Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FTFT-Q3PH

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

19

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

22

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

45

Franklin

Georgia

Tax-Free

Income

Fund

60

Franklin

High

Yield

Tax-Free

Income

Fund

65

Franklin

Louisiana

Tax-Free

Income

Fund

113

Franklin

Maryland

Tax-Free

Income

Fund

117

Franklin

Massachusetts

Tax-Free

Income

Fund

121

Franklin

Michigan

Tax-Free

Income

Fund

125

Franklin

Minnesota

Tax-Free

Income

Fund

133

Franklin

Missouri

Tax-Free

Income

Fund

141

Franklin

Municipal

Green

Bond

Fund

148

Franklin

New

Jersey

Tax-Free

Income

Fund

152

Franklin

North

Carolina

Tax-Free

Income

Fund

158

Franklin

Ohio

Tax-Free

Income

Fund

164

Franklin

Oregon

Tax-Free

Income

Fund

174

Franklin

Pennsylvania

Tax-Free

Income

Fund

181

Franklin

Virginia

Tax-Free

Income

Fund

189

Notes

to

Statements

of

Investments

194

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

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

97.7%

Alabama

91.6%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

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

$

2,000,000

$

2,264,696

Alabama

Federal

Aid

Highway

Finance

Authority

,

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

6/01/37

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

4,130,000

5,127,797

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,517,652

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

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

2,500,000

2,859,107

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

6,000,000

7,313,999

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

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

300,000

388,652

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

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

325,000

420,301

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

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

400,000

516,311

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

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

350,000

419,423

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

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

500,000

597,962

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

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

545,000

650,313

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

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

400,000

476,435

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

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

2,540,000

3,008,151

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

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

705,000

831,672

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,940,463

a

Black

Belt

Energy

Gas

District

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

4

%

,

12/01/31

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

2,000,000

2,444,131

Board

of

Water

&

Sewer

Commissioners

of

the

City

of

Mobile

,

Revenue

,

2014

,

Refunding

,

5

%

,

1/01/36

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

10,000,000

10,481,572

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

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

6,000,000

7,095,737

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

3,086,127

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

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

2,500,000

2,952,701

City

of

Boaz

,

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/46

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

1,000,000

1,167,461

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/50

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

1,500,000

1,743,844

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

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

3,000,000

3,540,657

City

of

Huntsville

,

GO,

2018

B,

5%,

5/01/38

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

4,775,000

5,907,186

Water,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/35

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

4,000,000

4,620,209

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

2,500,000

2,920,846

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

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

2,590,000

2,982,821

City

of

Pelham

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

2/01/34

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

2,635,000

2,902,616

City

of

Trussville

,

GO,

2014

B,

Pre-Refunded,

5%,

10/01/39

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

1,895,000

2,059,798

GO,

2018

A,

4%,

8/01/41

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

3,000,000

3,530,565

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

5,436,167

County

of

Mobile

,

GO,

2020

A,

Refunding,

4%,

8/01/38

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

1,000,000

1,208,081

b

Revenue,

144A,

2020,

4%,

11/01/45

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

1,000,000

1,084,633

DCH

Healthcare

Authority

,

Revenue,

2015,

Refunding,

5%,

6/01/36

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

2,000,000

2,273,448

Revenue,

2021

A,

4%,

6/01/46

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

2,310,000

2,656,815

East

Alabama

Health

Care

Authority

(The)

,

Revenue,

2018

A,

4%,

9/01/30

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

1,000,000

1,149,562

Revenue,

2018

A,

5%,

9/01/41

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

3,000,000

3,622,335

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)

c

Florence

Public

Building

Authority

,

City

of

Florence

,

Revenue

,

2021

,

4

%

,

9/01/35

....

$

500,000

$

593,611

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

the

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/45

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

10,000,000

11,641,631

Homewood

Educational

Building

Authority

,

Samford

University,

Revenue,

2019

A,

Refunding,

4%,

12/01/49

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

2,500,000

2,830,929

Samford

University,

Revenue,

2021

A,

4%,

12/01/51

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

1,470,000

1,668,290

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

3,431,684

Infirmary

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/46

3,000,000

3,502,835

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

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

5,000,000

6,024,862

Revenue,

2020,

Refunding,

4%,

12/01/50

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

5,000,000

5,669,193

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

6,683,807

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

3,483,203

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

5,544,660

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGMC

Insured

,

4

%

,

3/01/41

1,000,000

1,096,953

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

2,296,166

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,925,491

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2011

A

,

5.375

%

,

12/01/35

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

3,000,000

3,011,149

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

Mandatory

Put,

4%,

10/01/28

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

2,000,000

2,345,693

Revenue,

2021

B,

Mandatory

Put,

4%,

12/01/31

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

5,000,000

6,021,098

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/39

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

4,000,000

4,657,301

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,409,556

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

296,087

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,819,828

Tuscaloosa

County

Board

of

Education

,

Special

Tax

,

2017

,

4

%

,

2/01/47

..........

5,000,000

5,679,688

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

5,978,690

University

of

Alabama

(The)

,

Revenue,

2013

D-2,

5%,

10/01/37

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

7,520,000

8,100,176

Revenue,

2018

B2,

5%,

9/01/48

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

5,000,000

6,074,876

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,980,405

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,442,729

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue,

2016

B,

Pre-Refunded,

5%,

1/01/43

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

10,000,000

12,160,456

Revenue,

Senior

Lien,

2016

A,

Pre-Refunded,

4%,

1/01/35

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

4,000,000

4,675,611

234,246,904

Illinois

1.6%

c

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,000,000

1,144,683

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

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

750,000

877,458

GO,

2017

D,

5%,

11/01/27

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

1,000,000

1,210,136

GO,

2020

B,

5%,

10/01/29

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

280,000

351,223

GO,

2020

B,

4%,

10/01/33

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

200,000

234,981

GO,

2021

A,

4%,

3/01/41

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

300,000

348,494

4,166,975

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

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

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

$

250,000

$

278,778

Revenue,

2021

A,

Refunding,

5%,

6/15/33

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

1,200,000

1,556,357

Revenue,

2021

A,

Refunding,

4%,

6/15/34

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

500,000

590,676

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

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

250,000

310,684

2,736,495

New

York

1.4%

Metropolitan

Transportation

Authority

,

Revenue,

2020

D,

4%,

11/15/47

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

1,000,000

1,136,833

Revenue,

2021

A-1,

4%,

11/15/46

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

560,000

641,155

Revenue,

2021

A-2,

4%,

11/15/42

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

1,600,000

1,846,118

3,624,106

Wisconsin

0.7%

b

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

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

1,700,000

1,700,000

U.S.

Territories

1.3%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,225,726

Puerto

Rico

0.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

500,000

542,234

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

1,089,043

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

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

530,000

575,880

2,207,157

Total

U.S.

Territories

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

3,432,883

Total

Municipal

Bonds

(Cost

$233,128,418)

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

249,907,363

a

a

a

a

a

Total

Investments

(Cost

$233,128,418)

97.7%

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

$249,907,363

Other

Assets,

less

Liabilities

2.3%

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

5,852,073

Net

Assets

100.0%

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

$255,759,436

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

November

30,

2021,

the

aggregate

value

of

these

securities

was

$2,784,633,

representing

1.1%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

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

98.9%

Arizona

95.2%

Arizona

Board

of

Regents

,

Revenue

,

2020

A

,

5

%

,

7/01/35

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

$

1,000,000

$

1,302,793

Arizona

Department

of

Transportation

,

State

Highway

Fund,

Revenue,

2015,

Refunding,

5%,

7/01/31

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

10,000,000

11,115,917

State

Highway

Fund,

Revenue,

2016,

Refunding,

5%,

7/01/36

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

8,680,000

10,247,734

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/39

......

15,000,000

16,872,476

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/42

......

9,535,000

10,710,153

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

2/01/42

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

8,000,000

8,063,134

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

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

2,045,000

2,378,986

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/51

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

1,080,000

1,244,533

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,794,892

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,912,526

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/40

865,000

1,020,901

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/46

2,750,000

3,187,729

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/33

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

1,000,000

1,232,438

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

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

1,630,000

1,986,947

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/39

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

1,000,000

1,217,015

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

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

6,645,000

8,018,931

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

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

5,115,000

5,703,555

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/38

.....

1,175,000

1,220,752

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/54

.....

1,250,000

1,302,765

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/36

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

1,105,000

1,077,698

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/49

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

3,500,000

3,276,552

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

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

2,000,000

1,893,799

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/31

..........

315,000

363,741

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/41

..........

405,000

464,354

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/52

..........

840,000

947,281

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

3.25%,

7/01/31

..........

1,550,000

1,563,069

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/41

..........

2,800,000

3,151,318

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/51

..........

7,000,000

7,761,713

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/61

..........

10,930,000

12,022,420

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

4%,

2/01/50

.....

11,595,000

13,390,175

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

2/01/35

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

1,700,000

2,261,250

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

2/01/36

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

1,800,000

2,387,377

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

2/01/37

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

1,900,000

2,513,631

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/38

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

1,700,000

2,053,493

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/39

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

2,000,000

2,410,296

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/40

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

1,000,000

1,202,783

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

2/01/41

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

$

885,000

$

945,181

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/49

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

3,345,000

4,056,824

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/54

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

3,240,000

3,915,372

Arizona

Sports

&

Tourism

Authority

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

7/01/36

.....

1,550,000

1,583,478

Arizona

State

University

,

Revenue,

2014,

5%,

8/01/33

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

2,200,000

2,459,870

Revenue,

2014,

5%,

8/01/34

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

3,320,000

3,710,589

Revenue,

2014,

5%,

8/01/44

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

4,145,000

4,615,099

Revenue,

2015

B,

Refunding,

5%,

7/01/41

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

14,070,000

16,145,456

Revenue,

2015

D,

5%,

7/01/41

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

5,000,000

5,737,546

Revenue,

2015

D,

5%,

7/01/46

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

5,000,000

5,733,727

Revenue,

2016

B,

5%,

7/01/42

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

2,000,000

2,368,009

Revenue,

2016

C,

5%,

7/01/46

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

10,000,000

11,802,916

Revenue,

2017

B,

Refunding,

5%,

7/01/43

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

4,005,000

4,858,675

Revenue,

2019

A,

5%,

7/01/43

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

2,100,000

2,645,951

Carefree

Utilities

Community

Facilities

District

,

Town

of

Carefree

Water

System

,

Revenue

,

2021

,

4

%

,

7/01/51

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

2,000,000

2,356,121

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,163,315

City

of

El

Mirage

,

GO

,

2012

,

AGMC

Insured

,

5

%

,

7/01/42

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

2,200,000

2,254,535

City

of

Goodyear

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

AGMC

Insured,

4%,

7/01/39

600,000

712,110

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGMC

Insured,

4%,

7/01/45

.........

5,000,000

5,846,075

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/40

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

650,000

770,274

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/45

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

7,135,000

8,342,349

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/40

...

15,000,000

17,047,364

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/43

...

9,155,000

10,370,058

City

of

Mesa

,

Utility

System,

Revenue,

2018,

5%,

7/01/32

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

1,000,000

1,246,026

Utility

System,

Revenue,

2018,

5%,

7/01/34

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

1,265,000

1,571,644

Utility

System,

Revenue,

2018,

4%,

7/01/38

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

1,425,000

1,665,239

Utility

System,

Revenue,

2018,

4%,

7/01/39

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

6,135,000

7,157,920

Utility

System,

Revenue,

2018,

5%,

7/01/42

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

15,000,000

18,403,083

Utility

System,

Revenue,

2019

A,

5%,

7/01/43

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

10,000,000

12,534,349

Utility

System,

Revenue,

2020,

Refunding,

4%,

7/01/34

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

2,500,000

3,043,466

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

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

15,090,000

18,156,892

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

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

20,570,000

23,411,163

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/44

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

8,500,000

10,442,730

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

5,000,000

6,011,718

Excise

Tax,

Revenue,

2015

A,

Refunding,

5%,

7/01/41

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

10,000,000

11,440,762

Excise

Tax,

Revenue,

2020

A,

Refunding,

4%,

7/01/45

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

3,550,000

4,209,000

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

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

2,500,000

3,107,978

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

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

1,500,000

1,855,144

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

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

8,420,000

10,397,141

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)

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

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

$

2,500,000

$

2,837,083

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

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

3,945,000

4,915,443

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

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

2,000,000

2,553,485

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

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

2,000,000

2,599,117

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

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

5,000,000

7,313,027

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

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

7,000,000

10,393,426

Wastewater,

Revenue,

Junior

Lien,

2018

A,

5%,

7/01/37

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

1,000,000

1,243,850

Wastewater,

Revenue,

Junior

Lien,

2018

A,

4%,

7/01/39

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

5,000,000

5,833,676

Water

System,

Revenue,

Junior

Lien,

2014

A,

Pre-Refunded,

5%,

7/01/39

.......

10,000,000

11,200,865

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

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

5,000,000

5,854,060

Water

System,

Revenue,

Junior

Lien,

2020

B,

5%,

7/01/44

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

5,000,000

6,420,105

Water

System,

Revenue,

Junior

Lien,

2021

A,

5%,

7/01/45

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

3,000,000

3,934,089

City

of

Tucson

,

Water

System,

Revenue,

2020,

4%,

7/01/36

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

650,000

782,560

Water

System,

Revenue,

2020,

4%,

7/01/37

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

500,000

600,614

County

of

Maricopa

,

Banner

Health

Obligated

Group

,

Revenue

,

2005

,

Pre-Refunded

,

5

%

,

4/01/35

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

12,090,000

13,373,594

Glendale

Industrial

Development

Authority

,

Midwestern

University,

Revenue,

2007,

Refunding,

5%,

5/15/31

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

3,455,000

3,510,076

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/41

...........

1,500,000

1,706,969

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/56

...........

4,000,000

4,500,848

Glendale

Municipal

Property

Corp.

,

Revenue

,

2012

C

,

Refunding

,

5

%

,

7/01/38

.....

18,530,000

19,385,221

Golder

Ranch

Fire

District

,

GO

,

2021

,

4

%

,

7/01/45

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

1,155,000

1,359,308

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

1,192,192

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

2,367,715

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

1,330,000

1,573,401

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/25

1,015,000

1,157,476

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/27

425,000

511,918

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/30

700,000

847,111

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/32

250,000

299,776

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

600,000

718,228

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/37

2,750,000

3,269,340

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

8,550,000

10,083,632

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,521,193

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,355,934

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,470,925

JMF-

Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/34

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

1,355,000

1,409,943

JMF-

Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/39

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

5,610,000

5,828,326

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018

A,

5%,

7/01/48

......

1,000,000

1,175,139

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

2017

C,

Refunding,

5%,

12/15/47

........

3,840,000

4,304,361

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Refunding,

5%,

12/15/32

1,765,000

2,005,181

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Refunding,

5%,

6/15/37

2,240,000

2,532,338

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/46

....

11,295,000

13,254,483

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

4/01/51

....

12,000,000

12,615,950

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)

,

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/34

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

$

4,250,000

$

4,960,307

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

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

1,310,000

1,529,132

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

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

1,510,000

1,760,087

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

8/01/39

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

1,350,000

1,685,982

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

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

3,000,000

3,475,917

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/23

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

110,000

115,672

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/25

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

90,000

101,091

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/26

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

95,000

109,591

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/27

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

75,000

88,649

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/28

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

80,000

96,278

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/29

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

110,000

134,416

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/30

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

100,000

123,750

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/41

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

430,000

487,343

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/46

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

345,000

388,915

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/51

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

580,000

650,960

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,210,972

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

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

9,630,000

11,001,352

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

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

37,590,000

45,505,608

Christian

Care

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/36

......

3,860,000

4,327,377

Christian

Care

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

1/01/40

......

9,740,000

10,883,306

Creighton

University,

Revenue,

2020,

5%,

7/01/47

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

13,000,000

16,146,721

Creighton

University,

Revenue,

2020,

4%,

7/01/50

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

1,695,000

1,954,964

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.

1,000,000

1,175,401

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/52

.

1,000,000

1,156,338

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/37

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

1,000,000

1,253,078

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/50

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

1,715,000

2,092,815

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/37

.......

4,025,000

4,986,131

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/42

.......

4,000,000

4,917,805

HonorHealth

Obligated

Group,

Revenue,

2021

A,

3%,

9/01/51

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

1,600,000

1,661,223

HonorHealth

Obligated

Group,

Revenue,

2021

A,

4%,

9/01/51

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

3,275,000

3,779,667

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

3,920,000

4,744,289

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/36

.........

1,120,000

1,275,711

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/47

.........

3,325,000

3,740,618

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

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

13,500,000

14,910,881

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

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

10,000,000

10,189,129

a

Public

Service

Co.

of

New

Mexico,

Revenue,

2003

A,

Refunding,

Mandatory

Put,

1.05%,

6/01/22

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

4,250,000

4,265,891

a

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

A,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

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

6,650,000

6,630,714

Southern

California

Edison

Co.,

Revenue,

2000

A,

Refunding,

2.4%,

6/01/35

.....

5,000,000

5,110,326

Maricopa

County

School

District

No.

83-Cartwright

Elementary

,

GO

,

2011

A

,

AGMC

Insured

,

5.375

%

,

7/01/30

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

5,415,000

5,437,565

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO,

2013,

5%,

7/01/31

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

5,100,000

5,461,385

GO,

2018,

BAM

Insured,

5%,

7/01/33

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

1,000,000

1,213,151

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.

48

Scottsdale

,

GO,

2021

D,

3%,

7/01/35

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

$

5,625,000

$

6,333,312

GO,

2021

D,

3%,

7/01/37

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

1,350,000

1,513,313

Maricopa

County

Unified

School

District

No.

69

Paradise

Valley

,

GO

,

2021

E

,

3

%

,

7/01/38

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

700,000

783,226

Maricopa

County

Unified

School

District

No.

95

Queen

Creek

,

GO,

2018,

5%,

7/01/33

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

500,000

581,915

GO,

2018,

5%,

7/01/37

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

1,200,000

1,387,325

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

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

2,000,000

2,369,465

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

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

2,000,000

2,367,451

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

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

1,000,000

1,182,392

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,202,422

Northern

Arizona

University

,

Revenue,

2013,

5%,

8/01/26

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

2,380,000

2,539,970

Revenue,

2014,

Pre-Refunded,

5%,

6/01/40

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

2,820,000

3,140,794

Revenue,

2014,

5%,

6/01/40

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

4,545,000

4,996,273

Revenue,

2014,

Pre-Refunded,

5%,

6/01/44

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

8,005,000

8,926,244

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/38

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

4,000,000

5,106,814

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/39

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

1,355,000

1,729,064

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

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

3,305,000

3,879,220

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

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

2,665,000

3,212,182

GO,

2017,

BAM

Insured,

5%,

7/01/34

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

2,800,000

3,370,499

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017

C,

BAM

Insured,

5%,

7/01/36

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

2,385,000

2,878,170

GO,

2018

D,

AGMC

Insured,

5%,

7/01/38

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

2,500,000

3,008,752

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,245,876

Pinal

County

Electric

District

No.

3

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/35

.......

1,195,000

1,396,791

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2012

A,

Refunding,

5%,

12/01/30

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

4,500,000

4,608,494

Revenue,

2016

A,

Refunding,

5%,

1/01/38

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

9,745,000

11,662,127

Revenue,

2017

A,

Refunding,

5%,

1/01/37

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

10,000,000

12,325,670

Revenue,

2017

A,

Refunding,

5%,

1/01/38

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

3,310,000

4,081,049

Revenue,

2017

A,

Refunding,

5%,

1/01/39

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

5,605,000

6,904,337

Revenue,

2019

A,

5%,

1/01/47

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

5,000,000

6,348,129

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

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

10,000,000

13,222,396

Revenue,

2007-1,

5%,

12/01/37

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

5,000,000

7,017,586

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

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

1,000,000

1,101,118

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

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

1,400,000

1,533,903

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

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

3,155,000

3,443,673

Town

of

Gilbert

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

10,000,000

11,407,589

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

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

2,500,000

3,074,021

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

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

5,000,000

6,105,207

Excise

Tax,

Revenue,

2020,

4%,

8/01/45

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

5,710,000

6,779,500

Excise

Tax,

Revenue,

2020,

4%,

8/01/50

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

8,740,000

10,283,627

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

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

University

Medical

Center

Corp.

,

Banner-University

Medical

Center

Tucson

Campus

LLC

,

Revenue

,

2013

,

Pre-Refunded

,

5.625

%

,

7/01/36

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

$

5,000,000

$

5,421,706

University

of

Arizona

(The)

,

Revenue,

2013,

Pre-Refunded,

5%,

8/01/38

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

4,360,000

4,701,542

Revenue,

2013,

5%,

8/01/38

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

5,790,000

6,187,923

Revenue,

2016,

Refunding,

5%,

6/01/39

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

2,750,000

3,245,323

Revenue,

2018

A,

5%,

6/01/43

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

5,000,000

6,108,431

Revenue,

2019

A,

5%,

6/01/42

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

2,000,000

2,505,690

Revenue,

2020

A,

Refunding,

4%,

8/01/44

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

11,245,000

13,265,365

993,408,638

Wisconsin

0.7%

b

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

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

6,800,000

6,800,000

U.S.

Territories

3.0%

Guam

1.2%

Guam

Power

Authority

,

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/39

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

6,490,000

7,137,215

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/44

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

5,325,000

5,834,023

12,971,238

Puerto

Rico

1.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

3,700,000

4,012,532

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

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

750,000

809,605

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

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

770,000

861,495

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

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

1,970,000

2,183,842

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

2,790,000

3,139,538

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

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

5,050,000

5,487,159

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

2,290,000

2,497,018

18,991,189

Total

U.S.

Territories

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

31,962,427

Total

Municipal

Bonds

(Cost

$958,955,405)

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

1,032,171,065

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Arizona

0.4%

c

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

2/01/48

4,000,000

4,000,000

Total

Municipal

Bonds

(Cost

$4,000,000)

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

4,000,000

Total

Short

Term

Investments

(Cost

$4,000,000

)

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

4,000,000

a

Total

Investments

(Cost

$962,955,405)

99.3%

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

$1,036,171,065

Other

Assets,

less

Liabilities

0.7%

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

7,874,304

Net

Assets

100.0%

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

$1,044,045,369

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

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

November

30,

2021,

the

value

of

this

security

was

$6,800,000,

representing

0.7%

of

net

assets.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

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

97.3%

Colorado

93.3%

Adams

&

Weld

Counties

School

District

No.

27J

Brighton

,

GO

,

2015

,

5

%

,

12/01/40

..

$

7,500,000

$

8,696,967

Adams

12

Five

Star

Schools

,

GO

,

2016

B

,

Refunding

,

5

%

,

12/15/36

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

5,000,000

5,979,238

Adams

State

University

,

Revenue,

2012,

Pre-Refunded,

5%,

5/15/37

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

370,000

377,480

Revenue,

2012,

5%,

5/15/37

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

630,000

642,702

Revenue,

2019

A,

Refunding,

4%,

5/15/42

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

1,515,000

1,755,493

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,490,340

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

8,287,502

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

12,980,000

16,911,233

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,205,072

Auraria

Higher

Education

Center

,

Revenue

,

2013

A

,

AGMC

Insured

,

5

%

,

4/01/34

...

6,150,000

6,504,731

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013

A,

Refunding,

5%,

3/01/43

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

5,000,000

7,253,006

Revenue,

2013

C,

Pre-Refunded,

5%,

3/01/44

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

2,675,000

2,833,093

Revenue,

2013

C,

Pre-Refunded,

5%,

3/01/44

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

2,460,000

2,606,983

Revenue,

2015

A,

Pre-Refunded,

5%,

3/01/40

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

3,990,000

4,567,632

Revenue,

2015

A,

5%,

3/01/40

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

3,010,000

3,397,113

Revenue,

2016

B,

Pre-Refunded,

5%,

3/01/41

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

1,000,000

1,221,771

Revenue,

2017

E,

Refunding,

4%,

3/01/43

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

4,500,000

5,134,813

Revenue,

2019

A,

Refunding,

5%,

3/01/49

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

4,000,000

5,009,277

Revenue,

A,

Refunding,

4%,

3/01/40

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

5,000,000

5,707,402

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

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

10,000,000

12,110,634

Boulder

Valley

School

District

No.

Re-2

Boulder

,

GO

,

2015

,

5

%

,

12/01/41

.........

5,000,000

5,676,228

a

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

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

1,440,000

1,580,867

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

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

1,150,000

1,341,619

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

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

3,000,000

3,716,011

Revenue,

2019,

5.25%,

12/01/48

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

6,760,000

8,431,332

Central

Weld

County

Water

District

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/40

..

1,000,000

1,198,803

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/50

........

2,000,000

2,362,028

City

&

County

of

Denver

,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

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

3,500,000

3,871,114

Revenue,

2018

A-1,

5%,

8/01/48

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

5,000,000

5,797,725

Revenue,

2021

A,

4%,

8/01/33

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

1,250,000

1,544,260

Revenue,

2021

A,

4%,

8/01/34

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

1,000,000

1,232,683

Airport

System,

Revenue,

2013

B,

5%,

11/15/43

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

5,000,000

5,423,363

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

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

5,000,000

6,193,350

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

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

4,440,000

5,464,303

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

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

3,000,000

3,825,290

City

of

Aurora

,

Water,

Revenue,

First

Lien,

2016,

Pre-Refunded,

5%,

8/01/41

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

3,000,000

3,610,875

Water,

Revenue,

First

Lien,

2016,

Pre-Refunded,

5%,

8/01/46

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

5,000,000

6,018,124

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2013

B-1,

5%,

11/15/38

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

4,000,000

4,332,163

Utilities

System,

Revenue,

2014

A-2,

5%,

11/15/44

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

5,000,000

5,578,192

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/40

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

3,000,000

3,472,941

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

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

2,665,000

3,067,195

Utilities

System,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/47

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

6,000,000

7,228,931

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

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

5,000,000

6,146,507

Utilities

System,

Revenue,

2020

C,

5%,

11/15/50

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

3,000,000

3,847,626

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

Commerce

City

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

8/01/41

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

$

4,000,000

$

4,687,488

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

16,572,917

City

of

Grand

Junction

,

COP,

2021,

4%,

12/01/40

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

1,500,000

1,798,204

COP,

2021,

4%,

12/01/45

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

1,000,000

1,184,829

Revenue,

2020

B,

4%,

3/01/45

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

1,500,000

1,768,344

Revenue,

2020

B,

4%,

3/01/49

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

1,240,000

1,455,782

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

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

5,280,000

5,299,102

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

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

425,000

478,252

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

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

150,000

167,209

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

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

370,000

408,352

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/61

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

550,000

601,853

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/41

......

1,460,000

1,554,906

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/51

......

3,635,000

3,805,090

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/46

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

345,000

368,619

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/56

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

1,000,000

1,058,338

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/61

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

2,210,000

2,323,565

Pinnacle

Charter

School,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

.......

5,820,000

6,748,146

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

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

715,000

844,591

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

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

3,950,000

4,741,883

West

Ridge

Academy

Charter

School,

Revenue,

2019

A,

Refunding,

5%,

6/01/49

..

400,000

429,628

Westgate

Community

School,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........

2,370,000

2,768,387

Windsor

Charter

Academy

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

2,400,000

2,737,880

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

11/15/41

......

3,000,000

3,345,501

AdventHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

......

5,000,000

6,409,696

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

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

1,575,000

1,844,185

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

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

850,000

991,261

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

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

705,000

820,654

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

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

835,000

969,995

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

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

725,000

840,750

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

3,455,239

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

4.75%,

9/15/53

.........

1,500,000

1,679,576

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

5,000,000

5,841,226

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

3,000,000

3,746,947

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,489,574

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

7,000,000

8,604,994

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

5,000,000

5,700,755

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013

A,

Pre-

Refunded,

5.75%,

12/01/36

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

5,000,000

5,544,939

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

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

7,150,000

8,017,148

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

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

5,000,000

5,825,818

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

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

5,700,000

6,503,534

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2012,

Pre-

Refunded,

5%,

12/01/33

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

2,500,000

2,560,274

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.5%,

6/01/33

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

1,000,000

1,078,797

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

$

4,322,656

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/40

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

4,000,000

4,633,668

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/45

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

2,750,000

3,185,647

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2017,

Pre-

Refunded,

5%,

6/01/47

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

6,000,000

7,326,907

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,747,724

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

6,275,000

7,282,855

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/01/39

..........

1,000,000

1,174,158

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/44

..........

10,455,000

12,994,860

Sisters

of

Charity

of

Leavenworth

Health

System,

Inc.

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

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

3,660,000

4,315,133

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

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

2,000,000

2,266,770

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

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

1,000,000

1,129,749

Colorado

High

Performance

Transportation

Enterprise

,

Revenue

,

2017

,

5

%

,

12/31/47

2,555,000

2,888,141

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

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

1,000,000

1,067,722

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

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

1,000,000

1,066,177

Colorado

Mesa

University

,

Revenue,

2016,

5%,

5/15/45

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

4,000,000

4,670,586

Revenue,

2019

B,

5%,

5/15/44

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

1,000,000

1,243,903

Revenue,

2019

B,

5%,

5/15/49

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

1,565,000

1,937,812

Colorado

School

of

Mines

,

Revenue,

2012

B,

5%,

12/01/32

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

110,000

114,843

Revenue,

2017

A,

5%,

12/01/42

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

2,450,000

3,007,660

Revenue,

2017

A,

5%,

12/01/47

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

3,000,000

3,674,979

Colorado

Water

Resources

&

Power

Development

Authority

,

Revenue

,

2013

A

,

Pre-

Refunded

,

AGMC

Insured

,

5

%

,

9/01/38

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

1,210,000

1,252,767

Commerce

City

,

Northern

Infrastructure

General

Improvement

District

,

GO

,

2013

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/31

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

2,040,000

2,133,799

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

3,188,173

Denver

City

&

County

School

District

No.

1

,

COP,

2013

C,

5%,

12/15/30

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

4,000,000

4,353,272

COP,

2020

A,

5%,

12/01/42

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

2,000,000

2,571,326

GO,

2017,

5%,

12/01/41

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

12,440,000

14,807,964

GO,

2021,

4%,

12/01/45

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

5,000,000

5,993,102

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

11,184,571

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

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

5,255,000

6,316,520

Revenue,

2014

A,

5.25%,

12/01/45

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

9,250,000

9,915,053

Revenue,

2019

A,

Refunding,

5%,

12/01/30

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

1,000,000

1,272,107

Revenue,

2019

A,

Refunding,

5%,

12/01/31

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

1,400,000

1,773,230

Revenue,

2019

A,

Refunding,

5%,

12/01/33

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

3,300,000

4,165,732

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

350,000

361,319

Eagle

River

Water

and

Sanitation

District

,

GO,

2016,

5%,

12/01/45

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

1,360,000

1,587,121

Revenue,

2012,

Pre-Refunded,

5%,

12/01/42

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

3,500,000

3,665,398

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)

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/38

$

1,000,000

$

1,185,362

El

Paso

County

School

District

No.

49

Falcon

,

COP

,

2021

,

4

%

,

12/15/46

..........

5,000,000

5,870,629

Erie

Farm

Metropolitan

District

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/41

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

575,000

731,937

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/46

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

700,000

881,728

GO,

2021,

Refunding,

AGMC

Insured,

4%,

12/01/51

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

1,200,000

1,385,562

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

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

520,000

612,967

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

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

875,000

1,027,099

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

5,000,000

6,271,811

Little

Thompson

Water

District

,

Revenue

,

2020

,

4

%

,

12/01/50

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

1,200,000

1,422,768

Metropolitan

State

University

of

Denver

,

Revenue

,

2016

,

5

%

,

12/01/45

...........

4,000,000

4,622,202

Morgan

County

Quality

Water

District

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

1,200,000

1,397,800

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

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

1,000,000

1,150,095

GO,

2016,

Refunding,

5%,

12/01/46

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

1,500,000

1,703,317

Park

Creek

Metropolitan

District

,

Revenue,

2017

A,

5%,

12/01/41

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

3,000,000

3,400,412

Revenue,

2017

A,

5%,

12/01/46

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

2,500,000

2,820,205

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

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

7,000,000

7,887,897

Revenue,

Senior

Lien,

2018

A,

5%,

12/01/46

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

2,875,000

3,469,647

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

7,945,580

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

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

550,000

570,428

b

Prairiestar

Metropolitan

District

No.

2

,

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/36

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

500,000

638,554

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/41

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

500,000

631,024

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/46

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

500,000

622,921

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

15,386,226

Pueblo

City

Schools

,

GO

,

2020

,

5

%

,

12/15/38

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

3,000,000

3,839,929

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

1/15/33

........

550,000

661,773

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,000,000

1,199,537

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/36

........

750,000

891,500

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/38

........

700,000

827,882

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/41

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

10,000,000

11,777,728

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/46

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

11,000,000

12,858,217

Sales

Tax,

Revenue,

2021

B,

Refunding,

5%,

11/01/29

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

5,000,000

6,487,676

Roaring

Fork

Transportation

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/44

....

1,000,000

1,172,504

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

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

2,665,000

3,172,694

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

500,000

540,305

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

6,538,463

State

of

Colorado

,

COP,

2013

I,

Pre-Refunded,

5%,

3/15/36

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

3,000,000

3,321,330

COP,

2017

J,

5.25%,

3/15/42

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

5,000,000

6,025,197

COP,

2019

O,

4%,

3/15/44

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

5,000,000

5,790,328

COP,

2020,

Refunding,

4%,

6/15/39

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

1,000,000

1,191,311

COP,

2020,

Refunding,

4%,

6/15/40

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

1,315,000

1,563,922

COP,

2020,

Refunding,

4%,

6/15/41

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

1,275,000

1,512,908

COP,

2020

A,

4%,

12/15/39

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

2,750,000

3,304,766

University

of

Colorado,

COP,

2013

A,

Pre-Refunded,

5%,

11/01/29

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

3,105,000

3,385,404

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)

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

$

1,125,000

$

1,336,252

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

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

500,000

546,954

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

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

1,250,000

1,386,249

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

4,500,000

5,246,786

Town

of

Castle

Rock

,

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/31

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

1,800,000

1,928,389

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/32

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

1,845,000

1,976,599

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/35

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

2,775,000

2,972,934

Town

of

Firestone

,

Water

Enterprise

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/49

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

1,400,000

1,645,024

Town

of

Monument

,

COP,

2020,

AGMC

Insured,

4%,

12/01/40

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

1,000,000

1,146,376

COP,

2020,

AGMC

Insured,

4%,

12/01/45

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

1,000,000

1,135,663

University

of

Colorado

,

Revenue,

2015

A,

Pre-Refunded,

5%,

6/01/38

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

5,655,000

6,550,848

Revenue,

2018

B,

Pre-Refunded,

5%,

6/01/48

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

5,000,000

6,299,395

Revenue,

2019

B,

5%,

6/01/44

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

1,930,000

2,411,147

Revenue,

2019

B,

Pre-Refunded,

5%,

6/01/44

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

1,455,000

1,867,963

Revenue,

2019

B,

Pre-Refunded,

5%,

6/01/49

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

3,295,000

4,243,908

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

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

2,500,000

2,980,144

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

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

380,000

437,935

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

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

480,000

549,925

Weld

County

School

District

No.

6

Greeley

,

GO

,

2020

,

5

%

,

12/01/40

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

8,750,000

11,203,891

Weld

County

School

District

No.

RE-4

,

GO

,

2016

,

5.25

%

,

12/01/41

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

5,000,000

6,050,359

Weld

County

School

District

No.

Re-5J

,

GO

,

2021

,

4

%

,

12/01/45

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

5,000,000

5,993,101

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

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

630,000

771,442

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

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

500,000

606,838

Woodmoor

Water

&

Sanitation

District

No.

1

,

Revenue

,

2011

,

Refunding

,

5

%

,

12/01/36

5,000,000

5,000,000

713,309,311

Florida

0.5%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

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

4,104,000

4,113,357

Illinois

1.0%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

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

3,000,000

3,509,832

GO,

2019

B,

4%,

11/01/33

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

1,250,000

1,447,341

GO,

2021

A,

5%,

3/01/31

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

650,000

835,580

GO,

2021

A,

5%,

3/01/32

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

500,000

640,589

GO,

2021

A,

4%,

3/01/39

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

500,000

583,571

GO,

2021

A,

4%,

3/01/41

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

560,000

650,522

7,667,435

New

York

0.8%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

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

900,000

1,030,429

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

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Metropolitan

Transportation

Authority,

(continued)

Revenue,

2021

A-2,

4%,

11/15/43

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

$

4,100,000

$

4,720,743

5,751,172

Wisconsin

0.7%

a

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

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

5,000,000

5,000,000

U.S.

Territories

1.0%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,838,588

Puerto

Rico

0.8%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

1,200,000

1,301,361

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

1,089,043

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

1,670,000

1,879,222

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

1,485,000

1,619,245

5,888,871

Total

U.S.

Territories

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

7,727,459

Total

Municipal

Bonds

(Cost

$688,628,173)

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

743,568,734

a

a

a

a

Short

Term

Investments

2.3%

Municipal

Bonds

2.3%

Colorado

2.3%

c

City

&

County

of

Denver

,

COP,

2008

A-1,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

12/01/29

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

6,075,000

6,075,000

COP,

2008

A-2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

12/01/29

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

7,600,000

7,600,000

COP,

2008

A-3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

12/01/31

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

700,000

700,000

c

Colorado

Educational

&

Cultural

Facilities

Authority

,

Daughters

of

Israel,

Inc.

,

Revenue

,

B-4

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

12/01/35

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

3,200,000

3,200,000

17,575,000

Total

Municipal

Bonds

(Cost

$17,575,000)

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

17,575,000

Total

Short

Term

Investments

(Cost

$17,575,000

)

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

17,575,000

a

Total

Investments

(Cost

$706,203,173)

99.6%

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

$761,143,734

Other

Assets,

less

Liabilities

0.4%

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

3,261,496

Net

Assets

100.0%

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

$764,405,230

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.

