32

...................................................

$

10,295,000

$

10,514,543

St.

Paul

Independent

School

District

No.

625

,

GO

,

2013

B

,

Refunding

,

5

%

,

2/01/24

..

2,925,000

3,158,039

St.

Paul

Port

Authority

,

Revenue,

2021-2,

4%,

10/01/40

.......................................

1,100,000

1,213,459

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

3%,

10/01/34

300,000

319,026

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

4%,

10/01/41

675,000

752,849

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

3,615,000

4,060,150

GO,

2013

F,

Refunding,

4%,

10/01/25

..................................

15,000,000

16,282,482

GO,

2016

A,

5%,

8/01/28

............................................

4,215,000

5,155,584

GO,

2018

A,

5%,

8/01/31

............................................

5,000,000

6,436,019

GO,

2019

A,

5%,

8/01/29

............................................

10,000,000

13,277,459

GO,

2019

A,

5%,

8/01/38

............................................

3,540,000

4,605,454

GO,

2020

A,

5%,

8/01/38

............................................

10,000,000

13,247,341

Revenue,

2012

B,

Refunding,

4%,

3/01/26

...............................

3,000,000

3,086,480

Revenue,

2012

B,

Refunding,

3%,

3/01/30

...............................

5,000,000

5,081,640

Revenue,

2014

A,

5%,

6/01/38

........................................

8,500,000

9,240,445

University

of

Minnesota

,

Revenue,

2011

B,

5%,

8/01/36

........................................

5,000,000

5,037,925

Revenue,

2014

B,

5%,

1/01/38

........................................

4,500,000

4,985,748

Revenue,

2015

A,

Refunding,

5%,

8/01/25

...............................

5,000,000

5,947,105

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

8,546,577

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,954,501

Revenue,

2017

A,

5%,

9/01/42

........................................

4,410,000

5,395,217

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

7,009,999

Revenue,

2019

A,

5%,

4/01/39

........................................

1,805,000

2,297,219

Revenue,

2019

A,

5%,

4/01/41

........................................

6,045,000

7,663,804

Revenue,

2019

A,

5%,

4/01/44

........................................

8,505,000

10,715,127

Revenue,

2020

A,

5%,

11/01/39

.......................................

5,880,000

7,724,137

Virginia

Independent

School

District

No.

706

,

Rock

Ridge

Independent

School

District

No.

2909,

GO,

2019

A,

5%,

2/01/30

.....

3,600,000

4,538,312

Rock

Ridge

Independent

School

District

No.

2909,

GO,

2019

A,

3%,

2/01/40

.....

3,295,000

3,565,177

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn

.,

2/01/33

.......................................

2,470,000

1,975,155

GO,

2020

A,

Zero

Cpn

.,

2/01/34

.......................................

2,470,000

1,914,003

GO,

2020

A,

Zero

Cpn

.,

2/01/36

.......................................

1,470,000

1,067,352

GO,

2020

A,

Zero

Cpn

.,

2/01/37

.......................................

2,470,000

1,732,507

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

2,166,273

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

3,037,364

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2012

A,

Refunding,

5%,

1/01/24

...............................

5,000,000

5,375,414

Revenue,

2012

A,

Refunding,

5%,

1/01/25

...............................

3,370,000

3,620,798

Revenue,

2012

A,

Refunding,

5%,

1/01/29

...............................

1,200,000

1,287,124

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/40

............................

8,075,000

9,072,136

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/46

............................

11,870,000

13,335,759

Revenue,

2015

A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,547,591

Revenue,

2015

A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,402,437

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

6,148,297

Zumbro

Education

District

,

COP,

2021

A,

4%,

2/01/32

...........................................

200,000

238,141

COP,

2021

A,

4%,

2/01/33

...........................................

150,000

178,142

COP,

2021

A,

4%,

2/01/34

...........................................

125,000

147,952

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

129

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Zumbro

Education

District,

(continued)

COP,

2021

A,

2.125%,

2/01/35

........................................

$

325,000

$

322,587

COP,

2021

A,

4%,

2/01/38

...........................................

390,000

457,332

COP,

2021

A,

4%,

2/01/41

...........................................

635,000

737,947

1,106,067,762

New

Jersey

0.7%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

545,000

610,360

Revenue,

2021

A,

Refunding,

5%,

6/15/32

...............................

4,250,000

5,552,694

Revenue,

2021

A,

Refunding,

4%,

6/15/34

...............................

1,500,000

1,797,446

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

500,000

594,506

8,555,006

U.S.

Territories

1.2%

Puerto

Rico

1.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

1,800,000

1,943,630

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

775,000

845,104

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,890,000

3,320,411

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,500,000

1,772,248

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,675,000

1,825,724

Revenue,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.......................

3,575,000

3,880,071

13,587,188

Total

U.S.

Territories

....................................................................

13,587,188

Total

Municipal

Bonds

(Cost

$1,058,545,944)

...................................

1,132,403,017

a

a

a

a

Short

Term

Investments

2.7%

Municipal

Bonds

2.7%

Minnesota

2.7%

b

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2009

B-1,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/15/35

.................................

13,940,000

13,940,000

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

11/15/35

.....................................

16,725,000

16,725,000

30,665,000

Total

Municipal

Bonds

(Cost

$30,665,000)

......................................

30,665,000

Total

Short

Term

Investments

(Cost

$30,665,000

)

................................

30,665,000

a

Total

Investments

(Cost

$1,089,210,944)

101.8%

................................

$1,163,068,017

Other

Assets,

less

Liabilities

(1.8)%

...........................................

(20,077,996)

Net

Assets

100.0%

...........................................................

$1,142,990,021

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.

130

a

Security

purchased

on

a

when-issued

basis.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Missouri

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

98.5%

Missouri

95.1%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

$

1,500,000

$

1,850,299

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,964,243

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

2,091,305

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

2,221,319

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,352,288

Belton

School

District

No.

124

,

GO,

2020

A,

4%,

3/01/39

............................................

1,500,000

1,820,061

GO,

2020

A,

4%,

3/01/40

............................................

1,200,000

1,453,218

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/33

...........................

14,425,000

15,366,595

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/44

...........................

10,000,000

10,652,752

Revenue,

2019,

Refunding,

4%,

10/01/34

................................

830,000

1,004,147

Revenue,

2019,

Refunding,

5%,

10/01/44

................................

10,995,000

13,783,061

Revenue,

2019,

Refunding,

4%,

10/01/48

................................

10,000,000

11,605,229

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

6,896,820

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

3%,

3/01/46

.............

3,000,000

3,063,250

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/46

.............

1,450,000

1,648,954

St.

Francis

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

6/01/33

.........

5,000,000

5,237,428

St.

Francis

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

6/01/37

.........

11,000,000

11,522,342

St.

Francis

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/39

..........

5,110,000

6,006,257

Cape

Girardeau

County

School

District

No.

R-2

,

GO,

2018,

4%,

3/01/32

.............................................

1,000,000

1,190,206

GO,

2018,

4%,

3/01/33

.............................................

1,000,000

1,184,329

GO,

2018,

5%,

3/01/38

.............................................

2,195,000

2,728,142

Cape

Girardeau

School

District

No.

63

,

GO,

2019,

Refunding,

4%,

3/01/38

.....................................

650,000

756,408

GO,

2019,

Refunding,

4%,

3/01/39

.....................................

500,000

580,849

City

of

Bridgeton

,

Sales

Tax,

Revenue,

2021

A,

Refunding,

2%,

12/01/32

......................

500,000

493,323

Sales

Tax,

Revenue,

2021

A,

Refunding,

2.125%,

12/01/33

..................

1,170,000

1,167,664

City

of

Kansas

City

,

Revenue,

2021

A,

5%,

4/01/40

........................................

1,250,000

1,617,072

Revenue,

2021

A,

5%,

4/01/41

........................................

1,200,000

1,549,536

Sanitary

Sewer

System,

Revenue,

2011

A,

Refunding,

5%,

1/01/37

............

29,210,000

29,308,505

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,774,750

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/42

.....................

5,000,000

5,894,734

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

5,744,296

Water,

Revenue,

2020

A,

4%,

12/01/38

.................................

600,000

740,004

Water,

Revenue,

2020

A,

4%,

12/01/39

.................................

700,000

862,757

Water,

Revenue,

2020

A,

4%,

12/01/40

.................................

500,000

614,806

Water,

Revenue,

2020

A,

4%,

12/01/41

.................................

550,000

674,350

Water,

Revenue,

2020

A,

4%,

12/01/42

.................................

685,000

837,722

Water,

Revenue,

2020

A,

4%,

12/01/44

.................................

1,200,000

1,460,495

City

of

Marshfield

,

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/43

....

1,305,000

1,575,206

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/50

....

1,585,000

1,868,432

City

of

Peculiar

,

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/39

.................

1,000,000

1,150,436

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/42

.................

2,405,000

2,752,785

City

of

Sikeston

,

Electric

System,

Revenue,

2012,

Refunding,

5%,

6/01/21

....................

13,130,000

13,130,000

Electric

System,

Revenue,

2012,

Refunding,

5%,

6/01/22

....................

12,570,000

13,163,814

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.

132

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

Springfield

,

Revenue,

2012,

5%,

4/01/31

.........................................

$

1,795,000

$

1,865,178

Revenue,

2012,

5%,

4/01/32

.........................................

1,885,000

1,958,536

City

of

St.

Charles

,

COP,

2020

B,

Refunding,

3%,

2/01/38

..................................

2,200,000

2,398,007

COP,

2020

B,

Refunding,

3%,

2/01/39

..................................

1,500,000

1,629,356

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

17,494,241

Airport,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,903,529

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/42

.............

3,930,000

4,846,194

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/47

.............

10,670,000

13,153,588

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/33

.............

1,000,000

1,223,721

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/34

.............

1,415,000

1,727,984

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

1,125,000

1,369,357

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/37

.............

1,000,000

1,214,640

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

2,500,000

3,105,488

Airport,

Revenue,

2019

C,

Refunding,

5%,

7/01/27

.........................

1,705,000

2,123,375

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/34

.............................................

1,670,000

1,757,592

GO,

2017,

3%,

3/01/35

.............................................

1,730,000

1,819,022

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,617,325

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,953,815

Community

College

District

of

Central

Southwest

Missouri

,

COP,

2021,

3%,

3/01/40

.............................................

575,000

610,739

COP,

2021,

3%,

3/01/41

.............................................

400,000

423,927

County

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

2

%

,

12/01/33

................

975,000

983,603

Curators

of

the

University

of

Missouri

(The)

,

Revenue,

2011,

Pre-Refunded,

5%,

11/01/27

.............................

1,065,000

1,086,769

Revenue,

2020

B,

5%,

11/01/30

.......................................

2,335,000

3,158,208

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,159,588

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,716,427

Fort

Osage

School

District

No.

R-1

,

GO

,

2018

,

Refunding

,

5.5

%

,

3/01/38

.........

3,010,000

3,869,707

Greene

County

Reorganized

School

District

No.

R-2

Willard

,

GO

,

2018

,

4

%

,

3/01/30

.

1,000,000

1,176,133

Hanley

Road

Corridor

Transportation

Development

District

,

Revenue,

2020,

Refunding,

1.625%,

10/01/33

............................

800,000

782,259

Revenue,

2020,

Refunding,

2%,

10/01/39

................................

900,000

874,868

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

3,145,524

AT

Still

University

of

Health

Sciences,

Revenue,

2011,

Pre-Refunded,

5.25%,

10/01/31

.......................................................

1,200,000

1,220,581

AT

Still

University

of

Health

Sciences,

Revenue,

2011,

Pre-Refunded,

5.25%,

10/01/41

.......................................................

4,500,000

4,577,178

AT

Still

University

of

Health

Sciences,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/39

1,250,000

1,391,610

Bethesda

Health

Group

Inc

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/30

........................................................

300,000

362,275

Bethesda

Health

Group

Inc

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/36

........................................................

1,580,000

1,880,503

Bethesda

Health

Group

Inc

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

........................................................

1,830,000

2,133,941

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,823,985

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,421,470

BJC

Healthcare

Obligated

Group,

Revenue,

2014,

5%,

1/01/44

...............

8,175,000

9,035,269

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/46

.....

5,000,000

5,976,137

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

133

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)

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.....

$

5,000,000

$

5,375,369

Capital

Region

Medical

Center,

Revenue,

2020,

Refunding,

5%,

11/01/35

........

1,700,000

2,040,131

Capital

Region

Medical

Center,

Revenue,

2020,

Refunding,

5%,

11/01/40

........

2,000,000

2,375,400

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/38

.................

11,680,000

12,763,235

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/44

.................

2,760,000

3,015,970

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

17,000,000

19,444,568

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

5,762,196

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/42

2,800,000

3,402,720

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/47

4,875,000

5,862,924

Lake

Regional

Health

System,

Revenue,

2012,

5%,

2/15/34

..................

7,000,000

7,136,120

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/46

.......

4,000,000

4,501,318

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

13,025,688

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,255,551

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,750,000

1,958,264

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,545,975

Maryville

University

of

St.

Louis,

Revenue,

2019

A,

5%,

6/15/45

...............

4,000,000

4,758,097

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/34

......

4,345,000

5,008,024

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/38

......

4,885,000

5,577,932

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

8,317,553

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

............................

25,000,000

28,212,162

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

7,775,291

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/47

...................

12,500,000

15,126,276

Mosaic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

2/15/54

4,000,000

4,570,496

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

............

5,000,000

6,018,136

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

11,772,091

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

15,000,000

18,094,578

St.

Louis

University,

Revenue,

2019

A,

5%,

10/01/46

.......................

5,775,000

7,104,899

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,662,848

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,440,931

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,905,397

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,532,899

Washington

University

(The),

Revenue,

2011

B,

Pre-Refunded,

5%,

11/15/37

.....

10,000,000

10,223,605

Jackson

County

School

District

No.

R-IV

Blue

Springs

,

GO,

2018

A,

5.5%,

3/01/36

...........................................

3,000,000

3,968,929

GO,

2018

A,

5.5%,

3/01/37

...........................................

2,000,000

2,642,591

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

6,070,000

7,363,519

Jefferson

County

Consolidated

School

District

No.

6

,

GO

,

2021

A

,

3

%

,

3/01/41

.....

1,000,000

1,079,398

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/15/35

.................................

4,000,000

4,365,964

Joplin

Schools

,

GO

,

2017

,

Refunding

,

4

%

,

3/01/32

..........................

4,000,000

4,688,022

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011

A,

Refunding,

5.5%,

9/01/29

..............................

5,000,000

5,064,392

Revenue,

2011

A,

Refunding,

5.5%,

9/01/30

..............................

12,000,000

12,154,542

Revenue,

2011

A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,034,781

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

19,425,000

23,803,684

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,687,793

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

10,090,000

12,281,646

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

5,900,000

6,768,042

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

5%,

3/01/57

.......

100,000

124,909

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

5,070,215

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2015

B,

Refunding,

5%,

5/01/38

...............................

8,770,000

10,174,748

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.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Metropolitan

St.

Louis

Sewer

District,

(continued)

Revenue,

2015

B,

Pre-Refunded,

5%,

5/01/45

............................

$

1,610,000

$

1,892,506

Revenue,

2015

B,

Refunding,

5%,

5/01/45

...............................

3,390,000

3,912,226

Revenue,

2016

C,

5%,

5/01/46

........................................

24,700,000

29,381,398

Revenue,

2017

A,

Refunding,

5%,

5/01/42

...............................

5,000,000

6,081,851

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

10,000,000

12,107,363

Revenue,

2019

B,

5%,

5/01/44

........................................

3,500,000

4,423,905

Revenue,

2019

B,

5%,

5/01/49

........................................

6,290,000

7,896,475

Revenue,

2020

B,

5%,

5/01/48

........................................

2,625,000

3,376,350

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2012

A,

5%,

6/01/37

.......................

5,000,000

5,228,028

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,839,499

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

1,205,000

1,331,151

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,870,000

4,044,317

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

2,270,000

2,316,586

Revenue,

2020

D,

GNMA

Insured,

2.55%,

11/01/50

........................

5,490,000

5,604,838

Revenue,

2021

A,

GNMA

Insured,

2.4%,

11/01/51

.........................

2,850,000

2,879,681

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014

A,

Refunding,

5%,

1/01/30

...............................

3,000,000

3,343,696

Revenue,

2014

A,

Refunding,

5%,

1/01/31

...............................

2,000,000

2,229,039

Revenue,

Refunding,

5%,

1/01/32

.....................................

11,500,000

13,159,764

Revenue,

2014

A,

Refunding,

5%,

1/01/33

...............................

7,500,000

8,616,759

Revenue,

2014

A,

Refunding,

5%,

1/01/34

...............................

2,000,000

2,223,541

Revenue,

2015

A,

Refunding,

5%,

12/01/30

..............................

4,000,000

4,699,155

Revenue,

2015

A,

Refunding,

5%,

12/01/31

..............................

6,000,000

7,038,415

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..............................

7,335,000

8,571,677

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............................

27,950,000

33,373,519

Revenue,

2018,

5%,

12/01/43

........................................

2,000,000

2,414,842

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

,

State

Revolving

Fund

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

1/01/26

..................

2,315,000

2,547,931

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,888,494

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,000,000

5,405,995

Normandy

Schools

Collaborative

,

GO,

2021

B,

2%,

3/01/40

............................................

2,050,000

2,032,399

GO,

2021

B,

2%,

3/01/41

............................................

1,700,000

1,673,388

Pattonville

R-3

School

District

,

GO,

2018

A,

5%,

3/01/37

............................................

2,750,000

3,272,414

GO,

2018

A,

5%,

3/01/38

............................................

1,000,000

1,187,721

Raytown

C-2

School

District

,

GO,

2019

A,

5%,

3/01/38

............................................

2,500,000

3,188,765

GO,

2019

A,

5%,

3/01/39

............................................

2,250,000

2,863,590

Riverside-

Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment,

2017,

Refunding,

5%,

3/01/26

........................

1,000,000

1,157,855

Special

Assessment,

2017,

Refunding,

5%,

3/01/29

........................

2,585,000

3,001,599

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/40

.................................

5,075,000

5,779,374

Revenue,

2020,

Refunding,

4%,

4/01/43

.................................

2,580,000

2,916,626

Springfield

School

District

No.

R-12

,

GO,

2013,

Refunding,

5%,

3/01/33

.....................................

1,000,000

1,082,940

GO,

2019,

5%,

3/01/37

.............................................

24,250,000

30,959,510

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

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

$

15,400,000

$

17,921,042

St.

Charles

School

District

,

GO

,

2017

,

4

%

,

3/01/36

..........................

2,000,000

2,279,141

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County,

Revenue,

2012,

Pre-Refunded,

5%,

9/01/42

...

3,165,000

3,356,605

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013

A,

5.875%,

9/01/43

..

7,000,000

7,570,384

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

7,992,281

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue,

2021,

2.125%,

7/15/37

......................................

3,525,000

3,534,071

Revenue,

2021,

2.125%,

7/15/39

......................................

3,680,000

3,660,327

Revenue,

2021,

2.25%,

7/15/41

.......................................

3,845,000

3,855,269

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

.....................................................

5,000,000

6,268,102

St.

Louis

Municipal

Library

District

,

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/44

.........................

1,450,000

1,667,127

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/48

.........................

4,800,000

5,487,526

Washington

School

District

,

GO

,

2019

,

4

%

,

3/01/39

..........................

1,500,000

1,746,186

976,454,900

U.S.

Territories

3.4%

Guam

1.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

7,070,962

Guam

Power

Authority

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/25

.

5,420,000

5,744,137

12,815,099

Puerto

Rico

2.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,750,000

1,889,640

a

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

4,690,000

4,514,125

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

545,228

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,000,000

1,135,074

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

6,200,000

6,761,783

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,765,000

1,923,823

Revenue,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.......................

5,205,000

5,649,166

22,418,839

Total

U.S.

Territories

....................................................................

35,233,938

Total

Municipal

Bonds

(Cost

$940,567,347)

.....................................

1,011,688,838

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Missouri

0.3%

b

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

St.

Louis

University,

Revenue,

2002,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

7/01/32

........................................................

1,160,000

1,160,000

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.

136

See

Abbreviations

on

page

184

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Missouri

(continued)

b

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Washington

University

(The),

Revenue,

2003

B,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.02%,

2/15/33

..............................................

$

2,035,000

$

2,035,000

3,195,000

Total

Municipal

Bonds

(Cost

$3,195,000)

.......................................

3,195,000

Total

Short

Term

Investments

(Cost

$3,195,000

)

.................................

3,195,000

a

Total

Investments

(Cost

$943,762,347)

98.8%

...................................

$1,014,883,838

Other

Assets,

less

Liabilities

1.2%

.............................................

11,705,514

Net

Assets

100.0%

...........................................................

$1,026,589,352

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Municipal

Green

Bond

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

137

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.1%

Arizona

3.9%

Arizona

State

University

,

Revenue

,

2016

B

,

5

%

,

7/01/42

......................

$

150,000

$

178,875

City

of

Phoenix

Civic

Improvement

Corp.

,

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

....................................................

100,000

129,791

308,666

Arkansas

1.5%

Central

Arkansas

Water

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

10/01/33

.............

100,000

116,709

California

21.0%

California

Housing

Finance

,

Lakeside

Drive

Senior

Housing

LP

,

Revenue

,

2019

N

,

FNMA

Insured

,

2.35

%

,

12/01/35

.......................................

97,768

99,937

California

Infrastructure

&

Economic

Development

Bank

,

a,b

Revenue,

2018

B,

Mandatory

Put,

0.4%,

8/01/24

..........................

100,000

100,022

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/49

......

180,000

225,545

c,d

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

B-3

,

Refunding

,

2.125

%

,

11/15/27

............................

50,000

50,412

City

of

Foster

City

,

GO

,

2020

,

4

%

,

8/01/32

.................................

100,000

117,581

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2020

A

,

4

%

,

11/01/50

.....................................................

100,000

119,553

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue

,

2019

A

,

5

%

,

7/01/44

.........................................................

150,000

188,332

Port

of

Los

Angeles

,

Revenue

,

2019

C-1

,

Refunding

,

5

%

,

8/01/25

...............

60,000

70,441

Sacramento

Municipal

Utility

District

,

Electric

System

,

Revenue

,

2020

H

,

5

%

,

8/15/30

100,000

134,843

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2019

F-1

,

3

%

,

8/01/36

........

150,000

167,235

Southern

California

Public

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/38

150,000

180,350

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-

Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/34

.........

150,000

194,841

1,649,092

Colorado

4.7%

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

.........................................................

150,000

183,880

University

of

Colorado

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/27

...............

150,000

188,212

372,092

Florida

4.8%

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

2.5

%

,

5/01/25

.....................................

85,000

86,414

City

of

Tampa

,

Special

Assessment

,

2018

,

5

%

,

5/01/36

.......................

135,000

169,656

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2019

,

Refunding

,

4

%

,

10/01/31

...

100,000

122,986

379,056

Georgia

1.6%

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

9/01/48

.............................................

100,000

125,772

Illinois

1.6%

Illinois

Finance

Authority

,

State

of

Illinois

Water

Revolving

Fund

-

Clean

Water

Program

,

Revenue

,

2020

,

4

%

,

7/01/37

.........................................

100,000

122,980

Louisiana

1.5%

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/40

100,000

114,697

Maine

3.6%

City

of

Portland

,

General

Airport

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/35

.........

245,000

283,954

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

138

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

1.4%

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series

,

2019

B

,

3

%

,

6/01/35

.........................................................

$

100,000

$

112,020

Massachusetts

1.4%

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2019

C-1

,

2.65

%

,

12/01/34

.....

100,000

106,339

Minnesota

1.4%

City

of

Minneapolis

,

GO

,

2019

,

3

%

,

12/01/40

...............................

100,000

108,335

New

Jersey

3.6%

New

Jersey

Educational

Facilities

Authority

,

Stevens

Institute

of

Technology

,

Revenue

,

2020

A

,

5

%

,

7/01/32

................................................

220,000

282,692

New

Mexico

1.6%

City

of

Santa

Fe

,

Wastewater

Utility

System

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

6/01/29

.........................................................

100,000

127,592

New

York

15.2%

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

A

,

5

%

,

11/01/49

..........

100,000

128,249

Metropolitan

Transportation

Authority

,

Revenue,

2017

B,

Refunding,

5%,

11/15/24

..............................

150,000

173,121

Revenue,

2017

B,

Refunding,

5%,

11/15/28

..............................

110,000

140,540

Dedicated

Tax

Fund,

Revenue,

2017

B-2,

Refunding,

4%,

11/15/32

............

160,000

186,440

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2019

D

,

5

%

,

7/01/35

100,000

146,843

New

York

State

Housing

Finance

Agency

,

Revenue,

2019

N,

FNMA

Insured,

2.6%,

11/01/34

.........................

100,000

104,696

Revenue,

2019

P,

2%,

5/01/28

........................................

100,000

105,017

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Whitney

Museum

of

American

Art

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/31

......................

155,000

209,636

1,194,542

Ohio

3.9%

American

Municipal

Power,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

2/15/29

........

100,000

128,853

State

of

Ohio

,

GO,

2019

A,

4%,

3/01/30

............................................

100,000

125,038

GO,

2020

B,

4%,

3/01/24

............................................

50,000

55,123

309,014

Oregon

2.5%

Port

of

Portland

,

Airport

,

Revenue

,

Twenty-Seven

A

,

5

%

,

7/01/36

................

150,000

191,836

Pennsylvania

1.6%

School

District

of

Philadelphia

(The)

,

GO

,

2019

B

,

5

%

,

9/01/29

.................

100,000

128,870

Rhode

Island

2.8%

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

,

Revenue

,

2019

1-B

,

FHA

Insured

,

2.75

%

,

10/01/34

...................................................

150,000

160,695

Rhode

Island

Infrastructure

Bank

,

City

of

East

Providence

,

Revenue

,

2020

A

,

4

%

,

10/01/27

........................................................

50,000

59,549

220,244

Utah

2.3%

City

of

Spanish

Fork

City

,

Sewer

,

Revenue

,

2020

,

BAM

Insured

,

5

%

,

9/01/26

.......

150,000

183,660

Vermont

2.9%

Vermont

Educational

&

Health

Buildings

Financing

Agency

,

University

of

Vermont

Health

Network

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

12/01/38

.............

195,000

229,167

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

139

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

2.4%

City

of

Hampton

,

GO,

2020

A,

5%,

9/01/27

............................................

$

50,000

$

62,978

GO,

2020

A,

4%,

9/01/31

............................................

100,000

126,021

188,999

Washington

6.0%

Central

Puget

Sound

Regional

Transit

Authority

,

Revenue,

2015

S-1,

Refunding,

5%,

11/01/27

.............................

50,000

59,753

Revenue,

2015

S-1,

Refunding,

5%,

11/01/32

.............................

100,000

119,072

FYI

Properties

,

State

of

Washington

Consolidated

Technology

Services,

Revenue,

2019,

Refunding,

5%,

6/01/21

....................................................

140,000

140,000

State

of

Washington

Consolidated

Technology

Services,

Revenue,

2019,

Refunding,

5%,

6/01/24

....................................................

135,000

152,482

471,307

Wisconsin

1.4%

Milwaukee

Metropolitan

Sewerage

District

,

GO

,

2020

A

,

3

%

,

10/01/35

............

100,000

112,808

U.S.

Territories

2.5%

District

of

Columbia

2.5%

District

of

Columbia

,

Water

&

Sewer

Authority

,

Revenue,

Sub.

Lien

,

2019

A

,

5

%

,

10/01/44

.....................................................

150,000

192,461

Total

Municipal

Bonds

(Cost

$7,372,388)

.......................................

7,632,904

a

a

a

a

a

Total

Investments

(Cost

$7,372,388)

97.1%

.....................................

$7,632,904

Other

Assets,

less

Liabilities

2.9%

.............................................

228,597

Net

Assets

100.0%

...........................................................

$7,861,501

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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

May

31,

2021,

the

value

of

this

security

was

$50,412,

representing

0.6%

of

net

assets.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

New

Jersey

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

140

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.6%

Delaware

2.6%

Delaware

River

&

Bay

Authority

,

Revenue,

2012

A,

Refunding,

5%,

1/01/42

...............................

$

6,000,000

$

6,392,247

Revenue,

2019,

Refunding,

4%,

1/01/44

.................................

13,500,000

15,475,718

21,867,965

New

Jersey

80.5%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

1,183,795

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

6,296,873

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

4,347,958

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

4,512,414

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,606,986

County

of

Hudson

,

Hudson

County

Improvement

Authority

,

Revenue

,

2016

,

5

%

,

5/01/46

.........................................................

6,000,000

7,098,586

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn

.,

6/15/24

.............

1,000,000

980,581

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,307,038

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,177,819

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,230,543

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,252,624

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,311,532

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

6,955,877

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University,

Revenue,

2015

C,

AGMC

Insured,

4%,

7/01/42

.............

2,500,000

2,753,335

Rowan

University,

Revenue,

2015

C,

5%,

7/01/44

.........................

3,500,000

4,030,865

Rowan

University,

Revenue,

2019,

4%,

7/01/37

...........................

750,000

884,974

Rowan

University,

Revenue,

2019,

4%,

7/01/38

...........................

700,000

824,118

Rowan

University,

Revenue,

2019,

4%,

7/01/39

...........................

600,000

704,773

Rowan

University,

Revenue,

2019,

5%,

7/01/44

...........................

4,925,000

6,167,673

Rowan

University,

Revenue,

2019,

4%,

7/01/48

...........................

5,250,000

6,050,067

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

1,179,951

County

of

Hudson,

Revenue,

2020,

4%,

10/01/46

..........................

5,000,000

5,959,901

County

of

Hudson,

Revenue,

2020,

4%,

10/01/51

..........................

5,000,000

5,922,272

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,869,777

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,798,604

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

A,

4%,

8/01/32

........................................

300,000

368,876

Revenue,

2019

A,

4%,

8/01/33

........................................

350,000

429,043

Revenue,

2019

A,

4%,

8/01/34

........................................

525,000

641,866

Revenue,

2019

A,

4%,

8/01/35

........................................

525,000

640,731

Revenue,

2019

A,

4%,

8/01/36

........................................

500,000

608,590

Revenue,

2019

A,

4%,

8/01/37

........................................

275,000

333,804

Revenue,

2019

A,

4%,

8/01/38

........................................

225,000

272,293

Revenue,

2019

A,

4%,

8/01/39

........................................

400,000

482,986

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

922,949

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

918,308

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

610,585

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

912,998

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

728,876

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

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

$

5,000,000

$

5,979,152

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/46

.....................................

1,250,000

1,433,906

Revenue,

2021

QQQ,

4%,

6/15/50

.....................................

1,250,000

1,427,794

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/34

........................................................

1,500,000

1,753,029

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/39

........................................................

1,250,000

1,447,571

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/49

........................................................

3,000,000

3,438,347

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

6,860,599

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

3,750,000

4,516,340

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

698,774

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

648,725

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,601,800

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

7,218,495

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

7,364,733

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

Pre-Refunded,

5%,

6/15/38

........................................................

5,000,000

5,490,659

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

Pre-Refunded,

5%,

6/15/46

........................................................

7,500,000

8,235,988

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

6/15/22

........................................................

10,000,000

10,485,252

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/28

......

3,000,000

3,102,947

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/29

......

1,000,000

1,033,071

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N-1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

11,112,804

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

5%,

6/15/37

4,760,000

5,432,944

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,563,018

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,811,051

Kean

University,

Revenue,

2017

D,

Refunding,

BAM

Insured,

4%,

9/01/38

.......

1,150,000

1,309,564

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,601,978

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

18,351,217

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,609,162

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,404,309

Montclair

State

University,

Inc.,

Revenue,

2016

B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,579,276

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/37

......

1,000,000

1,045,144

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/42

......

1,000,000

1,045,156

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

3,955,000

4,810,762

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/34

..............

400,000

451,902

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/37

..............

1,300,000

1,463,201

Seton

Hall

University,

Revenue,

2017

D,

Refunding,

5%,

7/01/42

..............

3,945,000

4,633,151

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

1,227,389

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

1,850,000

2,120,226

Stevens

Institute

of

Technology,

Revenue,

1998-1,

ETM,

5%,

7/01/28

...........

600,000

694,650

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

......

1,600,000

1,907,243

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

......

9,310,000

10,986,668

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

......

4,085,000

4,768,107

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/45

...............

4,000,000

4,976,050

Stevens

Institute

of

Technology,

Revenue,

2020

A,

4%,

7/01/50

...............

11,640,000

13,350,543

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

16,991,011

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008

A,

5%,

7/01/27

........................