18

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

aggregate

value

of

these

securities

was

$6,580,867,

representing

0.9%

of

net

assets.

b

Security

purchased

on

a

when-issued

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),

November

30,

2021

Franklin

Connecticut

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.5%

Connecticut

95.3%

City

of

Ansonia

,

GO,

2021

A,

AGMC

Insured,

4%,

2/15/31

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

$

170,000

$

209,160

GO,

2021

A,

AGMC

Insured,

4%,

2/15/33

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

100,000

122,102

GO,

2021

A,

AGMC

Insured,

4%,

2/15/34

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

100,000

121,874

GO,

2021

A,

AGMC

Insured,

3%,

2/15/37

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

500,000

553,235

City

of

Bridgeport

,

GO,

2021

A,

4%,

8/01/40

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

765,000

903,475

GO,

2021

A,

4%,

8/01/46

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

375,000

436,071

GO,

2021

A,

4%,

8/01/51

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

575,000

665,030

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,189,178

City

of

New

Haven

,

GO,

2002

C,

NATL

Insured,

ETM,

5%,

11/01/22

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

25,000

25,100

GO,

2021

A,

Refunding,

4%,

8/01/40

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

2,000,000

2,283,050

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility,

Revenue,

2013

A,

5.25%,

8/15/43

.....

1,000,000

1,079,083

Water

Pollution

Control

System

&

Facility,

Revenue,

2020

A,

4%,

11/15/45

.......

1,175,000

1,407,300

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

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

565,000

644,006

Connecticut

Housing

Finance

Authority

,

Revenue,

2019

E-E1,

3.05%,

11/15/44

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

5,000,000

5,267,541

Revenue,

2019

E-E1,

3.1%,

11/15/49

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

2,000,000

2,094,793

Revenue,

2020

C-1,

Refunding,

2.05%,

5/15/37

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

1,000,000

1,000,536

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

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

980,000

993,353

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2013

A

,

5

%

,

1/01/38

..

3,000,000

3,139,127

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/34

345,000

415,960

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/35

310,000

373,146

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

576,605

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

600,000

719,134

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

376,865

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

453,722

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

1,020,218

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

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

5,000,000

5,625,323

Connecticut

State

University

System,

Revenue,

N,

Pre-Refunded,

5%,

11/01/29

...

5,060,000

5,513,689

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

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

4,000,000

4,714,588

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

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

9,000,000

10,534,430

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

..........

1,500,000

1,763,715

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/41

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

735,000

821,664

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/51

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

1,250,000

1,377,180

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

1,158,540

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

6,310,000

7,271,308

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

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

8,250,000

9,225,643

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

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

4,375,000

5,165,724

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

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

1,200,000

1,378,271

Stamford

Hospital

Obligated

Group

(The),

Revenue,

J,

Refunding,

5%,

7/01/42

...

5,000,000

5,136,891

a

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/37

...

2,550,000

2,978,194

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/41

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

2,430,000

2,636,975

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/46

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

2,210,000

2,374,512

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

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

5,000,000

5,891,727

Trustees

of

Trinity

College

(The),

Revenue,

R,

Refunding,

4%,

6/01/45

..........

2,500,000

2,938,271

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/46

..........

2,000,000

2,389,511

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/51

..........

2,000,000

2,376,175

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

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

5,000,000

5,347,718

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

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

1,700,000

1,763,601

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

Connecticut

State

Higher

Education

Supplement

Loan

Authority,

(continued)

Revenue,

2020

D,

Refunding,

3%,

11/15/35

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

$

1,145,000

$

1,180,548

Revenue,

2021

B,

2.25%,

11/15/37

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

2,500,000

2,514,233

Hartford

County

Metropolitan

District

,

Clean

Water

Project

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

11/01/42

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

5,000,000

5,665,450

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

A-Thirtieth,

Pre-Refunded,

5%,

8/01/39

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

1,500,000

1,685,621

Revenue,

A-Thirtieth,

Pre-Refunded,

5%,

8/01/44

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

1,615,000

1,814,851

Revenue,

Second

Series,

B-Thirty

Second,

Refunding,

5%,

8/01/38

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

1,720,000

2,037,952

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/36

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

5,000,000

5,959,619

GO,

2020

A,

4%,

1/15/38

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

2,250,000

2,671,483

GO,

2020

C,

4%,

6/01/39

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

600,000

715,878

GO,

2021

A,

3%,

1/15/37

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

1,450,000

1,608,263

Special

Tax,

2013,

5%,

10/01/30

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

5,000,000

5,414,436

Special

Tax,

2016

A,

5%,

9/01/33

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

1,000,000

1,192,734

Special

Tax,

2018

A,

5%,

1/01/36

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

1,000,000

1,228,620

Special

Tax,

2020

A,

5%,

5/01/37

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

500,000

642,733

Special

Tax,

2020

A,

4%,

5/01/39

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

1,000,000

1,191,346

Special

Tax,

2021

A,

4%,

5/01/40

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

1,100,000

1,326,985

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

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

1,400,000

1,686,741

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/34

.......

5,000,000

5,699,492

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/35

.......

1,000,000

1,138,858

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017

A,

5%,

5/01/37

.......

3,000,000

3,623,337

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2019

A,

4%,

2/01/37

.......

1,500,000

1,782,640

Town

of

Darien

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/01/39

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

350,000

407,848

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

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

500,000

585,492

Town

of

Stafford

,

GO,

2021,

Refunding,

3%,

2/01/36

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

250,000

273,430

GO,

2021,

Refunding,

3%,

2/01/38

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

310,000

337,706

GO,

2021,

Refunding,

3%,

2/01/41

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

300,000

324,896

Town

of

Stratford

,

GO,

2017,

AGMC

Insured,

5%,

7/01/33

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

1,000,000

1,146,364

GO,

2020

A,

Refunding,

BAM

Insured,

5%,

7/01/31

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

1,000,000

1,299,653

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/36

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

300,000

357,185

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/38

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

300,000

355,741

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/40

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

300,000

354,427

Town

of

Windham

,

GO

,

2020

,

Refunding

,

4

%

,

8/15/45

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

2,000,000

2,358,424

University

of

Connecticut

,

Revenue,

2013

A,

5%,

8/15/28

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

6,590,000

7,052,948

Revenue,

2014

A,

5%,

2/15/31

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

2,000,000

2,189,863

Revenue,

2017

A,

5%,

1/15/37

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

1,000,000

1,190,172

Revenue,

2020

A,

5%,

2/15/39

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

1,000,000

1,269,705

Revenue,

2020

A,

5%,

2/15/40

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

1,000,000

1,267,678

Revenue,

2020

A,

5%,

2/15/41

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

995,000

1,257,764

187,264,430

Illinois

0.6%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

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

1,000,000

1,152,392

New

Jersey

0.5%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/35

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

300,000

351,723

Revenue,

2021

QQQ,

4%,

6/15/36

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

100,000

116,867

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

21

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

3%,

6/15/50

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

$

230,000

$

238,426

Revenue,

2021

A,

Refunding,

4%,

6/15/34

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

250,000

295,338

1,002,354

Texas

0.4%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

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

780,000

790,439

Wisconsin

0.7%

b

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

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

1,300,000

1,300,000

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

2,180,649

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

1,480,000

1,665,418

3,846,067

Total

U.S.

Territories

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

3,846,067

Total

Municipal

Bonds

(Cost

$185,141,492)

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

195,355,682

a

a

a

a

a

Total

Investments

(Cost

$185,141,492)

99.5%

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

$195,355,682

Other

Assets,

less

Liabilities

0.5%

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

1,050,128

Net

Assets

100.0%

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

$196,405,810

a

Security

purchased

on

a

when-issued

basis.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$1,300,000,

representing

0.7%

of

net

assets.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

22

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

$

68,257,100

Total

Management

Investment

Companies

(Cost

$68,628,312)

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

68,257,100

Principal

Amount

a

a

a

a

Municipal

Bonds

98.6%

Alabama

2.1%

Alabama

Public

School

and

College

Authority

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

1/01/27

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

$

25,000,000

27,926,575

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/26

....

20,000,000

22,840,950

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

621,923

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

615,839

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

548,701

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

the

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/39

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

2,250,000

2,647,342

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

5,753,846

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/28

.......

5,000,000

5,824,250

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

3,425,362

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,557,742

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,700,715

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

3,974,771

81,438,016

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

2,045,959

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,555,319

3,601,278

Arizona

3.0%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/29

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

10,920,000

12,156,467

Arizona

Health

Facilities

Authority

,

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

2/01/27

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

6,000,000

6,047,351

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,365,898

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

744,247

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

779,758

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,234,108

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,366,212

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

1,250,000

1,527,817

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,281,800

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/37

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

1,105,000

1,293,194

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)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/38

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

$

600,000

$

700,886

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/27

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

160,000

183,842

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/28

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

170,000

194,417

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/29

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

160,000

182,170

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/30

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

185,000

209,854

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/31

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

195,000

220,315

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/27

..........

55,000

64,585

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/28

..........

60,000

71,638

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/29

..........

60,000

72,733

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/30

..........

65,000

79,835

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/31

..........

70,000

87,338

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/35

.....

500,000

643,393

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/36

.....

750,000

963,448

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/37

.....

600,000

768,601

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/38

.....

1,000,000

1,278,842

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

3%,

2/01/39

.....

1,200,000

1,290,524

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,972,557

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

12,182,966

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

3,500,000

4,376,073

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

10,225,000

12,761,708

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

9,720,000

12,066,429

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/36

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

6,380,000

7,906,115

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

674,099

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

539,481

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

664,701

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/30

.......

850,000

1,065,989

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

.......

1,000,000

1,250,307

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/32

.......

1,000,000

1,248,001

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/33

.......

800,000

997,026

Pima

County

Regional

Transportation

Authority

,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,623,266

Revenue,

2014,

5%,

6/01/26

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

7,180,000

7,676,421

Scottsdale

Municipal

Property

Corp.

,

Revenue,

2015,

Refunding,

5%,

7/01/26

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

2,580,000

2,992,324

Revenue,

2015,

Pre-Refunded,

5%,

7/01/27

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

2,000,000

2,323,506

Revenue,

2015,

Pre-Refunded,

5%,

7/01/28

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

3,325,000

3,862,828

113,993,070

Arkansas

0.6%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/32

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

3,885,000

4,942,098

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

4,630,000

5,850,631

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

3,625,000

4,572,482

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

1,250,000

1,573,214

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

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

1,000,000

1,256,333

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)

Arkansas

(continued)

Arkansas

Development

Finance

Authority,

(continued)

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

$

1,000,000

$

1,253,851

City

of

Fort

Smith

,

Sales

&

Use

Tax

,

Revenue

,

2012

,

Refunding

,

5

%

,

5/01/23

......

5,000,000

5,096,543

24,545,152

California

4.6%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

7,000,000

8,135,890

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,804,633

b

California

Community

Choice

Financing

Authority

,

Revenue,

2021

A,

Mandatory

Put,

4%,

12/01/27

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

2,500,000

2,892,824

Revenue,

2021

B-1,

Mandatory

Put,

4%,

8/01/31

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

11,000,000

13,330,957

b

California

Infrastructure

&

Economic

Development

Bank

,

California

Academy

of

Sciences

,

Revenue

,

2018

B

,

Refunding

,

Mandatory

Put

,

0.4

%

,

(

SIFMA

Municipal

Swap

Index

+

0.35

%

),

8/01/24

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

5,000,000

5,017,322

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,665,511

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

827,976

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,594,011

Southern

California

Edison

Co.,

Revenue,

2010

A,

Refunding,

1.75%,

9/01/29

....

7,000,000

7,086,578

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/34

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

10,605,000

12,213,273

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/35

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

11,000,000

12,650,946

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013

A,

5%,

7/01/26

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

11,025,000

11,591,661

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

8,220,000

9,963,814

Power

System,

Revenue,

2017

C,

5%,

7/01/32

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

4,615,000

5,687,291

Power

System,

Revenue,

2017

C,

5%,

7/01/33

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

3,960,000

4,877,665

Power

System,

Revenue,

2017

C,

5%,

7/01/34

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

4,080,000

5,022,963

Los

Angeles

Unified

School

District

,

GO

,

2018

B-1

,

5

%

,

7/01/32

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

8,000,000

9,908,592

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/36

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

855,000

1,043,388

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/37

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

1,250,000

1,521,950

State

of

California

,

GO,

Refunding,

5%,

10/01/25

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

15,000,000

15,925,245

GO,

Refunding,

5%,

8/01/30

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

25,000,000

29,988,432

GO,

Refunding,

5%,

8/01/30

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

10,000,000

11,583,372

178,334,294

Colorado

3.0%

City

&

County

of

Denver

,

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,476,348

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

4,250,000

4,651,393

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

650,000

824,633

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

903,899

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/31

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

1,000,000

1,289,480

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

750,000

964,966

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

1,000,000

1,282,532

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/34

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

1,100,000

1,405,782

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)

Colorado

(continued)

Colorado

Health

Facilities

Authority,

(continued)

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

$

5,000,000

$

6,312,623

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

10,651,499

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,639,296

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,457,318

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,532,333

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

5,500,000

6,922,562

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

5,656,037

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

2,000,000

2,497,965

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

35,000,000

43,390,200

Regional

Transportation

District

,

COP,

2013

A,

Refunding,

5%,

6/01/26

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

14,000,000

14,913,462

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/33

........

1,000,000

1,244,258

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/34

........

1,400,000

1,676,953

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

547,098

117,240,637

Connecticut

3.0%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

3,291,356

GO,

2019,

3%,

6/01/36

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

3,025,000

3,286,540

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

..........

2,500,000

2,933,914

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/32

.....

5,900,000

7,397,293

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

6,259,018

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

291,216

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

5,523,079

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

897,708

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

800,121

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

926,382

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

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

550,000

701,646

c

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/26

...

200,000

231,854

c

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/27

...

250,000

296,809

State

of

Connecticut

,

GO,

2013

E,

5%,

8/15/25

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

11,295,000

12,190,445

GO,

2013

E,

5%,

8/15/26

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

18,585,000

20,049,478

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,812,705

GO,

2020

C,

4%,

6/01/36

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

1,800,000

2,160,574

GO,

2021

A,

3%,

1/15/33

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

3,500,000

3,915,358

GO,

2021

B,

3%,

6/01/37

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

8,620,000

9,580,882

Special

Tax,

2020

A,

5%,

5/01/35

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

4,500,000

5,817,898

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

4,176,306

Special

Tax,

2021

A,

5%,

5/01/41

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

1,500,000

1,953,531

Special

Tax,

A,

5%,

1/01/28

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

10,000,000

10,510,619

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,613,840

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

5,899,590

114,518,162

Florida

7.6%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

5,000,000

6,406,799

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

1,600,000

2,046,374

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)

Alachua

County

Health

Facilities

Authority,

(continued)

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

$

3,445,000

$

4,399,442

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

2,991,597

Broward

County

,

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/24

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

6,000,000

6,240,085

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/25

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

6,325,000

6,577,548

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

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

1,000,000

1,248,131

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

261,368

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

6,654,331

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,849,482

City

of

Jacksonville

,

Revenue,

2012

A,

Refunding,

5%,

10/01/28

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

6,000,000

6,238,028

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

..

1,650,000

1,908,195

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/40

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

2,500,000

2,703,969

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,719,062

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,871,198

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,824,110

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

822,115

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

586,053

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,263,622

County

of

Lee

,

Airport,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

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

10,000,000

12,903,269

Airport,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

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

6,000,000

7,893,944

County

of

Miami-Dade

,

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/24

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

2,250,000

2,313,263

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/25

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

3,000,000

3,084,351

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/26

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

4,000,000

4,112,468

Transit

System,

Revenue,

2012,

Pre-Refunded,

5%,

7/01/27

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

4,000,000

4,112,467

Transit

System,

Revenue,

2019,

Refunding,

4%,

7/01/35

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

13,890,000

16,517,224

Water

&

Sewer

System,

Revenue,

2013

B,

Pre-Refunded,

5%,

10/01/27

........

15,000,000

16,298,112

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

10/01/28

1,240,000

1,347,311

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,254,573

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/34

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

15,560,000

19,595,265

Revenue,

2019

A,

4%,

10/01/35

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

5,000,000

5,860,021

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

202,900

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

328,410

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

267,699

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

278,122

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

282,937

JEA

Water

&

Sewer

System

,

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/26

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

1,530,000

1,692,440

Revenue,

2014

A,

5%,

10/01/26

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

1,455,000

1,612,533

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/27

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

5,375,000

5,945,663

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)

Florida

(continued)

JEA

Water

&

Sewer

System,

(continued)

Revenue,

2014

A,

5%,

10/01/27

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

$

5,130,000

$

5,679,085

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/29

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

1,265,000

1,399,305

Revenue,

2014

A,

5%,

10/01/29

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

1,205,000

1,330,706

Revenue,

2017

A,

Refunding,

5%,

10/01/31

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

17,435,000

21,409,373

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group

,

Revenue

,

A-1

,

Refunding

,

4

%

,

4/01/37

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

5,000,000

5,822,096

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

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

6,040,000

6,536,542

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,195,032

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,429,700

Orlando

Utilities

Commission

,

Revenue,

2012

A,

Refunding,

5%,

10/01/24

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

2,405,000

2,718,668

Revenue,

2012

A,

Refunding,

5%,

10/01/25

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

2,000,000

2,342,447

Revenue,

2018

A,

5%,

10/01/33

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

1,755,000

2,158,090

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013

B

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

7/01/24

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

14,650,000

15,741,295

Palm

Beach

County

Health

Facilities

Authority

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2019

,

4

%

,

8/15/49

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

11,895,000

13,652,191

Palm

Beach

County

School

District

,

COP

,

2014

B

,

5

%

,

8/01/25

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

4,000,000

4,638,086

River

Hall

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

514,068

State

of

Florida

,

GO,

2015

E,

Refunding,

4%,

6/01/33

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

11,855,000

13,210,898

GO,

2017

C,

Refunding,

4%,

6/01/32

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

12,855,000

15,032,816

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,839,844

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

3,282,771

294,447,494

Georgia

1.9%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/27

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

7,000,000

7,655,535

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/28

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

5,100,000

5,594,383

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

5,165,000

5,936,005

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

8,364,970

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,716,093

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

1,150,000

1,377,772

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

815,000

974,620

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

725,000

865,460

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

1,140,000

1,358,390

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,675,000

1,991,323

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

4,315,775

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

4,993,974

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

5,471,867

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,381,906

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

2,123,382

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,540,614

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

2,000,000

2,407,823

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)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

$

1,000,000

$

1,202,068

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

C

,

4

%

,

12/01/25

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

1,000,000

1,125,054

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/30

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

1,000,000

1,237,298

Revenue,

2019

A,

5%,

1/01/31

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

600,000

739,305

Revenue,

2019

A,

5%,

1/01/32

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

500,000

616,003

Revenue,

2019

A,

5%,

1/01/33

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

1,000,000

1,232,235

Revenue,

2019

B,

5%,

1/01/29

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

500,000

615,355

Revenue,

2019

B,

5%,

1/01/30

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

480,000

590,494

Revenue,

2019

B,

5%,

1/01/31

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

700,000

860,044

Revenue,

2019

B,

5%,

1/01/32

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

750,000

919,233

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,280,298

Revenue,

2019

B,

5%,

1/01/34

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

700,000

856,496

73,343,775

Hawaii

0.9%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

21,695,000

24,262,701

GO,

EO,

Pre-Refunded,

5%,

8/01/28

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

3,305,000

3,709,284

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

5,222,648

33,194,633

Illinois

6.1%

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

5,560,000

6,606,444

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,891,771

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,771,413

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,285,891

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

2,975,307

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

2,182,245

City

of

Chicago

,

GO,

1999,

NATL

Insured,

Zero

Cpn.,

1/01/31

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

4,350,000

3,641,863

GO,

2003

B,

Refunding,

5%,

1/01/26

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

1,795,000

2,022,178

GO,

2020

A,

Refunding,

5%,

1/01/28

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

4,000,000

4,870,907

GO,

2020

A,

Refunding,

5%,

1/01/29

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

2,500,000

3,107,432

d

City

of

Galesburg

,

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/36

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

1,125,000

1,311,522

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/41

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

1,475,000

1,691,987

County

of

Cook

,

GO,

A,

Refunding,

AGMC

Insured,

5.25%,

11/15/22

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

12,395,000

12,426,413

Sales

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/15/38

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

2,350,000

2,998,910

Sales

Tax,

Revenue,

2021

A,

Refunding,

4%,

11/15/39

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

3,000,000

3,561,476

Sales

Tax,

Revenue,

2021

A,

Refunding,

4%,

11/15/40

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

2,500,000

2,962,669

b

Illinois

Development

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2019

,

Mandatory

Put

,

0.4

%

,

11/01/22

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

5,000,000

4,999,948

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/40

4,300,000

5,156,915

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/41

16,855,000

20,162,746

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/28

.........

1,065,000

1,223,923

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/29

.........

1,100,000

1,276,389

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/30

.........

1,310,000

1,517,207

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/31

.........

1,095,000

1,261,640

Northwestern

University,

Revenue,

2015,

5%,

12/01/28

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

1,675,000

2,134,781

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)

Illinois

(continued)

Metropolitan

Pier

&

Exposition

Authority

,

c

Revenue,

2022

A,

Refunding,

3%,

6/15/25

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

$

2,000,000

$

2,117,151

Revenue,

B,

Pre-Refunded,

5%,

6/15/23

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

600,000

615,175

Northern

Illinois

University

,

Revenue,

2021,

BAM

Insured,

4%,

10/01/41

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

400,000

471,216

Revenue,

2021,

BAM

Insured,

4%,

10/01/43

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

2,075,000

2,433,050

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

3,500,000

4,141,170

State

of

Illinois

,

GO,

2013

A,

AGMC

Insured,

5%,

4/01/25

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

18,000,000

19,134,965

GO,

2014,

AGMC

Insured,

5%,

2/01/26

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

5,650,000

6,199,061

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,166,421

GO,

2016,

Refunding,

5%,

2/01/28

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

3,015,000

3,597,872

GO,

2016,

Refunding,

5%,

2/01/29

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

2,250,000

2,671,409

GO,

2017

C,

5%,

11/01/29

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

5,675,000

6,819,928

GO,

2017

D,

3.25%,

11/01/26

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

750,000

827,680

GO,

2017

D,

5%,

11/01/27

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

1,500,000

1,815,204

GO,

2018

A,

Refunding,

5%,

10/01/28

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

1,500,000

1,848,927

GO,

2018

A,

Refunding,

5%,

10/01/29

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

1,125,000

1,382,140

GO,

2018

B,

Refunding,

5%,

10/01/31

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

1,875,000

2,285,072

GO,

2018

B,

Refunding,

5%,

10/01/32

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

1,120,000

1,362,308

GO,

2019

B,

5%,

11/01/30

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

1,125,000

1,405,252

GO,

2019

B,

4%,

11/01/38

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

1,030,000

1,181,546

GO,

2020,

5.5%,

5/01/30

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

6,550,000

8,559,326

GO,

2020,

5.5%,

5/01/39

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

3,700,000

4,727,778

GO,

2020

C,

4%,

10/01/37

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

8,170,000

9,518,530

GO,

2021

A,

5%,

3/01/46

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

2,000,000

2,483,828

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/25

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

5,000,000

5,570,878

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/26

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

2,500,000

2,951,724

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/27

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

6,000,000

7,259,455

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/28

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

5,000,000

6,171,673

University

of

Illinois

,

Auxiliary

Facilities

System,

Revenue,

2021

A,

Refunding,

5%,

4/01/29

..........

11,000,000

13,956,008

Auxiliary

Facilities

System,

Revenue,

2021

A,

Refunding,

5%,

4/01/30

..........

8,000,000

10,356,820

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

6,584,392

234,657,936

Indiana

1.1%

e

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,561,567

Indiana

Finance

Authority

,

c

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/26

..

1,065,000

1,110,732

c

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/27

..

1,150,000

1,205,296

c

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/28

..

1,235,000

1,298,150

c

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/29

..

1,330,000

1,398,977

c

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/30

..

1,425,000

1,500,966

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

3,000,000

2,984,527

State

Revolving

Fund,

Revenue,

2018

A,

5%,

2/01/35

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

9,795,000

12,152,647

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/41

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

15,265,000

18,158,752

41,371,614

Iowa

0.8%

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

1,800,000

2,286,944

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,432,216

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,567,200

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,694,413

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)

Iowa

(continued)

Iowa

Higher

Education

Loan

Authority,

(continued)

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

$

1,250,000

$

1,572,963

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

3,102,905

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

3,252,638

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

8,500,000

9,852,241

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

1,500,000

1,733,011

29,494,531

Kansas

0.2%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

8,996,866

Kentucky

0.9%

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

4%,

10/01/29

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

1,355,000

1,612,115

Revenue,

2021

A,

Refunding,

4%,

10/01/30

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

1,410,000

1,697,877

Revenue,

2021

A,

Refunding,

4%,

10/01/31

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

1,470,000

1,789,842

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,258,648

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

1,500,000

1,796,933

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,838,307

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,957,257

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,219,456

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,466,722

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

3,062,178

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,656,099

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

6,578,016

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

5,500,000

6,578,180

35,511,630

Louisiana

2.7%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,557,321

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,373,894

Revenue,

2019

B,

Refunding,

5%,

2/01/32

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

2,000,000

2,722,630

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

7,000,000

8,394,550

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,802,442

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

4,077,880

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

5,451,743

e

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

10,000,000

10,907,656

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

3.5%,

12/01/32

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

1,960,000

2,007,768

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

3.75%,

10/01/38

4,592,712

4,681,625

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

B,

5.25%,

10/01/32

5,350,000

5,397,867

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

10,000

11,838

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/29

.......

1,240,000

1,456,770

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

5,919

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)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/30

.......

$

995,000

$

1,165,432

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

17,757

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/32

.......

1,485,000

1,732,547

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

1,000,000

1,217,565

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/29

2,000,000

2,422,533

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,712,879

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

2,097,789

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

2,100,093

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,392,529

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

4,750,000

6,050,568

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,542,158

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,958,979

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

2,638,550

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,240,335

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,850,189

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,315,222

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,232,848

Revenue,

2020

E,

5%,

4/01/39

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

2,750,000

3,383,915

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

11,217,035

103,138,826

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020

A,

5%,

7/01/35

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

1,000,000

1,288,707

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/36

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

1,000,000

1,187,972

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

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

1,150,000

1,363,099

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/38

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

2,690,000

3,182,735

7,022,513

Maryland

2.4%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,000,000

1,204,144

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,538,646

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

2,085,000

2,509,941

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

3,240,000

3,901,400

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

7,763,355

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

7,110,422

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

3,161,836

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

6,603,626

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,589,470

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

2,147,479

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

4,532,340

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,816,544

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

8,595,626

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

5,357,286

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

550,961

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

354,165

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

8,520,000

10,354,045

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

8,994,758

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)

Maryland

(continued)

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/28

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

$

1,000,000

$

1,221,920

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/29

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

1,340,000

1,662,424

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/30

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

2,810,000

3,533,807

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/31

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

1,480,000

1,889,908

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

1,550,000

1,967,233

93,361,336

Massachusetts

3.8%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

8,665,773

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

6,933,275

d

Massachusetts

Clean

Energy

Cooperative

Corp.

,

Revenue,

2021,

Refunding,

2.135%,

7/01/29

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

5,000,000

5,024,799

Revenue,

2021,

Refunding,

2.235%,

7/01/30

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

6,420,000

6,462,524

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

17

A,

5%,

2/01/24

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

9,380,000

9,899,437

Revenue,

17

A,

5%,

2/01/25

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

9,750,000

10,289,927

Revenue,

2014,

Refunding,

5%,

8/01/26

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

10,650,000

12,824,059

Massachusetts

Development

Finance

Agency

,

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

195,571

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

617,064

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

583,289

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

679,345

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

581,089

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

5,284,068

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

5,538,283

Revenue,

2019

C,

5%,

7/01/34

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

9,280,000

11,581,878

Massachusetts

School

Building

Authority

,

Revenue,

2012

B,

Pre-Refunded,

5%,

8/15/27

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

235,000

242,839

Revenue,

2012

B,

Pre-Refunded,

5%,

8/15/27

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

5,765,000

5,961,471

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

8/15/25

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

10,975,000

11,348,350

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

8/15/26

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

495,000

511,511

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue,

Senior

Lien

,

2019

A

,

Refunding

,

5

%

,

1/01/35

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

7,000,000

8,705,651

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

17,129,674

University

of

Massachusetts

Building

Authority

,

Revenue,

2017-3,

Refunding,

5%,

11/01/31

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

10,035,000

12,469,388

Revenue,

2017-3,

Refunding,

5%,

11/01/32

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

5,000,000

6,203,625

147,732,890

Michigan

2.0%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,907,857

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

2,204,245

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,380,082

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,733,110

Michigan

Finance

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/24

......

12,000,000

12,481,200

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

1,197,588

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

9,718,117

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)

Michigan

(continued)

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/31

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

$

5,100,000

$

5,989,438

Michigan

Finance

Authority,

Revenue,

2008

C,

5%,

12/01/32

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

1,115,000

1,375,183

Michigan

Finance

Authority,

Revenue,

2008

C,

Pre-Refunded,

5%,

12/01/32

......

135,000

167,582

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Refunding,

5%,

12/01/31

.

2,700,000

3,331,315

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2012

MI,

Refunding,

5%,

12/01/24

8,000,000

8,191,657

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

3,723,766

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,993,926

e

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

144A,

2017

E

,

Refunding

,

4

%

,

12/01/27

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

10,785,000

12,605,537

77,000,603

Mississippi

0.3%

Mississippi

Home

Corp.

,

e

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4%,

6/01/46

..

8,143,623

8,030,330

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

3.65%,

6/01/33

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

101,412

101,901

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.15%,

6/01/46

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

400,000

401,886

e

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

144A,

2021

E-8,

5.5%,

6/01/36

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

2,540,000

2,555,330

11,089,447

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

15,626,909

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014

A,

Refunding,

5%,

1/01/27

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

3,250,000

3,668,992

Revenue,

2014

A,

Refunding,

5%,

1/01/28

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

4,500,000

5,070,471

Revenue,

2014

A,

Refunding,

5%,

1/01/29

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

4,045,000

4,559,994

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

3,170,903

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,513,809

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,812,889

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,680,708

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

2,291,847

42,396,522

Nebraska

0.1%

Nebraska

Public

Power

District

,

Revenue

,

2021

C

,

Refunding

,

5

%

,

1/01/24

........

4,500,000

4,936,221

Nevada

0.2%

Washoe

County

School

District

,

GO

,

2012

A

,

Refunding

,

5

%

,

6/01/25

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

6,130,000

6,274,051

New

Hampshire

0.2%

City

of

Manchester

,

General

Airport

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

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

7,930,000

7,959,539

New

Jersey

5.6%

County

of

Hudson

,

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/22

................................................

5,220,000

5,441,972

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/23

................................................

5,375,000

5,864,477

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/24

................................................

2,050,000

2,332,756

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

Jersey

(continued)

New

Jersey

Economic

Development

Authority

,

Revenue,

1997

A,

NATL

Insured,

7.425%,

2/15/29

.........................

$

12,675,000

$

16,131,745

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

1,000,000

1,234,837

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,910,975

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

.......................

5,000,000

5,841,127

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/32

...............

420,000

533,972

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/33

...............

680,000

863,015

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/34

...............

545,000

690,372

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/35

...............

565,000

714,047

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/30

...............

900,000

1,094,283

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/31

...............

1,080,000

1,311,399

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

4,300,000

4,566,369

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

............................

2,000,000

2,123,893

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

A,

AGMC

Insured,

5.5%,

12/15/22

.........................

36,465,000

38,429,729

Revenue,

2012

AA,

AGMC

Insured,

5%,

6/15/26

..........................

26,650,000

27,331,323

Revenue,

2020

AA,

4%,

6/15/35

.......................................

2,000,000

2,344,820

Revenue,

2020

AA,

4%,

6/15/36

.......................................

4,000,000

4,674,691

c

Revenue,

2022

A,

4%,

6/15/40

........................................

10,000,000

11,559,156

c

Revenue,

2022

A,

4%,

6/15/42

........................................

7,000,000

8,040,266

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

.................

1,800,000

2,146,763

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/26

..........................

275,000

326,388

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/27

..........................

330,000

401,006

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/28

..........................

325,000

404,548

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/29

..........................

320,000

406,775

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/30

..........................

200,000

259,309

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/31

..........................

400,000

529,171

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/32

..........................

430,000

567,344

Rutgers

The

State

University

of

New

Jersey

,

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/26

............................

5,000,000

5,337,413

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/27

............................

16,100,000

17,186,470

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

7,000,000

8,617,039

GO,

2020

A,

3%,

6/01/32

............................................

20,870,000

23,791,199

GO,

2020

A,

4%,

6/01/32

............................................

6,130,000

7,626,757

214,635,406

New

Mexico

0.3%

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15

%

,

4/01/33

...................................................

13,500,000

13,417,696

New

York

10.1%

City

of

New

York

,

GO,

2013

D,

5%,

8/01/27

............................................

10,000,000

10,545,313

GO,

2013

I,

5%,

8/01/24

.............................................

10,200,000

10,991,194

GO,

2014

G,

5%,

8/01/22

............................................

8,000,000

8,258,107

GO,

2014

G,

5%,

8/01/23

............................................

6,860,000

7,402,889

GO,

2015

C,

Refunding,

5%,

8/01/25

...................................

2,000,000

2,284,239

GO,

2015

C,

Refunding,

5%,

8/01/26

...................................

10,000,000

11,404,224

GO,

2015

C,

Refunding,

5%,

8/01/27

...................................

7,500,000

8,543,001

GO,

2019

E,

Refunding,

5%,

8/01/32

...................................

2,000,000

2,506,993

GO,

2019

E,

Refunding,

5%,

8/01/34

...................................

3,500,000

4,370,774

GO,

2021

C,

4%,

8/01/36

............................................

5,000,000

5,997,449

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)

New

York

(continued)

City

of

New

York,

(continued)

GO,

A-1

2017

A,

5%,

8/01/29

.........................................

$

10,000,000

$

11,929,297

County

of

Nassau

,

GO,

2021

A,

AGMC

Insured,

4%,

4/01/48

................................

7,140,000

8,401,023

GO,

2021

A,

AGMC

Insured,

4%,

4/01/49

................................

7,960,000

9,340,705

Erie

County

Industrial

Development

Agency

(The)

,

Buffalo

City

School

District,

Revenue,

2012

A,

Refunding,

5%,

5/01/23

..........

6,235,000

6,358,292

Buffalo

City

School

District,

Revenue,

2012

A,

Refunding,

5%,

5/01/24

..........

8,000,000

8,160,045

Long

Island

Power

Authority

,

Revenue

,

2012

B

,

5

%

,

9/01/26

...................

5,000,000

5,177,878

Metropolitan

Transportation

Authority

,

Revenue,

2012

F,

Refunding,

5%,

11/15/25

..............................

25,000,000

26,090,738

Revenue,

2013

A,

Pre-Refunded,

5%,

11/15/27

...........................

3,500,000

3,740,554

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

7,000,000

8,917,650

Revenue,

2016

A-2,

Refunding,

5%,

11/15/25

.............................

21,090,000

24,512,951

Revenue,

2016

B,

Refunding,

5%,

11/15/34

..............................

3,265,000

3,811,082

Revenue,

2017

B,

Refunding,

5%,

11/15/26

..............................

2,140,000

2,552,974

Revenue,

2017

C-1,

Refunding,

5%,

11/15/31

............................

1,870,000

2,261,945

Revenue,

2017

C-1,

Refunding,

4%,

11/15/37

............................

2,500,000

2,818,192

Revenue,

2019

D-1,

5%,

9/01/22

......................................

10,000,000

10,348,946

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

.........................

6,045,000

7,115,536

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/27

1,000,000

1,207,147

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/28

1,000,000

1,237,815

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/29

1,500,000

1,900,120

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

10,000,000

10,523,146

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/36

..

2,500,000

2,711,742

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/27

......................

8,740,000

9,585,701

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/28

......................

5,000,000

5,482,671

Future

Tax

Secured,

Revenue,

2020

C,

4%,

5/01/37

........................

1,400,000

1,682,895

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,317,176

New

York

State

Dormitory

Authority

,

Revenue,

2009

A,

AGMC

Insured,

5%,

10/01/24

...........................

220,000

220,865

City

University

of

New

York

(The),

Revenue,

2005

A,

NATL

Insured,

5.5%,

7/01/23

.

7,915,000

8,573,551

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/29

....

10,000,000

11,407,718

State

of

New

York

Personal

Income

Tax,

Revenue,

2012

A,

Refunding,

5%,

12/15/27

10,000,000

10,492,252

State

of

New

York

Personal

Income

Tax,

Revenue,

2014

E,

Refunding,

5%,

2/15/30

5,000,000

5,694,272

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

A,

Refunding,

5%,

3/15/28

7,185,000

8,218,500

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Pre-Refunded,

5%,

3/15/32

........................................................

5,000

6,338

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

5%,

3/15/32

.........

9,995,000

12,593,434

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

D,

Refunding,

4%,

2/15/36

10,900,000

12,965,785

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/32

........

10,000,000

12,629,669

State

University

Construction

Fund,

Revenue,

2012

A,

5%,

5/15/24

............

7,000,000

7,153,118

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2013

D,

5%,

3/15/24

.........

10,000,000

10,615,570

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

5%,

3/15/41

.........

5,000,000

6,417,542

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

450,000

568,913

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

503,910

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

251,388

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/33

...

1,200,000

1,528,424

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2014,

5%,

9/01/34

.........................................

2,500,000

3,117,453

Revenue,

2014,

5%,

9/01/35

.........................................

20,000

24,873

Revenue,

2018,

5%,

11/01/39

........................................

3,000,000

3,711,611

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)

New

York

(continued)

Port

Authority

of

New

York

&

New

Jersey,

(continued)

Revenue,

221,

4%,

7/15/36

..........................................

$

2,180,000

$

2,578,049

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

B

,

Refunding

,

5

%

,

11/15/30

.......

8,960,000

10,905,339

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/28

......

1,300,000

1,617,128

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

......

2,900,000

3,755,504

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/34

......

4,175,000

5,361,657

391,403,267

North

Carolina

0.5%

City

of

Charlotte

,

Water

&

Sewer

System

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/27

..

10,000,000

11,567,139

County

of

Buncombe

,

Revenue

,

A

,

5

%

,

6/01/28

.............................

5,000,000

5,563,483

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

141,170

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

347,190

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

531,476

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

600,530

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

426,222

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

870,000

883,688

20,060,898

North

Dakota

0.2%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/29

..

1,600,000

2,024,947

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/30

..

1,600,000

2,058,391

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/31

..

1,300,000

1,697,561

5,780,899

Ohio

4.8%

American

Municipal

Power,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

2/15/35

........

31,270,000

39,884,926

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

2%,

6/01/27

..................

1,475,000

1,478,195

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

7,000,000

7,919,340

City

of

Akron

,

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/24

........

5,265,000

5,390,598

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/25

........

6,645,000

6,803,518

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/26

........

8,240,000

8,436,568

City

of

Cincinnati

,

GO,

2014

A,

Pre-Refunded,

5%,

12/01/25

...............................

2,000,000

2,048,219

GO,

2014

A,

Pre-Refunded,

5%,

12/01/27

...............................

2,000,000

2,048,219

GO,

2014

A,

Pre-Refunded,

5%,

12/01/28

...............................

2,350,000

2,406,658

City

of

Toledo

,

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/25

....................

4,000,000

4,266,197

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/26

....................

6,140,000

6,544,900

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/27

....................

6,450,000

6,871,445

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/28

....................

6,570,000

6,999,286

County

of

Hamilton

,

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/24

..................

2,500,000

2,731,990

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/25

..................

2,400,000

2,621,701

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/26

..................

4,000,000

4,363,616

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/27

..................

5,000,000

5,451,372

Sewer

System,

Revenue,

2013

A,

Refunding,

5%,

12/01/28

..................

3,000,000

3,269,565

Kent

State

University

,

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/23

............................

1,200,000

1,224,108

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/24

............................

1,500,000

1,530,136

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/25

............................

1,500,000

1,530,135

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)

Ohio

(continued)

Kent

State

University,

(continued)

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/26

............................

$

1,600,000

$

1,632,145

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

..............................................

10,000,000

10,631,911

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/36

........................................

5,650,000

7,326,342

Water

Pollution

Control

Loan

Fund,

Revenue,

2017

A,

5%,

12/01/31

............

10,000,000

12,256,559

State

of

Ohio

,

GO,

R,

Pre-Refunded,

5%,

5/01/26

....................................

11,000,000

12,223,539

GO,

R,

Pre-Refunded,

5%,

5/01/27

....................................

5,000,000

5,556,154

GO,

R,

Pre-Refunded,

5%,

5/01/28

....................................

9,100,000

10,112,200

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,250,232

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

905,000

1,043,687

185,853,461

Oregon

3.5%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

........................................................

5,000,000

5,307,723

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,549,960

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

6,637,844

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/35

.............................................

1,250,000

1,517,995

GO,

2020,

4%,

6/15/36

.............................................

2,605,000

3,156,947

GO,

2020,

4%,

6/15/37

.............................................

4,370,000

5,284,030

GO,

2020,

4%,

6/15/38

.............................................

4,575,000

5,521,978

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/34

1,100,000

1,419,589

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/35

800,000

1,030,863

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

1,300,000

1,669,619

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

.......................................................

425,000

493,022

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

.......................................................

150,000

179,255

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

.......................................................

325,000

406,707

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

.......................................................

600,000

764,778

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

.......................................................

275,000

348,360

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

2,000,000

2,279,857

Port

of

Portland

,

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/34

...........................

9,110,000

11,539,983

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/35

...........................

6,565,000

8,302,833

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

11,933,380

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,770,638

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

11,354,018

State

of

Oregon

,

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/27

.......................................................

3,000,000

3,409,323

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/28

.......................................................

3,500,000

3,977,544

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

4%,

11/15/42

16,000,000

19,012,782

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

B,

Pre-Refunded,

5%,

6/15/27

.....................................

5,000,000

5,591,083

GO,

B,

Pre-Refunded,

5%,

6/15/28

.....................................

5,000,000

5,591,084

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)

Oregon

(continued)

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton,

(continued)

GO,

B,

Pre-Refunded,

5%,

6/15/29

.....................................

$

7,500,000

$

8,386,625

134,437,820

Pennsylvania

3.1%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

.......................................

5,000,000

6,307,251

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/28

.................................

600,000

718,180

Revenue,

2022,

Refunding,

5%,

5/01/29

.................................

600,000

730,676

Revenue,

2022,

Refunding,

5%,

5/01/30

.................................

700,000

865,007

Revenue,

2022,

Refunding,

5%,

5/01/31

.................................

675,000

847,098

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

..............

5,750,000

7,070,180

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/36

..............

1,000,000

1,303,390

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/37

..............

1,500,000

1,950,646

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/38

..............

2,000,000

2,596,140

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

14,545,449

Delaware

Valley

Regional

Finance

Authority

,

Revenue

,

1998

A

,

AMBAC

Insured

,

5.5

%

,

8/01/28

.........................................................

7,000,000

8,961,527

Lancaster

County

Solid

Waste

Management

Authority

,

Revenue,

2013

A,

5.25%,

12/15/25

....................................

5,345,000

5,885,382

Revenue,

2013

A,

5.25%,

12/15/26

....................................

5,835,000

6,421,146

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

.....................

2,100,000

2,696,617

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

.....................

1,750,000

2,243,238

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

.....................

1,450,000

1,855,439

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/38

.....................

3,245,000

3,834,092

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/39

.....................

3,685,000

4,345,454

b

Waste

Management,

Inc.,

Revenue,

2017

A,

Mandatory

Put,

0.58%,

8/01/24

.....

5,500,000

5,486,946

b

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

6,750,000

6,777,587

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/38

.....

6,950,000

8,805,104

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

....................................................

5,895,000

6,764,812

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

.................

4,000,000

4,920,534

Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia,

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn.,

4/15/24

......

5,500,000

5,334,903

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

235,309

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

365,214

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

.................................

2,000,000

2,432,307

Revenue,

15th,

Refunding,

5%,

8/01/31

.................................

4,030,000

4,895,158

119,194,786

Rhode

Island

0.2%

State

of

Rhode

Island

,

GO,

2019

C,

5%,

1/15/32

............................................

4,500,000

5,705,698

GO,

2019

C,

4%,

1/15/34

............................................

1,520,000

1,809,645

GO,

2019

C,

4%,

1/15/35

............................................

600,000

713,089

8,228,432

South

Carolina

1.7%

City

of

Anderson

,

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/22

........

2,555,000

2,625,469

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/23

........

2,695,000

2,769,972

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)

South

Carolina

(continued)

City

of

Anderson,

(continued)

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/24

........

$

2,825,000

$

2,903,588

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/25

........

2,965,000

3,047,483

County

of

Berkeley

,

Combined

Utility

System,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/25

..........

3,665,000

3,923,549

Combined

Utility

System,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/26

..........

1,700,000

1,819,927

County

of

Richland

,

International

Paper

Co.,

Revenue,

2014

A,

Refunding,

3.875%,

4/01/23

.........

10,000,000

10,441,643

e

Village

at

Sandhill

Improvement

District,

Special

Assessment,

144A,

2021,

Refunding,

3.625%,

11/01/31

.......................................

1,000,000

1,006,487

South

Carolina

Jobs-Economic

Development

Authority

,

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

...............................

6,000,000

7,319,366

South

Carolina

Public

Service

Authority

,

Revenue,

2020

A,

Refunding,

5%,

12/01/31

..............................

2,355,000

3,079,463

Revenue,

2020

A,

Refunding,

5%,

12/01/43

..............................

20,280,000

25,848,361

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

1,000,000

1,173,791

Revenue,

2021

A,

Refunding,

5%,

12/01/26

..............................

750,000

906,577

66,865,676

South

Dakota

0.1%

County

of

Lincoln

,

Augustana

College

Association

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/01/51

......................................................

1,500,000

1,672,559

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

..................

1,150,000

1,168,441

2,841,000

Tennessee

1.0%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/31

1,500,000

1,905,844

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/34

1,000,000

1,258,648

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,250,000

1,571,121

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/36

1,000,000

1,175,415

City

of

Memphis

,

GO

,

2012

A

,

Refunding

,

5

%

,

4/01/22

.......................

15,805,000

16,057,252

Metropolitan

Government

of

Nashville

&

Davidson

County

,

Water

&

Sewer,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/26

.................

1,675,000

1,799,496

Water

&

Sewer,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/27

.................

1,800,000

1,933,786

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

4,000,000

5,177,175

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

9,551,658

40,430,395

Texas

9.2%

Abilene

Convention

Center

Hotel

Development

Corp.

,

City

of

Abilene

Abilene

Convention

Center

,

Revenue,

First

Lien

,

2021

A

,

2.5

%

,

10/01/31

..............

1,075,000

1,112,111

Central

Texas

Regional

Mobility

Authority

,

Revenue,

Senior

Lien

,

2021

B

,

5

%

,

1/01/46

3,500,000

4,402,116

City

of

Austin

,

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/26

.........

4,835,000

5,057,049

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/27

.........

4,000,000

4,182,125

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/28

.......

5,000,000

5,337,287

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,853,327

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

3,084,253

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,232,426

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/35

...................................

1,000,000

1,190,248

GO,

2020

A,

Refunding,

4%,

8/15/36

...................................

1,000,000

1,188,225

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)

Texas

(continued)

City

of

Fort

Worth

,

GO,

2012,

Refunding,

5%,

3/01/25

.....................................

$

6,000,000

$

6,071,522

GO,

2012,

Refunding,

5%,

3/01/26

.....................................

6,790,000

6,870,251

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,568,290

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/26

...

19,690,000

21,917,658

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/34

..

3,250,000

4,013,486

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/35

..

4,500,000

5,551,923

City

of

San

Antonio

,

Electric

&

Gas

Systems,

Revenue,

2012,

Refunding,

5.25%,

2/01/25

...........

27,000,000

31,085,835

Electric

&

Gas

Systems,

Revenue,

2015,

Refunding,

5%,

2/01/27

..............

10,415,000

12,257,674

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2019,

Refunding,

5%,

2/01/35

....

4,400,000

5,657,928

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2021

A,

Refunding,

5%,

2/01/46

...

7,500,000

9,514,257

Clear

Creek

Independent

School

District

,

GO

,

2012

B

,

Pre-Refunded

,

5

%

,

2/15/26

..

12,060,000

12,179,012

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

First

Lien,

2021

A,

2.5%,

10/01/31

....

500,000

500,461

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/30

....

100,000

128,651

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/31

....

60,000

78,302

County

of

Williamson

,

GO

,

2012

,

Refunding

,

5

%

,

2/15/23

.....................

6,235,000

6,296,053

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013

D,

Refunding,

5.25%,

11/01/27

............................

5,000,000

5,471,338

Revenue,

2013

D,

Refunding,

5.25%,

11/01/28

............................

2,100,000

2,296,689

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

.....................................

800,000

961,036

GO,

2020,

Refunding,

5%,

9/15/30

.....................................

745,000

907,003

GO,

2020,

Refunding,

5%,

9/15/31

.....................................

450,000

546,648

GO,

2020,

Refunding,

5%,

9/15/32

.....................................

600,000

728,299

GO,

2020,

Refunding,

5%,

9/15/33

.....................................

650,000

787,081

GO,

2020,

Refunding,

4%,

9/15/34

.....................................

650,000

725,440

GO,

2020,

Refunding,

4%,

9/15/35

.....................................

700,000

780,092

El

Paso

Independent

School

District

,

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/27

......................

5,460,000

6,129,719

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/28

......................

2,500,000

2,806,648

Harris

County

Toll

Road

Authority

(The)

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

.....................

2,500,000

3,100,681

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

.....................

2,500,000

3,100,067

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/28

.............................................

155,000

153,332

GO,

2021,

2%,

9/01/29

.............................................

155,000

151,818

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/27

.....

2,000,000

2,443,039

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/28

.....

2,200,000

2,754,504

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/29

.....

2,000,000

2,553,656

Metropolitan

Transit

Authority

of

Harris

County

,

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/26

...............

2,000,000

2,269,304

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/27

...............

2,000,000

2,269,303

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/28

...............

2,000,000

2,269,304

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

.............................................

5,000,000

5,683,900

Northwest

Independent

School

District

,

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/28

.....................

4,815,000

5,518,934

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/29

.....................

7,015,000

8,040,566

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Permanent

University

Fund

,

University

of

Texas

System

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

......................................................

$

10,000,000

$

11,173,374

San

Angelo

Independent

School

District

,

GO

,

A

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/28

.........................................................

5,220,000

5,749,908

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/37

......

635,000

735,415

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/39

......

2,435,000

2,808,626

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

......

2,000,000

2,302,693

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

......................

1,500,000

1,637,773

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

......................

2,200,000

2,397,995

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

......................

2,000,000

2,177,531

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

......................

1,000,000

1,088,561

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/27

................................

1,000,000

1,216,118

Revenue,

2021,

Refunding,

5%,

12/15/28

................................

1,500,000

1,854,713

Revenue,

2021,

Refunding,

5%,

12/15/29

................................

8,250,000

10,349,486

Revenue,

2021,

Refunding,

5%,

12/15/30

................................

7,250,000

9,250,020

Revenue,

2021,

Refunding,

5%,

12/15/32

................................

2,250,000

2,969,172

Texas

Transportation

Commission

,

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/23

.......

20,000,000

21,275,238

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/24

.......

20,000,000

22,165,404

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/25

.......

20,000,000

22,185,206

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2017

A

,

5

%

,

10/15/31

.................................

12,585,000

15,560,079

355,676,183

Utah

0.1%

City

of

Lehi

,

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

.............

3,000,000

3,573,933

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

468,783

4,042,716

Virginia

2.6%

City

of

Norfolk

,

Water,

Revenue,

2012,

5%,

11/01/24

...................................

95,000

96,905

Water,

Revenue,

2012,

5%,

11/01/25

...................................

90,000

91,800

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

11,770,666

Virginia

College

Building

Authority

,

Revenue

,

2015

D

,

5

%

,

2/01/25

...............

7,405,000

8,469,985

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

3

%

,

5/15/36

.......

9,460,000

10,511,863

Virginia

Public

Building

Authority

,

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

................................

1,075,000

1,240,520

Revenue,

B,

4%,

8/01/29

............................................

12,060,000

13,828,326

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

5

%

,

8/01/27

.................

4,460,000

5,003,035

Virginia

Resources

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2014

B,

Refunding,

5%,

10/01/26

.......

26,155,000

29,590,023

Clean

Water

Revolving

Fund,

Revenue,

2015,

Refunding,

5%,

10/01/28

.........

11,950,000

14,011,046

Virginia

Small

Business

Financing

Authority

,

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/35

........................................................

3,000,000

3,656,247

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/36

........................................................

3,000,000

3,450,831

101,721,247

Washington

4.5%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

..............

5,230,000

5,815,492

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.

42

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

City

of

Seattle,

(continued)

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/25

..............

$

5,500,000

$

6,111,488

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

..............

2,995,000

3,323,380

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/27

..............

3,150,000

3,490,543

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

............

5,300,000

6,132,021

County

of

King

,

d

GO,

2021

C,

0.61%,

12/01/23

........................................

7,130,000

7,129,430

d

GO,

2021

C,

1.01%,

12/01/24

........................................

9,405,000

9,415,030

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/25

.........................

1,200,000

1,341,464

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/26

.........................

1,200,000

1,340,146

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/27

.........................

1,900,000

2,118,254

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/28

.........................

3,050,000

3,395,350

Sewer,

Revenue,

2014

B,

Pre-Refunded,

5%,

7/01/29

......................

2,600,000

2,908,649

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2014

A,

Refunding,

5%,

7/01/22

......

3,250,000

3,341,574

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/36

......

7,000,000

8,885,726

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/23

..........

3,500,000

3,760,719

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,398,045

Seattle

Housing

Authority

,

Yesler

Block

7.3

LLLP

,

Revenue

,

2021

,

1

%

,

6/01/25

.....

7,225,000

7,252,494

State

of

Washington

,

GO,

2017

D,

5%,

2/01/31

............................................

5,480,000

6,623,452

GO,

2017

D,

5%,

2/01/32

............................................

10,000,000

12,063,561

GO,

R-2015B,

Refunding,

5%,

7/01/25

..................................

29,370,000

32,864,613

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

2,620,000

3,293,070

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

3,570,245

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

4,701,082

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,899,250

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,761,222

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,541,843

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

6,422,227

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

........................................................

1,000,000

1,228,661

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

........................................................

1,925,000

2,357,987

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

........................................................

1,000,000

1,274,894

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

........................................................

1,000,000

1,272,369

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

........................................................

1,000,000

1,270,226

e

Seattle

Cancer

Care

Alliance

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/35

440,000

484,749

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

........................................................

2,250,000

2,663,477

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

........................................................

1,605,000

1,896,872

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

........................................................

2,400,000

2,826,225

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5

%

,

12/20/35

6,950,940

8,063,864

175,239,694

West

Virginia

0.3%

State

of

West

Virginia

,

GO

,

2019

A

,

5

%

,

12/01/36

...........................

9,700,000

12,341,444

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

43

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

1.4%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

$

4,600,000

$

5,056,056

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

3.5%,

12/01/32

....................

1,405,000

1,442,368

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/15/37

.......................................................

600,000

698,196

e

Affordable

Housing

Preservation

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

.................................................

18,100,000

18,100,000

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

........................................................

1,100,000

1,274,265

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/29

..........

285,000

324,644

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/30

..........

200,000

226,475

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/31

..........

200,000

225,629

Renown

Regional

Medical

Center,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

.....

2,100,000

2,494,625

d

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/27

...........................................

195,000

224,705

d

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/28

...........................................

250,000

290,958

d

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/29

...........................................

320,000

375,022

d

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/30

...........................................

265,000

310,471

b,e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

9,700,000

9,866,067

Wisconsin

Department

of

Transportation

,

Revenue

,

2017-2

,

Refunding

,

5

%

,

7/01/31

.

5,000,000

6,135,224

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/34

........................................

600,000

711,189

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/35

........................................

1,000,000

1,183,071

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/36

........................................

600,000

708,139

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/37

........................................

600,000

706,609

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/41

......

1,650,000

1,915,999

52,269,712

U.S.

Territories

0.5%

District

of

Columbia

0.4%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2019

A

,

5

%

,

3/01/33

................

3,000,000

3,874,493

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/31

........................................

5,000,000

6,086,444

Revenue,

2017

B,

5%,

7/01/32

........................................

5,750,000

6,994,501

16,955,438

Puerto

Rico

0.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

CC

,

Refunding

,

AGMC

Insured

,

5.5

%

,

7/01/29

..............................................

1,000,000

1,118,825

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

450,000

540,635

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.

44

s

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority,

(continued)

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/30

..

$

550,000

$

697,266

2,356,726

Total

U.S.

Territories

....................................................................

19,312,164

Total

Municipal

Bonds

(Cost

$3,616,855,535)

...................................

3,809,353,932

Total

Long

Term

Investments

(Cost

$3,685,483,847)

.............................

3,877,611,032

a

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

Arizona

0.1%

f

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

2/01/48

2,500,000

2,500,000

Georgia

0.3%

f

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

0.05

%

,

9/01/37

.....................

10,000,000

10,000,000

Missouri

0.1%

f

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2003

B

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

2/15/33

..

4,035,000

4,035,000

Virginia

0.0%

†

f

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

11/01/36

......................

2,000,000

2,000,000

Total

Municipal

Bonds

(Cost

$18,535,000)

......................................

18,535,000

Total

Short

Term

Investments

(Cost

$18,535,000

)

................................

18,535,000

a

Total

Investments

(Cost

$3,704,018,847)

100.9%

................................

$3,896,146,032

Other

Assets,

less

Liabilities

(0.9)%

...........................................

(33,292,094)

Net

Assets

100.0%

...........................................................

$3,862,853,938

†

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

purchased

on

a

when-issued

basis.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

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

November

30,

2021,

the

aggregate

value

of

these

securities

was

$83,789,375,

representing

2.2%

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),

November

30,

2021

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

45

a

a

Shares

a

Value

a

Management

Investment

Companies

2.4%

Capital

Markets

2.4%

a

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

...............................

1,300,000

$

35,282,000

Total

Management

Investment

Companies

(Cost

$33,900,950)

....................

35,282,000

Principal

Amount

a

a

a

a

Municipal

Bonds

81.4%

Alabama

2.6%

Black

Belt

Energy

Gas

District

,

Revenue,

2021

A,

Refunding,

4%,

12/01/21

..............................

$

435,000

435,000

Revenue,

2021

A,

Refunding,

4%,

6/01/22

...............................

340,000

346,198

Revenue,

2021

A,

Refunding,

4%,

12/01/22

..............................

490,000

507,757

Revenue,

2021

A,

Refunding,

4%,

6/01/23

...............................

400,000

421,380

Revenue,

2021

A,

Refunding,

4%,

6/01/24

...............................

400,000

434,323

b

Revenue,

2021

B,

Mandatory

Put,

4%,

12/01/26

...........................

15,000,000

17,130,713

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

4,037,926

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

7,912,447

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

4%,

10/01/22

.......................................

355,000

365,325

Revenue,

2021

A,

4%,

10/01/23

.......................................

450,000

477,571

Revenue,

2021

A,

4%,

10/01/24

.......................................

725,000

790,562

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/22

...........

1,445,000

1,512,631

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/24

...........

1,500,000

1,697,281

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/26

...........

1,030,000

1,237,179

37,306,293

Alaska

0.9%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

5

%

,

12/01/21

...

1,000,000

1,000,000

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

..............................

10,000,000

11,490,376

12,490,376

Arizona

1.4%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/24

.......................................................

1,000,000

1,099,860

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/25

.......................................................

1,000,000

1,127,863

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

1.4%,

7/01/22

...........

175,000

175,106

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

1.8%,

7/01/24

...........

450,000

451,540

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

17,092,196

19,946,565

California

3.4%

California

Community

Choice

Financing

Authority

,

Revenue,

2021

B-1,

4%,

8/01/25

......................................

535,000

599,740

Revenue,

2021

B-1,

4%,

2/01/26

......................................

850,000

961,808

Revenue,

2021

B-1,

4%,

8/01/26

......................................

325,000

371,882

Revenue,

2021

B-1,

4%,

8/01/27

......................................

400,000

463,940

Revenue,

2021

B-1,

4%,

2/01/28

......................................

375,000

438,118

Revenue,

2021

B-1,

4%,

8/01/28

......................................

470,000

553,588

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/22

.....................

400,000

407,235

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/23

.....................

400,000

421,549

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)

California

(continued)

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

$

14,101,873

b

California

Municipal

Finance

Authority

,

Republic

Services,

Inc.,

Revenue,

2021

A,

Refunding,

Mandatory

Put,

0.3%,

4/01/22

7,500,000

7,502,775

Waste

Management,

Inc.,

Revenue,

2020,

Mandatory

Put,

0.15%,

3/01/22

.......

5,000,000

5,000,000

California

Statewide

Communities

Development

Authority

,

b

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

.......................................................

3,000,000

3,134,864

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

........................................................

3,500,000

3,506,508

Mount

San

Antonio

Community

College

District

,

GO

,

2017

,

ETM,

Zero

Cpn.,

4/01/22

.

10,000,000

9,993,968

c

San

Diego

County

Regional

Airport

Authority

,

Revenue

,

2021

C

,

Refunding

,

0.454

%

,

7/01/22

.........................................................

1,500,000

1,500,286

48,958,134

Colorado

1.9%

Denver

City

&

County

School

District

No.

1

,

GO

,

2012

B

,

4

%

,

12/01/27

...........

7,480,000

7,748,018

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

15,000,000

18,595,800

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/24

........

400,000

436,522

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/24

........

300,000

333,451

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/25

........

325,000

366,927

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/25

........

400,000

458,784

27,939,502

Connecticut

0.0%

†

c

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/23

...

175,000

184,368

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/24

...

175,000

191,139

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/25

...

170,000

191,781

567,288

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

5,011,396

Florida

1.7%

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/24

.........................................................

215,000

222,279

County

of

Escambia

,

Florida

Power

&

Light

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

.........................................................

5,000,000

5,157,545

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......................................

1,000,000

1,165,001

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/22

................................

1,615,000

1,665,561

Revenue,

Senior

Lien,

2020,

5%,

8/01/23

................................

1,720,000

1,851,320

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

................................

1,805,000

2,018,119

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

................................

1,800,000

2,081,460

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

................................

1,940,000

2,310,356

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2012

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

7/01/24

.................

4,000,000

4,111,896

River

Hall

Community

Development

District

,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/22

.....................

190,000

191,548

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/23

.....................

175,000

179,228

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/24

.....................

235,000

243,211

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/25

.....................

180,000

187,302

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/26

.....................

220,000

229,058

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)

Florida

(continued)

State

of

Florida

,

Department

of

Transportation

Turnpike

System

,

Revenue

,

2012

A

,

2.875

%

,

7/01/25

...................................................

$

3,000,000

$

3,042,275

24,656,159

Georgia

3.7%

b

Atlanta

Urban

Residential

Finance

Authority

,

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

2021

A,

Mandatory

Put,

0.24%,

1/01/23

........................................................

1,250,000

1,248,459

d

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

144A,

2021

B,

Mandatory

Put,

1.35%,

1/01/23

..................................................

2,600,000

2,608,497

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

.............

2,500,000

2,796,090

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/25

.............

1,500,000

1,739,143

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

......................

2,000,000

2,005,815

b,d

Housing

Authority

of

Clayton

County

Facilities

Holding

Co.

LLC

(The)

,

Riverwood

Housing

Partners

LP

,

Revenue

,

144A,

2021

B

,

Mandatory

Put

,

1.4

%

,

4/01/23

.....

2,000,000

2,013,120

b

Macon-Bibb

County

Housing

Authority

,

Green

Meadows

Housing

Partners

LP

,

Revenue

,

2021

A

,

Mandatory

Put

,

0.25

%

,

10/01/22

........................

2,150,000

2,148,462

Main

Street

Natural

Gas,

Inc.

,

b

Revenue,

2018

A,

Mandatory

Put,

4%,

9/01/23

............................

10,025,000

10,606,864

Revenue,

2021

C,

4%,

12/01/22

.......................................

500,000

518,018

Revenue,

2021

C,

4%,

12/01/23

.......................................

725,000

774,849

Revenue,

2021

C,

4%,

12/01/24

.......................................

735,000

808,009

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2018

A

,

Refunding

,

3

%

,

7/01/23

11,000,000

11,470,893

Private

Colleges

&

Universities

Authority

,

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

5%,

10/01/22

......

300,000

311,799

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

5%,

10/01/23

......

300,000

325,442

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

5%,

10/01/24

......

400,000

450,114

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

5%,

10/01/25

......

425,000

494,248

State

of

Georgia

,

GO

,

2016

A

,

5

%

,

2/01/23

................................

12,375,000

13,070,771

53,390,593

Hawaii

2.1%

State

of

Hawaii

,

GO

,

EF

,

Pre-Refunded

,

5

%

,

11/01/23

........................

10,000,000

10,440,757

University

of

Hawaii

,

Revenue,

2020

B,

Refunding,

5%,

10/01/24

..............................

4,040,000

4,562,015

Revenue,

2020

B,

Refunding,

5%,

10/01/25

..............................

5,165,000

6,040,780

Revenue,

2020

B,

Refunding,

5%,

10/01/26

..............................

7,225,000

8,710,159

29,753,711

Illinois

8.5%

Chicago

Board

of

Education

,

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

.

1,000,000

1,088,388

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

..................................

350,000

396,373

GO,

2020

F-2,

Refunding,

5%,

1/01/26

..................................

500,000

583,627

GO,

2020

F-2,

Refunding,

5%,

1/01/27

..................................

550,000

659,985

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

.........................................................

1,425,000

1,581,824

City

of

Chicago

,

GO,

2015

C,

Refunding,

5%,

1/01/25

...................................

1,900,000

2,145,557

GO,

2020

A,

Refunding,

5%,

1/01/28

...................................

3,100,000

3,774,953

c

City

of

Moline

,

GO,

2021

C,

AGMC

Insured,

0.542%,

12/01/22

...........................

500,000

500,005

GO,

2021

C,

AGMC

Insured,

0.702%,

12/01/23

...........................

1,175,000

1,173,355

GO,

2021

C,

AGMC

Insured,

1.151%,

12/01/24

...........................

580,000

580,457

GO,

2021

C,

AGMC

Insured,

1.439%,

12/01/25

...........................

925,000

926,683

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)

Illinois

(continued)

County

of

Cook

,

GO,

2021

A,

Refunding,

5%,

11/15/22

..................................

$

5,000,000

$

5,229,134

Sales

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/15/29

......................

845,000

1,083,911

b

Illinois

Development

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2019

,

Mandatory

Put

,

0.4

%

,

11/01/22

.......................................

10,000,000

9,999,897

Illinois

Finance

Authority

,

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/27

.........

2,810,000

3,190,669

b

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

0.559%,

9/01/22

.................................................

8,400,000

8,400,249

b

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

.......................................

1,250,000

1,386,219

c

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

2,500,000

2,600,408

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

2,000,000

2,366,383

State

of

Illinois

,

GO,

2010-4,

AGMC

Insured,

6.875%,

7/01/25

............................

1,000,000

1,110,168

GO,

2016,

Refunding,

5%,

2/01/28

.....................................

2,000,000

2,386,648

GO,

2016,

Refunding,

5%,

2/01/29

.....................................

750,000

890,470

GO,

2017

D,

5%,

11/01/24

...........................................

5,000,000

5,620,119

GO,

2017

D,

5%,

11/01/25

...........................................

10,000,000

11,589,948

GO,

2018

A,

6%,

5/01/25

............................................

6,000,000

7,057,630

GO,

2018

A,

Refunding,

5%,

10/01/28

..................................

525,000

647,124

GO,

2018

A,

Refunding,

5%,

10/01/29

..................................

375,000

460,713

GO,

2018

B,

Refunding,

5%,

10/01/31

..................................

625,000

761,691

GO,

2019

B,

5%,

11/01/30

...........................................

375,000

468,417

GO,

2020,

5.5%,

5/01/30

............................................

1,710,000

2,234,572

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/24

...............................

5,000,000

5,428,050

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/22

.............

4,000,000

4,101,803

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/23

.............

3,000,000

3,207,271

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/24

.............

3,300,000

3,665,454

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/25

.............

2,000,000

2,298,051

University

of

Illinois

,

Auxiliary

Facilities

System,

Revenue,

2021

A,

Refunding,

3%,

4/01/22

..........

8,950,000

9,033,425

Auxiliary

Facilities

System,

Revenue,

2021

A,

Refunding,

3%,

4/01/25

..........

11,660,000

12,613,464

d

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

B

,

Refunding

,

4.25

%

,

3/01/23

......

701,000

700,604

121,943,699

Indiana

0.6%

d

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,561,567

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

B,

Refunding,

3.25%,

11/15/23

195,000

195,211

c

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/23

..

1,000,000

1,004,445

c

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/24

..

1,000,000

1,021,081

c

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/25

..

1,000,000

1,033,841

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

B,

Refunding,

0.65%,

8/01/25

....

4,500,000

4,468,877

9,285,022

Iowa

0.8%

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

.............................

9,300,000

10,110,419

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

B-1

,

2

,

Refunding

,

0.375

%

,

6/01/30

715,000

715,337

10,825,756

Kansas

0.1%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,930,613

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)

Kentucky

2.4%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

...................................................

$

3,375,000

$

3,331,132

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

3.2%,

10/01/22

.............................

1,050,000

1,073,762

Revenue,

2021

A,

Refunding,

3.25%,

10/01/23

............................

1,080,000

1,132,061

Revenue,

2021

A,

Refunding,

3.5%,

10/01/24

.............................

1,120,000

1,207,925

Revenue,

2021

A,

Refunding,

3.5%,

10/01/25

.............................

1,155,000

1,271,806

Revenue,

2021

A,

Refunding,

4%,

10/01/26

..............................

1,205,000

1,378,215

Revenue,

2021

A,

Refunding,

4%,

10/01/27

..............................

1,255,000

1,459,684

Revenue,

2021

A,

Refunding,

4%,

10/01/28

..............................

1,305,000

1,536,374

b

Kentucky

Public

Energy

Authority

,

Revenue,

2018

A,

Mandatory

Put,

4%,

4/01/24

............................

10,000,000

10,732,638

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

............................

10,000,000

11,331,941

34,455,538

Louisiana

3.7%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

.........................

450,000

531,563

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

.........................

600,000

728,019

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

.........................

550,000

683,505

d

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

...................................

957,000

963,720

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

5%,

10/01/25

.......

250,000

286,338

b

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

5%,

5/15/25

........................................

7,500,000

8,636,354

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

4,650,000

4,874,975

b

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-1

,

Refunding

,

Mandatory

Put

,

2.125

%

,

7/01/24

......................................

7,100,000

7,341,629

State

of

Louisiana

,

GO,

2013

A,

Pre-Refunded,

4%,

5/15/31

................................

15,225,000

16,059,936

GO,

2019

A,

5%,

3/01/31

............................................

10,870,000

13,768,669

53,874,708

Maryland

3.3%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

......................

5,000,000

5,863,666

City

of

Cumberland

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/24

.........................

395,000

439,829

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/25

.........................

455,000

524,164

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

6,123,434

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

......................

12,330,000

14,840,695

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/26

...............

1,035,000

1,211,321

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/27

...............

1,215,000

1,457,366

Washington

Suburban

Sanitary

Commission

,

Revenue,

2013,

Pre-Refunded,

4%,

6/01/28

..............................

5,500,000

5,810,139

Revenue,

2013,

Pre-Refunded,

4%,

6/01/30

..............................

5,500,000

5,810,138

Revenue,

2013,

Pre-Refunded,

4%,

6/01/31

..............................

5,500,000

5,810,138

47,890,890

Massachusetts

0.5%

b

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-4,

Refunding,

Mandatory

Put,

5%,

1/25/24

........................................................

5,000,000

5,494,981

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)

Massachusetts

(continued)

b

Massachusetts

Development

Finance

Agency,

(continued)

President

&

Trustees

of

Williams

College,

Revenue,

2011

N,

Mandatory

Put,

0.45%,

7/01/25

........................................................

$

1,000,000

$

994,991

6,489,972

Michigan

0.9%

City

of

Grand

Rapids

,

Sanitary

Sewer

System

,

Revenue

,

1998

A

,

Refunding

,

BHAC,

AGMC,

FGIC

Insured

,

5.5

%

,

1/01/22

...................................

1,100,000

1,104,722

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/27

.......................................................

2,000,000

2,401,441

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

1.25%,

6/01/30

225,000

225,797

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

1.5

%

,

10/01/22

.

970,000

971,018

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.,

Revenue,

2005,

Mandatory

Put,

0.875%,

10/08/26

......

4,350,000

4,344,715

Waste

Management

of

Michigan,

Inc.,

Revenue,

2001,

Mandatory

Put,

0.58%,

8/01/24

........................................................

3,300,000

3,292,168

12,339,861

Minnesota

1.3%

b

City

of

Brooklyn

Center

,

Brooklyn

Center

AH

I

LLLP

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

1.35

%

,

7/01/22

.......................................

4,000,000

4,003,465

b

Dakota

County

Community

Development

Agency

,

Eagan

AH

I

LLLP

,

Revenue

,

2020

,

Mandatory

Put

,

0.35

%

,

6/01/23

.......................................

6,000,000

6,003,266

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,667,091

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

.....................

1,000,000

1,195,032

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

.....................

1,000,000

1,223,207

19,092,061

Mississippi

0.2%

b

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

........................................

2,500,000

2,464,160

Mississippi

Home

Corp.

,

d

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

2.75%,

6/01/26

326,937

325,558

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

2.9%,

6/01/26

...................................................

72,598

72,751

2,862,469

Missouri

0.4%

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/22

...............

350,000

353,791

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/23

...............

280,000

294,847

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/24

...............

300,000

327,121

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/25

...............

500,000

562,033

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/26

...............

405,000

467,039

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/27

...............

660,000

779,084

b

St.

Charles

County

Industrial

Development

Authority

,

Hidden

Valley

Housing

Partners

LP

,

Revenue

,

2021

,

Mandatory

Put

,

0.27

%

,

10/01/23

.......................

3,500,000

3,491,836

6,275,751

Montana

0.4%

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

6,090,000

6,096,465

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nebraska

0.3%

Nebraska

Public

Power

District

,

Revenue,

2021

C,

Refunding,

5%,

1/01/23

...............................

$

1,500,000

$

1,577,432

Revenue,

2021

C,

Refunding,

5%,

1/01/24

...............................

2,500,000

2,742,345

4,319,777

Nevada

0.7%

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

...................................

1,745,000

1,945,820

GO,

2020

D,

Refunding,

5%,

6/01/25

...................................

2,750,000

3,181,489

b,d

State

of

Nevada

Department

of

Business

&

Industry

,

DesertXpress

Enterprises

LLC

,

Revenue

,

144A,

2020

A

,

Mandatory

Put

,

0.25

%

,

2/01/22

....................

5,000,000

5,000,162

10,127,471

New

Hampshire

0.3%

b

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

0.425

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

.........................................................

5,000,000

4,999,875

New

Jersey

8.3%

Bergen

County

Improvement

Authority

(The)

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

8/15/22

.........................................................

2,500,000

2,547,842

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

......................

1,000,000

1,079,059

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

......................

1,000,000

1,116,882

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/23

..........................................

1,730,000

1,731,542

GO,

2020,

0.375%,

6/01/24

..........................................

1,765,000

1,754,901

GO,

2020,

0.375%,

6/01/25

..........................................