220,000

220,726

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.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority,

(continued)

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

$

10,000,000

$

11,146,774

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2011,

Refunding,

5%,

7/01/27

........................................................

2,500,000

2,625,059

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,638,058

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,631,814

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

6,042,469

Hunterdon

Medical

Center,

Revenue,

2014

A,

Pre-Refunded,

5%,

7/01/45

.......

2,650,000

3,032,505

Inspira

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

......

18,500,000

21,454,789

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

...............

8,000,000

9,738,582

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

4%,

7/01/47

...............

8,700,000

9,760,493

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013

A,

5.5%,

7/01/43

.......

4,000,000

4,407,775

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/43

.........

3,650,000

4,148,784

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

15,530,000

17,641,990

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

10,000,000

11,957,635

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/31

....

2,935,000

3,181,557

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/34

....

1,500,000

1,626,009

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6%,

7/01/26

........................................................

1,000,000

1,003,206

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6.25%,

7/01/35

........................................................

3,400,000

3,411,144

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

1,190,523

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/36

...........

1,750,000

2,077,956

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/38

...........

2,000,000

2,362,916

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/39

...........

2,200,000

2,593,267

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

11,000,000

12,801,957

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2011-1,

5.875%,

12/01/33

....................................

2,140,000

2,189,628

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

10,000,000

10,819,281

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,845,330

Revenue,

2021

B,

Refunding,

5%,

12/01/28

..............................

1,450,000

1,824,990

Revenue,

2021

B,

Refunding,

5%,

12/01/29

..............................

1,415,000

1,805,477

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

7,000,000

7,574,448

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

1,217,225

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

538,043

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

4,170,000

4,555,750

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

4,785,000

4,862,157

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

9,570,000

9,740,571

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

3,830,000

3,897,041

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

2,870,000

2,915,479

New

Jersey

Institute

of

Technology

,

Revenue,

2012

A,

Pre-Refunded,

5%,

7/01/42

............................

2,140,000

2,251,056

Revenue,

2015

A,

5%,

7/01/45

........................................

6,000,000

6,951,462

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AGMC

Insured,

Zero

Cpn

.,

12/15/33

.....................

10,000,000

7,826,092

Revenue,

2009

A,

Zero

Cpn

.,

12/15/32

..................................

10,000,000

7,757,478

Revenue,

2010

A,

Zero

Cpn

.,

12/15/29

..................................

5,000,000

4,251,231

Revenue,

2013

AA,

5.25%,

6/15/31

....................................

10,000,000

10,894,437

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

6,787,956

Revenue,

2020

AA,

4%,

6/15/45

.......................................

9,700,000

11,139,633

Revenue,

2021

A,

Refunding,

4%,

6/15/35

...............................

2,000,000

2,388,909

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

2,000,000

2,378,025

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

143

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

$

7,867,946

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

4,225,272

Revenue,

2017

B,

Refunding,

5%,

1/01/40

...............................

15,245,000

18,510,971

Revenue,

2017

G,

Refunding,

4%,

1/01/43

...............................

5,000,000

5,693,761

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

19,042,235

Revenue,

2021

A,

4%,

1/01/51

........................................

3,000,000

3,540,464

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

23,303,782

North

Hudson

Sewerage

Authority

,

COP,

Senior

Lien

,

Pre-Refunded

,

5

%

,

6/01/42

...

17,800,000

18,664,130

Rutgers

The

State

University

of

New

Jersey

,

Revenue

,

2013

L

,

Pre-Refunded

,

5

%

,

5/01/43

......................................................

12,000,000

13,121,569

Somerset

County

Improvement

Authority

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

..

10,115,000

12,062,320

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

...........

3,500,000

4,394,508

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

2,300,000

2,884,981

GO,

2020

A,

3%,

6/01/32

............................................

3,400,000

3,900,448

GO,

2020

A,

4%,

6/01/32

............................................

2,200,000

2,801,713

683,386,336

New

York

5.8%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

16,673,710

Revenue,

2014,

4%,

9/01/43

.........................................

3,000,000

3,477,128

Revenue,

2017,

4%,

11/01/49

........................................

9,000,000

10,535,502

Revenue,

Two

Hundred

Sixteenth,

4%,

9/01/45

...........................

5,000,000

5,862,679

Revenue,

First

Series,

171st,

5%,

7/15/30

...............................

12,200,000

12,557,401

49,106,420

Pennsylvania

7.6%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

23,686,876

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

129,211

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

193,036

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

192,325

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

191,700

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

190,919

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

190,500

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

190,074

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

952,416

Revenue,

2019

B,

Refunding,

5%,

7/01/31

...............................

850,000

1,104,522

Revenue,

2019

B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,295,948

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

11,133,932

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

4,136,474

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

6,332,035

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,875,878

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

11,938,581

64,734,427

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.

144

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

1.1%

Puerto

Rico

1.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

$

1,200,000

$

1,295,753

a

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

3,950,000

3,801,875

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

327,137

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,089,985

Revenue,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.......................

2,700,000

2,930,403

9,445,153

Total

U.S.

Territories

....................................................................

9,445,153

Total

Municipal

Bonds

(Cost

$763,253,666)

.....................................

828,540,301

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

New

Jersey

0.4%

b

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group,

Revenue,

2009

B,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

7/01/43

.................................

2,400,000

2,400,000

Virtua

Health

Obligated

Group,

Revenue,

2009

C,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.01%,

7/01/43

.................................

900,000

900,000

3,300,000

Total

Municipal

Bonds

(Cost

$3,300,000)

.......................................

3,300,000

Total

Short

Term

Investments

(Cost

$3,300,000

)

.................................

3,300,000

a

Total

Investments

(Cost

$766,553,666)

98.0%

...................................

$831,840,301

Other

Assets,

less

Liabilities

2.0%

.............................................

17,293,526

Net

Assets

100.0%

...........................................................

$849,133,827

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

North

Carolina

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

145

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.9%

Illinois

0.4%

State

of

Illinois

,

GO,

2020

B,

5%,

10/01/29

...........................................

$

1,000,000

$

1,268,627

GO,

2021

A,

5%,

3/01/34

............................................

2,000,000

2,564,692

3,833,319

New

Jersey

0.7%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

559,963

Revenue,

2021

A,

Refunding,

5%,

6/15/31

...............................

4,000,000

5,253,968

5,813,931

North

Carolina

96.2%

Cape

Fear

Public

Utility

Authority

,

Revenue,

2014

A,

Pre-Refunded,

5%,

6/01/40

............................

2,250,000

2,570,387

Revenue,

2019

A,

Refunding,

4%,

8/01/44

...............................

8,000,000

9,494,665

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2011

A,

5.125%,

1/15/37

............

4,000,000

4,018,148

Atrium

Health

Obligated

Group,

Revenue,

2011

A,

5.25%,

1/15/42

.............

10,000,000

10,067,778

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

23,265,666

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

6,251,972

City

of

Charlotte

,

COP,

2008

A,

Refunding,

5%,

6/01/33

..................................

2,500,000

2,508,560

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

10,483,387

Airport

Special

Facilities,

Revenue,

2019

A,

4%,

7/01/44

.....................

3,550,000

4,169,430

Airport

Special

Facilities,

Revenue,

2019

A,

5%,

7/01/49

.....................

4,460,000

5,597,442

Airport

Special

Facilities,

Revenue,

2019

B,

4%,

7/01/44

....................

5,515,000

6,364,649

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/38

............

2,500,000

3,093,928

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

............

3,000,000

3,692,958

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

............

2,250,000

2,761,624

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

............

2,200,000

2,692,288

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/51

............

4,500,000

5,391,998

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

7,970,000

9,198,064

Water

&

Sewer

System,

Revenue,

2015,

Refunding,

5%,

7/01/40

..............

10,000,000

11,760,289

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

5,960,575

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

501,023

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/42

..............

1,000,000

999,283

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

4%,

7/01/46

..............

6,000,000

7,270,988

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2.25%,

7/01/50

............

3,350,000

3,368,534

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,705,353

City

of

Greensboro

,

GO,

2018

B,

5%,

10/01/29

...........................................

5,000,000

6,464,783

Combined

Water

&

Sewer

System,

Revenue,

2020

A,

Refunding,

4%,

6/01/45

....

5,000,000

5,996,778

City

of

Raleigh

,

GO,

2016

A,

Refunding,

5%,

9/01/26

...................................

5,000,000

6,165,608

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

5,756,676

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,169,982

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,274,926

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2014

A,

Pre-Refunded,

5%,

6/01/33

..........

2,350,000

2,684,626

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,556,678

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/37

............

5,000,000

5,747,140

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

11,559,976

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.

146

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

County

of

Brunswick

,

Enterprise

Systems

,

Revenue

,

2020

,

3

%

,

4/01/50

..........

$

6,000,000

$

6,452,331

County

of

Buncombe

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/34

.................

3,000,000

3,513,675

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

420,016

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

651,928

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

276,981

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

497,199

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

605,495

GO,

2019,

4%,

6/01/37

.............................................

450,000

543,422

GO,

2019,

4%,

6/01/39

.............................................

700,000

841,474

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

1,033,763

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

858,720

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,881,365

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

443,946

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

526,673

County

of

Mecklenburg

,

GO,

2015

A,

5%,

4/01/28

............................................

5,000,000

5,865,346

GO,

2017

A,

4%,

4/01/30

............................................

5,000,000

5,890,234

GO,

2019,

5%,

3/01/30

.............................................

5,745,000

7,497,303

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

948,560

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

765,329

Revenue,

2021,

Refunding,

5%,

8/01/30

.................................

3,375,000

4,540,092

Revenue,

2021,

Refunding,

5%,

8/01/31

.................................

1,145,000

1,572,262

Revenue,

2021,

Refunding,

4%,

8/01/32

.................................

1,835,000

2,333,843

Revenue,

2021,

Refunding,

4%,

8/01/33

.................................

1,635,000

2,071,812

Revenue,

2021,

Refunding,

4%,

8/01/34

.................................

1,635,000

2,065,204

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

6,272,671

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

17,017,758

County

of

Union

,

Enterprise

System,

Revenue,

2015,

5%,

6/01/34

..........................

1,000,000

1,189,394

Enterprise

System,

Revenue,

2019,

4%,

6/01/41

..........................

3,200,000

3,817,846

Enterprise

System,

Revenue,

2019,

4%,

6/01/44

..........................

2,325,000

2,755,969

Enterprise

System,

Revenue,

2021,

4%,

6/01/32

..........................

1,050,000

1,331,857

Enterprise

System,

Revenue,

2021,

3%,

6/01/43

..........................

3,000,000

3,322,494

County

of

Wake

,

GO,

2018

A,

5%,

3/01/30

............................................

8,000,000

10,140,711

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

10,190,459

GO,

2021,

Refunding,

4%,

4/01/36

.....................................

1,650,000

2,069,117

Revenue,

2019,

4%,

9/01/38

.........................................

5,250,000

6,376,645

Revenue,

2021,

3%,

3/01/35

.........................................

5,535,000

6,339,263

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

6,852,201

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

4,750,000

6,050,427

Nash

Health

Care

Systems

,

Revenue,

2003,

AGMC

Insured,

5%,

11/01/30

............................

2,250,000

2,256,522

Revenue,

2012,

5%,

11/01/41

........................................

5,000,000

5,111,642

North

Carolina

Capital

Facilities

Finance

Agency

,

Davidson

College

Trustees,

Revenue,

2012,

5%,

3/01/40

....................

4,000,000

4,131,494

Davidson

College

Trustees,

Revenue,

2014,

Refunding,

5%,

3/01/45

...........

3,500,000

3,615,058

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

16,265,171

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

147

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Capital

Facilities

Finance

Agency,

(continued)

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

$

10,000,000

$

12,069,229

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,775,883

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

13,276,152

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

1,000,000

1,214,437

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

2,210,000

2,672,005

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

1,370,000

1,652,182

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,681,061

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

6,218,731

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,938,043

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

22,658,276

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

16,388,256

North

Carolina

Central

University

,

Revenue

,

2019

,

4

%

,

4/01/49

.................

1,000,000

1,134,532

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

6,045,000

6,490,449

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

9,300,000

9,975,020

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

1,000,000

1,051,529

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

4,000,000

4,196,717

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

3,500,000

3,662,958

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

6,000,000

6,348,398

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,750,000

2,908,722

Revenue,

44,

3%,

7/01/46

...........................................

3,000,000

3,136,792

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,975,000

2,005,342

Revenue,

46-A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,205,000

2,227,295

Revenue,

46-A,

GNMA

Insured,

1.75%,

1/01/31

...........................

1,030,000

1,041,607

North

Carolina

Medical

Care

Commission

,

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2011

A,

Pre-

Refunded,

6.5%,

7/01/31

..........................................

5,000,000

5,025,598

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2011

A,

Pre-

Refunded,

6.625%,

7/01/34

.........................................

6,000,000

6,031,322

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

2,046,968

Duke

University

Health

System,

Inc.,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/42

10,000,000

10,490,339

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

7,714,547

a

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

213,562

a

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

218,933

a

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

1,070,802

a

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

950,000

1,095,188

a

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,915,435

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

3,251,457

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

21,184,076

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

5,115,000

5,948,648

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

7,640,000

8,804,896

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

5,542,327

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,718,075

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

1,137,053

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

1,800,000

2,176,792

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/50

.........

1,350,000

1,526,373

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,683,698

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

4,556,820

Scotland

Memorial

Hospital,

Inc.,

Revenue,

1999,

AGMC

Insured,

5.5%,

10/01/29

.

1,125,000

1,128,624

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/37

...........................................

200,000

220,195

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/42

...........................................

2,250,000

2,466,243

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/47

...........................................

2,540,000

2,774,273

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.

148

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

$

5,000,000

$

5,805,246

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/32

.........

1,000,000

1,252,820

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

.........

1,000,000

1,249,457

WakeMed

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

10/01/38

........

5,000,000

5,272,015

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,930,984

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

142,906

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

350,924

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

536,294

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

604,733

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

428,129

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

3,185,000

3,240,205

North

Carolina

State

University

at

Raleigh

,

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/42

...........................

8,980,000

9,986,161

Revenue,

2020

A,

Refunding,

2.375%,

10/01/44

...........................

5,000,000

5,086,129

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,861,917

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

9,875,000

11,641,916

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

11,539,323

Revenue,

2021,

Refunding,

5%,

7/01/34

.................................

1,120,000

1,517,241

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,757,632

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

2,358,721

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

2,377,893

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,674,841

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

2,004,386

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,693,624

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,659,462

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,209,561

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/39

...........

1,200,000

1,442,255

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

15,430,000

19,421,587

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

411,871

Revenue,

2015

A,

Refunding,

5%,

5/01/29

...............................

1,000,000

1,171,245

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

642,321

Revenue,

2020

A,

Refunding,

5%,

5/01/35

...............................

2,250,000

2,906,129

State

of

North

Carolina

,

GO,

2016

A,

Refunding,

5%,

6/01/25

...................................

4,000,000

4,735,928

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

3,298,361

GO,

2020

A,

5%,

6/01/30

............................................

2,500,000

3,365,954

GO,

2020

A,

5%,

6/01/31

............................................

2,500,000

3,350,417

Revenue,

2020

B,

4%,

5/01/35

........................................

2,750,000

3,390,287

Town

of

Cary

,

Combined

Utility

Systems,

Revenue,

2017,

Pre-Refunded,

5%,

12/01/41

........

1,710,000

2,123,589

Combined

Utility

Systems,

Revenue,

2017

B,

Refunding,

4%,

12/01/42

.........

8,000,000

9,360,349

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,225,535

University

of

North

Carolina

,

System

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

160,000

160,510

University

of

North

Carolina

at

Chapel

Hill

,

Hospitals

at

Chapel

Hill,

Revenue,

2016,

5%,

2/01/46

.......................

4,265,000

5,043,473

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

6,860,000

10,593,008

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2014,

Pre-Refunded,

5%,

4/01/43

..............................

5,000,000

5,675,539

Revenue,

2015,

Refunding,

5%,

4/01/45

.................................

9,450,000

10,868,630

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

149

See

Abbreviations

on

page

184

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

University

of

North

Carolina

at

Charlotte

(The),

(continued)

Revenue,

2017,

5%,

10/01/47

........................................

$

10,000,000

$

12,225,963

Revenue,

2017

A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,593,934

Revenue,

2020

A,

Refunding,

5%,

10/01/38

..............................