1,800,000

1,779,140

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

.................................

4,215,000

4,444,306

County

of

Union

,

GO,

2020,

0.5%,

3/01/23

............................................

5,215,000

5,224,026

GO,

2020,

0.5%,

3/01/24

............................................

5,290,000

5,305,933

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

30,578,915

New

Jersey

Economic

Development

Authority

,

Revenue,

1997

A,

NATL

Insured,

7.425%,

2/15/29

.........................

3,000,000

3,818,165

e

Revenue,

FRN,

2019

A,

Refunding,

5.25%,

4/01/28

........................

5,000,000

6,261,074

b

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

.................................................

7,500,000

7,994,570

e

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

12,317,520

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AMBAC

Insured,

Zero

Cpn.,

12/15/26

....................

10,000,000

9,390,633

Revenue,

2006

C,

BHAC

Insured,

Zero

Cpn.,

12/15/27

......................

11,110,000

10,330,222

Newark

Board

of

Education

,

GO,

2021,

Refunding,

5%,

7/15/22

.....................................

130,000

133,849

GO,

2021,

Refunding,

5%,

7/15/23

.....................................

300,000

322,469

GO,

2021,

Refunding,

5%,

7/15/24

.....................................

400,000

444,712

State

of

New

Jersey

,

GO,

3%,

6/01/25

..................................................

2,000,000

2,075,677

GO,

2020

A,

5%,

6/01/29

............................................

3,700,000

4,698,235

GO,

2020

A,

4%,

6/01/30

............................................

5,000,000

6,080,296

119,429,968

New

Mexico

0.3%

b

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

.....................................

4,250,000

4,235,600

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

52

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

4.3%

City

of

New

York

,

GO

,

2019

A

,

Refunding

,

5

%

,

8/01/22

.......................

$

5,000,000

$

5,161,317

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

..................

4,205,000

4,847,481

Metropolitan

Transportation

Authority

,

b

Revenue,

2012

G-4,

Refunding,

Mandatory

Put,

0.608%,

11/01/22

.............

6,205,000

6,221,126

Revenue,

2017

D,

Refunding,

5%,

11/15/25

..............................

3,775,000

4,387,995

Revenue,

2020

A-1,

5%,

2/01/23

......................................

8,250,000

8,692,174

b

New

York

City

Housing

Development

Corp.

,

Revenue

,

2021

H

,

Mandatory

Put

,

0.12

%

,

3/15/22

.........................................................

3,800,000

3,795,051

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/24

1,000,000

1,095,182

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/25

1,000,000

1,137,101

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

772,392

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/26

......................................................

5,000,000

6,000,041

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

3,460,919

b

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

........................................................

10,000,000

10,732,919

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

F

,

1.1

%

,

11/01/26

.......

2,860,000

2,890,507

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/25

...

500,000

577,030

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/25

...

2,200,000

2,547,355

62,318,590

North

Carolina

0.8%

City

of

Charlotte

,

COP

,

2013

B

,

3

%

,

6/01/22

...............................

2,740,000

2,746,314

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/24

..........

1,200,000

1,346,729

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,000,000

1,157,587

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/26

..........

850,000

1,010,895

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

................................

3,000,000

3,621,440

Revenue,

2018,

Refunding,

5%,

10/01/27

................................

1,500,000

1,861,667

11,744,632

North

Dakota

0.7%

Cass

County

Joint

Water

Resource

District

,

GO

,

2021

A

,

Refunding

,

0.48

%

,

5/01/24

.

5,000,000

5,003,679

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/27

..

1,125,000

1,375,662

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/28

..

1,680,000

2,092,206

City

of

Horace

,

GO

,

2021

B

,

Refunding

,

0.6

%

,

10/01/23

......................

1,600,000

1,598,893

10,070,440

Ohio

3.7%

American

Municipal

Power,

Inc.

,

Revenue

,

2009

B

,

5.355

%

,

2/15/24

.............

6,505,000

6,852,581

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.65%,

6/01/23

................

2,500,000

2,535,835

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.709%,

6/01/24

...............

6,225,000

6,318,420

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.809%,

6/01/25

...............

1,850,000

1,868,179

County

of

Cuyahoga

,

Revenue

,

2020

D

,

Refunding

,

3

%

,

12/01/21

...............

9,090,000

9,090,000

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/22

...........

1,200,000

1,243,733

Ohio

Water

Development

Authority

,

Revenue,

2018,

5%,

6/01/28

.........................................

7,000,000

8,804,285

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

A,

5%,

6/01/29

.............

8,500,000

10,923,845

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

53

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

.............

$

2,560,000

$

2,747,707

Youngstown

State

University

,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/24

...................

645,000

714,520

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/25

...................

580,000

659,303

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/26

...................

850,000

987,997

52,746,405

Oklahoma

0.4%

Oklahoma

Capitol

Improvement

Authority

,

Oklahoma

State

Regents

for

Higher

Education

,

Revenue

,

2021

A

,

0.453

%

,

7/01/22

............................

575,000

575,443

Oklahoma

County

Finance

Authority

,

Oklahoma

County

Independent

School

District

No.

52

Midwest

City-Del

City

,

Revenue

,

2018

,

5

%

,

10/01/22

..................

1,000,000

1,039,072

Oklahoma

State

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

9/01/23

...........

705,000

763,475

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/22

........................................................

1,500,000

1,552,901

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/23

........................................................

1,170,000

1,263,825

5,194,716

Oregon

0.8%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

.........................................................

850,000

925,441

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,317,631

State

of

Oregon

,

GO,

2015

B,

Refunding,

5%,

8/01/27

...................................

2,785,000

3,234,775

Department

of

Transportation,

Revenue,

Senior

Lien,

2012

A,

Refunding,

5%,

11/15/22

.......................................................

5,000,000

5,231,105

11,708,952

Pennsylvania

4.2%

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/24

.................................

150,000

163,246

Revenue,

2022,

Refunding,

5%,

5/01/25

.................................

500,000

560,705

Revenue,

2022,

Refunding,

5%,

5/01/26

.................................

500,000

574,651

Revenue,

2022,

Refunding,

5%,

5/01/27

.................................

590,000

692,872

b

Bethlehem

Area

School

District

Authority

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

0.384

%

,

(

SOFR

+

0.35

%

),

11/01/25

................................

2,000,000

2,000,000

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

2,500,143

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

10,170,321

b

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.8

%

,

9/01/22

.........................

10,000,000

10,098,191

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/29

...........

1,230,000

1,512,559

b

Waste

Management,

Inc.,

Revenue,

2021

A,

Mandatory

Put,

0.45%,

6/03/24

.....

6,000,000

6,001,750

b

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

4,000,000

4,016,348

Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

1999

B

,

AMBAC

Insured

,

Zero

Cpn.,

4/15/24

.................................

4,100,000

3,976,927

Philadelphia

Gas

Works

Co.

,

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/25

........................

500,000

579,761

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/26

........................

600,000

713,028

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.

54

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

e

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

$

7,781,052

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/22

......

300,000

306,287

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/23

......

375,000

395,798

Westmoreland

County

Municipal

Authority

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

8/15/37

7,895,000

8,527,877

60,571,516

Rhode

Island

0.2%

City

of

Providence

,

GO,

2021

A,

Refunding,

5%,

1/15/22

...................................

400,000

402,111

GO,

2021

A,

Refunding,

5%,

1/15/23

...................................

475,000

497,631

GO,

2021

A,

Refunding,

5%,

1/15/24

...................................

500,000

543,658

GO,

2021

A,

Refunding,

5%,

1/15/25

...................................

500,000

561,865

GO,

2021

A,

Refunding,

5%,

1/15/26

...................................

500,000

577,054

2,582,319

South

Carolina

0.8%

d

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

805,000

807,723

South

Carolina

Public

Service

Authority

,

Revenue,

2021

B,

5%,

12/01/22

.......................................

1,500,000

1,571,132

Revenue,

2021

B,

5%,

12/01/24

.......................................

1,750,000

1,986,325

Revenue,

D,

2.388%,

12/01/23

........................................

6,745,000

6,963,059

11,328,239

South

Dakota

0.2%

f

South

Dakota

Health

&

Educational

Facilities

Authority

,

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.594%,

11/01/22

........

390,000

389,780

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.744%,

11/01/23

........

710,000

709,136

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.225%,

11/01/24

........

450,000

449,633

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.568%,

11/01/25

........

1,695,000

1,695,544

3,244,093

Tennessee

1.8%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

7,712,639

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

8,401,872

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

9,118,741

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2021

A,

5%,

11/01/22

.......................................

175,000

182,317

Revenue,

2021

A,

5%,

11/01/23

.......................................

250,000

270,869

Revenue,

2021

A,

5%,

11/01/24

.......................................

250,000

280,480

Revenue,

2021

A,

5%,

11/01/25

.......................................

350,000

404,865

26,371,783

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

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

5.2%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

$

3,280,000

$

3,109,603

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

5,862,362

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,212,084

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

5,889,847

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools

,

Revenue

,

2017

,

Refunding

,

PSF

Guaranty

,

4

%

,

8/15/22

.................................

3,200,000

3,285,376

Comal

Independent

School

District

,

GO

,

2017

,

PSF

Guaranty

,

5

%

,

2/01/22

........

2,250,000

2,268,097

Cypress-Fairbanks

Independent

School

District

,

GO

,

2013

,

Refunding

,

PSF

Guaranty

,

5

%

,

2/15/22

......................................................

7,320,000

7,392,661

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Pre-Refunded

,

5.25

%

,

10/01/51

........................................................

27,930,000

30,447,543

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/24

.............................................

140,000

141,962

GO,

2021,

2%,

9/01/25

.............................................

145,000

146,928

GO,

2021,

2%,

9/01/26

.............................................

150,000

151,092

GO,

2021,

2%,

9/01/27

.............................................

155,000

154,972

State

of

Texas

,

GO,

2018

B-3,

Refunding,

5%,

8/01/24

..................................

4,750,000

5,343,211

GO,

2018

B-3,

Refunding,

5%,

8/01/25

..................................

2,000,000

2,331,727

GO,

2018

B-3,

Refunding,

5%,

8/01/26

..................................

2,000,000

2,406,226

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

4,200,000

5,189,943

75,333,634

Utah

0.5%

City

of

Salt

Lake

City

,

Airport,

Revenue,

2021

A,

5%,

7/01/24

..................................

1,000,000

1,112,137

Airport,

Revenue,

2021

A,

5%,

7/01/25

..................................

1,300,000

1,496,241

Airport,

Revenue,

2021

A,

5%,

7/01/26

..................................

2,250,000

2,664,154

South

Valley

Water

Reclamation

Facility

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

2/15/23

1,225,000

1,293,503

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

3

%

,

10/15/23

.....................

475,000

496,504

7,062,539

Virginia

1.2%

Virginia

College

Building

Authority

,

Revenue

,

2012

A

,

Pre-Refunded

,

4

%

,

2/01/29

...

15,375,000

15,472,445

Virginia

Small

Business

Financing

Authority

,

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/22

...

240,000

245,452

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/23

...

300,000

313,173

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/24

...

220,000

233,901

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/25

...

230,000

248,262

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/26

...

235,000

256,653

16,769,886

Washington

4.8%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

1,700,000

2,121,215

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

4,134,660

Clark

County

School

District

No.

37

Vancouver

,

GO,

2021,

4%,

12/01/21

.............................................

2,250,000

2,250,000

GO,

2021,

4%,

12/01/22

.............................................

3,575,000

3,710,775

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.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

f

County

of

King

,

GO

,

2021

C

,

0.61

%

,

12/01/23

..............................

$

10,000,000

$

9,999,200

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/23

.........................................................

5,000,000

5,372,456

King

County

School

District

No.

410

Snoqualmie

Valley

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/21

........................................................

2,455,000

2,455,000

King

County

School

District

No.

414

Lake

Washington

,

GO

,

2020

,

4

%

,

12/01/21

....

1,415,000

1,415,000

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,341,323

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,863,639

Spokane

County

School

District

No.

356

Central

Valley

,

GO

,

2018

,

4

%

,

12/01/31

....

8,295,000

9,741,930

State

of

Washington

,

GO,

2012

D,

Pre-Refunded,

5%,

2/01/34

................................

6,545,000

6,597,201

GO,

R-2012D,

Refunding,

5%,

7/01/23

..................................

7,340,000

7,541,970

GO,

R-2015

D,

Refunding,

5%,

7/01/28

.................................

3,985,000

4,518,230

b

University

of

Washington

,

Revenue

,

2019

A

,

Mandatory

Put

,

5

%

,

5/01/22

.........

5,000,000

5,013,176

d

Washington

Health

Care

Facilities

Authority

,

Seattle

Cancer

Care

Alliance

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

363,112

68,438,887

West

Virginia

0.1%

b

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625

%

,

12/15/25

......................

1,000,000

992,001

Wisconsin

0.4%

City

of

Fond

Du

Lac

,

GO

,

2017

B

,

Refunding

,

2

%

,

4/01/22

.....................

1,000,000

1,005,919

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

2.75%,

12/01/25

...................

680,351

689,418

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/26

..........

150,000

165,768

f

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/25

...........................................

285,000

318,533

f

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/26

...........................................

300,000

341,423

d

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

B,

4.25%,

6/01/25

2,507,000

2,483,675

5,004,736

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/23

.....

800,000

841,296

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/27

.....

550,000

637,353

1,478,649

U.S.

Territories

0.1%

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/22

..

150,000

153,896

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/23

..

100,000

106,757

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/25

..

195,000

222,354

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

450,000

540,635

1,023,642

Total

U.S.

Territories

....................................................................

1,023,642

Total

Municipal

Bonds

(Cost

$1,143,302,535)

...................................

1,170,481,172

Total

Long

Term

Investments

(Cost

$1,177,203,485)

.............................

1,205,763,172

a

a

a

a

a

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

57

Short

Term

Investments

17.3%

a

a

Principal

Amount

a

Value

Municipal

Bonds

17.3%

Arizona

1.0%

g

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

1/01/46

...............

$

3,500,000

$

3,500,000

g

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

2/01/48

9,400,000

9,400,000

12,900,000

California

0.4%

g

University

of

California

,

Revenue

,

2013

AL-2

,

Refunding

,

Daily

VRDN

and

Put

,

0.02

%

,

5/15/48

.........................................................

5,400,000

5,400,000

Colorado

1.0%

g

City

&

County

of

Denver

,

COP,

2008

A-1,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

12/01/29

.................................................

3,500,000

3,500,000

COP,

2008

A-2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

12/01/29

.................................................

3,650,000

3,650,000

COP,

2008

A-3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

12/01/31

.................................................

7,830,000

7,830,000

14,980,000

Florida

2.1%

g

City

of

Jacksonville

,

Florida

Power

&

Light

Co.

,

Revenue

,

1995

,

Refunding

,

Daily

VRDN

and

Put

,

0.05

%

,

5/01/29

.......................................

6,000,000

6,000,000

g

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.04

%

,

7/15/22

.............................................

25,000,000

25,000,000

31,000,000

Maryland

2.0%

g

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

11/01/37

........................................................

13,050,000

13,050,000

g

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008

D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

7/01/41

.............................................

16,240,000

16,240,000

29,290,000

Michigan

0.3%

g

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/24

..

5,120,000

5,120,000

Minnesota

1.2%

g

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,

0.04%,

11/15/35

.................................

6,000,000

6,000,000

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

11/15/35

.....................................

10,920,000

10,920,000

16,920,000

Missouri

0.6%

g

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

3/01/40

...................................................

8,300,000

8,300,000

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.

58

See

Abbreviations

on

page

200

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

New

York

3.6%

g

City

of

New

York

,

GO

,

2006

I

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.03

%

,

4/01/36

...................................................

$

4,600,000

$

4,600,000

g

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

11/01/31

...........

3,615,000

3,615,000

g

New

York

City

,

Water

&

Sewer

System,

Revenue,

2014

AA-1,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

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

g

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2013

C-4,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

11/01/36

.............................

4,500,000

4,500,000

Future

Tax

Secured,

Revenue,

2019

B-4,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

8/01/42

......................................

19,000,000

19,000,000

g

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2001

C,

Refunding,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.03%,

1/01/32

..............................................

3,100,000

3,100,000

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

51,015,000

North

Carolina

0.3%

g

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

Oregon

0.3%

g

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

8/01/34

............

2,000,000

2,000,000

g

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

5,100,000

Tennessee

2.6%

g

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

...................................

37,260,000

37,260,000

Virginia

1.9%

g

Albermarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

10/01/48

........................................................

27,225,000

27,225,000

g

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

11/01/36

......................

500,000

500,000

27,725,000

Total

Municipal

Bonds

(Cost

$248,610,000)

.....................................

248,610,000

Total

Short

Term

Investments

(Cost

$248,610,000

)

...............................

248,610,000

a

Total

Investments

(Cost

$1,425,813,485)

101.1%

................................

$1,454,373,172

Other

Assets,

less

Liabilities

(1.1)%

...........................................

(16,115,756)

Net

Assets

100.0%

...........................................................

$1,438,257,416

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

59

†

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

purchased

on

a

when-issued

basis.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

aggregate

value

of

these

securities

was

$16,827,738,

representing

1.2%

of

net

assets.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Georgia

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

60

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.9%

Florida

0.6%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

$

2,592,000

$

2,597,910

Georgia

94.1%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

5%,

6/15/36

........................................................

2,390,000

2,874,716

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

4%,

6/15/40

........................................................

5,000,000

5,614,451

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

Park

Tax

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/35

..........................................

3,530,000

3,996,524

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/40

............

7,750,000

8,900,595

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

............

3,000,000

3,443,293

Piedmont

Ellis

LLC,

Revenue,

2013,

Pre-Refunded,

5%,

9/01/32

..............

2,000,000

2,162,510

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,882,403

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

1,179,855

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

1,173,511

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

4,000,000

4,561,725

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

Bibb

County

Development

Authority

,

Macon

State

College

Foundation

Real

Estate

LLC

,

Revenue

,

2012

,

AGMC

Insured

,

5

%

,

7/01/40

.............................

5,000,000

5,131,830

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,653,399

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

6,000,000

6,951,284

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

......

2,000,000

2,288,152

Tanner

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

1,250,000

1,482,042

Tanner

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

........................................................

1,500,000

1,762,578

Carrollton

Payroll

Development

Authority

,

UWG

Athletic

Complex

LLC

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/37

.................................

3,140,000

3,582,047

City

of

Atlanta

,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

...........................

1,780,000

2,102,155

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/33

........................................................

4,005,000

4,374,803

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/34

........................................................

3,250,000

3,547,249

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

5,242,829

Department

of

Aviation,

Revenue,

2021

B,

Refunding,

5%,

7/01/37

.............

1,480,000

1,954,166

Department

of

Aviation,

Revenue,

2021

C,

Refunding,

5%,

7/01/37

.............

1,500,000

1,941,651

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

5,946,006

Water

&

Wastewater,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/43

............

10,000,000

11,550,523

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

6,138,718

Water

&

Wastewater,

Revenue,

2019,

Refunding,

4%,

11/01/38

...............

1,450,000

1,739,055

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

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

$

1,986,968

City

of

Buford

,

GO

,

2017

C

,

Refunding

,

4

%

,

1/01/43

.........................

5,000,000

5,704,825

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,988,979

City

of

Columbus

,

Water

&

Sewerage

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

5/01/33

1,030,000

1,146,100

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,706,875

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,766,171

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

1,183,879

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

474,834

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

425,000

501,564

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

400,000

504,710

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

439,890

County

of

DeKalb

,

Water

&

Sewerage,

Revenue,

2006

B,

Refunding,

AGMC

Insured,

5%,

10/01/35

..

10,655,000

12,749,265

Water

&

Sewerage,

Revenue,

2011

A,

5.25%,

10/01/41

.....................

4,225,000

4,242,460

County

of

Fulton

,

GO,

2017,

4%,

7/01/40

.............................................

5,000,000

5,780,706

Water

&

Sewerage,

Revenue,

2020

A,

3%,

1/01/45

........................

5,000,000

5,422,311

County

of

Oconee

,

GO

,

2021

,

4

%

,

1/01/32

................................

1,000,000

1,237,424

County

of

Rockdale

,

Stormwater

System,

Revenue,

2021,

4%,

7/01/36

.........................

500,000

607,565

Stormwater

System,

Revenue,

2021,

4%,

7/01/41

.........................

500,000

600,894

Coweta

County

Water

&

Sewage

Authority

,

Revenue,

2019,

Pre-Refunded,

4%,

6/01/39

..............................

1,500,000

1,829,955

Revenue,

2021

B,

3%,

6/01/43

........................................

820,000

903,552

Revenue,

2021

B,

3%,

6/01/46

........................................

1,000,000

1,094,580

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

3,387,970

Decatur

Urban

Redevelopment

Agency

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

1/01/38

6,195,000

6,516,879

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

5,000,000

5,136,378

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

2,318,224

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

........................................................

10,000,000

11,072,384

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

5,758,246

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,189,851

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

4,000,000

4,584,560

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

6,814,496

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,832,936

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,291,586

KSU

2020

Housing

Real

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

6,590,726

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/35

..........

2,500,000

2,566,696

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/38

..........

2,500,000

2,567,151

KSU

University

II

Real

Estate

Foundation

LLC,

Revenue,

2021,

Refunding,

4%,

7/15/34

........................................................

1,000,000

1,201,926

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

2,287,466

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/22

......

3,000,000

3,012,497

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/24

......

2,000,000

2,204,235

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.

62

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

$

1,694,532

Revenue,

2019,

Refunding,

BAM

Insured,

3%,

3/01/44

......................

1,250,000

1,343,955

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

7,735,000

8,879,891

Forsyth

County

School

District

,

GO

,

2018

,

5

%

,

2/01/38

.......................

2,650,000

3,295,178

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,414,731

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

8,348,819

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

5,745,260

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2021

A,

4%,

2/15/46

5,000,000

5,819,946

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

1,207,736

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,707,030

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

5,000,000

5,089,785

Revenue,

2018

A,

3.85%,

12/01/38

....................................

5,600,000

5,879,105

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,262,171

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

4,850,000

5,216,081

Georgia

Ports

Authority

,

Revenue

,

2021

,

4

%

,

7/01/51

........................

3,250,000

3,881,956

Georgia

State

Road

&

Tollway

Authority

,

Revenue

,

2020

,

5

%

,

6/01/32

............

3,315,000

4,332,854

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,904,575

Gwinnett

County

School

District

,

GO,

2019,

5%,

2/01/41

.............................................

3,000,000

3,780,819

GO,

2021,

5%,

2/01/32

.............................................

3,150,000

4,217,759

GO,

2021,

4%,

2/01/37

.............................................

5,000,000

6,180,834

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,782,332

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

Refunding

,

AGMC

Insured

,

6

%

,

10/01/23

..............................................

980,000

1,080,635

Lawrenceville

Building

Authority

,

City

of

Lawrenceville

,

Revenue

,

2015

,

5

%

,

4/01/35

.

2,270,000

2,591,555

Macon

Water

Authority

,

Revenue

,

2015

,

4

%

,

10/01/35

........................

2,810,000

3,206,646

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

6,201,869

Revenue,

2019

A,

5%,

5/15/38

........................................

2,500,000

3,539,750

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/45

........

5,000,000

5,957,824

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

1,172,518

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,888,754

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

5,701,266

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

4,384,393

Revenue,

2021

A,

Refunding,

4%,

1/01/46

...............................

330,000

373,579

Revenue,

2021

A,

Refunding,

4%,

1/01/51

...............................

425,000

477,896

Revenue,

2021

A,

Refunding,

5%,

1/01/56

...............................

750,000

908,817

Revenue,

GG,

Refunding,

5%,

1/01/39

..................................

7,000,000

7,323,889

Municipal

Gas

Authority

of

Georgia

,

Revenue,

S,

Refunding,

5%,

10/01/25

..................................

2,500,000

2,594,113

Revenue,

S,

Refunding,

5%,

10/01/26

..................................

2,500,000

2,594,215

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

63

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Paulding

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

4/01/42

........................................

$

3,500,000

$

3,550,657

Pierce

County

School

District

,

GO

,

2017

,

4

%

,

1/01/43

........................

3,725,000

4,287,095

Private

Colleges

&

Universities

Authority

,

Corp.

of

Mercer

University

(The),

Revenue,

2021,

Refunding,

4%,

10/01/50

......

5,400,000

6,286,069

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

5,360,109

Emory

University,

Revenue,

2019

B,

Refunding,

5%,

9/01/48

.................

4,000,000

5,015,961

Pulaski

County

School

District

,

GO

,

2020

,

4

%

,

10/01/42

......................

1,000,000

1,205,914

Richmond

County

Hospital

Authority

,

University

Health

Services

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

8,936,146

Sandy

Springs

Public

Facilities

Authority

,

City

of

Sandy

Springs

,

Revenue

,

2015

,

Pre-

Refunded

,

5

%

,

5/01/41

.............................................

3,000,000

3,582,645

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

11,471,007

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,474,324

State

of

Georgia

,

GO,

2017

A,

4%,

2/01/36

............................................

5,000,000

5,730,706

GO,

2018

A,

4%,

7/01/36

............................................

5,000,000

5,924,189

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

6,114,757

454,308,476

Illinois

0.3%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

1,000,000

1,169,944

GO,

2021

A,

5%,

3/01/37

............................................

250,000

316,517

1,486,461

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

5

%

,

6/15/37

...

1,220,000

1,545,699

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

3,000,000

3,434,762

Wisconsin

0.6%

b

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

3,100,000

3,100,000

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

607,302

a

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

2,270,000

2,241,625

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

4,800,000

5,321,037

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,450,000

1,575,521

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,100,000

1,199,441

10,944,926

Total

U.S.

Territories

....................................................................

10,944,926

Total

Municipal

Bonds

(Cost

$449,675,947)

.....................................

477,418,234

a

a

a

a

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.

64

See

Abbreviations

on

page

200

.

Short

Term

Investments

0.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.5%

Georgia

0.5%

c

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

,

0.02

%

,

7/01/35

...................................

$

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

$452,175,947)

99.4%

...................................

$479,918,234

Other

Assets,

less

Liabilities

0.6%

.............................................

2,751,818

Net

Assets

100.0%

...........................................................

$482,670,052

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$3,100,000,

representing

0.6%

of

net

assets.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

High

Yield

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

65

a

a

Shares

a

Value

a

Management

Investment

Companies

0.6%

Capital

Markets

0.6%

a

Franklin

Liberty

Federal

Intermediate

Tax-Free

Bond

Opportunities

ETF

..........

1,605,000

$

43,030,050

Total

Management

Investment

Companies

(Cost

$41,833,738)

....................

43,030,050

Principal

Amount

a

a

a

a

Corporate

Bonds

0.1%

Commercial

Services

&

Supplies

0.1%

b

CalPlant

I

LLC

,

c

21A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

$

1,920,000

1,920,000

21B,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

7,205,000

7,205,000

9,125,000

Total

Corporate

Bonds

(Cost

$9,125,000)

.......................................

9,125,000

Municipal

Bonds

98.4%

Alabama

2.5%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/28

....................

7,350,000

5,265,039

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/29

....................

13,465,000

8,886,532

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/30

....................

19,050,000

11,567,072

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

13,863,254

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

15,843,991

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

16,935,787

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,235,272

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

6,035,186

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,592,643

Sewer,

Revenue,

Sub.

Lien,

2013

F,

Zero

Cpn.,

10/01/39

....................

75,000,000

77,531,183

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2011

A

,

5.375

%

,

12/01/35

..................................................

3,250,000

3,262,078

176,018,037

Arizona

1.8%

Arizona

Industrial

Development

Authority

,

b

Doral

Academy

of

Northern

Nevada

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/15/41

............................................

265,000

292,997

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

.................................................

3,005,000

2,845,433

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

1,579,316

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

1,000,000

1,179,372

b

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2017,

5%,

6/15/47

........

5,450,000

5,587,179

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,303,671

d

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2022,

Refunding,

4%,

6/15/51

4,000,000

4,114,686

d

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2022,

Refunding,

4%,

6/15/57

4,500,000

4,600,327

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

....................

1,000,000

1,172,443

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

....................

1,000,000

1,157,534

b

Maricopa

County

Industrial

Development

Authority

,

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/41

........................................................

370,000

408,635

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/51

........................................................

545,000

593,656

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/61

........................................................

2,625,000

2,825,742

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)

Arizona

(continued)

b

Maricopa

County

Industrial

Development

Authority,

(continued)

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

$

5,000,000

$

6,062,432

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

11,910,726

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

6,000,000

6,995,737

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

14,413,597

b

Sierra

Vista

Industrial

Development

Authority

,

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

A,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

15,682,087

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

B,

6.25%,

10/01/36

.......................................................

3,945,000

3,922,649

Tempe

Industrial

Development

Authority

,

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,900,000

2,105,132

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

4,850,000

5,333,219

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

2,800,000

3,071,446

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

4,820,378

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

8,952,176

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/01/46

.......................................................

2,500,000

2,725,348

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

B,

4%,

12/01/56

.......

2,130,000

2,288,022

Yuma

County

Industrial

Development

Authority

,

Far

West

Water

&

Sewer,

Inc.

,

Revenue

,

2007

A

,

Refunding

,

6.375

%

,

12/01/37

...........................

14,200,000

14,198,792

130,142,732

California

18.6%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

17,674,353

b

California

Community

Housing

Agency

,

Revenue,

144A,

2021

A-2,

4%,

2/01/50

.................................

5,000,000

5,069,255

Revenue,

Junior

Lien,

144A,

2021

A,

4%,

8/01/51

.........................

10,000,000

10,051,402

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

11,824,339

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

8,995,000

9,436,042

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

144A,

2021

A-2,

4%,

8/01/47

12,500,000

12,801,859

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

....................................................

12,000,000

12,568,213

K

Street

Flats,

Revenue,

144A,

2021

A-2,

4%,

8/01/50

......................

16,500,000

16,670,874

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

30,500,000

31,111,516

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

2,815,000

2,819,934

b

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

19,878,924

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

7,825,764

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

9,175,294

b

California

Pollution

Control

Financing

Authority

,

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

14,700,000

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

6,000,000

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

10,000,000

8,500,000

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

6.75%,

12/01/28

..........

950,000

864,578

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

5,300,000

4,411,734

b

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

4,172,317

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017

A,

Refunding,

5%,

7/01/47

............................................

2,900,000

2,600,326

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)

California

(continued)

b

California

Public

Finance

Authority,

(continued)

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/46

.......................................................

$

1,250,000

$

1,437,733

California

State

Public

Works

Board

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

4/01/30

....

17,785,000

18,068,854

California

Statewide

Communities

Development

Authority

,

b

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

8,262,884

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014

A,

5.25%,

12/01/44

.......................................................

20,555,000

23,189,833

b

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

3,000,000

3,453,191

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,404,558

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

4,039,442

Centinela

Valley

Union

High

School

District

,

GO

,

2012

B

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

8/01/37

.................................................

8,400,000

3,503,880

City

of

San

Buenaventura

,

Community

Memorial

Health

System,

Revenue,

2011,

Pre-Refunded,

8%,

12/01/31

10,000,000

10,000,000

Community

Memorial

Health

System,

Revenue,

2011,

Pre-Refunded,

7.5%,

12/01/41

15,000,000

15,000,000

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

10,189,711

City

of

San

Jose

,

Hotel

Tax

,

Special

Tax

,

2011

,

6.5

%

,

5/01/42

..................

10,000,000

10,043,542

b

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/45

..................................................

11,000,000

10,883,237

b

CMFA

Special

Finance

Agency

VII

,

The

Breakwater

Apartments

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..................................................

10,400,000

10,532,853

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

4,500,000

4,550,227

Compton

Community

College

District

,

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/30

...................

3,425,000

2,203,900

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/32

...................

4,000,000

2,238,188

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/34

...................

4,560,000

2,205,699

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/36

...................

5,250,000

2,200,535

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/37

...................

3,065,000

1,195,683

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/38

...................

6,000,000

2,179,956

b

CSCDA

Community

Improvement

Authority

,

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

.............................

2,000,000

2,027,966

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

10,000,000

9,244,226

Parrallel-Anaheim,

Revenue,

144A,

2021

A,

4%,

8/01/56

....................

8,000,000

8,298,660

Pasadena

Portfolio,

Revenue,

144A,

2021

B,

4%,

12/01/56

..................

2,500,000

2,530,872

Union

South

Bay,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

....................

12,500,000

13,056,542

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

10,000,000

11,686,488

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

8,712,280

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/43

.....................

30,215,000

35,183,996

Revenue,

Junior

Lien,

C,

Pre-Refunded,

6.25%,

1/15/33

.....................

17,580,000

19,615,410

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2007

B,

Zero

Cpn.,

6/01/47

...................................

50,000,000

11,406,030

Revenue,

2018

A-2,

Refunding,

5%,

6/01/47

.............................

20,000,000

20,433,814

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

28,865,000

35,988,244

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

30,587,682

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

32,062,558

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,356,604

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

1,069,528

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)

California

(continued)

Palmdale

Elementary

School

District,

(continued)

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

$

1,250,000

$

1,040,042

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,724,251

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/28

........

480,000

526,178

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/32

........

520,000

563,504

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

3,235,790

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

4,338,142

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

3,159,824

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

4,291,559

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

44,039,146

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

34,540,742

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

6%,

1/15/45

...............................

35,834,000

53,596,050

Revenue,

1997

A,

Refunding,

6%,

1/15/46

...............................

35,834,000

53,979,033

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/24

...........................

52,700,000

52,305,683

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/25

...........................

45,200,000

44,676,250

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

131,900,000

128,801,695

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

133,652,761

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/44

...................

20,000,000

22,293,046

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/49

...................

25,000,000

27,816,445

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

45,813,716

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

24,045,418

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,877,600

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,586,909

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

6,716,437

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

7,063,434

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25

%

,

11/01/27

.....

9,855,000

12,200,238

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

11,072,545

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

18,000,000

3,528,470

1,332,686,438

Colorado

5.1%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

4,110,988

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,420,000

7,862,478

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,500,000

5,948,408

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

4,250,000

4,563,665

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

3,000,000

3,189,218

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,643,131

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,628,365

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)

Colorado

(continued)

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

$

2,245,000

$

2,404,629

Baseline

Metropolitan

District

No.

1

,

GO,

2021

A,

5%,

12/01/42

...........................................

555,000

594,820

GO,

2021

A,

5%,

12/01/51

...........................................

1,000,000

1,067,287

GO,

2021

B,

7.5%,

12/15/51

.........................................

2,190,000

2,194,099

b

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,836,007

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

686,177

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,705,773

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

552,077

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,558,610

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A(3)

,

5

%

,

12/01/50

........

2,000,000

2,182,968

b

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,462,603

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,727,216

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

740,000

790,451

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

4,375,432

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

634,200

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

1,090,541

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

4,300,000

5,285,924

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

11,990,000

13,670,410

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

7,498,926

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

5/15/48

........................................................

12,255,000

13,058,329

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/45

...

1,000,000

1,165,077

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

4,525,000

5,251,780

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,692,406

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,910,055

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2018

A

,

5.25

%

,

12/01/48

.............

3,850,000

4,105,258

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

2,099,805

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

5,451,190

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

900,000

963,616

b

Denver

Health

&

Hospital

Authority

,

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/35

.........................

5,000,000

5,673,771

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/36

.........................

5,000,000

5,667,625

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

4,290,000

4,645,207

b

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

2,150,507

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

13,723,911

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021

,

5

%

,

12/01/51

........

1,600,000

1,677,618

Evan's

Place

Metropolitan

District

,

GO,

2020

A(3),

5%,

12/01/40

.........................................

550,000

608,007

GO,

2020

A(3),

5%,

12/01/50

.........................................

1,575,000

1,726,150

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

595,000

652,499

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)

Colorado

(continued)

First

Creek

Village

Metropolitan

District,

(continued)

GO,

2019

A,

5%,

8/01/49

............................................

$

540,000

$

586,945

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,587,257

b

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A

,

4.625

%

,

12/01/45

.........

1,140,000

1,139,181

b

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A

,

4.5

%

,

12/01/51

...........

1,675,000

1,697,631

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

...........................................

750,000

826,421

GO,

2019

A,

5%,

12/01/49

...........................................

1,000,000

1,091,241

b

Jacoby

Farm

Metropolitan

District

,

GO

,

144A,

2021

,

Refunding

,

5

%

,

12/15/46

......

5,000,000

5,048,743

b

Jay

Grove

Metropolitan

District

,

GO

,

144A,

2021

,

4.25

%

,

12/01/51

..............

1,225,000

1,225,591

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

606,829

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

1,187,931

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,514,622

b

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A(3),

5.375%,

12/01/40

.................................

645,000

708,361

GO,

144A,

2020

A(3),

5.625%,

12/01/50

.................................

1,900,000

2,083,397

Leyden

Rock

Metropolitan

District

,

GO

,

2016

A

,

Refunding

,

5

%

,

12/01/45

.........

3,020,000

3,110,600

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

6,615,329

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

562,356

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

814,982

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

1,465,000

1,488,531

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

8,062,305

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

611,125

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,607,326

b

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

3,062,405

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

500,000

540,099

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

783,499

GO,

2021,

6.375%,

6/15/46

..........................................

1,330,000

1,333,323

Pronghorn

Valley

Metropolitan

District

,

GO,

2021

A,

3.75%,

12/01/41

.........................................

515,000

525,053

GO,

2021

A,

4%,

12/01/51

...........................................

650,000

663,441

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,476,378

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

1,125,000

1,216,829

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

15,644,991

Revenue,

2008,

6.5%,

11/15/38

.......................................

60,100,000

93,405,269

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

682,616

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

4,640,120

Rampart

Range

Metropolitan

District

No.

5

,

Revenue,

2021,

4%,

12/01/36

........................................

1,250,000

1,299,969

Revenue,

2021,

4%,

12/01/41

........................................

2,730,000

2,816,546

Revenue,

2021,

4%,

12/01/51

........................................

6,670,000

6,834,092

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)

Colorado

(continued)

Reunion

Metropolitan

District

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

..............

$

2,000,000

$

1,996,927

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

2,143,684

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

3,156,581

Sierra

Ridge

Metropolitan

District

No.

2

,

GO,

Senior

Lien

,

2016

A

,

5.5

%

,

12/01/46

...

1,500,000

1,547,586

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,997,812

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,580,328

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

835,544

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

4,331,666

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

2,187,565

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

1,000,000

1,086,478

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

.................................................

500,000

546,954

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

.................................................

1,150,000

1,275,349

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,904,869

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

1,370,000

1,448,125

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,236,579

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,956,540

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

645,288

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

1,074,701

368,241,124

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

1,106,022

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

8,656,443

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/37

........

5,500,000

6,223,839

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

14,601,721

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

2,000,000

2,220,654

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

2,800,000

3,091,639

b

Steel

Point

Infrastructure

Improvement

District

,

Tax

Allocation,

144A,

2021,

4%,

4/01/31

.................................

100,000

110,108

Tax

Allocation,

144A,

2021,

4%,

4/01/36

.................................

605,000

649,745

Tax

Allocation,

144A,

2021,

4%,

4/01/41

.................................

575,000

610,981

Tax

Allocation,

144A,

2021,

4%,

4/01/51

.................................

1,655,000

1,726,452

38,997,604

Florida

12.5%

Artisan

Lakes

East

Community

Development

District

,

Special

Assessment,

2021-1,

2.3%,

5/01/26

..............................

225,000

225,483

Special

Assessment,

2021-1,

2.75%,

5/01/31

.............................

250,000

250,841

Special

Assessment,

2021-1,

3.125%,

5/01/41

............................

470,000

473,433

Special

Assessment,

2021-1,

4%,

5/01/51

...............................

455,000

482,096

b

Special

Assessment,

144A,

2021-2,

2.75%,

5/01/31

........................

275,000

275,921

b

Special

Assessment,

144A,

2021-2,

3.125%,

5/01/41

.......................

515,000

518,762

b

Special

Assessment,

144A,

2021-2,

4%,

5/01/52

..........................

550,000

582,753

b

Astonia

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

550,000

591,532

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)

b

Astonia

Community

Development

District,

(continued)

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

$

1,395,000

$

1,479,236

Assessment

Area

2,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

...........

200,000

200,791

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............

500,000

504,781

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

...........

1,030,000

1,039,176

Assessment

Area

2,

Special

Assessment,

144A,

2021,

4%,

5/01/52

............

800,000

840,349

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

..

240,000

240,804

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/31

....

320,000

323,065

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

..

875,000

882,082

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

4%,

5/01/51

....

500,000

525,218

Avalon

Groves

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

360,000

362,396

Special

Assessment,

2021,

4%,

5/01/51

.................................

500,000

535,929

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/32

.................

200,000

203,472

Assessment

Area

3,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

500,000

511,528

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

500,000

531,380

Avalon

Park

West

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

......................

215,000

223,922

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

......................

580,000

612,599

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

........................

880,000

928,195

Avenir

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021

A-1,

2.25%,

5/01/26

............

2,250,000

2,257,749

Assessment

Area

2,

Special

Assessment,

2021

A-1,

2.75%,

5/01/31

............

3,250,000

3,252,274

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.2%,

5/01/41

.............

5,000,000

5,072,907

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.4%,

5/01/52

.............

10,000,000

10,107,759

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3.1%,

11/01/31

...............

170,000

173,015

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

11/01/41

...............

410,000

418,662

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

750,000

788,877

Babcock

Ranch

Community

Independent

Special

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

465,000

468,273

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

3,250,000

3,277,045

Special

Assessment,

2021,

4%,

5/01/52

.................................

2,000,000

2,105,826

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

259,249

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

839,458

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,650,376

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

259,253

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

................

1,840,000

1,993,037

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

................

2,500,000

2,663,499

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

417,021

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

947,635

b

Bannon

Lakes

Community

Development

District

,

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

700,000

720,129

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

775,000

815,368

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

3,118,604

Belmond

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

1,750,000

1,879,842

Special

Assessment,

2020,

4%,

5/01/51

.................................

3,635,000

3,829,279

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

339,103

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,457,180

Special

Assessment,

2020,

4%,

12/15/50

................................

1,000,000

1,058,309

Berry

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

250,000

252,629

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)

Berry

Bay

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

$

400,000

$

410,749

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,292,348

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,500,000

1,574,419

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

395,000

398,488

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

459,391

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,165,000

1,198,930

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,360,000

1,430,838

Brightwater

Community

Development

District

,

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

300,000

300,803

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

1,000,000

1,005,666

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,445,000

1,513,124

b

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

5,598,651

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/34

............................................

2,000,000

2,457,897

Capital

Trust

Agency,

Inc.

,

b

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

3%,

7/01/31

..........

100,000

104,496

b

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/41

..........

1,200,000

1,325,561

b

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/51

..........

1,515,000

1,646,889

b

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/56

..........

1,195,000

1,288,675

b

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

11,145,000

6,930,859

b

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

5,000,000

5,728,561

Liza

Jackson

Preparatory

School,

Inc.,

Revenue,

2020

A,

5%,

8/01/55

..........

800,000

954,700

b

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/49

.............

1,270,000

1,419,915

b

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/54

.............

2,390,000

2,666,620

b

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

3,415,987

b

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,336,526

b

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

4,066,232

b

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

36,733,143

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

3.3%,

1/01/31

..............

100,000

100,232

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,050,000

1,171,587

b

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

3,888,876

Celebration

Community

Development

District

,

Special

Assessment,

2021,

2.25%,

5/01/26

..............................

100,000

100,071

Special

Assessment,

2021,

2.75%,

5/01/31

..............................

240,000

240,483

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

590,000

592,145

Special

Assessment,

2021,

4%,

5/01/51

.................................

850,000

894,274

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

250,000

254,246

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

1,018,597

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,250,000

1,307,341

CFM

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

195,000

195,933

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,265,000

1,328,802

Chaparral

Palm

Bay

Community

Development

District

,

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,235,000

1,319,562

Special

Assessment,

2020

A-1,

4%,

5/01/50

..............................

2,015,000

2,123,513

b

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

260,000

263,538

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

875,000

889,128

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,125,000

1,178,038

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)

b

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

$

485,000

$

491,502

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

695,000

720,961

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,825,000

1,921,283

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

3,010,000

3,172,913

b

Coco

Palms

Community

Development

District

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

6/15/39

...................................................

500,000

562,786

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/33

...........

5,500,000

5,848,162

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/38

...........

12,000,000

12,732,042

Hodges

University,

Inc.,

Revenue,

2013,

Pre-Refunded,

6.125%,

11/01/43

.......

10,035,000

11,113,237

Coral

Keys

Homes

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

570,000

613,520

Special

Assessment,

2020,

4%,

5/01/50

.................................

750,000

792,612

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

860,422

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

840,823

b

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

280,233

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

521,050

Crystal

Cay

Community

Development

District

,

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

200,000

200,537

Special

Assessment,

2021,

3.05%,

5/01/41

..............................

850,000

854,839

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

1,056,226

b

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

3,331,601

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

6,161,289

b

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

260,664

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

841,791

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,175,000

1,233,703

b

Cypress

Park

Estates

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

295,000

305,459

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........................

1,170,000

1,251,230

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,210,000

1,282,164

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

155,000

156,527

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

220,000

226,348

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

365,000

377,245

b

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

.................................

5,310,000

6,173,262

b

DW

Bayview

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

.........................

410,000

412,541

Special

Assessment,

144A,

2021,

3%,

5/01/32

............................

430,000

437,051

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

1,160,000

1,182,998

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

750,000

791,192

East

547

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

160,000

160,687

Assessment

Area

1,

Special

Assessment,

2021,

3%,

5/01/31

.................

140,000

141,812

Assessment

Area

1,

Special

Assessment,

2021,

3.3%,

5/01/41

................

600,000

609,231

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/51

.................

830,000

871,178

East

Bonita

Beach

Road

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/32

.................................

255,000

259,187

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

750,000

764,629

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)

East

Bonita

Beach

Road

Community

Development

District,

(continued)

Special

Assessment,

2021,

4%,

5/01/51

.................................

$

750,000

$

798,114

East

Nassau

Stewardship

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

330,000

331,966

Special

Assessment,

2021,

3%,

5/01/31

.................................

500,000

508,151

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,270,000

1,297,618

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,520,000

1,589,166

Eden

Hills

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

110,000

114,179

Special

Assessment,

2020,

4%,

5/01/40

.................................

300,000

320,578

Special

Assessment,

2020,

4.125%,

5/01/51

.............................

500,000

527,632

Edgewater

East

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

525,000

531,039

Special

Assessment,

2021,

3.1%,

5/01/31

...............................

700,000

721,238

Special

Assessment,

2021,

3.6%,

5/01/41

...............................

2,625,000

2,729,180

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,825,000

2,983,768

b

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

835,000

897,954

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

1,215,628

b

Entrada

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.125%,

5/01/26

.........................

165,000

165,491

Special

Assessment,

144A,

2021,

2.625%,

5/01/31

.........................

370,000

371,124

Special

Assessment,

144A,

2021,

3.125%,

5/01/41

.........................

935,000

944,508

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,200,000

1,271,461

Epperson

North

Community

Development

District

,

b

Special

Assessment,

144A,

2018

A-1,

5.5%,

11/01/39

.......................

1,500,000

1,753,180

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

275,000

277,096

Special

Assessment,

2021,

3%,

5/01/31

.................................

320,000

324,986

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,570,000

1,607,864

Special

Assessment,

2021,

4%,

5/01/51

.................................

3,250,000

3,404,757

Special

Assessment,

2021

A,

2.45%,

11/01/26

............................

250,000

251,650

Special

Assessment,

2021

A,

3.1%,

11/01/31

.............................

500,000

508,966

Special

Assessment,

2021

A,

3.4%,

11/01/41

.............................

1,250,000

1,274,271

Special

Assessment,

2021

A,

4%,

11/01/51

..............................

1,500,000

1,575,172

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

755,000

772,738

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

1,105,000

1,172,566

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

2,995,000

3,267,199

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

5,185,000

5,646,787

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/45

........................................................

9,000,000

10,116,906

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

........................................................

3,200,000

3,579,087

Florida

Development

Finance

Corp.

,

b

Revenue,

144A,

2021

A,

3%,

7/01/31

...................................

200,000

207,896

b

Revenue,

144A,

2021

A,

4%,

7/01/51

...................................

1,700,000

1,815,764

b,f

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

2,045,749

b,f

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

4,085,579

b

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

31,000,000

33,814,732

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/31

........................................................

175,000

205,091

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

76

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Florida

Development

Finance

Corp.,

(continued)

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/35

........................................................

$

200,000

$

232,416

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/51

........................................................

5,500,000

6,270,381

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

5,000,000

5,835,818

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/46

............................................

2,000,000

2,210,749

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/55

............................................

1,750,000

1,924,411

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/55

..........

1,000,000

1,081,457

b

Forest

Lake

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

350,000

364,773

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

1,275,000

1,369,162

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,170,000

1,233,195

Gracewater

Sarasota

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

470,000

472,262

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

500,000

504,689

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

3,420,000

3,461,183

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,535,000

1,608,503

Grand

Oaks

Community

Development

District

,

Special

Assessment,

2020,

4.25%,

5/01/40

..............................

1,100,000

1,180,260

Special

Assessment,

2020,

4.5%,

5/01/52

...............................

3,500,000

3,755,375

Assessment

Area

No.

3,

Special

Assessment,

2021,

2.625%,

11/01/26

..........

180,000

181,034

Assessment

Area

No.

3,

Special

Assessment,

2021,

3.2%,

11/01/31

............

215,000

218,035

Assessment

Area

No.

3,

Special

Assessment,

2021,

3.5%,

11/01/41

............

555,000

564,309

Assessment

Area

No.

3,

Special

Assessment,

2021,

4%,

11/01/51

.............

1,205,000

1,255,074

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

731,594

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

776,182

Greeneway

Improvement

District

,

Special

Assessment

,

2013

,

5.125

%

,

5/01/43

.....

27,440,000

28,236,737

Hammock

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

540,000

577,491

Special

Assessment,

2020,

4%,

5/01/51

.................................

860,000

905,757

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

203,085

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

525,000

535,623

Special

Assessment,

2021,

4%,

5/01/51

.................................

635,000

670,703

Hawkstone

Community

Development

District

,

Special

Assessment,

2021,

2.6%,

5/01/26

...............................

155,000

156,099

Special

Assessment,

2021,

3.2%,

5/01/31

...............................

440,000

447,326

Special

Assessment,

2021,

3.45%,

5/01/41

..............................

1,125,000

1,147,683

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

1,045,504

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125

%

,

5/01/45

...................................................

2,170,000

2,528,313

Hills

of

Minneola

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

1,054,771

b

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

2,625,000

2,793,426

b

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

5,781,429

Special

Assessment,

2021,

2.375%,

5/01/26

.............................

100,000

100,226

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

250,000

251,005

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

750,000

755,459

Special

Assessment,

2021,

4%,

5/01/52

.................................

900,000

940,953

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

181,842

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)

Florida

(continued)

Holly

Hill

Road

East

Community

Development

District,

(continued)

Special

Assessment,

2020,

5%,

11/01/41

................................

$

350,000

$

404,499

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

605,992

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

560,000

561,171

Special

Assessment,

1999

C,

7%,

5/01/30

...............................

4,123,752

2,886,626

2021

Assessment

Area,

Special

Assessment,

2021,

2.2%,

5/01/26

.............

245,000

245,486

2021

Assessment

Area,

Special

Assessment,

2021,

2.7%,

5/01/31

.............

240,000

240,644

2021

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

...........

855,000

860,199

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/52

..............

1,375,000

1,452,311

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

413,177

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

598,106

Special

Assessment,

2021,

2.2%,

5/01/26

...............................

100,000

100,198

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

235,000

235,632

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

500,000

503,040

Special

Assessment,

2021,

4%,

5/01/52

.................................

910,000

961,166

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

394,448

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

842,715

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

2,418,613

Special

Assessment,

2021,

2.5%,

6/15/26

...............................

100,000

100,950

Special

Assessment,

2021,

3.125%,

6/15/31

.............................

250,000

256,646

Special

Assessment,

2021,

3.6%,

6/15/41

...............................

750,000

775,105

Special

Assessment,

2021,

4%,

6/15/51

.................................

750,000

787,005

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,205,000

2,358,387

Lakes

of

Sarasota

Community

Development

District

,

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

............................

285,000

294,069

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

............................

265,000

273,355

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

850,000

865,780

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

..........................

125,000

128,008

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

..........................

200,000

205,577

Special

Assessment,

2021

B-1,

4.3%,

5/01/51

............................

325,000

333,861

Special

Assessment,

2021

B-2,

4.125%,

5/01/31

..........................

1,000,000

1,025,492

Lakewood

Park

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

3.2%,

5/01/31

................

125,000

128,014

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

325,000

334,144

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

500,000

521,933

Lakewood

Ranch

Stewardship

District

,

Special

Assessment,

2020,

3%,

5/01/30

.................................

470,000

481,714

b

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

250,000

260,702

b

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

..................

440,000

459,923

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

750,000

777,123

b

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,080,000

1,134,770

b

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

.................

2,100,000

2,222,723

Special

Assessment,

2020,

4%,

5/01/50

.................................

1,270,000

1,340,549

b

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/50

...................

1,250,000

1,320,381

b

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.........................

2,650,000

2,792,196

Special

Assessment,

2020

A,

3.75%,

5/01/40

.............................

525,000

556,391

Special

Assessment,

2020

A,

3.9%,

5/01/50

..............................

770,000

813,252

Leomas

Landing

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

220,000

220,800

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

210,000

211,542

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

160,000

161,393

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)

Florida

(continued)

Leomas

Landing

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

$

795,000

$

803,966

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

415,000

420,355

Special

Assessment,

2021,

4%,

5/01/52

.................................

530,000

552,382

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,115,000

1,163,910

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,750,492

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

3,136,918

LTC

Ranch

West

Residential

Community

Development

District

,

Special

Assessment,

2021

B,

3.25%,

5/01/31

.............................

4,000,000

4,008,988

Assessment

Area

1,

Special

Assessment,

2021

A,

3.125%,

5/01/31

............

700,000

711,838

Assessment

Area

1,

Special

Assessment,

2021

A,

3.45%,

5/01/41

.............

1,715,000

1,746,781

Assessment

Area

1,

Special

Assessment,

2021

A,

4%,

5/01/52

................

2,680,000

2,797,559

b

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

280,178

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

753,507

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,775,000

1,885,360

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

360,000

362,348

Special

Assessment,

2021,

3%,

5/01/31

.................................

430,000

436,056

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,945,000

1,971,808

Special

Assessment,

2021,

3.75%,

5/01/52

..............................

630,000

639,994

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

1,057,887

Miami-Dade

County

Educational

Facilities

Authority

,

University

of

Miami

,

Revenue

,

B

,

Refunding

,

AMBAC

Insured

,

5.25

%

,

4/01/27

..............................

10,995,000

13,395,572

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

44,360,000

44,509,870

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

3,000,000

3,061,209

Mirada

II

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

500,000

504,056

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

650,000

664,823

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

2,100,000

2,155,983

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,375,000

2,486,969

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

350,000

354,356

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

500,000

514,270

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

1,290,839

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

2,319,049

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

250,000

251,612

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

405,819

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,285,000

1,317,085

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,735,000

2,881,549

Assessment

Area

2,

Special

Assessment,

2021

A,

2.625%,

5/01/26

............

250,000

251,772

Assessment

Area

2,

Special

Assessment,

2021

A,

3.25%,

5/01/31

.............

275,000

279,575

Assessment

Area

2,

Special

Assessment,

2021

A,

3.55%,

5/01/41

.............

985,000

1,004,767

Assessment

Area

2,

Special

Assessment,

2021

A,

4%,

5/01/52

................

1,500,000

1,562,121

North

Park

Isle

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.45%,

11/01/26

..............

265,000

266,044

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

500,000

503,178

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

11/01/41

.............

1,500,000

1,517,661

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

2,500,000

2,623,137

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

503,338

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)

Florida

(continued)

North

Powerline

Road

Community

Development

District,

(continued)

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

$

1,000,000

$

1,036,723

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,500,000

1,573,184

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

590,000

598,201

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

888,211

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

1,206,108

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

1,960,000

2,048,824

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,670,000

1,744,606

Special

Assessment,

2020

A-3,

4.75%,

5/01/40

...........................

2,000,000

2,001,129

b

North

Springs

Improvement

District

,

Special

Assessment

,

144A,

2017-2

,

5

%

,

5/01/48

5,000,000

5,566,362

Northern

Palm

Beach

County

,

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5%,

8/01/34

........................................................

2,700,000

2,897,100

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5.2%,

8/01/46

........................................................

6,000,000

6,404,374

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/37

........................................................

750,000

858,225

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/46

........................................................

3,000,000

3,385,180

Old

Hickory

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,300,000

1,404,369

Special

Assessment,

2020,

4%,

6/15/50

.................................

1,955,000

2,080,004

Orange

County

Health

Facilities

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

3,800,000

4,151,700

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/47

............................................

4,285,000

4,675,267

b

Osceola

Village

Center

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

5/01/31

.........................

180,000

180,482

Special

Assessment,

144A,

2021,

3.3%,

5/01/41

..........................

370,000

371,782

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

405,000

421,112

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

...........................................

1,500,000

1,773,278

d

Federation

CCRC

Operations

Corp.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

6/01/36

....................................................

2,000,000

2,109,124

d

Federation

CCRC

Operations

Corp.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

6/01/41

....................................................

2,200,000

2,295,730

d

Federation

CCRC

Operations

Corp.

Obligated

Group,

Revenue,

2022,

Refunding,

4.25%,

6/01/56

..................................................

5,000,000

5,208,077

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

1,007,893

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

843,842

Parrish

Plantation

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

255,000

257,755

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

235,000

240,677

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

790,000

813,009

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,370,000

1,437,969

Pelican

Marsh

Community

Development

District

,

Special

Assessment,

2012,

Refunding,

4.875%,

5/01/22

.....................

165,000

167,119

Special

Assessment,

2012,

Refunding,

5.375%,

5/01/31

.....................

1,235,000

1,250,818

b

Pine

Isle

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

12/15/26

........................

100,000

100,478

Special

Assessment,

144A,

2021,

3%,

12/15/31

...........................

225,000

227,583

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)

Florida

(continued)

b

Pine

Isle

Community

Development

District,

(continued)

Special

Assessment,

144A,

2021,

3.25%,

12/15/41

.........................

$

1,000,000

$

1,013,708

Special

Assessment,

144A,

2021,

4%,

12/15/51

...........................

1,200,000

1,272,311

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

739,190

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2017,

5%,

7/01/39

................................................

2,000,000

2,331,275

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2019,

5%,

7/01/29

................................................

900,000

1,020,800

Preserve

at

South

Branch

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

150,000

153,331

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

750,000

772,802

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

1,057,887

Quail

Roost

Community

Development

District

,

Expansion

Area,

Special

Assessment,

2021,

2.2%,

12/15/26

.................

200,000

200,475

Expansion

Area,

Special

Assessment,

2021,

2.7%,

12/15/31

.................

200,000

200,866

Expansion

Area,

Special

Assessment,

2021,

3.125%,

12/15/41

................

740,000

745,719

Expansion

Area,

Special

Assessment,

2021,

4%,

12/15/51

...................

650,000

690,311

Reunion

East

Community

Development

District

,

2021

Assessment

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

.............

500,000

500,711

2021

Assessment

Area,

Special

Assessment,

2021,

2.85%,

5/01/31

............

400,000

401,069

2021

Assessment

Area,

Special

Assessment,

2021,

3.15%,

5/01/41

............

1,455,000

1,463,243

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

..............

1,750,000

1,836,822

River

Glen

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

364,893

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

1,027,229

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

1,056,226

River

Hall

Community

Development

District

,

Special

Assessment,

2020

A,

3.25%,

5/01/31

.............................

430,000

450,071

Special

Assessment,

2020

A,

3.625%,

5/01/40

............................

1,030,000

1,083,301

Special

Assessment,

2020

A,

3.875%,

5/01/51

............................

2,690,000

2,836,796

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/22

.....................

200,000

201,547

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/23

.....................

150,000

153,411

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/24

.....................

250,000

258,133

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/25

.....................

150,000

155,579

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/26

.....................

200,000

207,376

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/31

.....................

1,000,000

1,019,763

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/36

.....................

1,000,000

1,006,774

River

Landing

Community

Development

District

,

Special

Assessment,

2020

A,

3%,

5/01/25

...............................

325,000

329,629

Special

Assessment,

2020

A,

3.6%,

5/01/30

..............................

475,000

495,109

Special

Assessment,

2020

A,

4.125%,

5/01/40

............................

850,000

894,745

Special

Assessment,

2020

A,

4.35%,

5/01/51

.............................

1,100,000

1,154,727

Special

Assessment,

2020

B,

4.25%,

11/01/35

............................

1,195,000

1,231,764

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

1,105,000

1,105,548

e

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

208,442

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

954,398

b

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

165,000

165,984

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

305,644

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

798,210

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)

Florida

(continued)

b

Rivers

Edge

III

Community

Development

District,

(continued)

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

$

905,000

$

951,391

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

1,795,000

1,867,282

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Special

Assessment,

2020,

3%,

6/15/30

.................................

250,000

258,809

Special

Assessment,

2020,

4%,

6/15/40

.................................

610,000

657,061

Special

Assessment,

2020,

4%,

6/15/50

.................................

785,000

832,783

Sanctuary

Cove

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/31

.............................

190,000

190,064

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

400,000

401,129

Special

Assessment,

2021,

4%,

5/01/52

.................................

770,000

810,743

Sandmine

Road

Community

Development

District

,

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........

300,000

312,335

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........

1,040,000

1,096,879

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

..........

2,020,000

2,119,712

Assessment

Area

2,

Special

Assessment,

2021,

2.3%,

11/01/26

...............

250,000

251,787

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

450,000

457,040

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

11/01/41

...............

1,180,000

1,205,054

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

750,000

796,024

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

500,000

503,265

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

765,425

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

740,000

760,280

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

750,614

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

885,000

904,265

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,495,000

1,612,945

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

2,402,348

Sawyers

Landing

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/31

..............................

1,400,000

1,496,157

Special

Assessment,

2021,

4.125%,

5/01/41

.............................

3,055,000

3,316,707

Special

Assessment,

2021,

4.25%,

5/01/53

..............................

6,015,000

6,489,036

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

483,590

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

1,271,264

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,250,000

1,290,574

School

Board

of

Miami-Dade

County

(The)

,

COP

,

2013

A

,

Pre-Refunded

,

5

%

,

5/01/31

7,985,000

8,512,071

b

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/36

.....

310,000

354,037

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/41

.....

425,000

479,173

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/51

.....

830,000

923,867

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/56

.....

705,000

778,474

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

384,193

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

1,000,000

1,030,293

Special

Assessment,

2021,

4%,

6/15/51

.................................

1,250,000

1,320,027

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

285,000

293,172

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

505,000

540,122

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,491,115

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,305,000

2,482,955

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

2.5%,

5/01/26

.......

230,000

230,911

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.1%,

5/01/31

.......

250,000

252,328

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.4%,

5/01/41

.......

750,000

758,438

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)

Florida

(continued)

Six

Mile

Creek

Community

Development

District,

(continued)

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

4%,

5/01/52

........

$

2,050,000

$

2,138,247

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

350,000

352,184

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

527,671

Assessment

Area

3,

Special

Assessment,

2021,

3.4%,

5/01/41

................

805,000

814,057

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,618,044

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,200,000

1,253,163

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

655,000

683,196

Somerset

Community

Development

District

,

Special

Assessment

,

2005

,

5.3

%

,

5/01/37

5,755,000

5,763,529

South

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.875%,

6/15/31

..............

175,000

176,667

Assessment

Area

1,

Special

Assessment,

2021,

3.25%,

6/15/41

...............

500,000

507,802

Assessment

Area

1,

Special

Assessment,

2021,

4%,

6/15/51

.................

500,000

529,270

Southern

Groves

Community

Development

District

No.

5

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

425,000

426,329

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

495,000

496,670

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,500,000

1,506,722

Special

Assessment,

2021,

4%,

5/01/48

.................................

940,000

995,969

b

Southshore

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/33

..................................

2,600,000

2,618,088

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/36

1,000,000

1,108,773

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/41

750,000

823,546

Life

Care

Ponte

Vedra

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/15/50

1,000,000

1,086,884

State

of

Florida

,

GO

,

1999

D

,

Refunding

,

6

%

,

6/01/23

........................

5,000,000

5,432,120

d

Stellar

North

Community

Development

District

,

Special

Assessment,

2021,

2.45%,

5/01/26

..............................

170,000

170,430

Special

Assessment,

2021,

3%,

5/01/31

.................................

250,000

251,498

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

885,000

891,434

Special

Assessment,

2021,

4%,

5/01/52

.................................

2,225,000

2,348,128

b

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

375,000

377,482

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

332,101

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

1,332,307

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

1,750,000

1,852,446

b

Stonewater

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

11/01/32

...........................

250,000

254,137

Special

Assessment,

144A,

2021,

3.3%,

11/01/41

..........................

635,000

649,632

Special

Assessment,

144A,

2021,

4%,

11/01/51

...........................

1,000,000

1,066,530

b

Stoneybrook

South

Community

Development

District

,

Special

Assessment,

144A,

2020,

3%,

12/15/30

...........................

500,000

513,864

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

.........................

1,000,000

1,038,397

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

.........................

1,500,000

1,553,543

b

Storey

Park

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........................

230,000

232,667

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

..........................

620,000

630,678

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

625,000

657,922

Summer

Woods

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

200,000

202,722

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

5/01/41

................

500,000

508,471

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

375,000

391,143

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

195,000

196,277

Assessment

Area

3,

Special

Assessment,

2021,

3.15%,

5/01/31

...............

200,000

203,381

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

725,000

738,451

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)

Florida

(continued)

Summer

Woods

Community

Development

District,

(continued)

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

$

1,000,000

$

1,043,850

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

165,000

171,859

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

700,000

737,704

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

959,151

b

Special

Assessment,

144A,

2021,

2.75%,

5/01/31

.........................

175,000

175,706

b

Special

Assessment,

144A,

2021,

3.15%,

5/01/41

.........................

700,000

705,107

b

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

750,000

790,926

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

189,235

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

820,000

843,363

Special

Assessment,

2021,

4%,

5/01/51

.................................

680,000

721,061

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,000,000

1,074,027

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,000,000

2,117,570

Assessment

Area

2,

Special

Assessment,

2021,

2.35%,

12/15/26

..............

400,000

402,611

Assessment

Area

2,

Special

Assessment,

2021,

3%,

12/15/31

................

750,000

763,130

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

12/15/41

...............

2,175,000

2,216,022

Assessment

Area

2,

Special

Assessment,

2021,

4%,

12/15/51

................

2,585,000

2,736,231

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

218,034

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

825,098

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,785,000

1,875,052

b

Towne

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

410,000

422,379

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,075,000

1,116,900

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,000,000

1,051,291

Tradition

Community

Development

District

No.

9

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

390,000

390,550

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

445,000

445,596

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,400,000

1,481,042

b

Trevesta

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

235,000

244,475

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

.........................

880,000

924,725

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,750,000

1,844,522

Triple

Creek

Community

Development

District

,

b,d

Special

Assessment,

144A,

2021,

2.375%,

11/01/26

........................

185,000

185,051

b,d

Special

Assessment,

144A,

2021,

2.875%,

11/01/31

........................

450,000

450,320

Special

Assessment,

2021,

3%,

11/01/31

................................

250,000

255,528

b,d

Special

Assessment,

144A,

2021,

3.125%,

11/01/41

........................

1,190,000

1,191,006

Special

Assessment,

2021,

3.5%,

11/01/41

...............................

740,000

761,894

Special

Assessment,

2021,

4%,

11/01/50

................................

750,000

793,416

b,d

Special

Assessment,

144A,

2021,

4%,

11/01/51

...........................

750,000

791,390

b

Union

Park

East

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

144A,

2021,

2.95%,

5/01/31

..........

125,000

125,501

Assessment

Area

3,

Special

Assessment,

144A,

2021,

3.35%,

5/01/41

..........

325,000

327,348

Assessment

Area

3,

Special

Assessment,

144A,

2021,

4%,

5/01/51

............

450,000

467,170

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

408,440

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,289,266

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,500,000

1,570,717

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

...........

375,000

394,801

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,775,000

1,909,036

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/51

............

3,500,000

3,706,101

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)

Florida

(continued)

b

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

$

275,000

$

277,888

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

160,000

161,673

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

415,000

426,736

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

1,020,000

1,057,964

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,500,000

1,579,370

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3%,

5/01/31

............

200,000

204,988

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3.375%,

5/01/41

.........

750,000

771,662

Phase

1

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

............

1,000,000

1,060,384

Viera

Stewardship

District

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

500,000

500,161

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

800,000

800,533

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,750,000

1,754,940

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,715,000

1,812,851

Village

Community

Development

District

No.

10

,

Special

Assessment,

2012,

5%,

5/01/32

.................................

4,850,000

4,926,615

Special

Assessment,

2012,

5.125%,

5/01/43

.............................

7,600,000

7,725,864

Special

Assessment,

2014,

5.75%,

5/01/31

..............................

1,600,000

1,699,641

Special

Assessment,

2014,

6%,

5/01/44

.................................

6,600,000

7,035,989

Village

Community

Development

District

No.

13

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/51

..........................

16,990,000

17,733,853

Special

Assessment,

2021,

2.55%,

5/01/31

..............................

1,475,000

1,499,685

Special

Assessment,

2021,

2.85%,

5/01/36

..............................

1,750,000

1,779,306

Special

Assessment,

2021,

3%,

5/01/41

.................................

2,500,000

2,541,624

Special

Assessment,

2021,

3.25%,

5/01/52

..............................

6,500,000

6,607,190

Village

Community

Development

District

No.

6

,

Special

Assessment

,

2013

,

Refunding

,

4

%

,

5/01/35

......................................................

3,265,000

3,297,661

Village

Community

Development

District

No.

9

,

Special

Assessment,

2012,

Refunding,

5%,

5/01/22

........................

190,000

192,341

Special

Assessment,

2012,

Refunding,

5.25%,

5/01/31

......................

1,695,000

1,717,738

Special

Assessment,

2012,

Refunding,

5.5%,

5/01/42

.......................

1,710,000

1,733,357

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

248,830

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

655,000

689,782

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

1,053,447

West

Port

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

422,364

b

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

1,123,545

b

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,545,000

1,622,925

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

370,000

371,941

Special

Assessment,

2021,

3%,

5/01/31

.................................

570,000

578,142

Special

Assessment,

2021,

3.4%,

5/01/41

...............................

1,470,000

1,496,104

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,250,000

1,304,832

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

250,000

252,085

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

204,969

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

822,642

Unit

of

Development

No.

7,

Special

Assessment,

2021,

4%,

5/01/51

............

1,050,000

1,104,691

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

335,000

337,801

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

538,044

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,295,000

1,331,651

Unit

of

Development

No.

8,

Special

Assessment,

2021,

4%,

5/01/51

............

1,855,000

1,951,621

Westside

Haines

City

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

250,000

250,564

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)

Florida

(continued)

Westside

Haines

City

Community

Development

District,

(continued)

Special

Assessment,

2021,

3%,

5/01/31

.................................

$

350,000

$

351,866

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,250,000

1,258,061

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,250,000

1,313,046

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.4%,

5/01/26

................

220,000

220,622

Assessment

Area

1,

Special

Assessment,

2021,

2.95%,

5/01/31

...............

250,000

251,336

Assessment

Area

1,

Special

Assessment,

2021,

3.35%,

5/01/41

...............

940,000

948,314

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,500,000

1,559,674

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

100,000

101,758

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

130,000

136,890

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

672,211

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

526,339

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

1,900,000

2,065,167

Wiregrass

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

645,000

669,762

Special

Assessment,

2020,

3.7%,

5/01/40

...............................

1,680,000

1,766,843

Special

Assessment,

2020,

3.875%,

5/01/50

.............................

1,960,000

2,050,976

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

230,000

230,656

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

165,000

166,353

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

700,000

707,794

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,000,000

1,049,970

892,450,796

Georgia

1.0%

e

Baldwin

County

Hospital

Authority

,

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.375%,

12/01/28

.......................................................

1,470,000

15

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

2016,

6.5%,

4/30/17

.

480,367

37,228

b

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,900,648

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

10,994,698

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

6,090,000

7,473,347

b

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/36

2,500,000

2,988,663

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

11,654,467

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

5,000,000

5,864,835

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

4,961,495

Revenue,

2007

A,

5.5%,

9/15/28

......................................

10,000,000

12,647,866

Revenue,

2019

A,

5%,

5/15/49

........................................

6,500,000

9,724,566

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

B

,

5

%

,

1/01/48

...........

4,595,000

5,588,539

73,836,367

Idaho

0.2%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,351,771

Illinois

4.3%

Bureau

County

Township

High

School

District

No.

502

,

GO

,

2013

A

,

Pre-Refunded

,

BAM

Insured

,

6.625

%

,

10/01/43

.......................................

5,250,000

5,895,164

City

of

Belleville

,

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.25%,

7/01/29

.................

1,000,000

1,021,116

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)

Illinois

(continued)

City

of

Belleville,

(continued)

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.75%,

7/01/41

.................

$

1,000,000

$

1,021,350

County

of

Cook

,

GO

,

2012

C

,

Refunding

,

5

%

,

11/15/29

.......................

34,555,000

36,080,804

Illinois

Finance

Authority

,

e

2017

IAVF

Windy

City

Obligated

Group,

Revenue,

2017

A-1,

4.375%,

12/01/42

...

883,103

265

e

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/43

....................

3,000,000

7,800

e

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/53

....................

3,075,000

7,995

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/31

.......................................................

800,000

923,596

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

.......................................................

445,000

505,756

b

Acero

Charter

Schools,

Inc.

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/42

.......................................................

2,250,000

2,501,003

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

14,704,490

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

4,190,000

4,786,309

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/25

......

2,255,000

2,453,890

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/32

......

3,750,000

4,097,956

OSF

Healthcare

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.......................................................

15,750,000

18,113,755

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

A,

Refunding,

5%,

8/01/47

........................................................

1,525,000

1,765,118

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

C,

5%,

8/01/46

...

1,900,000

2,200,817

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

4,030,000

4,116,254

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

10,407,777

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

8,310,000

8,716,282

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

4,720,000

5,527,873

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/35

.......................

15,000,000

11,089,106

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/36

.......................

4,925,000

3,525,924

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

12/15/37

......................

13,650,000

9,233,411

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

9,675,541

Revenue,

2020

B,

Refunding,

5%,

6/15/42

...............................

5,000,000

6,169,203

State

of

Illinois

,

GO,

2016,

Refunding,

5%,

2/01/26

.....................................

4,000,000

4,665,682

GO,

2017

A,

4.25%,

12/01/40

.........................................

1,850,000

2,085,792

GO,

2017

C,

5%,

11/01/29

...........................................

10,330,000

12,414,071

GO,

2017

D,

3.25%,

11/01/26

.........................................

2,500,000

2,758,933

GO,

2017

D,

5%,

11/01/26

...........................................

5,200,000

6,172,927

GO,

2017

D,

5%,

11/01/27

...........................................

6,445,000

7,799,329

GO,

2017

D,

5%,

11/01/28

...........................................

8,545,000

10,330,791

GO,

2018

B,

Refunding,

5%,

10/01/32

..................................

1,870,000

2,274,567

GO,

2019

B,

4%,

11/01/34

...........................................

2,400,000

2,772,724

GO,

2019

B,

4%,

11/01/38

...........................................

1,420,000

1,628,928

GO,

2019

C,

4%,

11/01/40

...........................................

1,490,000

1,702,968

GO,

2019

C,

4%,

11/01/43

...........................................