1,145,000

1,469,520

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

345,502

Revenue,

2020

A,

Refunding,

4%,

10/01/49

..............................

2,800,000

3,280,700

University

of

North

Carolina

at

Greensboro

,

Revenue,

2014,

5%,

4/01/39

.........................................

3,500,000

3,909,131

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,405,678

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,160,559

Revenue,

2018,

5%,

4/01/30

.........................................

1,085,000

1,361,704

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

3,056,097

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,433,191

Western

Carolina

University

,

Revenue,

2020,

4%,

10/01/45

........................................

5,980,000

7,035,864

Revenue,

2020,

4%,

10/01/49

........................................

4,255,000

4,980,511

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

1,109,942

Revenue,

2020

B,

4%,

4/01/45

........................................

5,000,000

5,887,289

Revenue,

2020

B,

4%,

4/01/50

........................................

14,000,000

16,377,411

848,438,198

U.S.

Territories

1.6%

Puerto

Rico

1.6%

Commonwealth

of

Puerto

Rico

,

GO

,

NATL

Insured

,

5.5

%

,

7/01/29

...............

600,000

656,063

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,619,692

b

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

4,120,000

3,955,200

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

327,137

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

5,350,000

5,831,418

Revenue,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.......................

2,000,000

2,170,669

14,560,179

Total

U.S.

Territories

....................................................................

14,560,179

Total

Municipal

Bonds

(Cost

$820,714,790)

.....................................

872,645,627

a

a

a

a

a

Total

Investments

(Cost

$820,714,790)

98.9%

...................................

$872,645,627

Other

Assets,

less

Liabilities

1.1%

.............................................

9,706,121

Net

Assets

100.0%

...........................................................

$882,351,748

a

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Ohio

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

98.9%

Illinois

0.2%

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/26

................................

$

3,000,000

$

3,623,795

Ohio

98.2%

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

5,400,000

5,558,413

American

Municipal

Power,

Inc.

,

Revenue,

2015

A,

Refunding,

5%,

2/15/28

...............................

5,000,000

5,594,542

Revenue,

2016

A,

4%,

2/15/36

........................................

1,000,000

1,114,931

Revenue,

2016

A,

5%,

2/15/46

........................................

5,000,000

5,925,446

Revenue,

2016

A,

Refunding,

5%,

2/15/46

...............................

7,500,000

8,888,168

Revenue,

2017

A,

Refunding,

5%,

2/15/37

...............................

3,700,000

4,535,727

Revenue,

2017

A,

Refunding,

5%,

2/15/38

...............................

3,500,000

4,281,997

Revenue,

2019

A,

5%,

2/15/44

........................................

3,345,000

4,133,240

Revenue,

2019

C,

Refunding,

4%,

2/15/39

...............................

18,795,000

22,247,406

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,333,347

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

7,541,619

Ashland

City

School

District

,

GO

,

2013-2

,

Refunding

,

4

%

,

11/01/49

..............

6,685,000

6,710,268

Beaver

Local

School

District

,

GO

,

2012

,

4

%

,

12/01/40

........................

3,000,000

3,092,469

Berkshire

Local

School

District

,

GO

,

2021

,

Refunding

,

3

%

,

10/01/56

.............

735,000

776,960

Bethel

Local

School

District

,

COP,

2020,

BAM

Insured,

3%,

12/01/45

.................................

4,095,000

4,247,560

COP,

2020,

BAM

Insured,

2.75%,

12/01/49

..............................

4,000,000

4,044,199

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

11,159,702

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

8,459,513

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,930,785

Brecksville-Broadview

Heights

City

School

District

,

GO

,

2018

,

Pre-Refunded

,

5.25

%

,

12/01/54

........................................................

7,390,000

8,329,066

Brooklyn

City

School

District

,

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

2,272,633

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

9,000,000

10,587,529

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

35,820,000

37,641,798

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

6,480,000

7,501,737

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/32

........................................................

100,000

118,796

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/33

........................................................

135,000

159,949

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/34

........................................................

185,000

218,241

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/35

........................................................

195,000

229,145

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/36

........................................................

205,000

240,208

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/37

........................................................

210,000

245,462

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/38

........................................................

220,000

256,482

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/39

........................................................

225,000

261,773

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/40

........................................................

240,000

278,474

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/41

........................................................

245,000

283,854

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

151

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Butler

County

Port

Authority,

(continued)

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

........................................................

$

900,000

$

1,030,600

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/51

........................................................

1,000,000

1,138,035

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn

.,

12/01/32

............................

3,955,000

3,210,732

GO,

2005,

NATL

Insured,

Zero

Cpn

.,

12/01/33

............................

2,000,000

1,580,357

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/22

...................

1,905,000

1,889,560

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/23

...................

1,905,000

1,871,190

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/24

...................

1,905,000

1,847,014

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

19,100,085

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

10,747,208

City

of

Akron

,

Waterworks

System

,

Revenue

,

2009

,

Refunding

,

AGMC

Insured

,

5

%

,

3/01/34

.........................................................

1,000,000

1,003,380

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.....................................................

5,000,000

6,059,339

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

7,754,576

City

of

Cleveland

,

GO,

2012,

Pre-Refunded,

5%,

12/01/30

.................................

2,965,000

3,182,772

GO,

2012,

5%,

12/01/30

.............................................

35,000

37,442

GO,

2020

A,

4%,

12/01/35

...........................................

1,000,000

1,220,122

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

1,221,019

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,343,927

City

of

Columbus

,

GO,

2014

A,

5%,

2/15/25

............................................

5,000,000

5,637,791

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

5,000,000

6,232,441

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

8,942,048

GO,

2021

A,

5%,

4/01/35

............................................

6,000,000

8,018,213

GO,

2021

A,

5%,

4/01/36

............................................

6,000,000

7,996,573

GO,

2021

A,

5%,

4/01/37

............................................

5,000,000

6,643,279

GO,

2021

A,

5%,

4/01/38

............................................

5,000,000

6,626,129

GO,

2021

A,

5%,

4/01/39

............................................

4,500,000

5,948,108

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

16,794,884

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/29

........................

5,000,000

6,074,623

City

of

Lakewood

,

GO

,

2021

,

Refunding

,

4

%

,

12/01/46

.......................

2,000,000

2,444,418

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

3,312,147

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,716,937

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

10,392,840

City

of

Middleburg

Heights

,

Southwest

General

Health

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/47

...............................

4,425,000

5,054,791

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

4,112,582

City

of

Toledo

,

Water

System,

Revenue,

2012

A,

4%,

11/15/36

...........................

9,125,000

9,248,690

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/38

....................

19,395,000

21,039,975

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

3,133,664

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

710,307

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.

152

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power,

(continued)

Revenue,

B-2,

NATL

Insured,

Zero

Cpn

.,

11/15/38

.........................

$

10,000,000

$

6,437,380

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,312,391

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,308,455

Cleveland

Municipal

School

District

,

GO,

2013,

Refunding,

5%,

12/01/25

....................................

3,600,000

3,854,582

GO,

2013,

Refunding,

5%,

12/01/27

....................................

1,000,000

1,069,467

Cleveland

Public

Library

,

Revenue

,

2019

A

,

4

%

,

12/01/45

.....................

5,000,000

5,920,177

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

5%,

7/01/35

.......

600,000

783,444

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/37

.......

700,000

841,723

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/38

.......

100,000

119,919

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/39

.......

700,000

837,121

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/40

.......

100,000

119,342

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/41

.......

800,000

951,933

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/46

.......

500,000

588,067

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/51

.......

2,000,000

2,338,274

Columbus

Metropolitan

Library

,

Revenue,

2019,

3%,

12/01/43

........................................

1,550,000

1,675,117

Revenue,

2020,

Refunding,

2%,

12/01/35

................................

4,525,000

4,522,691

Revenue,

2020,

Refunding,

2%,

12/01/36

................................

4,620,000

4,593,952

Revenue,

2020,

Refunding,

2%,

12/01/37

................................

4,705,000

4,653,621

Columbus-Franklin

County

Finance

Authority

,

Revenue,

2021

C,

2.5%,

11/15/41

.....................................

900,000

892,521

Revenue,

2021

C,

3%,

5/15/51

........................................

2,180,000

2,180,854

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

8,782,530

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

24,009,002

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/35

..........

2,000,000

2,296,788

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

2,140,000

2,452,128

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,715,197

County

of

Cuyahoga

,

GO,

2020

A,

Refunding,

4%,

12/01/34

..................................

750,000

912,585

GO,

2020

A,

Refunding,

3%,

12/01/35

..................................

1,040,000

1,156,570

GO,

2020

A,

Refunding,

3%,

12/01/36

..................................

1,100,000

1,219,552

GO,

2020

A,

Refunding,

3%,

12/01/37

..................................

1,610,000

1,779,894

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

.............................

500,000

559,754

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

3,129,028

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

5,630,677

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2017

A,

Refunding,

4%,

11/01/44

..

7,050,000

7,925,334

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

7,306,661

Sales

Tax,

Revenue,

2018,

5%,

6/01/43

.................................

6,000,000

7,435,354

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

7,500,000

9,013,549

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/44

..........

5,075,000

5,997,144

County

of

Hamilton

,

Sewer

System,

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..................

6,965,000

9,121,103

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/32

..................

1,000,000

1,339,960

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/33

..................

1,500,000

2,003,312

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

..................

2,200,000

2,930,983

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

..................

1,000,000

1,329,137

TriHealth

Obligated

Group,

Revenue,

2017

A,

5%,

8/15/42

...................

5,000,000

6,013,825

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

153

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Mahoning

,

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

...............................................

$

2,690,000

$

2,999,562

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/49

.............................................

12,000,000

14,595,761

County

of

Montgomery

,

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

8/01/40

5,975,000

6,444,646

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

1,000,000

1,187,317

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/51

2,000,000

2,344,561

Premier

Health

Partners

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/15/39

.......................................................

5,000,000

5,641,937

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

............................................

5,000,000

6,172,795

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,970,161

Cuyahoga

Community

College

District

,

Revenue

,

2012

D

,

Refunding

,

5

%

,

8/01/32

..

2,310,000

2,435,464

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

6,631,149

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2%,

11/15/31

..........

430,000

428,829

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2.5%,

11/15/41

........

1,615,000

1,601,579

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

3%,

5/15/51

..........

1,000,000

1,001,285

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,447,486

Defiance

City

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/46

............

6,635,000

7,111,923

Delaware

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.75

%

,

12/01/49

.........

6,000,000

6,673,652

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

11,770,459

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

6,575,402

Fairborn

City

School

District

,

GO

,

2021

A

,

3

%

,

12/01/50

......................

8,065,000

8,694,154

Franklin

City

School

District

,

GO,

2021

A,

3%,

11/01/50

...........................................

3,750,000

4,023,902

GO,

2021

A,

3%,

11/01/57

...........................................

8,000,000

8,474,333

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

23,305,822

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

16,093,263

Gahanna-Jefferson

City

School

District

,

GO

,

2021

,

AGMC

Insured

,

4

%

,

12/01/46

...

5,460,000

6,566,655

Grandview

Heights

City

School

District

,

GO,

2019,

4%,

12/01/51

.............................................

1,980,000

2,310,960

GO,

2019,

5%,

12/01/53

.............................................

2,150,000

2,683,710

Great

Oaks

Career

Campuses

Board

of

Education

,

COP,

2019,

3%,

12/01/44

............................................

2,000,000

2,143,456

COP,

2021,

3%,

12/01/44

............................................

1,455,000

1,539,562

COP,

2021,

3%,

12/01/46

............................................

7,065,000

7,454,847

COP,

2021,

3%,

12/01/50

............................................

15,460,000

16,242,006

Highland

Local

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5.25

%

,

12/01/54

.......

12,000,000

13,227,649

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

11,268,312

Hillsdale

Local

School

District

,

COP,

2020,

BAM

Insured,

4%,

12/01/38

.................................

2,465,000

2,956,341

COP,

2020,

BAM

Insured,

4%,

12/01/40

.................................

1,435,000

1,713,438

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

21,067,447

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,594,332

GO,

2018

B,

BAM

Insured,

5%,

11/01/55

................................

3,910,000

4,672,758

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.

154

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2013

A

,

Pre-Refunded

,

5

%

,

1/01/38

.........................................................

$

26,010,000

$

28,022,287

Lakewood

City

School

District

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

11/01/43

.........

10,895,000

11,650,692

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,496,918

GO,

2014

C,

Pre-Refunded,

5%,

12/01/30

...............................

4,035,000

4,701,950

Lancaster

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

10/01/49

...........

10,000,000

10,652,113

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,167,400

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,854,509

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

12,979,394

Marysville

Exempted

Village

School

District

,

GO

,

2002

,

Refunding

,

NATL

Insured

,

Zero

Cpn

.,

12/01/21

....................................................

1,000,000

998,395

Miami

University

,

Revenue,

2011,

5%,

9/01/31

.........................................

4,000,000

4,048,330

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,642,628

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

3,973,399

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

6,029,825

Revenue,

2020

A,

Refunding,

4%,

9/01/45

...............................

6,025,000

7,209,177

a

Revenue,

2021

A,

Refunding,

5%,

9/01/32

...............................

1,070,000

1,455,230

a

Revenue,

2021

A,

Refunding,

5%,

9/01/33

...............................

1,055,000

1,432,110

a

Revenue,

2021

A,

Refunding,

5%,

9/01/34

...............................

1,035,000

1,400,763

a

Revenue,

2021

A,

Refunding,

5%,

9/01/36

...............................

1,370,000

1,848,880

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

24,640,924

Middletown

City

School

District

,

GO,

2014,

Pre-Refunded,

5.25%,

12/01/40

...............................

2,625,000

2,827,617

GO,

2014,

Pre-Refunded,

5.25%,

12/01/48

...............................

15,000,000

16,157,809

New

Albany

Community

Authority

,

Revenue,

2012

C,

Refunding,

5%,

10/01/23

..............................

1,100,000

1,169,550

Revenue,

2012

C,

Refunding,

5%,

10/01/24

..............................

1,250,000

1,328,168

New

Albany

Plain

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/49

....

10,000,000

10,584,888

North

Canton

City

School

District

,

GO

,

2020

,

3

%

,

11/01/45

....................

2,730,000

2,925,386

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/21

..............................

50,000

50,599

Revenue,

2021

A,

Refunding,

3%,

12/01/23

..............................

75,000

79,132

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

125,000

146,439

Revenue,

2021

A,

Refunding,

5%,

12/01/27

..............................

100,000

122,978

Revenue,

2021

A,

Refunding,

5%,

12/01/29

..............................

110,000

139,353

Revenue,

2021

A,

Refunding,

3%,

12/01/40

..............................

500,000

523,672

Revenue,

2021

A,

Refunding,

4%,

12/01/45

..............................

450,000

514,188

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2014,

Pre-Refunded,

5%,

11/15/32

.............................

5,500,000

6,397,590

Revenue,

2014,

Refunding,

4%,

11/15/49

................................

6,000,000

6,518,547

Revenue,

2017,

Refunding,

4%,

11/15/43

................................

10,000,000

11,628,449

Revenue,

2019,

Refunding,

3%,

11/15/35

................................

4,500,000

5,074,923

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

5,420,000

6,870,210

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

5,696,373

Northwest

Local

School

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

12/01/45

..........

3,760,000

4,209,351

Norwood

City

School

District

,

GO,

2017

A,

5%,

11/01/46

...........................................

5,000,000

5,845,067

GO,

2017

A,

5.25%,

11/01/51

.........................................

7,645,000

9,019,530

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

155

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Oakwood

City

School

District

,

GO

,

2019

,

4

%

,

12/01/48

.......................

$

6,340,000

$

7,261,683

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

Pre-

Refunded

,

AGMC

Insured

,

5.25

%

,

12/01/23

..............................

345,000

346,264

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

7,231,214

Denison

University,

Revenue,

2012,

5%,

11/01/26

.........................

1,445,000

1,504,435

Denison

University,

Revenue,

2021,

4%,

11/01/45

.........................

2,500,000

2,955,762

Denison

University,

Revenue,

2021,

3%,

11/01/50

.........................

4,250,000

4,497,193

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,809,653

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,588,803

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,900,000

3,379,637

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

10,500,000

12,361,974

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,505,415

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

5,000,000

5,603,369

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

13,585,123

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/28

................

250,000

313,200

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/29

................

415,000

530,837

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/30

................

400,000

521,133

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/31

................