2,515,000

2,854,304

GO,

2020,

5.5%,

5/01/30

............................................

7,650,000

9,996,771

GO,

2020,

5.5%,

5/01/39

............................................

14,175,000

18,112,500

GO,

2020,

5.75%,

5/01/45

...........................................

7,420,000

9,505,674

GO,

2020

B,

4%,

10/01/34

...........................................

2,000,000

2,344,166

GO,

2020

C,

4%,

10/01/37

...........................................

5,400,000

6,291,317

GO,

2020

C,

4%,

10/01/38

...........................................

5,250,000

6,104,338

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)

Illinois

(continued)

State

of

Illinois,

(continued)

GO,

2020

C,

4%,

10/01/39

...........................................

$

2,545,000

$

2,952,702

GO,

2020

C,

4%,

10/01/42

...........................................

1,335,000

1,538,443

GO,

2021

A,

5%,

3/01/36

............................................

3,250,000

4,125,031

GO,

2021

A,

5%,

3/01/46

............................................

7,000,000

8,693,399

b

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

10,959,918

Village

of

Hillside

,

Mannheim

Redevelopment

Project

Area

,

Tax

Allocation

,

2018

,

Refunding

,

5

%

,

1/01/30

.............................................

2,690,000

2,969,729

b

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

3,035,000

3,053,454

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,715,000

1,475,561

310,132,574

Indiana

0.8%

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,868,665

b

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

4,054,636

b

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

4,655,794

Indiana

Finance

Authority

,

East

End

Crossing

Partners

LLC,

Revenue,

2013

A,

Pre-Refunded,

5%,

7/01/40

..

12,500,000

13,387,808

East

End

Crossing

Partners

LLC,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

1/01/51

12,500,000

13,436,950

Greencroft

Goshen

Obligated

Group,

Revenue,

2013

A,

Refunding,

7%,

11/15/43

..

5,000,000

5,622,785

Ohio

Valley

Electric

Corp.,

Revenue,

2012

A,

5%,

6/01/32

...................

10,000,000

10,173,733

b

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

5,007,592

59,207,963

Iowa

0.1%

Iowa

Finance

Authority

,

Northcrest

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

3/01/48

.

7,500,000

8,074,874

Kansas

0.1%

City

of

Derby

,

Revenue

,

2020

,

3.9

%

,

3/01/37

...............................

1,625,000

1,674,957

City

of

Manhattan

,

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

............................................

1,000,000

1,105,375

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

............................................

1,150,000

1,250,159

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,760,000

1,849,938

5,880,429

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

11,822,348

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/39

...........................

10,000,000

12,527,704

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/43

...........................

5,000,000

6,249,421

30,599,473

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)

Louisiana

1.2%

Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

............

$

2,055,000

$

2,465,854

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment,

2021,

2.375%,

6/01/26

.............................

450,000

449,809

Special

Assessment,

2021,

2.875%,

6/01/31

.............................

695,000

694,993

Special

Assessment,

2021,

3.2%,

6/01/41

...............................

2,730,000

2,733,999

Special

Assessment,

2021,

4%,

6/01/51

.................................

2,035,000

2,133,393

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,410,000

2,830,656

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

3,047,310

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

5,806,544

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,650,000

2,870,361

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,475,000

4,841,253

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

3,240,000

3,570,161

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

1,960,000

2,209,642

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C,

5.5%,

10/01/61

.

6,300,000

6,407,478

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

4,184,631

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,790,000

2,048,007

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

60,000

71,027

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

5,772,666

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

5,159,250

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

11,379,724

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,011,214

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,309,105

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,778,851

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2013

A

,

Refunding

,

5.25

%

,

5/15/35

..

1,000,000

1,063,541

86,839,469

Maryland

0.4%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

1,250,000

1,380,465

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

5,500,000

6,024,645

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

795,094

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,497,921

b

Technology

Park

Project

TIF

Development

District,

Special

Tax,

144A,

2020

B,

Refunding,

4.625%,

7/01/43

........................................

3,260,000

3,878,149

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

375,000

423,365

Urbana

Community

Development

Authority,

Special

Tax,

2020

C,

4%,

7/01/50

....

4,000,000

4,513,424

Maryland

Economic

Development

Corp.

,

Tax

Allocation,

2020,

4%,

9/01/40

......................................

2,000,000

2,288,404

Tax

Allocation,

2020,

4%,

9/01/50

......................................

2,000,000

2,264,564

Morgan

State

University,

Revenue,

2020,

4.25%,

7/01/50

....................

500,000

568,015

Morgan

State

University,

Revenue,

2020,

5%,

7/01/56

......................

1,000,000

1,201,379

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)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/55

...............................

$

1,000,000

$

1,138,534

25,973,959

Massachusetts

0.3%

b

Massachusetts

Development

Finance

Agency

,

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

...........

3,000,000

3,329,534

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

........

5,000,000

5,528,516

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.25%,

11/15/28

.........................................

1,473,000

1,622,257

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.25%,

11/15/33

.........................................

2,000,000

2,227,512

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.5%,

11/15/43

..........................................

4,125,000

4,609,977

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2013

K

,

5.25

%

,

7/01/29

..

3,035,000

3,106,179

20,423,975

Michigan

2.4%

City

of

Detroit

,

GO,

2021

A,

5%,

4/01/30

............................................

350,000

433,134

GO,

2021

A,

5%,

4/01/31

............................................

480,000

603,524

GO,

2021

A,

5%,

4/01/32

............................................

500,000

624,407

GO,

2021

A,

5%,

4/01/33

............................................

770,000

959,698

GO,

2021

A,

5%,

4/01/34

............................................

725,000

901,909

GO,

2021

A,

5%,

4/01/35

............................................

955,000

1,185,734

GO,

2021

A,

5%,

4/01/36

............................................

800,000

990,869

GO,

2021

A,

5%,

4/01/37

............................................

875,000

1,081,233

GO,

2021

A,

5%,

4/01/38

............................................

850,000

1,048,380

GO,

2021

A,

5%,

4/01/39

............................................

750,000

923,121

GO,

2021

A,

4%,

4/01/40

............................................

550,000

623,313

GO,

2021

A,

4%,

4/01/41

............................................

600,000

678,327

GO,

2021

A,

4%,

4/01/42

............................................

600,000

676,533

GO,

2021

A,

5%,

4/01/46

............................................

2,750,000

3,371,120

GO,

2021

A,

5%,

4/01/50

............................................

3,500,000

4,272,941

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2001

B,

NATL

Insured,

5.5%,

7/01/29

.....................................

5,000,000

6,043,860

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006

B,

NATL

Insured,

5%,

7/01/36

.......................................

15,000

15,059

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

3,415,000

3,429,939

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

15,900,000

19,472,136

Kalamazoo

Economic

Development

Corp.

,

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

1,000,000

1,137,906

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

1,235,000

1,373,337

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,505,000

1,656,386

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

1,267,148

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

9,937,526

Michigan

Finance

Authority

,

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014

B,

5%,

7/01/39

..

5,600,000

5,967,344

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014

B,

5%,

7/01/44

..

5,000,000

5,304,573

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-3,

AGMC

Insured,

5%,

7/01/32

....................................

10,000,000

11,154,181

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-3,

AGMC

Insured,

5%,

7/01/33

....................................

3,000,000

3,344,612

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)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-6,

Refunding,

5%,

7/01/33

........................................

$

10,000,000

$

11,121,373

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-1,

Refunding,

AGMC

Insured,

5%,

7/01/37

..............................................

5,000,000

5,541,624

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/29

........................................................

11,000,000

12,248,532

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/30

........................................................

9,000,000

10,021,526

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/34

........................................................

10,000,000

11,113,190

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

1,800,000

1,810,779

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6.75%,

7/01/44

.

5,505,000

5,548,209

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

3,000,000

3,432,024

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/65

........................................................

110,000,000

14,942,840

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2011

MI,

Pre-Refunded,

5%,

12/01/39

.......................................................

75,000

75,000

Michigan

Strategic

Fund

,

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

815,000

927,393

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

895,000

995,253

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,380,000

1,518,813

f

Graphic

Packaging

International

LLC,

Revenue,

2021,

Mandatory

Put,

4%,

10/01/26

250,000

279,383

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,076,706

171,130,895

Minnesota

0.2%

City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/36

...........

200,000

218,411

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/41

...........

290,000

313,445

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/51

...........

500,000

530,681

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/61

...........

870,000

913,512

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,851,410

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

1,001,139

Duluth

Economic

Development

Authority

,

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/31

........................................................

1,500,000

1,636,257

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/36

........................................................

1,500,000

1,621,220

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........................................................

930,000

998,857

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

,

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/33

...

200,000

208,839

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/35

...

350,000

363,271

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/36

...

100,000

103,480

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/42

...

1,260,000

1,288,248

12,048,770

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)

Mississippi

1.2%

County

of

Lowndes

,

International

Paper

Co.

,

Revenue

,

1992

B

,

Refunding

,

6.7

%

,

4/01/22

.........................................................

$

18,875,000

$

19,247,507

b

Mississippi

Development

Bank

,

County

of

Hancock,

Revenue,

144A,

2019,

4.55%,

11/01/39

..................

2,250,000

2,521,427

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

900,000

981,707

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/35

800,000

871,257

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/36

850,000

923,970

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/41

3,000,000

3,235,720

Mississippi

Home

Corp.

,

b

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

6,884,212

b

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

7,878,304

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.65%,

6/01/62

..................................................

5,515,000

5,540,432

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

A

,

5

%

,

9/01/41

...............................

30,000,000

35,142,270

83,226,806

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

4,435,000

4,822,326

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

295,716

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

2,500,000

2,623,007

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

1,111,856

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

3,861,866

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County

,

Revenue

,

2012

,

Pre-Refunded

,

5

%

,

9/01/42

..............................

7,000,000

7,251,832

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,875,000

4,207,614

24,174,217

Montana

0.1%

Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

5,765,000

6,736,121

Nevada

1.1%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.1%,

3/01/22

...

890,000

885,401

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

935,000

879,011

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,750,000

1,874,306

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/35

........................................................

2,500,000

2,657,297

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

8,180,000

9,217,642

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

207,933

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

206,876

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

206,125

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

450,000

496,364

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,150,000

1,259,348

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

210,000

220,437

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

1,000,000

1,056,819

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)

Nevada

(continued)

City

of

Las

Vegas,

(continued)

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

$

1,420,000

$

1,588,671

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,640,000

1,812,321

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

1,040,000

1,139,403

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

450,000

494,661

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

750,000

815,191

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

1,000,000

1,167,983

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/33

.

520,000

529,163

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/36

.

830,000

836,233

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

650,000

664,589

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3.125%,

6/01/51

1,425,000

1,454,617

b

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

18,000,000

3,181,279

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

1,295,000

1,301,842

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

1,010,000

1,014,496

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,215,000

2,412,324

b

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

11,186,199

12,490,168

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

9,686,423

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/38

................................

1,000,000

1,106,749

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/48

................................

1,500,000

1,638,280

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/33

.........................................

3,190,000

3,778,979

Revenue,

2020,

5%,

7/01/40

.........................................

3,225,000

3,777,033

Revenue,

2020,

5%,

7/01/45

.........................................

3,250,000

3,762,720

Revenue,

2020,

5%,

7/01/51

.........................................

4,250,000

4,898,128

78,718,812

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

107,159

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,736,389

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

2,860,000

3,068,629

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

6,435,006

b,f

Covanta

Holding

Corp.,

Revenue,

144A,

2020

B,

Refunding,

Mandatory

Put,

3.75%,

7/02/40

........................................................

3,000,000

3,163,466

15,510,649

New

Jersey

4.2%

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.,

Revenue,

2020

A,

5%,

11/01/44

...................

7,800,000

9,509,823

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

500,000

556,253

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,370,361

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

2,396,118

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/33

1,365,000

1,683,064

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/36

2,640,000

3,236,954

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

4.625%,

6/15/48

........................................................

1,000,000

1,172,410

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/48

10,000,000

12,021,087

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

750,000

926,127

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

4%,

6/15/44

3,300,000

3,737,859

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/35

....

3,450,000

4,072,981

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

4,550,000

5,325,714

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)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority,

(continued)

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/34

..............................................

$

1,020,000

$

1,233,994

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/35

..............................................

1,100,000

1,327,612

United

Airlines,

Inc.,

Revenue,

1999,

5.125%,

9/15/23

......................

10,510,000

10,916,132

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

25,000,000

25,938,275

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

16,480,000

17,660,820

b

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

3,074,005

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

NATL

Insured,

Zero

Cpn.,

12/15/30

......................

500,000

425,085

Revenue,

2006

C,

NATL

Insured,

Zero

Cpn.,

12/15/31

......................

3,675,000

3,040,479

Revenue,

2008

A,

Zero

Cpn.,

12/15/38

..................................

46,750,000

31,522,095

Revenue,

2009

A,

Zero

Cpn.,

12/15/39

..................................

42,425,000

27,718,420

Revenue,

2014

AA,

5%,

6/15/38

.......................................

5,060,000

5,566,808

Revenue,

2014

AA,

5%,

6/15/44

.......................................

9,335,000

10,226,411

Revenue,

2014

BB-1,

5%,

6/15/34

.....................................

500,000

615,306

Revenue,

2015

AA,

5.25%,

6/15/41

....................................

2,500,000

2,858,390

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

4,100,000

5,059,687

Revenue,

2018

A,

Refunding,

5%,

12/15/35

..............................

1,800,000

2,209,942

Revenue,

2019

A,

Refunding,

4%,

12/15/39

..............................

1,500,000

1,717,687

Revenue,

2019

AA,

5%,

6/15/46

.......................................

2,500,000

3,009,784

Revenue,

2019

BB,

4%,

6/15/44

.......................................

1,000,000

1,121,570

Revenue,

2019

BB,

5%,

6/15/44

.......................................

3,050,000

3,680,866

Revenue,

2019

BB,

5%,

6/15/50

.......................................

670,000

804,151

Revenue,

2020

AA,

4%,

6/15/45

.......................................

2,840,000

3,241,435

Revenue,

2020

AA,

5%,

6/15/45

.......................................

2,660,000

3,299,262

Revenue,

2020

AA,

4%,

6/15/50

.......................................

6,745,000

7,658,417

Revenue,

2020

AA,

5%,

6/15/50

.......................................

1,755,000

2,163,006

d

Revenue,

2022

AA,

Refunding,

5%,

6/15/37

..............................

9,500,000

12,048,766

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5%,

6/01/46

...............................

9,500,000

11,171,397

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

18,000,000

21,559,810

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

25,000,000

29,166,667

297,045,030

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

548,618

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

488,946

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,301,788

New

Mexico

Hospital

Equipment

Loan

Council

,

Haverland

Carter

Lifestyle

Obligated

Group

,

Revenue

,

2012

,

5

%

,

7/01/42

....................................

5,000,000

5,071,788

7,411,140

New

York

6.5%

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

College

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/45

......................................

2,000,000

2,264,165

b

Build

NYC

Resource

Corp.

,

Shefa

School,

Revenue,

144A,

2021

A,

2.5%,

6/15/31

......................

400,000

404,072

Shefa

School,

Revenue,

144A,

2021

A,

5%,

6/15/51

........................

3,000,000

3,598,976

City

of

New

York

,

GO

,

1992

G

,

7.5

%

,

2/01/22

..............................

5,000

5,030

Metropolitan

Transportation

Authority

,

Revenue,

2013

D,

5%,

11/15/38

.......................................

14,040,000

15,082,810

Revenue,

2013

E,

5%,

11/15/33

.......................................

10,000,000

10,759,573

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)

New

York

(continued)

Metropolitan

Transportation

Authority,

(continued)

f

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

$

1,000,000

$

1,273,950

Revenue,

2015

D-1,

Refunding,

5%,

11/15/32

............................

1,250,000

1,431,733

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

5,000,000

5,782,891

Revenue,

2017

A-2,

Refunding,

5%,

11/15/26

.............................

1,000,000

1,192,979

Revenue,

2017

C-1,

Refunding,

5%,

11/15/34

............................

7,500,000

9,036,810

Revenue,

2020

A-1,

5%,

11/15/47

.....................................

24,300,000

29,520,177

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

650,000

789,119

Revenue,

2020

A-1,

5%,

11/15/49

.....................................

2,500,000

3,032,927

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

2,950,000

3,530,091

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

42,795,000

51,880,913

Revenue,

2020

D,

5%,

11/15/44

.......................................

33,000,000

40,666,599

Revenue,

2020

D,

4%,

11/15/50

.......................................

40,000,000

45,369,424

Municipal

Assistance

Corp.

for

the

City

of

Troy

,

Revenue

,

1996

C

,

NATL

Insured

,

Zero

Cpn.,

1/15/22

.....................................................

649,658

649,419

New

York

City

Housing

Development

Corp.

,

FC

8

Spruce

Street

Residential

LLC

,

Revenue

,

2014

,

F

,

Refunding

,

4.5

%

,

2/15/48

.............................

9,825,000

10,127,215

New

York

Liberty

Development

Corp.

,

b

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

16,667,991

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

65,000,000

91,962,494

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

11,265,000

13,480,098

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

14,950,000

18,863,571

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

2.25%,

8/01/26

............

1,930,000

2,001,198

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

3%,

8/01/31

...............

4,500,000

4,901,841

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

.........................

6,500,000

8,077,064

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

.........................

6,000,000

7,387,747

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

41,785,000

46,194,199

b

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

61,000,000

15,475,743

461,410,819

North

Carolina

0.1%

North

Carolina

Medical

Care

Commission

,

Galloway

Ridge

Obligated

Group,

Revenue,

2014

A,

Refunding,

5.25%,

1/01/41

...

2,720,000

2,859,916

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/30

.......

2,790,000

2,980,159

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/35

.......

1,000,000

1,062,517

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

..............

1,000,000

1,121,653

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

..............

1,500,000

1,678,193

9,702,438

North

Dakota

0.4%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

2,800,000

2,970,619

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

5,430,000

5,726,445

b

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

2,913,101

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

13,900,000

14,040,115

25,650,280

Ohio

2.6%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

25,130,000

25,911,325

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

1,000,000

1,131,334

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

..................

20,875,000

23,969,015

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)

Ohio

(continued)

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

$

5,000,000

$

5,497,246

Cleveland-Cuyahoga

County

Port

Authority

,

b

Flats

East

Bank

TIF

District,

Tax

Allocation,

144A,

2021

B,

Refunding,

4.5%,

12/01/55

1,500,000

1,599,533

b

Flats

East

Bank

TIF

District,

Tax

Allocation,

Senior

Lien,

144A,

2021

A,

Refunding,

4%,

12/01/55

...................................................

1,250,000

1,318,261

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

818,954

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

821,771

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

10,274,188

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

3,330,682

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

9,942,805

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,000,000

5,731,993

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,585,194

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,396,995

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,972,817

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

Zero

Cpn.,

2/15/35

.....................................................

35,000,000

44,020,249

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

12/01/42

.......................................................

14,000,000

14,486,485

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

1,067,516

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

1,058,496

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,404,263

State

of

Ohio

,

b

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

5,385,707

b

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

16,149,747

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/46

............................................

6,000,000

6,904,106

186,778,682

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,138,112

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

10,280,000

11,590,570

12,728,682

Oregon

0.7%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

500,000

550,975

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

1,250,000

1,375,809

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,654,943

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

...

9,285,000

11,496,353

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.4%,

10/01/44

.....

3,000,000

3,219,190

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.5%,

10/01/49

.....

5,500,000

5,905,843

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)

Oregon

(continued)

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group,

Revenue,

2020

A,

5.125%,

7/01/55

.................................................

$

3,500,000

$

3,638,268

Dallas

Mennonite

Retirement

Community

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/24

........................................................

1,500,000

1,504,617

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

5/15/22

....

215,000

219,012

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.75%,

5/15/27

..

1,000,000

1,021,029

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.625%,

5/15/32

.

1,000,000

1,017,478

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/42

....

3,100,000

3,155,136

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/47

....

2,000,000

2,034,565

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/51

..

4,325,000

4,686,745

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/36

..

1,220,000

1,458,238

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/46

..

1,540,000

1,799,334

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/51

..

1,100,000

1,281,407

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/56

..

1,940,000

2,243,811

48,262,753

Pennsylvania

2.0%

b

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

Refunding,

5%,

5/01/32

............................

11,975,000

13,882,782

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,804,759

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,840,431

Bucks

County

Industrial

Development

Authority

,

Grand

View

Hospital/Sellersville

Obligated

Group,

Revenue,

2021,

4%,

7/01/46

...

1,500,000

1,696,548

Grand

View

Hospital/Sellersville

Obligated

Group,

Revenue,

2021,

5%,

7/01/54

...

1,500,000

1,838,770

Chester

County

Industrial

Development

Authority

,

b

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,250,000

4,508,979

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/34

..........

1,500,000

1,651,078

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/39

..........

3,325,000

3,647,826

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/44

..........

1,945,000

2,125,824

b

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

425,000

484,765

b

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

1,137,318

Dallas

Area

Municipal

Authority

,

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/39

..............

1,100,000

1,272,937

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/48

..............

4,000,000

4,560,465

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/35

............

1,000,000

1,073,499

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/45

............

2,500,000

2,683,748

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

1,102,245

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

1,314,540

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

5,018,965

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

3,321,754

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

1,088,704

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

1,136,477

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,976,884

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

752,423

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

2,544,673

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)

Pennsylvania

(continued)

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

...........................................

$

6,710,000

$

7,875,969

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,000,000

1,206,193

Pennsylvania

Turnpike

Commission

,

Revenue,

2009

C,

AGMC

Insured,

6.25%,

6/01/33

.........................

5,000,000

6,212,700

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

21,663,330

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

25,075,000

27,078,194

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group,

Revenue,

A,

Refunding,

5%,

7/01/49

........................................................

3,000,000

3,312,616

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/31

........................................................

575,000

655,374

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/41

........................................................

750,000

827,891

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/51

........................................................

800,000

868,444

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/56

........................................................

850,000

919,062

141,086,167

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

8,051,703

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

1,905,802

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

3,775,824

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

11,920,659

South

Carolina

Public

Service

Authority

,

Revenue

,

2013

B

,

Refunding

,

5.125

%

,

12/01/43

........................................................

52,890,000

57,693,581

75,295,866

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

11,110,000

11,712,303

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

3,285,084

14,997,387

Tennessee

1.1%

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

17,666,387

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

....................................

19,400,000

17,225,243

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

....................................

19,365,000

16,688,176

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

....................................

19,370,000

16,175,329

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)

Tennessee

(continued)

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

$

11,817,525

b

Nashville

Metropolitan

Development

&

Housing

Agency

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

...................................................

900,000

1,029,840

80,602,500

Texas

7.5%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

8,086,210

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

2,251,501

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,764,817

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,647,359

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,692,111

b

City

of

Anna

,

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..................................................

200,000

198,861

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.5%,

9/15/31

...................................................

157,000

156,131

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4%,

9/15/41

....................................................

867,000

858,765

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

..................................................

1,406,000

1,389,599

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

5%,

9/15/51

....................................................

503,000

497,580

b

City

of

Austin

,

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.625%,

11/01/39

................................................

1,405,000

1,583,725

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

11/01/48

.................................................

2,450,000

2,749,986

b

City

of

Bee

Cave

,

Backyard

Public

improvement

District

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/01/51

...............................................

1,000,000

1,018,829

City

of

Celina

,

b

Creeks

of

Legacy

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

..................................................

230,000

241,217

b

Creeks

of

Legacy

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/01/49

.................................................

1,845,000

1,935,295

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

215,000

216,998

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

..................................................

500,000

507,961

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

375,896

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/50

...................................................

605,000

613,071

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

506,352

Lakes

at

Mustang

Ranch

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

9/01/35

.................................

1,020,000

1,038,873

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.25%,

9/01/49

..................................................

3,065,000

3,275,641

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

1,800,000

1,862,086

b,d

The

Parks

at

Wilson

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

.............................................

145,000

145,357

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)

Texas

(continued)

City

of

Celina,

(continued)

b,d

The

Parks

at

Wilson

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

..............................................

$

145,000

$

145,350

b,d

The

Parks

at

Wilson

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

.............................................

150,000

150,716

b,d

The

Parks

at

Wilson

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/31

................................................

473,000

475,188

b,d

The

Parks

at

Wilson

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

..............................................

1,205,000

1,211,886

b,d

The

Parks

at

Wilson

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

.............................................

1,265,000

1,271,953

b,d

The

Parks

at

Wilson

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

................................................

1,023,000

1,051,220

b,d

The

Parks

at

Wilson

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/51

..............................................

1,501,000

1,509,143

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

425,000

442,366

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

520,000

542,634

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

350,000

372,027

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

1,005,520

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

158,000

159,204

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

379,000

381,655

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

1,004,000

1,045,956

b

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/31

........................................................

300,000

306,703

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/31

..................................................

161,000

164,819

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/41

..................................................

1,000,000

1,024,104

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5%,

9/15/41

........................................................

1,144,000

1,176,928

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/51

...................................................

2,000,000

2,055,718

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/15/51

..................................................

750,000

774,344

b

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.................................................

298,000

296,274

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,205,000

1,183,475

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

1,172,000

1,157,864

b

City

of

Fate

,

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

8/15/26

........................................................

400,000

401,596

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

8/15/31

........................................................

711,000

718,498

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

8/15/41

........................................................

1,871,000

1,890,676

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

8/15/51

1,765,000

1,800,534

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Fate,

(continued)

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.125%,

8/15/30

........................................................

$

665,000

$

686,335

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.625%,

8/15/40

........................................................

1,163,000

1,211,206

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.875%,

8/15/50

........................................................

1,772,000

1,840,615

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.................................................

125,000

129,400

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.................................................

691,000

715,744

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.................................................

994,000

1,028,084

b

City

of

Fort

Worth

,

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................

1,765,000

1,904,193

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,341,232

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,724,199

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,390,000

1,457,239

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,530,000

1,610,632

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

1,975,000

2,051,339

b

City

of

Haslet

,

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

2.625%,

9/01/26

........................................................

447,000

449,156

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

150,000

151,857

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

........................................................

1,271,000

1,289,757

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

4%,

9/01/51

.

1,026,000

1,059,441

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

500,000

516,382

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

452,980

City

of

Houston

Airport

System

,

United

Airlines,

Inc.,

Revenue,

2021

A,

4%,

7/01/41

........................

6,500,000

6,959,814

United

Airlines,

Inc.,

Revenue,

2021

B-1,

4%,

7/15/41

.......................

4,000,000

4,270,149

b

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

...................................................

330,000

331,867

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/01/31

.................................................

260,000

262,943

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...................................................

1,038,000

1,053,474

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

....................................................

1,345,000

1,393,931

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..................................................

270,000

271,486

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/31

........................................................

392,000

397,844

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/41

.................................................

1,000,000

1,014,683

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

101

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Hutto,

(continued)

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

$

2,479,000

$

2,506,904

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..................................................

206,000

207,966

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.................................................

519,000

524,052

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

1,146,000

1,162,742

b

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3%,

9/01/31

....................................................

500,000

497,892

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.................................................

2,812,000

2,801,448

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

....................................................

2,052,000

2,110,370

b

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

130,000

130,445

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

575,603

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/50

.

440,000

448,560

b

City

of

Kyle

,

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

400,000

404,652

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

........................................................

1,310,000

1,329,411

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

........................................................

1,380,000

1,388,235

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/46

375,000

385,019

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

........................................................

224,000

225,258

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

........................................................

530,000

536,541

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,428,000

1,448,944

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/46

1,000,000

1,027,618

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

311,547

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

1,045,000

1,092,575

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5%,

9/01/30

.....................................

2,000,000

2,165,781

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

2,245,469

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,998,324

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

B,

Refunding,

4.875%,

9/01/50

..................................

2,500,000

2,643,888

City

of

Leander

,

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/32

..................................................

530,000

563,337

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/38

..................................................

1,275,000

1,327,557

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.

102

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Leander,

(continued)

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/44

..................................................

$

1,490,000

$

1,532,772

b

City

of

Liberty

Hill

,

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

250,000

258,056

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

903,513

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,980,941

b

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/15/26

........................................................

110,000

110,033

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.................................................

110,000

109,948

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

250,512

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................................................

310,000

310,827

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

700,000

702,282

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.................................................

830,000

835,281

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

1,025,226

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

1,225,000

1,229,775

b

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/31

.................................................

250,000

248,583

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/41

.................................................

1,000,000

990,611

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/41

.................................................

450,000

446,024

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/01/51

.................................................

1,470,000

1,455,418

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.125%,

9/01/51

.................................................

620,000

613,412

b

City

of

Mclendon-Chisholm

,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.........................

205,000

205,052

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

.........................

620,000

623,026

Special

Assessment,

144A,

2021,

4%,

9/15/51

............................

865,000

879,698

b

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

300,000

304,531

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.................................................

230,000

232,482

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

1,105,000

1,119,800

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

........................................................

420,000

427,637

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,655,967

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..................................................

610,000

621,441

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

103

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b,d

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/26

.................................................

$

120,000

$

120,292

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/31

..................................................

320,000

321,672

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

882,000

887,470

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/51

..................................................

1,454,000

1,462,901

b

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

311,583

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

1,217,809

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

1,102,840

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

9/01/31

..................................................

160,000

158,374

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

.................................................

643,000

636,891

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

470,000

486,452

b

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

2,750,000

2,800,308

Collin

Creek

West

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

2,343,000

2,439,268

b

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

128,000

130,591

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

188,413

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

686,781

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

936,000

992,756

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

128,000

128,349

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

326,091

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

435,000

448,436

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

211,397

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

500,729

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

723,512

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.875%,

9/01/31

........................................................

110,000

110,687

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........................................................

518,000

521,522

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

620,000

648,874

b

City

of

Red

Oak

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

150,000

150,098

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.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Red

Oak,

(continued)

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

$

354,000

$

355,208

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

........................................................

500,000

497,847

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.

665,000

683,642

b

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

............................................

200,000

198,576

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

.............................................

200,000

199,829

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

.............................................

820,000

824,374

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

............................................

600,000

601,755

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

................................................

1,172,000

1,187,617

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,000,000

994,921

b

City

of

Royse

City

,

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

........................................................

450,000

465,879

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

........................................................

225,000

236,935

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

........................................................

210,000

219,612

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

........................................................

1,190,000

1,243,161

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

........................................................

590,000

626,682

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

........................................................

375,000

398,985

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

........................................................

1,780,000

1,855,912

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

........................................................

715,000

758,538

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

........................................................

575,000

610,978

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2017,

5%,

9/15/48

........................................................

2,700,000

2,980,534

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.375%,

9/15/39

........................................................

610,000

659,902

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.5%,

9/15/48

........................................................

1,260,000

1,355,419

b

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

418,097

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

1,115,559

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

2,035,000

2,141,022

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,547,535

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,350,194

City

of

San

Marcos

,

Special

Assessment,

2020,

4.375%,

9/01/25

.............................

260,000

265,952

Special

Assessment,

2020,

4.875%,

9/01/30

.............................

305,000

324,995

Special

Assessment,

2020,

5.375%,

9/01/40

.............................

1,300,000

1,411,065

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

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

San

Marcos,

(continued)

Special

Assessment,

2020,

5.625%,

9/01/50

.............................

$

1,300,000

$

1,414,988

b

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

.................................................

375,000

385,332

Raburn

Reserve

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

........................................................

2,015,000

2,092,009

b

City

of

Venus

,

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.................................................

234,000

234,531

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

150,000

150,253

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

.................................................

1,105,000

1,106,090

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,012,000

1,044,788

Clifton

Higher

Education

Finance

Corp.

,

Uplift

Education

,

Revenue

,

A

,

5

%

,

12/01/45

.

3,855,000

4,253,533

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

3.5%,

10/01/31

.

450,000

450,388

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

5%,

10/01/50

..

1,200,000

1,320,252

b

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

103,290

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

834,687

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

1,251,459

b

County

of

Medina

,

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

........................................................

240,000

240,825

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

........................................................

400,000

404,520

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

........................................................

815,000

823,742

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

1,085,000

1,100,338

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

........................................................

780,000

792,430

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................................................

870,000

883,518

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

........................................................

1,160,000

1,175,617

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2013

B

,

5

%

,

11/01/44

...........

11,385,000

11,849,246

El

Paso

Downtown

Development

Corp.

,

City

of

El

Paso

,

Revenue

,

2013

A

,

Pre-

Refunded

,

7.25

%

,

8/15/38

...........................................

15,000,000

16,727,661

Grand

Parkway

Transportation

Corp.

,

Revenue,

2013

B,

Zero

Cpn.,

10/01/45

..................................

10,000,000

11,636,874

Revenue,

First

Tier,

2013

A,

5.125%,

10/01/43

............................

2,850,000

3,068,283

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/43

........................................................

3,000,000

3,213,452

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/48

........................................................

5,250,000

5,623,541

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/48

........................................................

5,000,000

5,484,104

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.

106

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

$

1,583,446

e

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

.............................

110,000

106,872

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

4,672,668

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/29

....

2,190,000

2,330,043

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,571,817

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/31

........................................................

1,300,000

1,539,143

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/36

........................................................

1,000,000

1,183,956

CHF-Collegiate

Housing

Corpus

Christi

II

LLC,

Revenue,

A,

Pre-Refunded,

5%,

4/01/48

........................................................

2,500,000

2,959,890

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

4%,

4/01/22

250,000

253,105

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/24

965,000

1,067,811

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/26

525,000

622,813

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/27

460,000

561,969

CHF-Stephenville

LLC,

Revenue,

2013

A,

Pre-Refunded,

6%,

4/01/45

..........

3,000,000

3,227,351

b

CityScape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/39

................

500,000

577,532

b

CityScape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/51

................

1,570,000

1,793,489

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

5,367,585

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

4,923,059

Morningside

Ministries

Obligated

Group,

Revenue,

2013,

6.5%,

1/01/43

.........

4,350,000

4,526,170

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

4,511,011

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

11/15/36

...

1,020,000

1,169,530

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

11/15/46

...

4,100,000

4,701,051

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

2,989,586

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

13,738,263

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

2,767,582

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

15,000,000

14,977,275

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

6,960,000

6,699,351

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

3,338,653

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

1,040,387

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

1,233,585

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

4,586,144

b

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2021,

3.625%,

9/15/26

.........................

1,000,000

1,043,778

Special

Assessment,

144A,

2021,

4.25%,

9/15/31

.........................

1,500,000

1,627,312

Special

Assessment,

144A,

2021,

4.75%,

9/15/41

.........................

5,000,000

5,500,813

Special

Assessment,

144A,

2021,

5%,

9/15/51

............................

6,500,000

7,171,277

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/15/31

............................................

250,000

264,981

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/41

................................................

1,000,000

1,067,591

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

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

North

Parkway

Municipal

Management

District

No.

1,

(continued)

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

$

1,160,000

$

1,242,445

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

First

Tier,

I,

Pre-Refunded,

6.5%,

1/01/43

..

25,000,000

29,594,240

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

4,247,422

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

6.75%,

9/01/45

......

25,000,000

37,798,532

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

14,037,110

b

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

1,035,000

1,072,766

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,158,156

Red

River

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2017

,

Refunding

,

5.5

%

,

10/01/46

...........................................

4,250,000

4,955,746

Red

River

Health

Facilities

Development

Corp.

,

e

Eden

Home,

Inc.

Obligated

Group,

Revenue,

2012,

7.25%,

12/15/42

...........

11,000,000

6,875,000

Wichita

Falls

Retirement

Foundation

Obligated

Group,

Revenue,

2012,

Refunding,

5.5%,

1/01/32

...................................................

1,500,000

1,506,426

Wichita

Falls

Retirement

Foundation

Obligated

Group,

Revenue,

2012,

Refunding,

5.125%,

1/01/41

.................................................

2,000,000

2,007,965

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

(The)

,

Revenue

,

A-1

,

Refunding

,

5

%

,

10/01/49

............................

5,125,000

5,572,517

Texas

Transportation

Commission

,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/46

...........................

3,000,000

1,062,828

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/47

...........................

5,750,000

1,932,959

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/51

...........................

3,500,000

944,161

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/52

...........................

4,000,000

1,018,792

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/53

...........................

400,000

96,365

b

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

820,000

821,082

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

600,000

601,628

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

802,599

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

1,500,000

1,534,006

Town

of

Ponder

,

Special

Assessment,

2017,

5%,

9/01/45

.................................

500,000

552,130

Special

Assessment,

2017,

5%,

9/01/47

.................................

865,000

954,752

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

262,348

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

422,850

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

494,836

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

849,661

538,207,822

Utah

0.5%

Military

Installation

Development

Authority

,

Revenue,

2021

A-2,

4%,

6/01/36

......................................

2,250,000

2,288,170

Revenue,

2021

A-2,

4%,

6/01/41

......................................

7,215,000

7,258,654

Revenue,

2021

A-2,

4%,

6/01/52

......................................

24,745,000

24,295,334

b

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

540,931

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.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Utah

(continued)

b

Utah

Charter

School

Finance

Authority,

(continued)

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

$

825,000

$

925,138

35,308,227

Vermont

0.0%

†

Vermont

Economic

Development

Authority

,

Wake

Robin

Corp.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/01/45

.............................................

2,850,000

3,067,629

Virginia

1.4%

b

Farms

New

Kent

Community

Development

Authority

,

Special

Assessment

,

144A,

2021

A

,

Refunding

,

3.75

%

,

3/01/36

.........................................

8,000,000

8,669,448

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

...

500,000

584,179

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

500,000

580,294

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/40

...

2,000,000

2,420,015

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...

2,700,000

3,212,331

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/59

...

2,000,000

2,363,616

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

3,550,000

3,862,588

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

4,412,993

James

City

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/41

............................................

625,000

682,430

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/47

............................................

1,000,000

1,079,530

Norfolk

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2012

B

,

Refunding

,

5

%

,

11/01/43

..............................

17,575,000

18,273,494

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2017,

5%,

1/01/40

.............

8,000,000

8,029,911

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

6%,

1/01/37

...