550,000

709,914

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/32

................

340,000

437,388

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/33

................

130,000

166,728

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/34

................

500,000

639,338

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/35

................

1,000,000

1,276,063

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/36

................

900,000

1,065,275

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/37

................

1,335,000

1,446,300

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/39

................

480,000

563,648

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/40

................

500,000

537,794

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/41

................

250,000

292,311

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/42

................

325,000

347,791

Ohio

Housing

Finance

Agency

,

Revenue,

2020

B,

GNMA

Insured,

2.1%,

9/01/35

..........................

600,000

613,971

Revenue,

2021

A,

2.25%,

9/01/41

.....................................

3,000,000

3,049,028

Revenue,

2021

A,

2.4%,

9/01/46

......................................

6,500,000

6,588,015

Revenue,

2021

A,

2.45%,

9/01/51

.....................................

7,000,000

7,083,479

Ohio

State

University

(The)

,

Revenue

,

2014

A

,

4

%

,

12/01/30

...................

4,325,000

4,791,735

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

40,668,177

Revenue,

2021

A,

5%,

2/15/46

........................................

10,000,000

13,074,447

Revenue,

2021

A,

5%,

2/15/51

........................................

15,000,000

19,499,518

Revenue,

Junior

Lien,

2013

A-1,

5.25%,

2/15/33

...........................

4,200,000

4,542,083

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn

.,

2/15/38

.............

3,665,000

2,617,591

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn

.,

2/15/43

........................

10,485,000

6,313,173

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

8,270,236

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/38

........................................

5,000,000

6,525,261

Revenue,

2019,

5%,

6/01/44

.........................................

4,000,000

5,157,703

Revenue,

2021

A,

5%,

12/01/36

.......................................

2,000,000

2,711,137

Revenue,

2021

A,

5%,

12/01/37

.......................................

1,750,000

2,367,171

Revenue,

2021

A,

5%,

12/01/38

.......................................

2,750,000

3,709,807

Revenue,

2021

A,

5%,

12/01/39

.......................................

1,500,000

2,018,807

Drinking

Water

Assistance

Fund,

Revenue,

2019,

5%,

12/01/29

...............

12,655,000

16,740,483

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

5%,

12/01/44

...

15,000,000

19,318,956

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

6/01/33

.............

7,250,000

9,685,444

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/38

............

5,405,000

7,118,708

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

6,571,239

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.

156

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Water

Development

Authority,

(continued)

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/50

............

$

2,500,000

$

3,236,288

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

B,

4%,

12/01/37

............

14,160,000

17,383,068

Olentangy

Local

School

District

,

GO,

2016,

4%,

12/01/46

.............................................

15,235,000

17,076,243

GO,

2020

A,

3%,

12/01/38

...........................................

500,000

555,728

GO,

2020

A,

2.5%,

12/01/49

..........................................

6,935,000

7,060,510

Perrysburg

Exempted

Village

School

District

,

GO

,

2015

,

5

%

,

12/01/38

............

3,225,000

3,686,906

Princeton

City

School

District

,

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

13,983,493

GO,

2014,

Refunding,

Zero

Cpn

.,

12/01/40

...............................

6,000,000

3,932,622

GO,

2014,

Refunding,

Zero

Cpn

.,

12/01/41

...............................

6,000,000

3,813,103

Reading

Community

City

School

District

,

GO

,

2016

A

,

5

%

,

11/01/46

.............

2,000,000

2,265,292

Riverside

Local

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

10/01/47

........................................................

5,000,000

5,667,929

South-Western

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/48

.................

3,500,000

4,086,306

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

6,529,019

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,577,445

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,612,948

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

11,966,725

GO,

2019

A,

5%,

5/01/36

............................................

11,000,000

13,649,323

GO,

2019

A,

5%,

6/15/38

............................................

6,500,000

8,360,451

GO,

2020

C,

5%,

3/01/37

............................................

2,185,000

2,934,055

GO,

2020

C,

5%,

3/01/38

............................................

2,300,000

3,080,035

GO,

2020

C,

5%,

3/01/39

............................................

1,750,000

2,337,246

GO,

2021

A,

5%,

5/01/40

............................................

2,675,000

3,578,339

GO,

2021

A,

5%,

6/15/41

............................................

2,380,000

3,182,943

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,265,062

GO,

V,

5%,

5/01/34

................................................

4,000,000

5,047,935

GO,

W,

5%,

5/01/32

................................................

1,035,000

1,379,245

GO,

W,

5%,

5/01/33

................................................

1,600,000

2,125,295

GO,

W,

5%,

5/01/35

................................................

1,125,000

1,487,188

Revenue,

2021

A,

5%,

2/01/29

........................................

2,400,000

3,118,882

Revenue,

2021

A,

5%,

2/01/30

........................................

3,300,000

4,375,583

Revenue,

2021

A,

5%,

2/01/31

........................................

2,900,000

3,924,322

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

11,115,021

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/38

..........

1,000,000

1,327,464

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/39

..........

1,000,000

1,322,811

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/40

..........

1,110,000

1,464,164

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/41

..........

750,000

985,873

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

1,167,985

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

1,003,239

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

5,300,759

Switzerland

of

Ohio

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/37

...

5,500,000

5,919,823

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,500,000

7,710,610

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

11,167,233

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

6,727,889

Toledo

City

School

District

,

GO

,

2012

B

,

Pre-Refunded

,

5

%

,

12/01/32

............

7,830,000

8,405,095

Toledo-Lucas

County

Port

Authority

,

Revenue,

2021

A,

2%,

11/15/31

.......................................

430,000

428,427

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

157

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Toledo-Lucas

County

Port

Authority,

(continued)

Revenue,

2021

A,

3%,

5/15/51

........................................

$

1,160,000

$

1,186,180

University

of

Akron

(The)

,

Revenue,

2015

A,

Refunding,

5%,

1/01/31

...............................

4,365,000

5,008,137

Revenue,

2016

A,

Refunding,

BAM

Insured,

5%,

1/01/34

....................

6,000,000

7,220,061

Revenue,

2016

A,

Refunding,

5%,

1/01/36

...............................

11,065,000

13,290,289

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

13,225,000

15,830,892

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

7,084,881

University

of

Cincinnati

,

Revenue,

2010

F,

5%,

6/01/32

........................................

140,000

140,458

Revenue,

2013

C,

Pre-Refunded,

5%,

6/01/39

............................

6,255,000

7,010,875

Revenue,

2018

A,

Refunding,

4%,

6/01/48

...............................

10,000,000

11,404,617

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

5

%

,

12/01/48

.................

13,000,000

15,708,688

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,868,290

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

2,141,017

Warren

County

Port

Authority

,

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

3%,

12/01/30

.......................................

525,000

532,522

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/40

.......................................

1,390,000

1,465,294

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/52

.......................................

1,930,000

1,994,775

Warrensville

Heights

City

School

District

,

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5%,

12/01/44

.....................

460,000

534,285

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

190,000

213,432

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

2,039,418

West

Carrollton

City

School

District

,

GO,

2020

A,

3%,

12/01/44

...........................................

2,540,000

2,702,828

GO,

2020

A,

3%,

12/01/49

...........................................

1,645,000

1,742,038

GO,

2020

A,

4%,

12/01/56

...........................................

3,500,000

3,925,435

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,736,837

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

12,018,467

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

...........

7,000,000

8,014,879

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

8,461,448

1,672,798,372

U.S.

Territories

0.5%

Puerto

Rico

0.5%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,000,000

1,079,794

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,079,838

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

800,000

872,365

Revenue,

2007

N,

Refunding,

AGMC,

FGIC

Insured,

5.25%,

7/01/39

...........

540,000

587,196

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

800,000

898,265

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,870,000

2,209,403

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.

158

See

Abbreviations

on

page

184

.

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,

(continued)

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

$

940,000

$

1,020,214

7,747,075

Total

U.S.

Territories

....................................................................

7,747,075

Total

Municipal

Bonds

(Cost

$1,563,697,436)

...................................

1,684,169,242

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Ohio

0.1%

b

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.02

%

,

6/01/34

...........................

1,410,000

1,410,000

Total

Municipal

Bonds

(Cost

$1,410,000)

.......................................

1,410,000

Total

Short

Term

Investments

(Cost

$1,410,000

)

.................................

1,410,000

a

Total

Investments

(Cost

$1,565,107,436)

99.0%

..................................

$1,685,579,242

Other

Assets,

less

Liabilities

1.0%

.............................................

17,862,518

Net

Assets

100.0%

...........................................................

$1,703,441,760

a

Security

purchased

on

a

when-issued

basis.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Oregon

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

159

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

Illinois

0.5%

State

of

Illinois

,

GO,

2017

D,

5%,

11/01/26

...........................................

$

1,000,000

$

1,207,932

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,268,627

GO,

2020

C,

4%,

10/01/42

...........................................

1,000,000

1,142,509

GO,

2021

A,

5%,

3/01/35

............................................

2,250,000

2,878,845

6,497,913

New

Jersey

0.0%

†

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2019

BB

,

4

%

,

6/15/50

...

500,000

559,963

Oregon

96.9%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

8/01/28

........................................................

1,325,000

1,381,887

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,958,353

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,929,238

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn

.,

6/15/31

...........

1,000,000

856,199

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

3,376,577

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/35

....................................

1,675,000

2,185,257

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

2,290,250

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,400,301

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,510,885

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,633,815

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,757,825

City

of

Eugene

,

Electric

Utility

System,

Revenue,

2017,

5%,

8/01/47

........................

3,580,000

4,305,507

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/45

......................

4,170,000

4,975,428

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/49

......................

2,500,000

2,969,369

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

3,500,000

3,649,571

Pacific

University,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

.................

2,500,000

2,847,782

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,530,000

1,535,301

City

of

Portland

,

GO,

2001

B,

Zero

Cpn

.,

6/01/21

.......................................

1,000,000

1,000,000

GO,

2011

A,

Refunding,

5%,

6/01/28

...................................

7,840,000

7,840,000

GO,

2011

A,

Refunding,

5%,

6/01/29

...................................

8,330,000

8,330,000

GO,

2011

A,

Refunding,

5%,

6/01/30

...................................

8,750,000

8,750,000

Tax

Allocation,

2011

B,

5%,

6/15/29

....................................

1,000,000

1,001,765

Tax

Allocation,

2011

B,

5%,

6/15/30

....................................

1,000,000

1,001,765

Tax

Allocation,

2011

B,

5%,

6/15/31

....................................

1,000,000

1,001,765

Tax

Allocation,

2012

B,

Refunding,

5%,

6/15/22

...........................

1,035,000

1,087,667

Tax

Allocation,

2012

C,

5%,

6/15/28

....................................

1,000,000

1,047,134

Tax

Allocation,

2012

C,

5%,

6/15/30

....................................

1,000,000

1,046,813

Sewer

System,

Revenue,

Second

Lien,

2020

A,

4%,

3/01/34

.................

5,000,000

6,195,510

Water

System,

Revenue,

Second

Lien,

2019

A,

5%,

5/01/44

..................

5,500,000

7,078,306

City

of

Tigard

,

Water,

Revenue,

2012,

Pre-Refunded,

5%,

8/01/37

........................

11,050,000

11,680,987

Water,

Revenue,

2012,

Pre-Refunded,

5%,

8/01/42

........................

20,915,000

22,109,307

Water,

Revenue,

2015,

5%,

8/01/45

....................................

23,545,000

27,181,024

Clackamas

Community

College

District

,

GO,

2017

A,

5%,

6/15/38

............................................

760,000

925,403

GO,

2017

A,

5%,

6/15/39

............................................

1,000,000

1,215,496

GO,

2017

A,

5%,

6/15/40

............................................

1,250,000

1,517,438

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.

160

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017

A,

Zero

Cpn

.,

6/15/40

.......................................

$

10,000,000

$

5,035,295

GO,

2017

A,

Zero

Cpn

.,

6/15/41

.......................................

17,030,000

8,167,872

GO,

2017

A,

Zero

Cpn

.,

6/15/42

.......................................

16,625,000

7,588,935

GO,

2017

B,

5%,

6/15/34

............................................

8,000,000

9,894,076

GO,

2017

B,

5%,

6/15/37

............................................

10,000,000

12,275,538

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

2,180,952

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn

.,

6/15/37

.............................................

12,130,000

8,894,720

GO,

Zero

Cpn

.,

6/15/38

.............................................

12,495,000

8,908,403

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,664,470

Clackamas

County

School

District

No.

86

Canby

,

GO,

2020

A,

Refunding,

4%,

6/15/35

...................................

580,000

708,285

GO,

2020

A,

Refunding,

4%,

6/15/36

...................................

3,000,000

3,652,986

GO,

2020

A,

Refunding,

4%,

6/15/38

...................................

2,815,000

3,408,708

GO,

2020

A,

Refunding,

4%,

6/15/40

...................................

2,670,000

3,218,902

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,259,483

Coos

County

School

District

No.

13

North

Bend

,

GO

,

2002

,

AGMC

Insured

,

5

%

,

6/15/22

.........................................................

55,000

55,194

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

6,208,163

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

...

7,010,000

8,817,021

Crook

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/34

..................................

4,475,000

4,914,140

GO,

2013,

Pre-Refunded,

5%,

6/15/37

..................................

8,090,000

8,883,886

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO,

2004

A,

Pre-Refunded,

NATL

Insured,

5%,

6/15/21

.....................

85,000

85,151

GO,

2021,

4%,

6/15/31

.............................................

300,000

381,052

GO,

2021,

4%,

6/15/32

.............................................

285,000

360,803

GO,

2021,

4%,

6/15/33

.............................................

480,000

602,858

GO,

2021,

4%,

6/15/34

.............................................

390,000

488,185

GO,

2021,

4%,

6/15/35

.............................................

300,000

374,793

GO,

2021,

4%,

6/15/36

.............................................

300,000

373,610

GO,

2021,

4%,

6/15/37

.............................................

385,000

477,851

GO,

2021,

4%,

6/15/38

.............................................

650,000

804,571

GO,

2021,

4%,

6/15/40

.............................................

1,000,000

1,231,838

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

1/01/49

......

5,160,000

6,064,932

St.

Charles

Health

System,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/48

......

8,440,000

9,797,440

Deschutes

Public

Library

District

,

GO,

2021,

4%,

6/01/38

.............................................

7,500,000

9,317,636

GO,

2021,

4%,

6/01/39

.............................................

6,000,000

7,433,038

GO,

2021,

3%,

6/01/40

.............................................

12,000,000

13,544,910

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

................................

3,690,000

3,888,399

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

7,560,234

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

8,209,721

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

7,568,635

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn

.,

6/15/40

.......................................

705,000

419,344

GO,

2019

B,

Zero

Cpn

.,

6/15/41

.......................................

710,000

404,792

GO,

2019

B,

Zero

Cpn

.,

6/15/42

.......................................

610,000

333,746

GO,

2019

B,

Zero

Cpn

.,

6/15/43

.......................................

820,000

431,166

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

161

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Jackson

County

School

District

No.

6

Central

Point,

(continued)

GO,

2019

B,

Zero

Cpn

.,

6/15/44

.......................................

$

1,115,000

$

562,285

GO,

2019

B,

Zero

Cpn

.,

6/15/45

.......................................

985,000

477,933

GO,

2019

B,

Zero

Cpn

.,

6/15/46

.......................................

1,190,000

552,983

GO,

2019

B,

Zero

Cpn

.,

6/15/47

.......................................

1,170,000

523,091

GO,

2019

B,

Zero

Cpn

.,

6/15/48

.......................................

1,320,000

567,740

GO,

2019

B,

Zero

Cpn

.,

6/15/49

.......................................

1,270,000

525,146

Jefferson

County

School

District

No.

509J

,

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,000,000

1,098,132

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,410,000

1,548,366

GO,

2013

B,

Pre-Refunded,

5%,

6/15/30

................................

2,000,000

2,196,263

Klamath

County

School

District

,

GO,

2013,

5%,

6/15/29

.............................................

1,155,000

1,263,875

GO,

2013,

5%,

6/15/30

.............................................

1,095,000

1,198,219

GO,

2013,

5%,

6/15/31

.............................................

1,000,000

1,094,049

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

1,000,000

1,163,951

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO,

2014

A,

5%,

6/15/30

............................................

3,175,000

3,852,968

GO,

2014

A,

5%,

6/15/33

............................................

2,115,000

2,559,618

GO,

2014

A,

5%,

6/15/36

............................................

2,000,000

2,405,068

Lane

Community

College

,

GO,

2020

A,

4%,

6/15/37

............................................

5,345,000

6,564,477

GO,

2020

A,

4%,

6/15/38

............................................

2,500,000

3,062,760

GO,

2020

A,

4%,

6/15/39

............................................

2,795,000

3,415,402

GO,

2020

A,

4%,

6/15/40

............................................

1,200,000

1,463,646

Lane

County

School

District

No.

52

Bethel

,

GO,

2021

B,

4%,

6/15/34

............................................

400,000

504,990

GO,

2021

B,

4%,

6/15/35

............................................

750,000

945,003

Lebanon

Rural

Fire

Protection

District

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/15/45

.......

5,000,000

5,502,673

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,639,171

Marion

County

School

District

No.

103

Woodburn

,

GO,

2015,

5%,

6/15/33

.............................................

2,930,000

3,444,051

GO,

2015,

5%,

6/15/34

.............................................

3,200,000

3,755,821

GO,

2015,

5%,

6/15/35

.............................................

2,075,000

2,430,886

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/45

4,500,000

5,762,728

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,615,228

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/42

..............

9,420,000

10,057,680

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

9,104,471

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

10,950,000

13,077,580

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017

B,

5%,

6/15/37

............................................

7,885,000

9,679,262

GO,

2019

A,

Zero

Cpn

.,

6/15/39

.......................................

9,500,000

5,697,903

Multnomah

County

School

District

No.

40

,

GO,

2012

B,

Zero

Cpn

.,

6/15/24

.......................................

1,640,000

1,615,473

GO,

2012

B,

Zero

Cpn

.,

6/15/25

.......................................

1,325,000

1,287,930

GO,

2012

B,

Zero

Cpn

.,

6/15/26

.......................................

2,585,000

2,475,698

GO,

2012

B,

Zero

Cpn

.,

6/15/27

.......................................

2,655,000

2,496,026

GO,

2012

B,

Zero

Cpn

.,

6/15/28

.......................................

2,495,000

2,294,299

GO,

2012

B,

Zero

Cpn

.,

6/15/29

.......................................

2,595,000

2,326,442

GO,

2012

B,

Zero

Cpn

.,

6/15/30

.......................................

1,885,000

1,643,523

GO,

2012

B,

Zero

Cpn

.,

6/15/31

.......................................

2,030,000

1,724,293

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.

162

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Multnomah

County

School

District

No.

40,

(continued)

GO,

2012

B,

Zero

Cpn

.,

6/15/32

.......................................

$

2,000,000

$

1,658,874

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO,

2020,

Refunding,

4%,

6/15/38

.....................................

1,050,000

1,281,369

GO,

2020,

Refunding,

4%,

6/15/39

.....................................

2,250,000

2,732,391

GO,

2020,

Refunding,

5%,

6/15/50

.....................................

24,655,000

31,598,528

Oregon

City

School

District

No.

62

,

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

1,000,000

1,140,974

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

1,770,000

2,019,520

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

1,250,000

1,426,217

GO,

2018

B,

Refunding,

5%,

6/15/49

...................................

20,000,000

24,930,912

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group,

Revenue,

1995

A&B,

NATL

Insured,

Zero

Cpn

.,

7/01/21

........................................

2,320,000

2,319,714

Oregon

Health

&

Science

University

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

10,000,000

12,318,019

Oregon

State

Facilities

Authority

,

CHF-Ashland

LLC,

Revenue,

2012,

Pre-Refunded,

AGMC

Insured,

5%,

7/01/44

...

8,910,000

9,382,379

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,625,000

1,678,794

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,774,905

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

4,227,467

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

8,000,000

9,421,345

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,625,775

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

9,072,617

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

10/01/46

.

3,280,000

3,791,324

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...................................................

220,000

269,153

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

8,125,000

10,180,093

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

2,283,864

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

6,750,000

7,825,561

Oregon

State

Lottery

,

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/28

............................

5,800,000

6,318,508

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/32

............................

5,000,000

5,446,990

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

14,376,495

Port

of

Portland

,

Airport,

Revenue,

Twenty-Five

A,

5%,

7/01/49

............................

12,425,000

15,487,226

Airport,

Revenue,

Twenty-Five

B,

5%,

7/01/44

............................

16,250,000

20,100,805

Airport,

Revenue,

Twenty-Four

A,

5%,

7/01/47

............................

4,700,000

5,689,573

Airport,

Revenue,

Twenty-Four

B,

5%,

7/01/47

............................

9,395,000

11,204,612

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/38

...........................

10,000,000

12,720,166

Airport,

Revenue,

Twenty-Six

A,

Refunding,

5%,

7/01/33

....................

500,000

651,663

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/37

....................

600,000

717,595

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/40

....................

500,000

593,877

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/33

....................

650,000

847,162

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/37

....................

800,000

1,031,741

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/40

....................

675,000

864,687

Airport,

Revenue,

Twenty-Six

C,

Refunding,

5%,

7/01/28

....................

1,300,000

1,648,451

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

555,000

641,478

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

572,031

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,546,881

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

2,700,000

3,044,096

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/53

.............

1,000,000

1,124,950

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

40,500,000

47,443,028

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

163

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Salem-Keizer

School

District

No.

24J

,

GO,

2009

B,

Zero

Cpn

.,

6/15/30

.......................................

$

8,500,000

$

7,464,483

GO,

2020

C,

4%,

6/15/37

............................................

5,000,000

6,131,218

GO,

2020

C,

4%,

6/15/38

............................................

10,000,000

12,232,003

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,257,245

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,889,433

Seaside

School

District

No.

10

,

GO,

2017

B,

5%,

6/15/35

............................................

2,000,000

2,466,523

GO,

2017

B,

5%,

6/15/36

............................................

2,500,000

3,075,395

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

3,056,901

GO,

2015

M,

Pre-Refunded,

5%,

8/01/45

................................

3,315,000

3,944,051

GO,

2015

O,

Pre-Refunded,

5%,

8/01/40

................................

7,005,000

8,334,262

GO,

2017

A,

5%,

5/01/42

............................................

10,000,000

12,150,959

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

18,350,247

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

6,332,678

GO,

2019

G,

5%,

8/01/44

............................................

25,370,000

32,315,651

GO,

2020

E,

Refunding,

5%,

6/01/39

...................................

1,785,000

2,339,149

GO,

2020

E,

Refunding,

5%,

6/01/40

...................................

1,640,000

2,145,344

GO,

2021

A,

5%,

5/01/31

............................................

2,000,000

2,740,498

GO,

H,

Pre-Refunded,

5%,

5/01/36

....................................

1,000,000

1,045,032

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

4,000,354

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/37

12,500,000

16,275,478

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/42

30,000,000

38,624,238

Department

of

Transportation,

Revenue,

Sub.

Lien,

2020

A,

5%,

11/15/40

.......

25,000,000

32,898,235

Housing

&

Community

Services

Department,

Revenue,

2018

B,

2.9%,

7/01/43

....

25,565,000

26,709,261

Housing

&

Community

Services

Department,

Revenue,

2019

A,

2.9%,

7/01/43

....

13,905,000

14,622,351

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,573,320

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

3,151,922

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2012

A,

Pre-Refunded,

5%,

9/01/37

............................

11,000,000

11,673,080

Revenue,

2015

A,

Pre-Refunded,

5%,

9/01/40

............................

6,000,000

7,161,143

Revenue,

2018

A,

5%,

10/01/32

.......................................

6,865,000

8,472,269

Revenue,

2018

A,

4%,

9/01/48

........................................

7,850,000

9,038,734

Revenue,

2018

A,

5%,

9/01/48

........................................

18,505,000

22,668,532

Revenue,

Senior

Lien,

2017

A,

5%,

9/01/41

..............................

18,650,000

22,471,124

Revenue,

Senior

Lien,

2019

A,

4%,

9/01/39

..............................

2,550,000

3,068,254

Umatilla

County

School

District

No.

16R

Pendleton

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

6/15/37

.........................................................

4,970,000

5,686,845

University

of

Oregon

,

Revenue,

2015

A,

5%,

4/01/45

........................................

20,000,000

23,002,392

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

13,803,042

Revenue,

2020

A,

5%,

4/01/50

........................................

20,000,000

25,293,444

a

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

302,199

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

200,000

240,588

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/36

.........................

750,000

895,782

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

700,000

830,592

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

11,501,876

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

7,326,095

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2014

B,

Pre-Refunded,

5%,

6/15/33

................................

8,000,000

9,153,875

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.

164

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton,

(continued)

GO,

2014

B,

Pre-Refunded,

5%,

6/15/34

................................

$

11,000,000

$

12,586,579

GO,

2017

D,

5%,

6/15/35

............................................

10,000,000

12,319,437

GO,

2017

D,

5%,

6/15/36

............................................

10,000,000

12,295,007

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn

.,

6/15/38

.......................................

2,350,000

1,381,374

GO,

2018

A,

Zero

Cpn

.,

6/15/39

.......................................

3,275,000

1,838,902

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012

B,

Zero

Cpn

.,

6/15/29

.......................................

2,545,000

2,263,483

GO,

2012

B,

Zero

Cpn

.,

6/15/30

.......................................

2,490,000

2,151,642

GO,

2012

B,

Zero

Cpn

.,

6/15/31

.......................................

3,140,000

2,640,721

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,906,820

Yamhill

Clackamas

&

Washington

Counties

School

District

No.

29J

Newberg

,

GO,

2021

B,

4%,

6/15/33

............................................

1,710,000

2,147,682

GO,

2021

B,

4%,

6/15/34

............................................

4,565,000

5,714,270

GO,

2021

B,

4%,

6/15/35

............................................

3,935,000

4,916,040

GO,

2021

B,

4%,

6/15/36

............................................

3,320,000

4,134,618

1,287,687,244

U.S.

Territories

1.3%

Puerto

Rico

1.3%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,031,182

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,300,000

1,403,733

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,079,838

b

Revenue,

WW-RSA-1,

5.25%,

7/01/33

..................................

7,040,000

6,758,400

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

1,100,000

1,199,502

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

400,000

434,134

16,906,789

Total

U.S.

Territories

....................................................................

16,906,789

Total

Municipal

Bonds

(Cost

$1,212,761,516)

...................................

1,311,651,909

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Oregon

0.3%

c

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group,

Revenue,

2018

A,

Refunding,

LOC

US

Bank

NA,

Daily

VRDN

and

Put,

0.02%,

8/01/34

.................................

600,000

600,000

PeaceHealth

Obligated

Group,

Revenue,

2018

B,

Refunding,

LOC

TD

Bank

NA,

Daily

VRDN

and

Put,

0.02%,

8/01/34

.................................

1,600,000

1,600,000

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

165

See

Abbreviations

on

page

184

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Oregon

(continued)

c

State

of

Oregon

,

GO

,

2020

M

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

12/01/44

........................................................

$

2,200,000

$

2,200,000

4,400,000

Total

Municipal

Bonds

(Cost

$4,400,000)

.......................................

4,400,000

Total

Short

Term

Investments

(Cost

$4,400,000

)

.................................

4,400,000

a

Total

Investments

(Cost

$1,217,161,516)

99.0%

..................................

$1,316,051,909

Other

Assets,

less

Liabilities

1.0%

.............................................

13,128,886

Net

Assets

100.0%

...........................................................

$1,329,180,795

†

Rounds

to

less

than

0.1%

of

net

assets.

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

May

31,

2021,

the

aggregate

value

of

these

securities

was

$9,950,327,

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),

May

31,

2021

Franklin

Pennsylvania

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

166

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

100.7%

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

5

%

,

6/15/39

...

$

2,240,000

$

2,838,672

Pennsylvania

99.2%

Abington

School

District

,

GO

,

2017

A

,

4

%

,

10/01/42

.........................

12,000,000

13,765,331

Allegheny

County

Higher

Education

Building

Authority

,

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

1,160,381

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,480,356

Allegheny

County

Sanitary

Authority

,

Revenue

,

2018

,

5

%

,

6/01/43

...............

7,000,000

8,711,522

Avon

Grove

School

District

Chester

County

,

GO,

2021

A,

4%,

11/15/35

...........................................

500,000

603,674

GO,

2021

A,

4%,

11/15/36

...........................................

1,000,000

1,204,123

GO,

2021

A,

4%,

11/15/37

...........................................

1,250,000

1,500,320

GO,

2021

A,

4%,

11/15/38

...........................................

1,890,000

2,263,344

GO,

2021

A,

4%,

11/15/40

...........................................

2,700,000

3,220,506

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

1,143,413

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

682,125

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,382,951

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/38

1,030,000

1,160,009

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/48

1,000,000

1,114,873

Blue

Mountain

School

District

,

GO,

2021

B,

AGMC

Insured,

4%,

8/01/32

................................

1,000,000

1,213,900

GO,

2021

B,

AGMC

Insured,

4%,

8/01/35

................................

1,000,000

1,204,889

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,391,378

Bucks

County

Industrial

Development

Authority

,

George

School,

Revenue,

2011,

5%,

9/15/41

.............................

5,000,000

5,065,477

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,712,659

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2021,

3%,

8/15/53

.............

12,000,000

12,512,298

Bucks

County

Water

and

Sewer

Authority

,

Revenue

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

12/01/41

..............................................

10,000,000

10,245,554

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/39

.......................................

1,625,000

1,834,845

Canon

Mcmillan

School

District

,

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/44

..........................

6,075,000

6,880,041

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/46

..........................

7,680,000

8,666,644

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/48

..........................

5,250,000

5,906,816

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/50

..........................

6,000,000

6,782,133

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2011

,

Pre-

Refunded

,

5.375

%

,

12/01/41

.........................................

3,000,000

3,078,493

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,468,594

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

2,040,068

Chester

County

Health

and

Education

Facilities

Authority

,

Main

Line

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

9/01/50

.......................

2,500,000

2,939,267

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/35

...............

500,000

520,140

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

...............

1,500,000

1,549,277

City

of

Bethlehem

,

GO

,

2011

B

,

Pre-Refunded

,

AGMC

Insured

,

6.5

%

,

12/01/32

.....

4,965,000

4,965,000

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/36

......................

400,000

455,802

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

167

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

City

of

Erie

Higher

Education

Building

Authority,

(continued)

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/41

......................

$

1,000,000

$

1,123,229

Gannon

University,

Revenue,

2021

TT-1,

5%,

5/01/47

......................

480,000

580,677

City

of

Philadelphia

,

GO,

2019

B,

5%,

2/01/36

............................................

3,300,000

4,225,065

GO,

2019

B,

5%,

2/01/37

............................................

4,950,000

6,311,670

GO,

2019

B,

5%,

2/01/38

............................................

2,500,000

3,175,677

GO,

2019

B,

5%,

2/01/39

............................................

2,500,000

3,161,852

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/42

.........................

10,000,000

12,056,239

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

2,725,000

3,148,025

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/50

.........................

3,225,000

3,704,648

Water

&

Wastewater,

Revenue,

2013

A,

Pre-Refunded,

5.125%,

1/01/43

........

5,000,000

5,145,483

Water

&

Wastewater,

Revenue,

2015

A,

5%,

7/01/40

.......................

10,000,000

11,271,423

Water

&

Wastewater,

Revenue,

2015

A,

5%,

7/01/45

.......................

5,000,000

5,611,303

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/42

......................

10,000,000

12,405,428

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

6,109,583

Water

&

Wastewater,

Revenue,

2018

A,

5%,

10/01/43

......................

5,000,000

6,258,114

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

6,330,920

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/50

..............

5,000,000

6,440,193

City

of

Pittsburgh

,

GO,

2021,

4%,

9/01/36

.............................................

750,000

889,647

GO,

2021,

4%,

9/01/37

.............................................

500,000

590,220

GO,

2021,

4%,

9/01/38

.............................................

760,000

895,064

GO,

2021,

4%,

9/01/39

.............................................

730,000

857,224

Colonial

School

District

,

GO,

2021

A,

3%,

2/15/35

............................................

600,000

663,894

GO,

2021

A,

3%,

2/15/36

............................................

700,000

770,647

GO,

2021

A,

3%,

2/15/37

............................................

525,000

576,018

GO,

2021

A,

3%,

2/15/38

............................................

655,000

716,954

GO,

2021

A,

3%,

2/15/39

............................................

325,000

354,929

GO,

2021

A,

3%,

2/15/40

............................................