6,485,000

6,694,190

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

5.5%,

1/01/42

.

35,790,000

36,808,895

97,673,914

Washington

1.7%

c

Coalview

Centralia

LLC

,

15

%

,

12/31/21

...................................

1,492,000

1,492,000

Greater

Wenatchee

Regional

Events

Center

Public

Facilities

District

,

Revenue

,

A

,

Pre-

Refunded

,

5.5

%

,

9/01/42

............................................

10,000,000

10,398,468

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

2,130,000

2,556,395

Washington

Economic

Development

Finance

Authority

,

e

Coalview

Centralia

LLC,

Revenue,

2013,

8.25%,

8/01/25

....................

3,800,000

608,000

e

Coalview

Centralia

LLC,

Revenue,

2013,

9.5%,

8/01/25

.....................

12,855,000

2,056,800

f

Propeller

Airports

Paine

Field

LLC,

Revenue,

A,

Mandatory

Put,

6.5%,

3/01/24

....

24,500,000

25,266,580

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

15,500,000

19,053,914

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2012

A,

5%,

10/01/42

..

19,725,000

20,490,620

b

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/41

........

5,000,000

5,208,746

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/51

........

10,070,000

10,340,090

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/49

..............................................

1,500,000

1,681,914

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

1,800,000

2,008,333

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

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

b

Washington

State

Housing

Finance

Commission,

(continued)

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

$

2,250,000

$

2,439,870

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,840,820

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

9,618,274

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

6,000,000

6,407,407

121,468,231

West

Virginia

0.2%

County

of

Kanawha

,

West

Virginia

State

University

Foundation,

Inc.

,

Revenue

,

2013

,

Pre-Refunded

,

6.75

%

,

7/01/45

........................................

6,650,000

7,308,664

b

Monongalia

County

Commission

Excise

Tax

District

,

Revenue,

144A,

2021

A,

Refunding,

4.125%,

6/01/43

.......................

2,250,000

2,516,998

Revenue,

144A,

2021

B,

4.875%,

6/01/43

...............................

1,635,000

1,773,759

11,599,421

Wisconsin

2.2%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

1,097,853

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

7,405,522

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/39

.............

1,595,000

1,914,316

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/44

.............

1,900,000

2,255,740

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

5,225,000

6,167,763

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

11/15/41

.......................................................

1,205,000

1,462,668

b

Affordable

Housing

Preservation

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

.................................................

17,900,000

17,900,000

Celanese

US

Holdings

LLC,

Revenue,

2016

C,

Refunding,

4.3%,

11/01/30

.......

4,000,000

4,458,440

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

3,183,917

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,909,142

b

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/40

........

815,000

938,929

b

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/54

........

1,380,000

1,563,145

b

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/41

1,000,000

998,626

b

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4.25%,

7/01/51

........................................................

4,000,000

4,028,089

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,411,606

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

8,640,493

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

2,173,563

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

....

300,000

335,530

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

....

1,000,000

1,092,648

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

....

1,275,000

1,384,395

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

715,219

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

4,514,690

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/45

..................................................

1,665,000

1,919,744

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

6,810,000

7,798,657

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/31

.................

600,000

673,941

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/51

.................

2,250,000

2,442,347

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/56

.................

2,465,000

2,667,300

b

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

A-2,

5.35%,

7/01/40

.....

3,000,000

3,026,635

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.

110

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

b

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

B,

5.25%,

7/01/61

.......

$

2,000,000

$

2,065,286

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

8,970,000

10,846,222

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

10,162,636

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,865,000

2,080,962

b,f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

2,000,000

2,034,241

b,f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

...................................................

18,000,000

18,301,624

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

1,000,031

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

2,750,000

2,750,085

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

3%,

12/01/31

........

500,000

508,140

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/41

........

850,000

897,258

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/51

........

1,000,000

1,043,724

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/56

........

1,000,000

1,038,943

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2015

B,

Refunding,

5%,

9/15/45

........................................................

3,500,000

3,627,305

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

Pre-Refunded,

5%,

9/15/45

........................................................

3,500,000

3,789,523

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

Pre-Refunded,

5%,

9/15/50

........................................................

500,000

541,360

157,768,258

U.S.

Territories

10.3%

District

of

Columbia

1.7%

District

of

Columbia

,

American

Society

of

Hematology,

Inc.

(The),

Revenue,

2009,

Pre-Refunded,

5%,

7/01/36

........................................................

1,500,000

1,541,961

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

6,770,000

7,443,801

Tobacco

Settlement

Financing

Corp.,

Revenue,

2002,

Zero

Cpn.,

6/15/46

........

175,000,000

38,663,362

Metropolitan

Washington

Airports

Authority

,

Dulles

Toll

Road

,

Revenue,

Second

Lien

,

2009

C

,

AGMC

Insured

,

6.5

%

,

10/01/41

.................................

60,145,000

76,395,283

124,044,407

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2013

B,

Pre-Refunded,

AGMC

Insured,

5.5%,

10/01/33

.............

2,000,000

2,188,311

Revenue,

2013

B,

Pre-Refunded,

AGMC

Insured,

5.75%,

10/01/43

.............

3,000,000

3,296,142

Territory

of

Guam

,

Revenue,

2021

F,

Refunding,

4%,

1/01/36

...............................

3,750,000

4,338,806

Revenue,

2021

F,

Refunding,

4%,

1/01/42

...............................

4,125,000

4,667,309

14,490,568

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

9,025,000

9,003,521

Puerto

Rico

8.3%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

.............................................

9,500,000

9,754,250

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,514,679

e

Commonwealth

of

Puerto

Rico

,

GO

,

A-PSA

,

Refunding

,

8

%

,

7/01/35

.............

42,205,000

37,034,888

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

45,221,326

42,621,100

b

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/30

................

22,000,000

27,501,925

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

111

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

b

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority,

(continued)

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/35

................

$

20,000,000

$

24,477,198

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

30,000,000

35,707,863

e

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2013

A

RSA-1,

6.75%,

7/01/36

................................

29,750,000

29,973,125

Revenue,

2013

A

RSA-1,

7%,

7/01/43

..................................

5,000,000

5,037,500

Revenue,

2013

A

RSA-1,

7.25%,

7/01/30

................................

25,000,000

25,250,000

Revenue,

A-4-RSA-1

2016

A-4,

10%,

7/01/19

.............................

5,500,000

5,596,250

Revenue,

B-2-RSA-1

2016

B-4,

10%,

7/01/19

............................

5,500,000

5,596,250

Revenue,

E-1-RSA-1,

10%,

1/01/21

....................................

6,000,000

6,105,000

Revenue,

E-2-RSA-1,

10%,

7/01/21

....................................

6,000,000

6,105,000

Revenue,

E-3-RSA-1,

10%,

1/01/22

....................................

1,989,500

2,071,567

Revenue,

E-4-RSA-1,

10%,

7/01/22

....................................

1,989,499

2,071,566

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

10,895,000

10,758,812

Revenue,

XX-RSA-1,

5.75%,

7/01/36

...................................

23,620,000

23,472,375

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

700,000

755,631

Revenue,

L,

Refunding,

AMBAC

Insured,

5.25%,

7/01/38

....................

9,080,000

9,322,153

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

7,125,000

7,769,106

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

28,658,143

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

446,424

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

33,780,000

38,283,519

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

23,600,000

27,094,152

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

141,421,000

47,291,663

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

82,259,000

19,910,191

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

40,819,000

45,819,638

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

44,364,000

50,369,448

594,793,641

Total

U.S.

Territories

....................................................................

742,332,137

Total

Municipal

Bonds

(Cost

$6,201,178,268)

...................................

7,040,852,941

Total

Long

Term

Investments

(Cost

$6,252,137,006)

.............................

7,093,007,991

a

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Georgia

0.1%

g

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

,

0.02

%

,

7/01/35

...................................

1,300,000

1,300,000

g

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

0.05

%

,

9/01/37

.....................

8,000,000

8,000,000

9,300,000

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.

112

See

Abbreviations

on

page

200

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

New

York

0.9%

g

New

York

City

,

Water

&

Sewer

System

,

Revenue

,

2014

AA-3

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

6/15/49

.......................................

$

62,645,000

$

62,645,000

g

New

York

State

Housing

Finance

Agency

,

160

Madison

Ave

LLC

,

Revenue

,

2013

A

,

LOC

Landesbank

Hessen-Thueringen

Girozentrale

,

Daily

VRDN

and

Put

,

0.04

%

,

11/01/46

........................................................

1,600,000

1,600,000

64,245,000

Total

Municipal

Bonds

(Cost

$73,545,000)

......................................

73,545,000

Total

Short

Term

Investments

(Cost

$73,545,000

)

................................

73,545,000

a

Total

Investments

(Cost

$6,325,682,006)

100.1%

................................

$7,166,552,991

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(7,257,449)

Net

Assets

100.0%

...........................................................

$7,159,295,542

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

aggregate

value

of

these

securities

was

$1,452,473,976,

representing

20.3%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

d

Security

purchased

on

a

when-issued

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

The

maturity

date

shown

represents

the

mandatory

put

date.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Louisiana

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.4%

Louisiana

94.7%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

$

1,000,000

$

1,195,219

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

559,935

Calcasieu

Parish

Public

Trust

Authority

,

Cowboy

Facilities,

Inc.

,

Revenue

,

2011

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/29

.................................

2,050,000

2,088,138

Calcasieu

Parish

School

District

No.

23

,

GO,

2019,

BAM

Insured,

4%,

9/01/36

...................................

670,000

787,126

GO,

2019,

BAM

Insured,

4%,

9/01/37

...................................

600,000

701,061

GO,

2019,

BAM

Insured,

4%,

9/01/39

...................................

2,060,000

2,382,454

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,216,460

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,212,812

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,177,622

GO,

2019,

BAM

Insured,

4%,

3/01/39

...................................

750,000

880,885

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,342,017

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,417,221

City

of

Bossier

City

,

Sales

&

Use

Tax,

Revenue,

2017,

5%,

12/01/36

...........................

1,405,000

1,691,802

Utilities,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/37

......................

5,280,000

5,971,838

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

5,454,224

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

5,869,234

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

2,114,915

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,489,130

City

of

Ruston

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...................

1,085,000

1,274,685

City

of

Shreveport

,

Revenue,

2016,

Refunding,

BAM

Insured,

5%,

3/01/27

......................

1,500,000

1,803,808

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,746,290

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

5,390,925

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

2,594,885

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/33

............................

1,000,000

1,144,841

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,724,207

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

5,820,550

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

972,349

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,595,715

Jefferson

Sales

Tax

District

,

Revenue,

2017

B,

AGMC

Insured,

5%,

12/01/42

...........................

2,250,000

2,763,604

Revenue,

2019

B,

AGMC

Insured,

4%,

12/01/42

...........................

5,000,000

5,946,482

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

278,082

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

221,812

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/28

...................

1,345,000

1,564,540

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/31

...................

2,400,000

2,793,400

Lafayette

Parish

School

Board

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

4/01/48

.......

6,000,000

7,365,271

Livingston

Parish

School

Board

,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

...............................

500,000

611,758

Revenue,

2021

A,

Refunding,

4%,

5/01/31

...............................

1,300,000

1,612,531

Revenue,

2021

A,

Refunding,

4%,

5/01/32

...............................

1,500,000

1,853,599

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

875,000

1,044,689

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.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Correctional

Facilities

Corp.,

(continued)

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

$

1,305,000

$

1,551,670

Louisiana

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

625,000

636,953

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

1,995,000

2,035,084

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

2,000,000

2,181,531

Cowboy

Facilities,

Inc.,

Revenue,

2011,

AGMC

Insured,

5%,

3/01/36

...........

1,800,000

1,820,281

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,403,967

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,518,358

Entergy

Louisiana

LLC,

Revenue,

2021

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

3,065,369

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

894,348

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

693,490

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

8,199,886

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/32

...................................................

3,000,000

3,388,544

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/33

...................................................

5,000,000

5,647,573

a

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

1,021,552

a

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

...................

1,225,000

1,239,644

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

1,900,000

1,997,825

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

10/01/43

...

250,000

254,783

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.25%,

10/01/48

221,200

225,383

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.5%,

10/01/53

.

309,471

315,255

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

10/01/61

...

249,529

254,085

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

3,264,624

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

4,193,723

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,168,070

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/39

.......................................

1,060,000

1,242,608

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/41

.......................................

500,000

581,109

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/43

.......................................

500,000

577,657

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

5,977,956

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

6,058,039

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

40,593

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,657,706

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

10,000,000

12,008,957

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

7,340,236

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,662,307

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/37

.......

2,020,000

2,354,838

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/39

.......

1,630,000

1,893,706

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/41

.......

2,200,000

2,544,581

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2002

B,

ETM,

5.75%,

5/15/23

2,500,000

2,694,799

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

115

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

$

30,000

$

35,514

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

23,676

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

10,000,000

11,839,374

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

5/15/49

........................................................

5,000,000

5,767,036

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

2,293,000

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

3,600,000

Tulane

University,

Revenue,

2013

B,

5%,

10/01/37

.........................

5,540,000

5,838,723

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,549,409

Tulane

University,

Revenue,

2017

A,

Refunding,

4%,

12/15/50

................

2,000,000

2,255,477

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

1,000,000

1,251,872

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,205,639

Louisiana

State

Transportation

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

8/15/38

4,500,000

4,860,728

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Revenue,

2014,

Refunding,

5%,

7/01/29

.................................

1,000,000

1,098,354

Revenue,

2014,

Refunding,

5%,

7/01/30

.................................

1,040,000

1,142,862

Revenue,

2014,

Refunding,

5%,

7/01/34

.................................

1,000,000

1,102,918

Revenue,

2016

A,

Refunding,

5%,

7/01/40

...............................

4,500,000

5,253,993

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,771,860

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

10,000,000

11,860,382

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

5%,

8/01/31

.........................................

1,000,000

1,287,411

Revenue,

2019,

4%,

8/01/44

.........................................

2,055,000

2,394,008

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

3,087,791

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

3,261,032

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,360,724

Revenue,

2020

D,

5%,

4/01/50

........................................

4,000,000

4,937,248

St.

Charles

Parish

School

Board

,

Revenue

,

2019

,

4

%

,

8/01/38

.................

805,000

972,379

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

6,654,744

State

of

Louisiana

,

GO,

2014

C,

Refunding,

5%,

8/01/27

...................................

7,200,000

8,063,913

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

5,967,939

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,767,023

GO,

2021

A,

5%,

3/01/40

............................................

5,000,000

6,562,701

Revenue,

2013,

Pre-Refunded,

5%,

9/01/33

..............................

5,860,000

6,346,910

Revenue,

2013

A,

Pre-Refunded,

5%,

6/15/30

............................

2,860,000

3,069,283

Revenue,

2014

A,

Pre-Refunded,

5%,

6/15/32

............................

4,850,000

5,423,351

Revenue,

2019

A,

5%,

9/01/30

........................................

2,000,000

2,505,253

Revenue,

2019

A,

5%,

9/01/31

........................................

4,750,000

5,931,960

Revenue,

2021,

5%,

9/01/33

.........................................

1,200,000

1,572,882

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Refunding,

5%,

5/01/41

......

3,000,000

3,413,924

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

6,108,079

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

12,157,390

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue,

2021,

Refunding,

4%,

2/01/37

.................................

2,000,000

2,358,558

Revenue,

2021,

Refunding,

4%,

2/01/38

.................................

2,000,000

2,354,080

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.

116

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

$

1,000,000

$

1,140,667

Terrebonne

Parish

Consolidated

Government

,

Revenue,

2020

A,

4%,

3/01/35

........................................

1,015,000

1,208,608

Revenue,

2020

A,

4%,

3/01/41

........................................

2,660,000

3,129,399

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

3,390,683

372,461,963

Wisconsin

0.6%

a

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

2,500,000

2,500,000

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

542,234

b

Revenue,

WW-RSA-1,

5.25%,

7/01/33

..................................

855,000

844,312

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

.............................................

6,230,000

6,769,307

8,155,853

Total

U.S.

Territories

....................................................................

8,155,853

Total

Municipal

Bonds

(Cost

$358,861,779)

.....................................

383,117,816

a

a

a

a

a

Total

Investments

(Cost

$358,861,779)

97.4%

...................................

$383,117,816

Other

Assets,

less

Liabilities

2.6%

.............................................

10,426,932

Net

Assets

100.0%

...........................................................

$393,544,748

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

aggregate

value

of

these

securities

was

$20,482,944,

representing

5.2%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Maryland

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

117

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.7%

Maryland

92.5%

City

of

Baltimore

,

Revenue,

2020

A,

4%,

7/01/45

........................................

$

4,500,000

$

5,335,351

Revenue,

2020

A,

5%,

7/01/50

........................................

9,115,000

11,565,321

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

6,022,270

a

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,860,000

1,865,599

County

of

Baltimore

,

GO,

5%,

2/01/39

..................................................

2,900,000

3,410,323

GO,

5%,

2/01/41

..................................................

2,900,000

3,411,137

County

of

Harford

,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/31

.............................

150,000

179,976

Tax

Allocation,

2021,

Refunding,

4%,

7/01/36

.............................

750,000

889,660

Tax

Allocation,

2021,

Refunding,

4%,

7/01/40

.............................

675,000

794,516

County

of

Montgomery

,

COP,

2020

A,

5%,

10/01/29

..........................................

2,950,000

3,841,818

GO,

2016

A,

4%,

12/01/33

...........................................

7,000,000

7,739,918

Water

Quality

Protection

Charge,

Revenue,

2012

A,

5%,

4/01/30

..............

1,855,000

1,862,277

Water

Quality

Protection

Charge,

Revenue,

2012

A,

5%,

4/01/31

..............

1,240,000

1,244,906

County

of

Prince

George's

,

GO,

2018

A,

4%,

7/15/35

............................................

11,405,000

13,578,544

GO,

2020

A,

5%,

7/15/40

............................................

900,000

1,121,733

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

10,653,708

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

2,162,571

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,756,313

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,594,795

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

1,066,918

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2014

A-2,

Pre-Refunded,

5%,

6/01/34

...........................

455,000

486,388

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,571,322

Revenue,

2018

A-1,

5%,

6/01/48

......................................

1,310,000

1,608,948

Revenue,

A-2,

5%,

6/01/34

...........................................

1,245,000

1,328,168

Revenue,

A-2,

Pre-Refunded,

5%,

6/01/34

...............................

1,800,000

1,925,575

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

3,452,585

Maryland

Economic

Development

Corp.

,

Frostburg

State

University

Project,

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

.......................................................

5,000,000

5,286,042

Morgan

State

University,

Revenue,

2020,

4%,

7/01/40

......................

1,000,000

1,136,742

Morgan

State

University,

Revenue,

2020,

5%,

7/01/50

......................

1,250,000

1,508,184

Morgan

View

Student

Housing,

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/27

4,750,000

4,872,611

Morgan

View

Student

Housing,

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/34

2,150,000

2,198,372

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

........................................................

4,225,000

4,909,040

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

........................................................

3,305,000

3,839,616

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,130,445

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/27

.....

1,500,000

1,532,342

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/33

.....

2,495,000

2,541,338

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

1,145,000

1,170,761

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

9,750,000

11,764,035

Adventist

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

1/01/38

...

865,000

1,008,234

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.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

Adventist

Healthcare

Obligated

Group,

Revenue,

2021

B,

4%,

1/01/51

..........

$

2,000,000

$

2,295,991

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,799,952

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

..

1,715,000

1,981,267

Goucher

College,

Revenue,

2012

A,

5%,

7/01/34

..........................

1,500,000

1,538,072

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

8,679,677

Johns

Hopkins

Health

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/37

........................................................

10,000,000

11,392,324

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

661,354

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,048,502

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004

B,

AMBAC

Insured,

5%,

7/01/38

..............................................

6,200,000

6,260,142

Johns

Hopkins

University,

Revenue,

2013

B,

5%,

7/01/38

....................

5,000,000

5,335,406

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,667,671

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,394,064

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,514,685

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,484,119

Luminis

Health

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/39

.......

10,000,000

11,047,989

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,022,355

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

5,806,933

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

8,175,000

9,337,117

MedStar

Health

Obligated

Group,

Revenue,

2013

A,

5%,

8/15/38

..............

5,000,000

5,374,269

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

6,044,326

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

.

8,535,000

9,563,345

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/28

..........

430,000

527,123

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/30

..........

775,000

983,895

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/32

..........

800,000

1,031,440

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/34

..........

350,000

413,916

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

..........

1,125,000

1,323,823

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/40

..........

1,850,000

2,158,692

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

..........

1,000,000

1,148,292

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/55

..........

1,000,000

1,138,534

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

MD,

5%,

12/01/46

........

1,680,000

2,038,920

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/35

....................................................

2,100,000

2,392,987

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

12,036,799

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

5,648,362

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,264,800

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

696,646

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

10,085,000

12,043,657

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

12,225,000

18,285,297

Maryland

Stadium

Authority

Built

to

Learn

,

Revenue

,

2021

,

4

%

,

6/01/46

..........

5,000,000

5,867,432

Maryland

State

Transportation

Authority

,

Revenue,

2020,

4%,

7/01/45

.........................................

8,000,000

9,457,017

Revenue,

2021

A,

Refunding,

5%,

7/01/51

...............................

4,900,000

6,367,739

State

of

Maryland

,

GO,

2020

A,

5%,

8/01/35

............................................

2,000,000

2,635,832

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

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

State

of

Maryland,

(continued)

Department

of

Transportation,

Revenue,

2020,

5%,

10/01/33

.................

$

3,000,000

$

3,978,390

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration,

Revenue,

2021

B,

5%,

8/01/46

..............

3,000,000

3,800,325

Maryland

Aviation

Administration,

Revenue,

2021

B,

4%,

8/01/51

..............

3,500,000

4,077,832

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/36

...............

3,700,000

4,317,664

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/37

...............

2,095,000

2,440,817

University

System

of

Maryland

,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

...............................

8,685,000

11,655,832

Revenue,

2021

A,

Refunding,

4%,

4/01/32

...............................

5,855,000

7,329,917

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series,

2016,

5%,

6/01/37

.............................

5,000,000

5,966,711

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

8,070,000

9,152,432

387,799,085

Wisconsin

0.6%

b

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

2,700,000

2,700,000

U.S.

Territories

5.6%

District

of

Columbia

3.2%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

6,013,208

Revenue,

2020

A,

5%,

7/15/45

........................................

3,000,000

3,807,411

Revenue,

2021

A,

4%,

7/15/43

........................................

1,750,000

2,104,647

Revenue,

2021

A,

5%,

7/15/37

........................................

1,000,000

1,329,000

13,254,266

Puerto

Rico

2.4%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

2,000,000

2,168,936

c

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,975,000

1,955,250

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,805,000

1,972,133

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,086,566

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,550,000

2,780,522

9,963,407

Total

U.S.

Territories

....................................................................

23,217,673

Total

Municipal

Bonds

(Cost

$391,593,961)

.....................................

413,716,758

a

a

a

a

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.

120

See

Abbreviations

on

page

200

.

Short

Term

Investments

1.0%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.0%

Maryland

1.0%

d

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

11/01/37

........................................................

$

4,200,000

$

4,200,000

Total

Municipal

Bonds

(Cost

$4,200,000)

.......................................

4,200,000

Total

Short

Term

Investments

(Cost

$4,200,000

)

.................................

4,200,000

a

Total

Investments

(Cost

$395,793,961)

99.7%

...................................

$417,916,758

Other

Assets,

less

Liabilities

0.3%

.............................................

1,196,417

Net

Assets

100.0%

...........................................................

$419,113,175

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

November

30,

2021,

the

value

of

this

security

was

$2,700,000,

representing

0.6%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Massachusetts

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

94.7%

Illinois

1.6%

a

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

$

1,750,000

$

2,003,197

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

2,000,000

2,339,888

GO,

2017

D,

5%,

11/01/26

...........................................

1,000,000

1,187,101

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,210,136

GO,

2018

A,

Refunding,

5%,

10/01/28

..................................

140,000

172,567

6,912,889

Massachusetts

87.9%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

2,095,000

2,664,428

GO,

3%,

3/01/34

..................................................

1,485,000

1,660,894

GO,

3%,

3/01/35

..................................................

2,130,000

2,371,967

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

Pre-Refunded

,

4

%

,

11/01/28

.....................................................

4,400,000

4,865,025

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,423,697

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,431,596

GO,

2020,

Refunding,

3%,

9/01/34

.....................................

1,000,000

1,111,817

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,778,170

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,819,702

Commonwealth

of

Massachusetts

,

GO,

2018

A,

5%,

1/01/47

............................................

5,000,000

6,113,685

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

6,129,111

GO,

F,

4%,

11/01/29

................................................

6,000,000

6,195,764

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

16,430,154

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

7,175,000

8,116,285

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

.......................

5,000,000

6,066,825

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

6,197,231

Transportation

Fund,

Revenue,

2019

A,

5%,

6/01/49

.......................

1,925,000

2,400,019

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax,

Revenue,

2020

B-1,

Refunding,

5%,

7/01/50

.....................

5,000,000

6,170,222

Sales

Tax,

Revenue,

2021

A-1,

Refunding,

4%,

7/01/37

.....................

3,000,000

3,687,188

Sales

Tax,

Revenue,

A,

5%,

7/01/40

....................................

5,000,000

5,771,041

Sales

Tax,

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

.......................

4,000,000

5,370,508

Sales

Tax,

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

.................

2,500,000

2,884,593

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999

A,

5.75%,

8/01/29

.....................................

250,000

251,140

Revenue,

2000-6,

5.5%,

8/01/30

......................................

130,000

130,566

Revenue,

7,

5.125%,

2/01/31

.........................................

260,000

261,055

Massachusetts

Development

Finance

Agency

,

Bentley

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/37

................

1,000,000

1,200,329

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,409,145

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,717,872

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,764,082

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

2,999,696

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

5,707,983

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

8,124,267

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

C,

4%,

11/01/46

.......................................................

1,250,000

1,474,222

b

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/41

......................

435,000

484,787

b

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/51

......................

300,000

330,645

a,c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

1,000,000

1,072,655

a,c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/31

........

870,000

950,194

a,c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/41

........

485,000

522,542

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.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

a,c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/51

........

$

520,000

$

554,891

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

5,927,760

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,317,985

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

8,586,783

Mass

General

Brigham,

Inc.,

Revenue,

2020

A-2,

Refunding,

4%,

7/01/41

.......

1,000,000

1,174,797

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/42

........................

475,000

549,320

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/50

........................

3,650,000

4,167,276

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,481,405

President

&

Trustees

of

Williams

College,

Revenue,

2017

S,

4%,

7/01/46

........

9,550,000

10,814,406

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

5,988,829

a

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/34

.

735,000

873,170

a

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/39

.

750,000

872,839

a

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/41

.

500,000

577,133

a

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/48

.

1,750,000

1,987,124

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

4,545,000

5,357,084

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

6,590,000

8,404,755

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

2,150,000

2,499,461

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

8,250,000

9,539,505

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

4,512,150

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

5,693,789

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

7,106,788

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

3,701,011

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,488,137

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,238,084

Worcester

Polytechnic

Institute,

Revenue,

2012,

4%,

9/01/49

.................

4,825,000

4,941,333

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,322,633

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,554,855

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

2,500,000

2,652,567

Revenue,

2021

C,

3%,

7/01/51

........................................

3,000,000

3,025,343

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M2

,

5.5

%

,

6/01/35

.........................................

8,600,000

12,205,337

Massachusetts

Housing

Finance

Agency

,

Revenue,

159,

FNMA

Insured,

4.05%,

12/01/32

...........................

415,000

415,672

Revenue,

2009

C,

Refunding,

5.125%,

12/01/39

...........................

1,045,000

1,046,552

Revenue,

2009

C,

Refunding,

5.35%,

12/01/49

...........................

2,770,000

2,774,286

Revenue,

2012

F,

3.15%,

12/01/32

.....................................

105,000

105,832

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

45,430

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

1,054,189

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

2,860,000

3,025,944

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

4,075,224

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,898,837

b

Massachusetts

Municipal

Wholesale

Electric

Co.

,

Revenue,

2015

A,

4%,

7/01/46

........................................

2,000,000

2,412,849

Revenue,

2015

A,

4%,

7/01/51

........................................

2,250,000

2,701,469

Massachusetts

Port

Authority

,

Revenue,

2019

B,

5%,

7/01/44

........................................

5,000,000

6,300,393

Revenue,

2019

B,

5%,

7/01/49

........................................

5,000,000

6,262,972

Revenue,

2021

B,

Refunding,

5%,

7/01/40

...............................

1,215,000

1,563,512

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,887,438

Revenue,

2019

A,

5%,

2/15/44

........................................

1,000,000

1,251,630

Revenue,

2020

A,

4%,

8/15/45

........................................

5,000,000

5,953,795

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

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

School

Building

Authority,

(continued)

Revenue,

Senior

Lien,

2016

C,

Refunding,

5%,

11/15/34

....................

$

5,000,000

$

6,011,353

Massachusetts

State

College

Building

Authority

,

Revenue

,

2017

D

,

Refunding

,

4

%

,

5/01/38

.........................................................

4,350,000

5,056,835

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,270,378

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

3,399,940

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Refunding,

5%,

8/01/40

...............................

5,000,000

5,970,357

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

4,983,227

Revenue,

2020

B,

5%,

8/01/36

........................................

1,500,000

1,970,243

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

7,058,456

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,397,032

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,855,187

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

1,260,000

1,530,729

Town

of

Belmont

,

GO

,

2019

,

4

%

,

3/15/45

.................................

3,020,000

3,544,703

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,461,032

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,941,703

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,789,941

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

5,717,140

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

4,000,000

4,540,736

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

6,262,543

Revenue,

Senior

Lien,

2019-1,

Refunding,

5%,

5/01/39

.....................

5,000,000

6,309,941

390,025,152

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

250,000

278,778

Revenue,

2020

AA,

4%,

6/15/35

.......................................

250,000

293,103

Revenue,

2020

AA,

5%,

6/15/38

.......................................

1,000,000

1,262,678

Revenue,

2020

AA,

4%,

6/15/45

.......................................

475,000

542,141

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

518,318

Revenue,

2020

AA,

4%,

6/15/50

.......................................

500,000

567,711

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

250,000

310,684

3,773,413

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2020

D,

4%,

11/15/47

.......................................

500,000

568,416

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

800,000

915,937

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

1,700,000

1,961,500

Revenue,

2021

A-2,

4%,

11/15/43

.....................................

2,000,000

2,302,802

5,748,655

Tennessee

0.1%

d

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

500,000

647,147

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

310,198

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.

124

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

0.1%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

$

500,000

$

614,642

Wisconsin

0.7%

c

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

2,900,000

2,900,000

U.S.

Territories

2.1%

Puerto

Rico

2.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

5,000,000

5,424,496

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

2,700,000

2,933,729

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

250,000

272,600

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/39

..

200,000

229,937

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/31

..

440,000

567,497

9,428,259

Total

U.S.

Territories

....................................................................

9,428,259

Total

Municipal

Bonds

(Cost

$391,885,462)

.....................................

420,360,355

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Massachusetts

0.1%

e

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.01

%

,

11/01/49

...........

525,000

525,000

Total

Municipal

Bonds

(Cost

$525,000)

.........................................

525,000

Total

Short

Term

Investments

(Cost

$525,000

)

..................................

525,000

a

Total

Investments

(Cost

$392,410,462)

94.8%

...................................

$420,885,355

Other

Assets,

less

Liabilities

5.2%

.............................................

22,918,199

Net

Assets

100.0%

...........................................................

$443,803,554

a

Security

purchased

on

a

when-issued

basis.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

aggregate

value

of

these

securities

was

$6,000,282,

representing

1.4%

of

net

assets.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Michigan

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

125

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.8%

Alabama

0.4%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

3,500,000

$

4,214,769

Florida

0.6%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

5,256,000

5,267,984

Illinois

1.4%

b

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

..

2,500,000

2,824,082

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

5,000,000

5,849,720

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,210,136

GO,

2020

B,

4%,

10/01/33

...........................................

1,300,000

1,527,376

GO,

2021

A,

4%,

3/01/40

............................................

1,860,000

2,165,766

13,577,080

Michigan

91.6%

Ann

Arbor

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/29

..................

1,235,000

1,416,057

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,212,164

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,322,376

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

785,071

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,784,914

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,601,346

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,752,264

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,686,881

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,904,550

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,191,321

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

2,125,493

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,172,497

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,777,678

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,227,217

Revenue,

2021,

Refunding,

3%,

10/01/46

................................

1,325,000

1,416,223

Revenue,

2021,

Refunding,

4%,

10/01/51

................................

1,250,000

1,469,281

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

561,735

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,187,954

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,772,852

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,531,849

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003

B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,100

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGMC

Insured,

5%,

7/01/34

........................................

30,000

30,120

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/33

...........

1,125,000

1,235,045

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/34

...........

1,000,000

1,097,817

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/35

...........

1,500,000

1,646,726

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/39

...........

880,000

966,079

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/44

...........

2,000,000

2,195,635

Sanitary

Sewer

System,

Revenue,

2016,

Refunding,

5%,

1/01/36

..............

1,250,000

1,457,423

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,267,481

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,203,535

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/48

.......................

5,000,000

5,983,462

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

5%,

1/01/45

..............

1,500,000

1,890,451

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.

126

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

City

of

Grand

Rapids,

(continued)

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

4%,

1/01/50

..............

$

3,440,000

$

3,998,316

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,522,932

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,890,396

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

1,500,000

1,805,303

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,393,385

Water

Supply

System,

Revenue,

2020,

5%,

1/01/45

........................

2,425,000

3,056,229

Water

Supply

System,

Revenue,

2020,

5%,

1/01/50

........................

3,000,000

3,762,491

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,554,885

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,517,893

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,588,051

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

2,015,697

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

10,000,000

12,246,626

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

611,961

GO,

2017,

5%,

5/01/33

.............................................

815,000

993,448

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,218,063

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,215,455

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,213,675

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

631,108

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,970,400

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,841,636

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,628,480

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,814,356

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,326,626

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

4,192,815

Elk

Rapids

Schools

,

GO

,

2021

I

,

4

%

,

5/01/50

..............................

3,075,000

3,676,013

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,152,474

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,300,537

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,622,126

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

3,318,798

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,428,865

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,141,863

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

8,586,039

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/51

.........

2,000,000

2,578,415

Grand

Ledge

Public

Schools

,

GO

,

2021

II

,

5

%

,

5/01/47

.......................

5,220,000

6,738,061

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

...........

2,000,000

2,214,477

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/47

...........

2,500,000

2,764,028

Munson

Healthcare

Obligated

Group,

Revenue,

2019

A,

5%,

7/01/44

...........

1,110,000

1,349,052

Munson

Healthcare

Obligated

Group,

Revenue,

2019

B,

5%,

7/01/39

...........

1,625,000

1,991,071

Munson

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

7/01/51

....

10,000,000

10,596,084

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

4,295,000

5,037,580

Revenue,

2018,

5%,

12/01/38

........................................

900,000

1,110,052

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

2,208,081

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

859,954

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,146,605

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

127

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%,

5/01/31

....................................

$

1,150,000

$

1,318,175

GO,

II,

AGMC

Insured,

5%,

5/01/32

....................................

1,165,000

1,334,517

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,503,465

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,398,782

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

3,320,057

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

7,051,620

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/48

.................

5,000,000

6,055,042

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,157,974

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,151,636

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,878,425

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

3,019,256

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

3,008,477

Kelloggsville

Public

Schools

,

GO,

2015,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/33

......................

1,045,000

1,205,104

GO,

2015,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

......................

1,150,000

1,326,191

GO,

2015,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/38

......................

3,815,000

4,399,494

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

6,086,731

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/15/45

.......

905,000

995,547

b

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/31

.......

1,000,000

1,101,417

b

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/43

.......

2,250,000

2,409,357

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,418,251

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,415,964

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,416,118

GO,

2016,

5%,

5/01/41

.............................................

1,120,000

1,302,889

GO,

2016,

5%,

5/01/44

.............................................

1,800,000

2,083,840

L'Anse

Creuse

Public

Schools

,

GO,

2015,

Pre-Refunded,

5%,

5/01/28

..................................

5,230,000

6,031,286

GO,

2015,

Pre-Refunded,

5%,

5/01/30

..................................

5,560,000

6,411,845

GO,

2015,

Pre-Refunded,

5%,

5/01/32

..................................

5,890,000

6,792,404

GO,

2015,

Pre-Refunded,

5%,

5/01/34

..................................

6,220,000

7,172,963

GO,

2015,

Pre-Refunded,

5%,

5/01/35

..................................

2,840,000

3,275,115

Lansing

Board

of

Water

&

Light

,

Revenue,

2019

A,

5%,

7/01/48

........................................

10,000,000

12,464,104

Revenue,

2021

A,

5%,

7/01/51

........................................

8,000,000

10,404,558

Lansing

Community

College

,

GO,

2012,

5%,

5/01/32

.............................................

690,000

703,541

GO,

2017,

Refunding,

5%,

5/01/32

.....................................

2,000,000

2,463,725

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/37

.............................................

1,490,000

1,747,333

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,481,977

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,564,405

Livonia

Public

Schools

,

GO

,

2013

I

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

5/01/38

....

6,000,000

6,404,896

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

7,500,000

9,058,935

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,269,341

Mattawan

Consolidated

School

District

,

GO,

2015

I,

Pre-Refunded,

5%,

5/01/30

.................................

1,000,000

1,153,209

GO,

2015

I,

Pre-Refunded,

5%,

5/01/31

.................................

1,915,000

2,208,396

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.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Mattawan

Consolidated

School

District,

(continued)

GO,

2015

I,

Pre-Refunded,

5%,

5/01/32

.................................

$

1,110,000

$

1,280,063

GO,

2015

I,

Pre-Refunded,

5%,

5/01/34

.................................

2,325,000

2,681,212

GO,

2015

I,

Pre-Refunded,

5%,

5/01/39

.................................