1,650,000

1,798,694

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

11,666,253

Commonwealth

of

Pennsylvania

,

GO,

2019,

Refunding,

5%,

7/15/29

.....................................

10,000,000

13,145,385

GO,

First

Series,

2020,

3%,

5/01/36

....................................

22,495,000

25,341,407

GO,

First

Series,

2021,

3%,

5/15/34

....................................

10,000,000

11,350,709

Conestoga

Valley

School

District

,

GO,

2021

A,

4%,

2/01/36

............................................

1,100,000

1,327,409

Revenue,

2021

B,

4%,

2/01/36

........................................

1,020,000

1,230,870

County

of

Beaver

,

GO

,

2017

,

BAM

Insured

,

4

%

,

4/15/29

......................

1,660,000

1,980,727

County

of

Chester

,

GO,

2020,

4%,

7/15/37

.............................................

1,000,000

1,170,257

GO,

2020,

4%,

7/15/39

.............................................

1,120,000

1,304,182

GO,

2020,

4%,

7/15/40

.............................................

1,330,000

1,547,366

County

of

Jefferson

,

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/35

........................

650,000

728,012

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/37

........................

770,000

857,070

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/39

........................

520,000

575,873

a

County

of

Monroe

,

GO,

2021

A,

4%,

7/15/36

............................................

5,440,000

6,510,985

GO,

2021

A,

4%,

7/15/37

............................................

5,500,000

6,568,685

County

of

Montgomery

,

GO,

2021

A,

5%,

1/01/38

............................................

6,825,000

9,135,465

GO,

2021

A,

5%,

1/01/39

............................................

7,175,000

9,578,862

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.

168

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

County

of

York

,

GO

,

2020

B

,

4

%

,

6/01/38

.................................

$

860,000

$

1,036,753

Cumberland

County

Municipal

Authority

,

Dickinson

College

,

Revenue

,

2012

,

5

%

,

11/01/42

........................................................

4,500,000

4,771,679

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,703,103

Dauphin

County

General

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

6/01/42

.........................................................

15,590,000

16,197,109

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

3,040,000

3,323,814

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,745,695

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,339,152

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,301,890

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

BAM

Insured

,

5

%

,

11/01/38

................

1,250,000

1,376,221

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

5%,

7/01/45

........................

3,250,000

3,376,075

Student

Services,

Inc.,

Revenue,

2015,

5%,

7/01/47

........................

3,750,000

4,024,014

Easton

Area

School

District

,

GO,

2021,

4%,

4/01/32

.............................................

1,450,000

1,765,358

GO,

2021,

4%,

4/01/33

.............................................

600,000

728,242

Erie

City

Water

Authority

,

Revenue

,

2016

,

Refunding

,

5

%

,

12/01/43

..............

6,000,000

7,251,070

a

Fairview

School

District

,

GO,

2021,

BAM

Insured,

3%,

9/15/37

...................................

1,195,000

1,317,043

GO,

2021,

BAM

Insured,

3%,

9/15/38

...................................

1,000,000

1,100,314

GO,

2021,

BAM

Insured,

3%,

9/15/39

...................................

1,000,000

1,097,041

GO,

2021,

BAM

Insured,

3%,

9/15/40

...................................

1,080,000

1,181,608

Falls

Township

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

12/01/41

..............

2,210,000

2,259,626

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-1,

Refunding,

5%,

2/15/45

........................................................

19,055,000

22,719,232

Geisinger

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/39

........................................................

3,680,000

4,373,767

Geisinger

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/50

........................................................

13,000,000

15,150,139

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

11,955,000

13,657,323

Governor

Mifflin

School

District

,

GO,

2020

A,

4%,

4/01/40

............................................

680,000

793,613

GO,

2020

A,

4%,

4/01/41

............................................

1,700,000

1,981,121

GO,

2021,

3%,

4/01/35

.............................................

810,000

883,051

GO,

2021,

3%,

4/01/36

.............................................

625,000

679,712

GO,

2021,

3%,

4/01/37

.............................................

1,000,000

1,084,524

GO,

2021,

3%,

4/01/38

.............................................

1,000,000

1,082,005

GO,

2021,

3%,

4/01/39

.............................................

1,015,000

1,095,682

GO,

2021,

4%,

4/01/40

.............................................

800,000

936,448

GO,

2021,

4%,

4/01/41

.............................................

1,100,000

1,285,616

Greater

Johnstown

Water

Authority

,

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/38

.......................

1,740,000

2,038,317

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/41

.......................

2,650,000

3,100,018

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

169

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2011

C

,

5

%

,

7/01/41

........

$

5,000,000

$

5,024,878

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,970,634

Lancaster

Industrial

Development

Authority

,

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

2,144,878

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,658,835

Lancaster

School

District

,

GO,

2020,

AGMC

Insured,

4%,

6/01/34

.................................

1,000,000

1,195,177

GO,

2020,

AGMC

Insured,

4%,

6/01/35

.................................

1,850,000

2,207,817

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/46

................

750,000

820,144

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/51

................

800,000

871,170

St.

Vincent

College

Corp.,

Revenue,

2013,

5%,

5/01/43

.....................

4,120,000

4,333,379

Lehigh

County

Authority

,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/43

...........................

2,805,000

3,136,480

Revenue,

2013

A,

5%,

12/01/43

.......................................

2,435,000

2,688,738

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/38

...................

1,400,000

1,559,012

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/43

...................

1,495,000

1,661,360

Mckeesport

Area

School

District

,

GO

,

2020

B

,

AGMC

Insured

,

4

%

,

10/01/40

.......

1,500,000

1,761,228

Monroe

County

Hospital

Authority

,

Lehigh

Valley

Health

Network

Obligated

Group

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

1/01/41

............................

4,000,000

4,109,910

Montgomery

County

Higher

Education

and

Health

Authority

,

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

9/01/43

........................................................

3,000,000

3,698,388

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

11,516,005

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

688,925

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

2,392,127

Main

Line

Health

System,

Inc.

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

10/01/41

...................................................

9,600,000

9,992,893

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,829,636

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,309,202

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

544,970

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

10,000,000

11,648,219

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/43

...

2,285,000

2,753,656

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

...

2,500,000

2,994,342

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College,

Revenue,

2019,

5%,

5/01/44

.............................

1,000,000

1,164,718

Wilkes

University,

Revenue,

2012

A,

5.25%,

3/01/42

........................

2,400,000

2,449,181

Northeastern

School

District

,

GO,

2021

A,

BAM

Insured,

3%,

3/01/38

.................................

850,000

926,877

GO,

2021

A,

BAM

Insured,

3%,

3/01/41

.................................

775,000

839,788

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

2,095,695

Pennsylvania

Economic

Development

Financing

Authority

,

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/29

.

500,000

583,402

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/32

.

1,300,000

1,543,567

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.

170

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

UPMC

Obligated

Group,

Revenue,

2014

A,

5%,

2/01/45

.....................

$

5,000,000

$

5,632,456

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

5,728,150

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

10,416,088

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/37

...........

1,375,000

1,678,196

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/39

...........

1,325,000

1,608,449

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/40

...........

1,200,000

1,453,213

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

7,248,489

Bryn

Mawr

College,

Revenue,

2019,

Refunding,

4%,

12/01/44

................

1,000,000

1,159,555

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

5/01/50

.....

5,000,000

5,789,273

Foundation

for

Indiana

University

of

Pennsylvania

(The),

Revenue,

2012

A,

Pre-

Refunded,

5%,

7/01/41

............................................

1,250,000

1,315,570

Gwynedd

Mercy

University,

Revenue,

2012

KK-1,

5.375%,

5/01/42

............

1,800,000

1,851,893

Shippensburg

University

of

Pennsylvania,

Revenue,

2011,

Pre-Refunded,

6.25%,

10/01/43

.......................................................

7,000,000

7,141,518

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/35

.......................................................

1,400,000

1,490,412

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/44

.......................................................

2,000,000

2,129,161

St.

Francis

University,

Revenue,

2011-JJ2,

Pre-Refunded,

6.25%,

11/01/41

......

3,840,000

3,937,204

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2012,

Pre-Refunded,

5%,

4/01/42

..........................

15,000,000

15,613,894

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

9/01/45

........................................................

7,465,000

8,502,881

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/36

..

2,750,000

3,337,672

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/46

..

14,000,000

16,882,533

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

4%,

2/15/43

..

12,575,000

14,407,189

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

5%,

2/15/48

..

5,000,000

6,112,919

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2011

A,

Pre-Refunded,

5.75%,

8/15/41

......................................

3,950,000

3,995,562

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

7,511,686

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/42

....................................................

5,000,000

5,716,130

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

11,051,861

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2019,

4%,

8/15/44

....................................................

6,000,000

7,014,563

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2019,

4%,

8/15/49

....................................................

3,000,000

3,475,912

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

5%,

8/15/37

............................................

1,000,000

1,327,812

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

5%,

8/15/38

............................................

1,000,000

1,324,236

University

of

Sciences,

Revenue,

2012,

5%,

11/01/42

.......................

5,000,000

5,242,974

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

6,337,326

Revenue,

2019-130A,

3%,

10/01/46

....................................

5,000,000

5,193,737

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

11,755,635

Revenue,

2020-133,

2.5%,

10/01/45

...................................

10,000,000

10,322,942

Pennsylvania

State

University

(The)

,

Revenue,

2015

A,

Refunding,

5%,

9/01/40

...............................

10,490,000

12,284,756

Revenue,

2016

A,

Refunding,

5%,

9/01/41

...............................

10,000,000

12,014,223

Revenue,

2017

A,

5%,

9/01/42

........................................

15,750,000

19,353,641

Revenue,

2017

A,

5%,

9/01/47

........................................

10,000,000

12,211,912

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

171

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

State

University

(The),

(continued)

Revenue,

2018,

5%,

9/01/48

.........................................

$

5,955,000

$

7,387,991

Revenue,

2019

A,

5%,

9/01/37

........................................

3,585,000

4,635,136

Revenue,

2019

A,

5%,

9/01/45

........................................

5,475,000

6,958,878

Revenue,

2019

A,

5%,

9/01/49

........................................

6,720,000

8,506,739

Pennsylvania

Turnpike

Commission

,

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

8,512,806

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,660,947

Revenue,

2018

A,

5%,

12/01/48

.......................................

18,600,000

23,200,589

Revenue,

2021

A,

Refunding,

4%,

12/01/39

..............................

2,655,000

3,200,835

Revenue,

2021

A,

4%,

12/01/50

.......................................

10,000,000

11,740,934

Pequea

Valley

School

District

,

GO,

2021,

3%,

5/15/32

.............................................

500,000

556,890

GO,

2021,

3%,

5/15/36

.............................................

500,000

551,251

GO,

2021,

3%,

5/15/37

.............................................

500,000

549,685

GO,

2021,

3%,

5/15/38

.............................................

300,000

329,056

GO,

2021,

3%,

5/15/39

.............................................

350,000

382,988

GO,

2021,

3%,

5/15/40

.............................................

300,000

327,721

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010

A,

5.625%,

6/15/42

.................

4,000,000

4,007,958

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/42

5,000,000

5,621,051

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

236,801

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

358,714

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/50

............

2,515,000

2,951,364

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,750,271

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

11,150,000

13,242,539

Philadelphia

Gas

Works

Co.

,

Revenue,

14th,

Refunding,

5%,

10/01/32

................................

1,000,000

1,209,235

Revenue,

15th,

Refunding,

5%,

8/01/42

.................................

5,000,000

6,040,809

Revenue,

15th,

Refunding,

5%,

8/01/47

.................................

6,000,000

7,176,934

Revenue,

Sixteenth

A,

AGMC

Insured,

4%,

8/01/45

........................

3,750,000

4,408,250

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/50

........................

7,000,000

8,826,290

Philadelphia

Housing

Authority

,

Revenue

,

2002

A

,

AGMC

Insured

,

5

%

,

12/01/21

....

2,560,000

2,569,106

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien,

2020

B,

AGMC

Insured,

4%,

9/01/45

...................

1,700,000

2,011,769

Revenue,

First

Lien,

2020

B,

AGMC

Insured,

4%,

9/01/50

...................

6,105,000

7,200,350

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

5,000,000

5,617,726

Radnor

Township

School

District

,

GO,

2021,

3%,

8/15/35

.............................................

1,400,000

1,551,995

GO,

2021,

4%,

8/15/36

.............................................

1,600,000

1,919,791

GO,

2021,

4%,

8/15/37

.............................................

3,445,000

4,119,318

GO,

2021,

4%,

8/15/38

.............................................

1,430,000

1,705,978

GO,

2021,

4%,

8/15/39

.............................................

1,400,000

1,665,278

GO,

2021,

4%,

8/15/40

.............................................

1,250,000

1,484,131

Scranton

School

District

,

GO,

2020,

4%,

12/01/40

.............................................

1,535,000

1,787,402

GO,

2020,

4%,

12/01/42

.............................................

2,835,000

3,288,814

GO,

2020,

4%,

12/01/45

.............................................

3,670,000

4,231,652

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,682,314

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

18,875,198

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.

172

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

State

College

Area

School

District,

(continued)

GO,

2018,

5%,

5/15/37

.............................................

$

1,075,000

$

1,345,820

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

4,324,797

State

Public

School

Building

Authority

,

Butler

County

Community

College,

Revenue,

2021,

AGMC

Insured,

4%,

6/15/36

..

1,015,000

1,184,395

Butler

County

Community

College,

Revenue,

2021,

AGMC

Insured,

4%,

6/15/40

..

1,515,000

1,736,993

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

8,650,633

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

3,000,000

3,648,785

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

1,000,000

1,098,391

Township

of

Upper

St.

Clair

,

GO,

2021,

4%,

5/15/37

.............................................

535,000

639,299

GO,

2021,

4%,

5/15/39

.............................................

1,000,000

1,189,520

Union

County

Higher

Educational

Facilities

Financing

Authority

,

Bucknell

University

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

4/01/42

............................

5,000,000

5,202,485

Upper

Merion

Area

School

District

,

GO,

2021

A,

3%,

1/15/39

............................................

1,000,000

1,103,413

GO,

2021

A,

3%,

1/15/40

............................................

1,500,000

1,652,053

GO,

2021

A,

3%,

1/15/41

............................................

1,275,000

1,400,362

GO,

2021

A,

4%,

1/15/51

............................................

5,000,000

5,829,581

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/29

......

725,000

932,774

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/30

......

1,270,000

1,659,148

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/37

......

2,400,000

2,856,833

a

Wilson

School

District

,

GO,

2021

C,

4%,

5/15/30

............................................

2,500,000

3,026,787

GO,

2021

C,

4%,

5/15/31

............................................

2,100,000

2,531,428

GO,

2021

C,

4%,

5/15/32

............................................

1,850,000

2,223,994

1,073,742,744

U.S.

Territories

1.2%

Puerto

Rico

1.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,100,000

1,187,774

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,079,838

b

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

5,175,000

4,968,000

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

950,000

1,035,934

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

.................

2,500,000

2,957,459

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/28

....................

755,000

892,201

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,290,000

1,400,081

13,521,287

Total

U.S.

Territories

....................................................................

13,521,287

Total

Municipal

Bonds

(Cost

$1,025,184,163)

...................................

1,090,102,703

a

a

a

a

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

173

See

Abbreviations

on

page

184

.

Short

Term

Investments

0.2%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.2%

Pennsylvania

0.2%

c

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2002

B

,

Refunding

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

7/01/25

......................

$

2,400,000

$

2,400,000

Total

Municipal

Bonds

(Cost

$2,400,000)

.......................................

2,400,000

Total

Short

Term

Investments

(Cost

$2,400,000

)

.................................

2,400,000

a

Total

Investments

(Cost

$1,027,584,163)

100.9%

................................

$1,092,502,703

Other

Assets,

less

Liabilities

(0.9)%

...........................................

(10,106,332)

Net

Assets

100.0%

...........................................................

$1,082,396,371

a

Security

purchased

on

a

when-issued

basis.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2021

Franklin

Virginia

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

174

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

$

1,500,000

$

1,839,267

State

of

Illinois

,

GO

,

2020

B

,

5

%

,

10/01/29

................................

1,000,000

1,268,627

3,107,894

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

559,964

Revenue,

2021

A,

Refunding,

5%,

6/15/31

...............................

3,250,000

4,268,849

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

500,000

594,506

5,423,319

Virginia

91.4%

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/45

................................

975,000

1,102,224

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

2,000,000

2,359,333

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

........................................................

10,350,000

11,833,045

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

1,166,401

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

4,625,916

City

of

Bristol

,

Revenue

,

2001

,

AGMC

Insured

,

ETM,

5

%

,

7/15/21

...............

270,000

271,576

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,872,589

City

of

Newport

News

,

GO,

2021

A,

4%,

2/01/33

............................................

1,750,000

2,192,417

GO,

2021

A,

4%,

2/01/34

............................................

850,000

1,059,523

GO,

2021

A,

4%,

2/01/35

............................................

800,000

990,799

City

of

Norfolk

,

GO,

2013

A,

Pre-Refunded,

5%,

8/01/32

................................

5,845,000

6,459,879

GO,

2016

A,

Pre-Refunded,

5%,

10/01/41

...............................

1,040,000

1,284,630

GO,

2016

A,

Pre-Refunded,

5%,

10/01/46

...............................

2,500,000

3,088,052

GO,

2019,

Pre-Refunded,

5%,

8/01/44

..................................

3,995,000

5,135,257

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

8,485,174

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

8,423,698

City

of

Portsmouth

,

GO

,

2012

A

,

5

%

,

7/15/41

..............................

4,010,000

4,208,901

City

of

Richmond

,

Public

Utility,

Revenue,

2013

A,

Pre-Refunded,

5%,

1/15/43

..................

10,000,000

10,792,676

Public

Utility,

Revenue,

2016

A,

Refunding,

5%,

1/15/33

.....................

10,000,000

11,998,921

Public

Utility,

Revenue,

2020

A,

4%,

1/15/38

..............................

5,745,000

6,947,324

City

of

Roanoke

,

GO

,

2021

A

,

3

%

,

4/01/34

................................

2,045,000

2,355,313

City

of

Virginia

Beach

,

Storm

Water

Utility,

Revenue,

2020

A,

5%,

11/15/31

........................

2,920,000

3,977,592

Storm

Water

Utility,

Revenue,

2020

A,

3%,

11/15/43

........................

4,225,000

4,689,990

Commonwealth

of

Virginia

,

GO

,

2020

A

,

4

%

,

6/01/31

.........................

4,650,000

5,851,388

County

of

Arlington

,

GO,

2019,

4%,

6/15/34

.............................................

2,000,000

2,445,916

GO,

2020

A,

Refunding,

4%,

8/01/38

...................................

9,190,000

11,389,561

County

of

Fairfax

,

GO,

2018

A,

4%,

10/01/34

...........................................

3,000,000

3,583,871

GO,

2020

A,

Refunding,

5%,

10/01/32

..................................

5,735,000

7,666,677

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

175

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

County

of

Fairfax,

(continued)

GO,

2020

A,

Refunding,

5%,

10/01/35

..................................

$

5,750,000

$

7,604,914

GO,

2020

A,

Refunding,

5%,

10/01/37

..................................

1,980,000

2,606,036

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

3,429,181

County

of

Henrico

,

Water

&

Sewer,

Revenue,

2020

A,

3%,

5/01/46

...........................

2,150,000

2,394,569

Water

&

Sewer,

Revenue,

2020

A,

4%,

5/01/50

...........................

6,050,000

7,238,979

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

6,142,532

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/36

4,865,000

5,505,220

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

10/01/42

1,500,000

1,626,275

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group,

Revenue,

2014

A,

5%,

5/15/44

..........

2,500,000

2,798,240

Inova

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

5/15/48

.

5,000,000

5,715,814

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

4,284,410

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

6,067,893

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

...............................

5,000,000

5,984,075

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/31

............................

6,200,000

7,595,636

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

6,266,400

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

14,505,215

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

20,000,000

24,367,614

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

5,131,432

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/60

..............................

3,000,000

3,830,909

Revenue,

Senior

Lien,

2020

A,

5.25%,

7/01/60

............................

4,450,000

5,775,774

Henrico

County

Economic

Development

Authority

,

Revenue,

2020,

Refunding,

4%,

10/01/40

................................

500,000

564,548

Revenue,

2020,

Refunding,

4%,

10/01/45

................................

725,000

810,593

Revenue,

2020,

Refunding,

4%,

10/01/50

................................

1,500,000

1,668,801

Bon

Secours

Health

System,

Inc.

Obligated

Group,

Revenue,

2013

C,

Pre-Refunded,

5%,

11/01/30

...................................................

5,000,000

5,343,109

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/42

2,000,000

2,138,244

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,374,962

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,827,203

Loudoun

County

Sanitation

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/29

....

4,770,000

5,549,894

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/47

.......................................

4,500,000

5,250,035

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/36

................

1,200,000

1,433,012

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/37

................

500,000

595,423

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/38

................

1,750,000

2,079,350

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/37

.........................................

1,000,000

1,267,558

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

1,009,559

Revenue,

2019,

5%,

7/01/43

.........................................

2,925,000

3,660,487

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.

176

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Northern

Virginia

Transportation

Authority

,

Special

Tax

,

2014

,

5

%

,

6/01/33

.........

$

3,000,000

$

3,401,920

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,421,211

Prince

William

County

Industrial

Development

Authority

,

Novant

Health

Obligated

Group

,

Revenue

,

2013

B

,

Refunding

,

5

%

,

11/01/46

........................

10,000,000

10,584,739

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

7,070,520

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

7/01/45

.......

6,000,000

6,381,827

Carilion

Clinic

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/51

.......

12,055,000

14,127,689

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

1,122,247

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,646

University

of

Virginia

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/47

................

9,630,000

11,723,124

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

7,085,954

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

2,012,512

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

2,531,831

Virginia

College

Building

Authority

,

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

75,000

91,716

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,803,484

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

8,025,599

Revenue,

2019

A,

4%,

2/01/34

........................................

5,000,000

6,001,838

Revenue,

2020

A,

4%,

2/01/38

........................................

5,000,000

6,059,921

Revenue,

2021,

Refunding,

4%,

6/01/36

.................................

2,750,000

3,267,343

Revenue,

2021,

Refunding,

3%,

6/01/41

.................................

4,800,000

5,052,102

Revenue,

2021,

Refunding,

4%,

6/01/46

.................................

3,725,000

4,307,428

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

873,351

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

450,290

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

546,630

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

1,100,000

1,187,819

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,878,369

Washington

&

Lee

University

(The),

Revenue,

2015

A,

Refunding,

5%,

1/01/40

....

5,000,000

5,708,994

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,764,926

Revenue,

2016,

5%,

9/15/31

.........................................

4,000,000

4,891,345

Revenue,

2019,

4%,

5/15/40

.........................................

13,060,000

15,445,086

Revenue,

2020,

4%,

9/15/35

.........................................

4,000,000

4,904,007

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

4,208,133

Virginia

Public

Building

Authority

,

Revenue,

2019

A,

4%,

8/01/35

........................................

1,250,000

1,520,122

Revenue,

2021

A-2,

4%,

8/01/34

......................................

6,000,000

7,546,138

Revenue,

2021

A-2,

4%,

8/01/35

......................................

5,000,000

6,275,024

Revenue,

2021

A-2,

4%,

8/01/37

......................................

3,000,000

3,743,630

Virginia

Public

School

Authority

,

Revenue,

2014

B,

Refunding,

5%,

8/01/24

...............................

10,000,000

11,477,822

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

6,761,497

Revenue,

2019

A,

5%,

8/01/30

........................................

3,535,000

4,660,107

Revenue,

2019

A,

5%,

8/01/31

........................................

2,625,000

3,446,685

Revenue,

2020

B,

Refunding,

4%,

8/01/34

...............................

5,190,000

6,459,192

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,912,986

County

of

Prince

William,

Revenue,

2019

A,

3%,

10/01/38

...................

5,455,000

6,163,877

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

177

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Resources

Authority

,

Revenue,

2015

A,

Refunding,

5%,

11/01/38

..............................

$

5,165,000

$

6,132,679

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

5,255,000

6,181,862

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

9,523,253

Revenue,

2020

B,

Refunding,

4%,

11/01/32

..............................

1,470,000

1,862,550

Revenue,

2021

A,

Refunding,

4%,

11/01/43

..............................

2,000,000

2,462,734

Revenue,

2021

A,

Refunding,

4%,

11/01/47

..............................

2,000,000

2,445,084

Clean

Water

Revolving

Fund,

Revenue,

2020,

4%,

10/01/52

..................

1,915,000

2,300,949

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2012,

5%,

1/01/40

.............

2,400,000

2,463,234

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2019,

5%,

1/01/44

.............

2,500,000

2,565,275

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

5,825,765

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

6,600,000

7,962,561

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/45

........................................................

750,000

833,443

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

4,000,000

4,701,784

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

8,730,000

10,239,915

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,808,806

588,872,114

U.S.

Territories

6.0%

District

of

Columbia

4.7%

Metropolitan

Washington

Airports

Authority

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/49

5,000,000

6,178,569

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

6,050,789

Revenue,

2020

A,

5%,

7/15/45

........................................

7,000,000

9,037,557

Revenue,

2020

A,

5%,

7/15/36

........................................

5,000,000

6,577,186

a

Revenue,

2021

A,

4%,

7/15/39

........................................

1,000,000

1,229,254

a

Revenue,

2021

A,

5%,

7/15/37

........................................

1,000,000

1,342,885

30,416,240

Puerto

Rico

1.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,835,651

b

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,040,000

1,001,000

b

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

1,900,000

1,824,000

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,800,000

2,126,698

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,600,000

1,736,535

8,523,884

Total

U.S.

Territories

....................................................................

38,940,124

Total

Municipal

Bonds

(Cost

$598,127,516)

.....................................

636,343,451

a

a

a

a

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.

178

See

Abbreviations

on

page

184

.

Short

Term

Investments

0.9%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.9%

Virginia

0.9%

c

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/36

......................

$

5,700,000

$

5,700,000

Total

Municipal

Bonds

(Cost

$5,700,000)

.......................................

5,700,000

Total

Short

Term

Investments

(Cost

$5,700,000

)

.................................

5,700,000

a

Total

Investments

(Cost

$603,827,516)

99.6%

...................................

$642,043,451

Other

Assets,

less

Liabilities

0.4%

.............................................

2,484,507

Net

Assets

100.0%

...........................................................

$644,527,958

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

179

Quarterly

Statements

of

Investments

Notes

to

Statements

of

Investments

(unaudited)

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)

180

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.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows:

6. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

    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

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

................

$67,125,853

$—

$—

$

—

$

1,269,823

$

68,395,676

2,515,000

$

307,190

Total

Affiliated

Securities

....

$67,125,853

$—

$—

$—

$1,269,823

$68,395,676

$307,190

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

................

$37,366,280

$—

$—

$

—

$

706,860

$

38,073,140

1,400,000

$

171,000

Total

Affiliated

Securities

....

$37,366,280

$—

$—

$—

$706,860

$38,073,140

$171,000

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Intermediate

Tax-Free

Bond

Opportunities

ETF

..........

$30,278,325

$6,625,875

$—

$

—

$

686,575

$

37,590,775

1,405,000

$

209,178

Total

Affiliated

Securities

....

$30,278,325

$6,625,875

$—

$—

$686,575

$37,590,775

$209,178

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

181

Quarterly

Statements

of

Investments

• 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

May

31,

2021,

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

.........................

$

—

$

247,181,202

$

—

$

247,181,202

Total

Investments

in

Securities

...........

$—

$247,181,202

$—

$247,181,202

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,036,771,824

—

1,036,771,824

Short

Term

Investments

...................

—

11,135,000

—

11,135,000

Total

Investments

in

Securities

...........

$—

$1,047,906,824

$—

$1,047,906,824

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

757,337,126

—

757,337,126

Short

Term

Investments

...................

—

2,100,000

—

2,100,000

Total

Investments

in

Securities

...........

$—

$759,437,126

$—

$759,437,126

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

200,118,988

—

200,118,988

Total

Investments

in

Securities

...........

$—

$200,118,988

$—

$200,118,988

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

68,395,676

—

—

68,395,676

Commercial

Mortgage-Backed

Securities

......

—

8,148,216

—

8,148,216

Municipal

Bonds

.........................

—

3,731,914,971

—

3,731,914,971

Short

Term

Investments

...................

—

4,400,000

—

4,400,000

Total

Investments

in

Securities

...........

$68,395,676

$3,744,463,187

$—

$3,812,858,863

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

38,073,140

—

—

38,073,140

Municipal

Bonds

.........................

—

993,377,743

—

993,377,743

Short

Term

Investments

...................

—

352,120,000

—

352,120,000

Total

Investments

in

Securities

...........

$38,073,140

$1,345,497,743

$—

$1,383,570,883

Franklin

Florida

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

534,299,001

—

534,299,001

Short

Term

Investments

...................

—

2,490,000

—

2,490,000

Total

Investments

in

Securities

...........

$—

$536,789,001

$—

$536,789,001

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

182

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

476,024,932

$

—

$

476,024,932

Short

Term

Investments

...................

—

2,500,000

—

2,500,000

Total

Investments

in

Securities

...........

$—

$478,524,932

$—

$478,524,932

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

86,524,275

—

—

86,524,275

Senior

Floating

Rate

Interests

...............

—

2,195,884

4,563,281

6,759,165

U.S.

Government

and

Agency

Securities

.......

—

—

1,900,000

1,900,000

Municipal

Bonds

.........................

—

6,822,900,147

—

6,822,900,147

Short

Term

Investments

...................

—

49,215,000

—

49,215,000

Total

Investments

in

Securities

...........

$86,524,275

$6,874,311,031

$6,463,281

$6,967,298,587

Franklin

Kentucky

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

144,720,231

—

144,720,231

Short

Term

Investments

...................

—

1,460,000

—

1,460,000

Total

Investments

in

Securities

...........

$—

$146,180,231

$—

$146,180,231

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

389,228,655

—

389,228,655

Total

Investments

in

Securities

...........

$—

$389,228,655

$—

$389,228,655

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

421,494,301

—

421,494,301

Short

Term

Investments

...................

—

1,100,000

—

1,100,000

Total

Investments

in

Securities

...........

$—

$422,594,301

$—

$422,594,301

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

445,278,511

—

445,278,511

Short

Term

Investments

...................

—

600,000

—

600,000

Total

Investments

in

Securities

...........

$—

$445,878,511

$—

$445,878,511

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

971,382,983

—

971,382,983

Short

Term

Investments

...................

—

9,290,000

—

9,290,000

Total

Investments

in

Securities

...........

$—

$980,672,983

$—

$980,672,983

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,132,403,017

—

1,132,403,017

Short

Term

Investments

...................

—

30,665,000

—

30,665,000

Total

Investments

in

Securities

...........

$—

$1,163,068,017

$—

$1,163,068,017

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

183

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.

Level

1

Level

2

Level

3

Total

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

1,011,688,838

$

—

$

1,011,688,838

Short

Term

Investments

...................

—

3,195,000

—

3,195,000

Total

Investments

in

Securities

...........

$—

$1,014,883,838

$—

$1,014,883,838

Franklin

Municipal

Green

Bond

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

7,632,904

—

7,632,904

Total

Investments

in

Securities

...........

$—

$7,632,904

$—

$7,632,904

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

828,540,301

—

828,540,301

Short

Term

Investments

...................

—

3,300,000

—

3,300,000

Total

Investments

in

Securities

...........

$—

$831,840,301

$—

$831,840,301

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

872,645,627

—

872,645,627

Total

Investments

in

Securities

...........

$—

$872,645,627

$—

$872,645,627

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,684,169,242

—

1,684,169,242

Short

Term

Investments

...................

—

910,000

—

910,000

Total

Investments

in

Securities

...........

$—

$1,685,079,242

$—

$1,685,079,242

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,311,651,909

—

1,311,651,909

Short

Term

Investments

...................

—

4,400,000

—

4,400,000

Total

Investments

in

Securities

...........

$—

$1,316,051,909

$—

$1,316,051,909

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,090,102,703

—

1,090,102,703

Short

Term

Investments

...................

—

2,400,000

—

2,400,000

Total

Investments

in

Securities

...........

$—

$1,092,502,703

$—

$1,092,502,703

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

636,343,451

—

636,343,451

Short

Term

Investments

...................

—

5,700,000

—

5,700,000

Total

Investments

in

Securities

...........

$—

$642,043,451

$—

$642,043,451

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

184

Quarterly

Statements

of

Investments

7.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Cu

r

rency

USD

United

States

Dollar

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

LIBOR

London

Inter-Bank

Offered

Rate

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

PIK

Payment-In-Kind

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.