3,375,000

3,892,082

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

735,000

849,506

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

892,312

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

1,130,000

1,300,634

Michigan

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/32

.......................................................

10,005,000

10,434,644

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/42

.......................................................

12,000,000

12,484,813

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/28

.....

5,585,000

6,026,922

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/29

.....

5,865,000

6,328,030

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/46

......

1,750,000

2,027,190

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

9/01/50

......

895,000

934,269

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/50

......

1,300,000

1,498,089

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

3,167,509

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/38

.......

8,055,000

10,124,477

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

4%,

11/01/50

.......

4,000,000

4,657,245

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

BAM

Insured,

4%,

11/01/55

.......................................................

11,000,000

12,824,056

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

.......................................................

2,725,000

3,250,052

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/37

.......................................................

4,235,000

5,026,197

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

22,015,000

26,022,980

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,985,640

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

463,574

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

565,000

653,658

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

738,824

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

777,880

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

741,878

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

4,293,925

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

3,390,683

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

7,524,891

Sparrow

Health

Obligated

Group,

Revenue,

2012,

AGMC

Insured,

5%,

11/15/42

..

8,000,000

8,330,475

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

17,170,000

19,642,619

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

2,750,000

3,319,318

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

345,105

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

23,149,113

Michigan

State

Building

Authority

,

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,410,097

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,430,364

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

15,220,172

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

11,521,163

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,156,979

Revenue,

2019

I,

Refunding,

4%,

10/15/49

...............................

2,500,000

2,922,457

Revenue,

2021,

4%,

10/15/46

........................................

5,000,000

5,962,345

Revenue,

2021,

3%,

10/15/51

........................................

2,500,000

2,710,507

Revenue,

2021,

4%,

10/15/56

........................................

2,500,000

2,949,940

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

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/32

.............

$

5,000,000

$

5,862,542

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

.............

5,370,000

6,288,239

Ascension

Health

Credit

Group,

Revenue,

2010

F-7,

Refunding,

5%,

11/15/47

....

10,000,000

11,884,172

Ascension

Health

Credit

Group,

Revenue,

2010

F-8,

Refunding,

5%,

11/15/46

....

5,000,000

5,942,086

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/26

........................................................

2,065,000

2,113,212

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/27

........................................................

2,285,000

2,338,348

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/28

........................................................

2,615,000

2,675,919

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/35

........................................................

2,250,000

2,300,931

Michigan

State

Housing

Development

Authority

,

Revenue,

2019

B,

3.1%,

12/01/44

.....................................

15,000,000

15,786,130

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

4,523,720

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

5,150,000

5,347,649

Revenue,

2021

A,

2.5%,

6/01/52

......................................

3,000,000

2,935,258

Revenue,

2021

A,

2.7%,

10/01/56

.....................................

5,000,000

5,037,960

Revenue,

2021

A,

2.73%,

10/01/59

....................................

5,000,000

5,030,046

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

9,733,814

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

12/31/43

................................................

7,000,000

8,407,279

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

..............

2,400,000

2,743,989

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,766,170

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,180,949

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,381,017

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,094,866

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,405,693

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,092,984

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,269,096

Revenue,

2016,

5%,

3/01/47

.........................................

7,230,000

8,396,289

Revenue,

2019,

5%,

3/01/50

.........................................

3,500,000

4,311,159

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

3,292,862

Roseville

Community

Schools

,

GO,

2014,

Pre-Refunded,

5%,

5/01/27

..................................

1,370,000

1,579,897

GO,

2014,

Pre-Refunded,

5%,

5/01/28

..................................

3,040,000

3,505,757

GO,

2014,

Pre-Refunded,

5%,

5/01/29

..................................

3,300,000

3,805,591

GO,

2014,

Pre-Refunded,

5%,

5/01/30

..................................

1,620,000

1,868,200

GO,

2014,

Pre-Refunded,

5%,

5/01/31

..................................

1,585,000

1,827,837

Royal

Oak

Hospital

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/27

....

3,350,000

3,690,779

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/28

....

2,500,000

2,753,125

Beaumont

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

9/01/39

....

17,500,000

19,180,786

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

2,067,800

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,561,934

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,461,521

Saline

Area

Schools

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

3,244,519

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,466,468

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.

130

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

South

Haven

Public

Schools

,

GO,

2015

B,

AGMC

Insured,

5%,

5/01/33

................................

$

350,000

$

400,672

GO,

2015

B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,798,434

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

5,750,000

6,904,932

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

5,988,931

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

13,819,989

Universal

Academy

,

Revenue,

2021,

Refunding,

2%,

12/01/26

................................

500,000

496,229

Revenue,

2021,

Refunding,

4%,

12/01/31

................................

500,000

561,169

Revenue,

2021,

Refunding,

4%,

12/01/40

................................

1,100,000

1,214,985

University

of

Michigan

,

Revenue,

2015,

Refunding,

5%,

4/01/46

.................................

2,000,000

2,347,807

Revenue,

2017

A,

Refunding,

5%,

4/01/37

...............................

2,700,000

3,268,192

Revenue,

2017

A,

Refunding,

5%,

4/01/42

...............................

26,635,000

32,026,949

Revenue,

2017

A,

Refunding,

5%,

4/01/47

...............................

5,000,000

5,997,761

Wayne

County

Airport

Authority

,

Revenue,

2021

A,

5%,

12/01/40

.......................................

3,330,000

4,355,349

Revenue,

2021

A,

5%,

12/01/41

.......................................

4,670,000

6,082,521

Revenue,

2021

B,

5%,

12/01/46

.......................................

2,000,000

2,537,801

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2017

B,

5%,

12/01/42

......

1,045,000

1,261,264

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018

A,

5%,

12/01/43

......

7,750,000

9,640,573

Wayne

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/33

..............................

1,500,000

1,691,242

Revenue,

2018

A,

5%,

11/15/43

.......................................

4,500,000

5,474,330

Revenue,

2018

A,

4%,

11/15/48

.......................................

10,000,000

11,415,540

Western

Michigan

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/27

..............................

2,160,000

2,464,705

Revenue,

2015

A,

Refunding,

5%,

11/15/28

..............................

1,635,000

1,861,447

Revenue,

2015

A,

Refunding,

5%,

11/15/29

..............................

2,000,000

2,275,535

Revenue,

2015

A,

Refunding,

5%,

11/15/30

..............................

2,500,000

2,838,021

Revenue,

2015

A,

Refunding,

5%,

11/15/40

..............................

1,560,000

1,770,925

Revenue,

2015

A,

Refunding,

5%,

11/15/45

..............................

2,000,000

2,270,417

Revenue,

2019

A,

Refunding,

5%,

11/15/49

..............................

5,100,000

6,288,546

Zeeland

Public

Schools

,

GO,

2015

A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,752,628

GO,

2015

A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,286,638

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

....................

2,000,000

2,310,105

889,599,480

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

557,556

Revenue,

2020

AA,

5%,

6/15/38

.......................................

2,000,000

2,525,357

Revenue,

2020

AA,

3%,

6/15/50

.......................................

600,000

621,981

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

2,065,000

2,678,231

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

1,000,000

1,242,737

7,625,862

New

York

1.1%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

1,000,000

1,124,999

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

1,300,000

1,488,397

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

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Metropolitan

Transportation

Authority,

(continued)

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

$

6,700,000

$

7,730,618

10,344,014

Tennessee

0.1%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,000,000

1,294,294

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/39

325,000

332,908

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/40

300,000

306,447

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

550,000

557,361

1,196,716

Wisconsin

0.6%

c

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

6,300,000

6,300,000

U.S.

Territories

2.1%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

2,145,020

Puerto

Rico

1.9%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

7,420,000

8,049,952

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

539,737

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,100,000

2,327,954

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

1,515,000

1,635,541

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,020,000

1,108,297

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,900,000

4,252,564

17,914,045

Total

U.S.

Territories

....................................................................

20,059,065

Total

Municipal

Bonds

(Cost

$895,271,951)

.....................................

959,479,264

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

132

See

Abbreviations

on

page

200

.

Short

Term

Investments

1.3%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.3%

Michigan

1.3%

d

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

BMO

Harris

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

6

/01/34

.........................................................

$

2,100,000

$

2,100,000

d

Michigan

Strategic

Fund

,

Edison

Institute

(The)

,

Revenue

,

2002

,

LOC

Comerica

Bank

,

Daily

VRDN

and

Put

,

0.05

%

,

12/01/33

..................................

8,090,000

8,090,000

d

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

0.01

%

,

12/01/24

..

2,000,000

2,000,000

12,190,000

Total

Municipal

Bonds

(Cost

$12,190,000)

......................................

12,190,000

Total

Short

Term

Investments

(Cost

$12,190,000

)

................................

12,190,000

a

Total

Investments

(Cost

$907,461,951)

100.1%

..................................

$971,669,264

Other

Assets,

less

Liabilities

(0.1)%

†

...........................................

(161,050)

Net

Assets

100.0%

...........................................................

$971,508,214

†

Rounds

to

less

than

0.1%

of

net

assets.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$6,300,000,

representing

0.6%

of

net

assets.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Minnesota

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

133

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.7%

Alabama

0.4%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

4,000,000

$

4,816,879

Florida

0.5%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

6,192,000

6,206,118

Illinois

0.9%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

6,000,000

7,019,665

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,210,136

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,254,367

GO,

2021

A,

4%,

3/01/41

............................................

1,110,000

1,289,427

10,773,595

Minnesota

92.2%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

32,183,923

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018

A,

3.25%,

2/01/37

..........................................

5,355,000

5,840,477

GO,

2018

A,

3.375%,

2/01/43

.........................................

6,020,000

6,557,956

Big

Lake

Independent

School

District

No.

727

,

GO,

2012

B,

Refunding,

5%,

2/01/23

...................................

2,990,000

3,013,597

GO,

2012

B,

Refunding,

5%,

2/01/24

...................................

3,000,000

3,023,675

GO,

2012

B,

Refunding,

5%,

2/01/25

...................................

1,225,000

1,234,667

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,513,137

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

12,039,582

GO,

2018

A,

4%,

2/01/42

............................................

1,900,000

2,149,161

GO,

2018

C,

Refunding,

5%,

2/01/28

...................................

3,735,000

4,397,500

Cambridge-Isanti

Independent

School

District

No.

911

,

GO,

2012

A,

Refunding,

3%,

2/01/27

...................................

3,410,000

3,423,034

GO,

2012

A,

Refunding,

3%,

2/01/30

...................................

5,585,000

5,604,662

Centennial

Independent

School

District

No.

12

,

GO,

2015

A,

Zero

Cpn

.,

2/01/32

.......................................

1,450,000

1,060,773

GO,

2015

A,

Zero

Cpn

.,

2/01/34

.......................................

1,600,000

1,067,687

GO,

2015

A,

Zero

Cpn

.,

2/01/35

.......................................

350,000

223,324

Central

Minnesota

Municipal

Power

Agency

,

Revenue,

2012,

Refunding,

5%,

1/01/32

.................................

1,150,000

1,154,464

Revenue,

2012,

Refunding,

5%,

1/01/42

.................................

1,615,000

1,621,269

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

1,132,029

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

1,446,246

City

of

Fridley

,

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

............................................

9,655,057

11,170,384

City

of

Lakeville

,

GO

,

2012

B

,

Refunding

,

3

%

,

2/01/30

........................

4,690,000

4,706,511

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,688,406

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,967,309

GO,

2019,

3%,

12/01/40

.............................................

5,000,000

5,410,760

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

10,000,000

10,289,957

Allina

Health

Obligated

Group,

Revenue,

2021,

4%,

11/15/39

.................

4,000,000

4,857,892

Allina

Health

Obligated

Group,

Revenue,

2021,

4%,

11/15/40

.................

3,735,000

4,527,297

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

11,538,560

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

.............................................

6,000,000

7,409,753

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.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

$

2,000,000

$

2,413,315

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,436,582

City

of

Plymouth

,

GO,

2020

A,

2%,

2/01/31

............................................

1,790,000

1,855,511

GO,

2020

A,

2%,

2/01/32

............................................

2,080,000

2,143,081

GO,

2020

A,

2%,

2/01/33

............................................

2,125,000

2,178,332

City

of

Ramsey

,

GO,

2012

A,

Refunding,

3%,

12/15/28

..................................

1,105,000

1,106,121

GO,

2012

A,

Refunding,

3.375%,

12/15/31

...............................

1,215,000

1,216,398

City

of

Rochester

,

Electric

Utility,

Revenue,

2013

B,

Pre-Refunded,

5%,

12/01/43

................

1,000,000

1,094,060

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/42

...................

2,000,000

2,358,278

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

9,210,000

10,777,111

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/33

....................

4,425,000

6,289,215

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/34

....................

10,235,000

14,851,685

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/35

....................

5,000,000

7,392,699

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/36

....................

4,200,000

6,325,729

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

6,886,228

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

13,752,142

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

5,409,317

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/31

.........................

1,000,000

1,126,558

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/32

.........................

1,000,000

1,125,939

City

of

Virginia

,

GO,

2020

A,

AGMC

Insured,

4%,

2/01/36

................................

1,000,000

1,139,550

GO,

2020

A,

AGMC

Insured,

4%,

2/01/40

................................

1,160,000

1,314,256

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

4,115,279

County

of

Hennepin

,

GO,

2019

B,

5%,

12/15/34

...........................................

1,055,000

1,337,290

GO,

2019

B,

5%,

12/15/36

...........................................

12,680,000

16,056,424

GO,

2020

A,

5%,

12/01/36

...........................................

5,855,000

7,769,297

GO,

2020

C,

5%,

12/15/31

...........................................

5,220,000

6,810,824

GO,

2021

A,

5%,

12/01/35

...........................................

5,675,000

7,693,162

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

500,000

500,550

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

3,217,214

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/37

............................................

1,000,000

1,068,987

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

1,066,835

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,304,115

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

15,900,000

19,279,058

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/58

...

13,035,000

15,779,509

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/38

........................................................

150,000

175,262

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/39

........................................................

155,000

180,564

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

6/15/44

........................................................

850,000

880,349

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

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Duluth

Economic

Development

Authority,

(continued)

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/29

........................................................

$

400,000

$

486,940

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/30

........................................................

425,000

525,144

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/31

........................................................

450,000

564,432

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/32

........................................................

500,000

636,123

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/33

........................................................

600,000

759,260

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/34

........................................................

520,000

602,237

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/35

........................................................

425,000

490,001

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/36

........................................................

400,000

461,255

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/37

........................................................

375,000

432,413

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/38

........................................................

400,000

459,890

b

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/39

........................................................

250,000

286,524

Duluth

Independent

School

District

No.

709

,

COP,

2016

A,

Refunding,

5%,

2/01/25

..................................

1,015,000

1,146,576

COP,

2016

A,

Refunding,

5%,

2/01/26

..................................

2,740,000

3,186,740

COP,

2016

A,

Refunding,

4%,

2/01/27

..................................

3,750,000

4,247,277

COP,

2016

A,

Refunding,

4%,

2/01/28

..................................

1,500,000

1,694,056

GO,

2015

B,

Refunding,

4%,

2/01/25

...................................

3,450,000

3,789,742

GO,

2015

B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

2,971,167

GO,

2021

C,

Zero

Cpn

.,

2/01/29

.......................................

1,870,000

1,655,709

GO,

2021

C,

Zero

Cpn

.,

2/01/30

.......................................

1,275,000

1,093,447

GO,

2021

C,

Zero

Cpn

.,

2/01/31

.......................................

1,325,000

1,100,120

GO,

2021

C,

Zero

Cpn

.,

2/01/32

.......................................

1,080,000

868,058

GO,

2021

C,

Zero

Cpn

.,

2/01/33

.......................................

1,075,000

836,716

Edina

Independent

School

District

No.

273

,

GO

,

2019

A

,

3

%

,

2/01/36

............

1,630,000

1,758,432

Elk

River

Independent

School

District

No.

728

,

GO

,

2015

A

,

4

%

,

2/01/32

..........

6,130,000

6,536,132

Farmington

Independent

School

District

No.

192

,

GO

,

2016

A

,

4

%

,

2/01/28

........

3,830,000

4,325,488

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,501,958

Hastings

Independent

School

District

No.

200

,

GO,

2018

A,

Zero

Cpn

.,

2/01/38

.......................................

4,685,000

2,871,258

GO,

2018

A,

Zero

Cpn

.,

2/01/39

.......................................

4,685,000

2,748,916

GO,

2018

A,

Zero

Cpn

.,

2/01/40

.......................................

4,685,000

2,630,758

Hennepin

County

Regional

Railroad

Authority

,

GO,

2019

A,

5%,

12/01/35

...........................................

4,480,000

5,639,106

GO,

2019

A,

5%,

12/01/36

...........................................

5,220,000

6,562,533

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Pre-Refunded

,

4

%

,

2/01/29

.........................................................

2,310,000

2,486,989

Hopkins

Independent

School

District

No.

270

,

GO,

2019

A,

3%,

2/01/33

............................................

5,640,000

6,065,404

GO,

2019

A,

3%,

2/01/34

............................................

2,450,000

2,631,845

Jordan

Independent

School

District

No.

717

,

GO,

2014

A,

Refunding,

5%,

2/01/31

...................................

1,460,000

1,540,145

GO,

2014

A,

Refunding,

5%,

2/01/32

...................................

2,000,000

2,109,787

GO,

2014

A,

Refunding,

5%,

2/01/33

...................................

1,700,000

1,793,319

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.

136

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Jordan

Independent

School

District

No.

717,

(continued)

GO,

2014

A,

Refunding,

5%,

2/01/34

...................................

$

1,805,000

$

1,904,083

GO,

2014

A,

Refunding,

5%,

2/01/35

...................................

1,000,000

1,055,015

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

1,052,539

Lakeville

Independent

School

District

No.

194

,

GO,

2012

B,

Pre-Refunded,

3%,

2/01/25

................................

3,560,000

3,576,318

GO,

2021

B,

2.125%,

2/01/42

.........................................

4,085,000

4,074,119

Mankato

Independent

School

District

No.

77

,

GO

,

2020

A

,

4

%

,

2/01/41

...........

1,385,000

1,619,570

Maple

River

Independent

School

District

No.

2135

,

GO,

2020

A,

4%,

2/01/45

............................................

6,000,000

7,063,261

GO,

2020

A,

4%,

2/01/50

............................................

10,000,000

11,712,889

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,579,635

GO,

2019

A,

3%,

3/01/29

............................................

6,400,000

6,960,065

GO,

2020

B,

2.125%,

3/01/36

.........................................

4,500,000

4,572,672

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

4,040,039

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

4,032,647

Minneapolis

Special

School

District

No.

1

,

GO

,

2017

B

,

5

%

,

2/01/30

.............

2,590,000

3,216,434

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

2012

B,

Refunding,

5%,

1/01/27

...............................

1,500,000

1,505,736

Revenue,

2012

B,

Refunding,

5%,

1/01/28

...............................

2,250,000

2,258,511

Revenue,

2019

A,

Refunding,

5%,

1/01/44

...............................

4,750,000

5,869,804

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,443,865

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,814,764

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

19,655,000

23,424,135

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

15,500,000

18,405,825

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

3,575,000

4,027,862

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

3,230,800

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

1,014,020

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/36

.................

125,000

151,619

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/37

.................

125,000

151,375

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/40

.................

365,000

401,600

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/43

.................

330,000

359,869

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/30

...............

320,000

390,057

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/31

...............

270,000

327,389

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/32

...............

255,000

307,325

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/33

...............

240,000

288,962

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/34

...............

355,000

426,190

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/36

...............

210,000

231,167

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/37

...............

250,000

274,547

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/38

...............

250,000

274,027

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/39

...............

220,000

261,643

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/40

...............

310,000

367,757

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/38

...........................

1,000,000

1,104,703

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/41

...........................

1,600,000

1,756,405

St.

Olaf

College,

Revenue,

2021,

4%,

10/01/46

...........................

3,740,000

4,423,488

St.

Olaf

College,

Revenue,

2021,

4%,

10/01/50

...........................

3,805,000

4,482,161

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/33

.................

1,500,000

1,696,368

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/35

.................

500,000

564,272

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,678,346

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

1,983,136

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/36

..........

750,000

855,992

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/37

..........

750,000

854,625

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/40

.....................

3,260,000

4,068,061

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

137

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Higher

Education

Facilities

Authority,

(continued)

University

of

St.

Thomas,

Revenue,

2019,

4%,

10/01/44

.....................

$

2,745,000

$

3,165,705

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,684,152

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,233,600

Revenue,

2019

C,

4%,

8/01/39

........................................

1,000,000

1,166,636

Revenue,

2020

B,

4%,

8/01/39

........................................

2,055,000

2,459,118

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

3,375,000

3,505,135

Revenue,

2020

D,

4%,

8/01/41

........................................

1,000,000

1,191,850

Revenue,

2020

D,

4%,

8/01/42

........................................

1,000,000

1,188,864

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

2,055,000

2,117,138

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

2,875,000

2,977,840

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,270,000

2,300,184

Revenue,

2021

B,

GNMA

Insured,

2.1%,

7/01/36

..........................

985,000

995,661

Revenue,

2021

B,

GNMA

Insured,

2.3%,

7/01/41

..........................

3,475,000

3,524,442

Revenue,

2021

B,

GNMA

Insured,

2.45%,

7/01/46

.........................

3,465,000

3,495,378

Revenue,

2021

B,

GNMA

Insured,

2.5%,

7/01/51

..........................

4,055,000

4,091,592

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2%,

7/01/36

...................

5,960,000

5,977,654

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2.45%,

1/01/52

................

11,915,000

11,939,705

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,369,192

Revenue,

2014

A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,297,791

Revenue,

2014

A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,080,822

Revenue,

2014

A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,120,774

Revenue,

2014

A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,125,172

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

5,246,899

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

5,434,326

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010

A

,

5

%

,

3/01/24

.............

17,010,000

18,792,937

Minnesota

State

Colleges

And

Universities

Foundation

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

10/01/22

.....................................................

1,410,000

1,465,816

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

9,295,000

9,676,969

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

6,409,066

GO,

2019

A,

3%,

2/01/46

............................................

23,965,000

25,510,531

Northern

Municipal

Power

Agency

,

Revenue,

2013

A,

5%,

1/01/30

........................................

1,190,000

1,246,909

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

943,867

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018

B,

Zero

Cpn

.,

2/01/27

.......................................

10,545,000

9,990,647

GO,

2018

B,

Zero

Cpn

.,

2/01/28

.......................................

13,055,000

12,110,398

GO,

2018

B,

Zero

Cpn

.,

2/01/30

.......................................

9,010,000

7,784,489

GO,

2018

B,

Zero

Cpn

.,

2/01/31

.......................................

5,310,000

4,425,120

Robbinsdale

Independent

School

District

No.

281

,

GO

,

2021

A

,

5

%

,

2/01/31

.......

1,910,000

2,462,510

Rochester

Independent

School

District

No.

535

,

GO,

2020

A,

4%,

2/01/28

............................................

4,300,000

5,116,747

GO,

2020

A,

4%,

2/01/29

............................................

6,565,000

7,766,921

Roseville

Independent

School

District

No.

623

,

GO,

2018

A,

5%,

2/01/30

............................................

3,700,000

4,455,316

GO,

2018

A,

4%,

2/01/34

............................................

9,535,000

10,765,388

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016

B,

Zero

Cpn

.,

2/01/36

.......................................

3,000,000

1,981,189

GO,

2016

B,

Zero

Cpn

.,

2/01/37

.......................................

2,820,000

1,789,431

GO,

2016

B,

Zero

Cpn

.,

2/01/38

.......................................

5,220,000

3,192,813

GO,

2016

B,

Zero

Cpn

.,

2/01/39

.......................................

3,020,000

1,779,821

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.

138

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

South

Washington

County

Independent

School

District

No.

833

,

GO

,

2016

C

,

4

%

,

2/01/29

.........................................................

$

5,260,000

$

5,939,578

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/23

.......................

4,000,000

3,982,577

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/26

.......................

5,395,000

5,174,900

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn

.,

1/01/27

.......................

6,600,000

6,211,449

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

10,697,328

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,583,093

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

888,912

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

709,822

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

771,992

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

1,062,364

GO,

2015

A,

4%,

2/01/28

............................................

2,080,000

2,292,177

GO,

2017

B,

4%,

2/01/30

............................................

4,060,000

4,566,021

GO,

2017

B,

4%,

2/01/36

............................................

2,500,000

2,787,522

GO,

2017

B,

4%,

2/01/37

............................................

2,250,000

2,505,821

St.

Francis

Independent

School

District

No.

15

,

GO,

2018

A,

4%,

2/01/37

............................................

1,025,000

1,060,573

GO,

2018

A,

3.5%,

2/01/41

...........................................

6,350,000

6,514,673

St.

Michael-Albertville

Independent

School

District

No.

885

,

GO

,

2011

A

,

Refunding

,

4.25

%

,

2/01/32

...................................................

10,295,000

10,363,603

St.

Paul

Independent

School

District

No.

625

,

GO

,

2013

B

,

Refunding

,

5

%

,

2/01/24

..

2,925,000

3,085,564

St.

Paul

Port

Authority

,

Revenue,

2021-2,

4%,

10/01/40

.......................................

1,100,000

1,207,963

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

3%,

10/01/34

300,000

317,616

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

4%,

10/01/41

675,000

749,024

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

3,615,000

3,982,433

GO,

2013

F,

Refunding,

4%,

10/01/25

..................................

15,000,000

15,991,535

GO,

2016

A,

5%,

8/01/28

............................................

4,215,000

5,047,461

GO,

2018

A,

5%,

8/01/31

............................................

5,000,000

6,325,999

GO,

2019

A,

5%,

8/01/29

............................................

10,000,000

13,011,222

GO,

2019

A,

5%,

8/01/38

............................................

3,540,000

4,540,927

Revenue,

2012

B,

Refunding,

4%,

3/01/26

...............................

3,000,000

3,027,231

Revenue,

2012

B,

Refunding,

3%,

3/01/30

...............................

5,000,000

5,026,483

Revenue,

2014

A,

5%,

6/01/38

........................................

8,500,000

9,048,005

b

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

1,105,000

1,120,701

University

of

Minnesota

,

Revenue,

2014

B,

5%,

1/01/38

........................................

4,500,000

4,887,088

Revenue,

2015

A,

Refunding,

5%,

8/01/25

...............................

5,000,000

5,817,401

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

8,368,564

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,842,786

Revenue,

2017

A,

5%,

9/01/42

........................................

4,410,000

5,370,395

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

6,938,743

Revenue,

2019

A,

5%,

4/01/39

........................................

1,805,000

2,271,369

Revenue,

2019

A,

5%,

4/01/41

........................................

6,045,000

7,581,049

Revenue,

2019

A,

5%,

4/01/44

........................................

8,505,000

10,607,250

Revenue,

2020

A,

5%,

11/01/39

.......................................

5,880,000

7,691,711

Virginia

Independent

School

District

No.

706

,

Rock

Ridge

Independent

School

District

No.

2909,

GO,

2019

A,

5%,

2/01/30

.....

3,600,000

4,460,983

Rock

Ridge

Independent

School

District

No.

2909,

GO,

2019

A,

3%,

2/01/40

.....

3,295,000

3,551,255

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn

.,

2/01/33

.......................................

2,470,000

1,990,689

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

139

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Watertown-Mayer

Independent

School

District

No.

111,

(continued)

GO,

2020

A,

Zero

Cpn

.,

2/01/34

.......................................

$

2,470,000

$

1,929,727

GO,

2020

A,

Zero

Cpn

.,

2/01/36

.......................................

1,470,000

1,076,707

GO,

2020

A,

Zero

Cpn

.,

2/01/37

.......................................

2,470,000

1,748,126

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

2,148,193

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

3,047,557

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2012

A,

Refunding,

5%,

1/01/24

...............................

5,000,000

5,253,071

Revenue,

2012

A,

Refunding,

5%,

1/01/25

...............................

3,370,000

3,539,062

Revenue,

2012

A,

Refunding,

5%,

1/01/29

...............................

1,200,000

1,259,262

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/40

............................

8,075,000

8,864,875

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/46

............................

11,870,000

13,031,091

Revenue,

2015

A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,484,707

Revenue,

2015

A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,360,247

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

6,083,252

Zumbro

Education

District

,

COP,

2021

A,

4%,

2/01/32

...........................................

200,000

236,071

COP,

2021

A,

4%,

2/01/33

...........................................

150,000

176,827

COP,

2021

A,

4%,

2/01/34

...........................................

125,000

147,087

COP,

2021

A,

2.125%,

2/01/35

........................................

325,000

323,413

COP,

2021

A,

4%,

2/01/38

...........................................

390,000

455,117

COP,

2021

A,

4%,

2/01/41

...........................................

635,000

735,217

1,059,542,383

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

545,000

607,736

Revenue,

2021

A,

Refunding,

5%,

6/15/32

...............................

4,250,000

5,531,498

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

1,250,000

1,621,205

Revenue,

2021

A,

Refunding,

4%,

6/15/34

...............................

1,500,000

1,772,028

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

1,174,717

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

2,100,000

2,609,748

13,316,932

New

York

0.4%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

4,000,000

4,579,683

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/34

200,000

209,879

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/35

225,000

262,978

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/36

250,000

291,611

764,468

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

1,500,000

1,843,927

Wisconsin

0.7%

c

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

7,500,000

7,500,000

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.

140

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

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

$

1,952,042

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

775,000

836,592

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,890,000

3,203,708

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,500,000

1,687,924

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,675,000

1,819,998

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,575,000

3,898,183

13,398,447

Total

U.S.

Territories

....................................................................

13,398,447

Total

Municipal

Bonds

(Cost

$1,055,644,365)

...................................

1,122,742,432

a

a

a

a

Short

Term

Investments

2.2%

Municipal

Bonds

2.2%

Minnesota

2.2%

d

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group

,

Revenue

,

B-2

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

11/15/35

...............................................

25,365,000

25,365,000

Total

Municipal

Bonds

(Cost

$25,365,000)

......................................

25,365,000

Total

Short

Term

Investments

(Cost

$25,365,000

)

................................

25,365,000

a

Total

Investments

(Cost

$1,081,009,365)

99.9%

..................................

$1,148,107,432

Other

Assets,

less

Liabilities

0.1%

.............................................

1,057,160

Net

Assets

100.0%

...........................................................

$1,149,164,592

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$7,500,000,

representing

0.7%

of

net

assets.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Missouri

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.1%

California

0.6%

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn

.,

8/01/40

....

$

1,790,000

$

1,135,098

Solano

County

Community

College

District

,

GO

,

E

,

2.625

%

,

8/01/50

.............

5,000,000

5,096,442

6,231,540

Florida

0.5%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

5,544,000

5,556,640

Illinois

0.6%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

4,000,000

4,679,776

GO,

2020,

5.5%,

5/01/30

............................................

1,000,000

1,306,768

5,986,544

Missouri

91.9%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

1,500,000

1,817,646

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,931,310

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

2,058,070

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

2,186,473

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,315,735

Belton

School

District

No.

124

,

GO,

2020

A,

4%,

3/01/39

............................................

1,500,000

1,806,121

GO,

2020

A,

4%,

3/01/40

............................................

1,200,000

1,442,518

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/44

...........................

10,000,000

10,401,000

Revenue,

2019,

Refunding,

4%,

10/01/34

................................

830,000

994,270

Revenue,

2019,

Refunding,

5%,

10/01/44

................................

10,995,000

13,676,103

Revenue,

2019,

Refunding,

4%,

10/01/48

................................

10,000,000

11,550,193

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

6,901,359

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/41

.............

3,285,000

3,757,221

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

3%,

3/01/46

.............

3,000,000

3,086,405

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/46

.............

5,230,000

5,917,084

St.

Francis

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

6/01/33

.........

5,000,000

5,118,006

St.

Francis

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

6/01/37

.........

11,000,000

11,259,612

St.

Francis

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/39

..........

5,110,000

5,927,511

Cape

Girardeau

County

School

District

No.

R-2

,

GO,

2018,

4%,

3/01/32

.............................................

1,000,000

1,174,395

GO,

2018,

4%,

3/01/33

.............................................

1,000,000

1,170,053

GO,

2018,

5%,

3/01/38

.............................................

2,195,000

2,693,036

Cape

Girardeau

School

District

No.

63

,

GO,

2019,

Refunding,

4%,

3/01/38

.....................................

650,000

748,106

GO,

2019,

Refunding,

4%,

3/01/39

.....................................

500,000

574,721

City

of

Bridgeton

,

Sales

Tax,

Revenue,

2021

A,

Refunding,

2%,

12/01/32

......................

500,000

492,515

Sales

Tax,

Revenue,

2021

A,

Refunding,

2.125%,

12/01/33

..................

1,170,000

1,167,441

City

of

Kansas

City

,

Revenue,

2021

A,

5%,

4/01/40

........................................

1,250,000

1,603,640

Revenue,

2021

A,

5%,

4/01/41

........................................

1,200,000

1,537,015

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,754,558

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/42

.....................

5,000,000

5,837,322

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

5,690,388

Water,

Revenue,

2020

A,

4%,

12/01/38

.................................

600,000

735,599

Water,

Revenue,

2020

A,

4%,

12/01/39

.................................

700,000

857,732

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.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

Kansas

City,

(continued)

Water,

Revenue,

2020

A,

4%,

12/01/40

.................................

$

500,000

$

611,577

Water,

Revenue,

2020

A,

4%,

12/01/41

.................................

550,000

671,131

Water,

Revenue,

2020

A,

4%,

12/01/42

.................................

685,000

833,693

Water,

Revenue,

2020

A,

4%,

12/01/44

.................................

1,200,000

1,454,395

City

of

Marshfield

,

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/43

....

1,305,000

1,558,798

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/50

....

1,585,000

1,852,407

City

of

Peculiar

,

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/39

.................

1,000,000

1,140,294

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/42

.................

2,405,000

2,745,511

City

of

Sikeston

,

Electric

System

,

Revenue

,

2012

,

Refunding

,

5

%

,

6/01/22

........

12,570,000

12,864,110

City

of

Springfield

,

Revenue,

2012,

5%,

4/01/31

.........................................

1,795,000

1,822,677

Revenue,

2012,

5%,

4/01/32

.........................................

1,885,000

1,914,001

City

of

St.

Charles

,

COP,

2020

B,

Refunding,

3%,

2/01/38

..................................

2,200,000

2,391,178

COP,

2020

B,

Refunding,

3%,

2/01/39

..................................

1,500,000

1,625,728

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

17,161,374

Airport,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,787,481

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/42

.............

3,930,000

4,759,439

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/47

.............

10,670,000

12,915,330

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/33

.............

1,000,000

1,205,322

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/34

.............

1,415,000

1,703,305

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

1,125,000

1,350,888

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/37

.............

1,000,000

1,198,381

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

2,500,000

3,071,082

Airport,

Revenue,

2019

C,

Refunding,

5%,

7/01/27

.........................

1,705,000

2,089,645

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/34

.............................................

1,670,000

1,746,208

GO,

2017,

3%,

3/01/35

.............................................

1,730,000

1,807,483

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,607,325

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,941,578

Community

College

District

of

Central

Southwest

Missouri

,

COP,

2021,

3%,

3/01/40

.............................................

575,000

617,750

COP,

2021,

3%,

3/01/41

.............................................

400,000

428,875

County

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

2

%

,

12/01/33

................

975,000

994,493

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,147,596

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,705,108

Fort

Osage

School

District

No.

R-1

,

GO

,

2018

,

Refunding

,

5.5

%

,

3/01/38

.........

3,010,000

3,812,223

Greene

County

Reorganized

School

District

No.

R-2

Willard

,

GO

,

2018

,

4

%

,

3/01/30

.

1,000,000

1,158,707

Hanley

Road

Corridor

Transportation

Development

District

,

Revenue,

2020,

Refunding,

1.625%,

10/01/33

............................

800,000

802,179

Revenue,

2020,

Refunding,

2%,

10/01/39

................................

900,000

909,008

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

AT

Still

University

of

Health

Sciences,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/39

1,250,000

1,358,706

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,798,863

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,404,168

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/30

........................................................

300,000

360,177

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/36

........................................................

2,075,000

2,460,019

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

143

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)

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

........................................................

$

2,240,000

$

2,618,982

BJC

Healthcare

Obligated

Group,

Revenue,

2014,

5%,

1/01/44

...............

8,175,000

8,913,776

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/46

.....

5,000,000

5,907,754

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.....

5,000,000

5,333,540

Capital

Region

Medical

Center,

Revenue,

2020,

Refunding,

5%,

11/01/35

........

1,700,000

2,152,428

Capital

Region

Medical

Center,

Revenue,

2020,

Refunding,

5%,

11/01/40

........

2,000,000

2,499,300

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/38

.................

11,680,000

12,654,678

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/44

.................

2,760,000

2,987,506

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

17,000,000

19,615,552

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

5,739,423

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/42

2,800,000

3,360,883

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/47

4,875,000

5,794,341

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/40

........................................................

2,060,000

2,218,773

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/41

........................................................

2,120,000

2,277,459

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/46

........................................................

5,590,000

5,910,202

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

2/15/51

........................................................

2,125,000

2,442,886

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/46

.......

4,000,000

4,456,690

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

12,896,546

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,224,985

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,750,000

1,934,422

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/48

........................................................

485,000

542,217

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,539,344

Maryville

University

of

St.

Louis,

Revenue,

2019

A,

5%,

6/15/45

...............

4,000,000

4,761,141

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/34

......

4,345,000

5,023,218

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/38

......

4,885,000

5,608,113

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

8,227,658

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

............................

25,000,000

28,007,507

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

7,655,757

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/47

...................

12,500,000

15,084,072

Mosaic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

2/15/54

4,000,000

4,518,893

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

............

5,000,000

6,061,259

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

11,586,587

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

15,000,000

17,864,820

St.

Louis

University,

Revenue,

2019

A,

5%,

10/01/46

.......................

5,775,000

7,098,088

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,618,423

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,432,203

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,896,872

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,412,518

Jackson

County

School

District

No.

R-IV

Blue

Springs

,

GO,

2018

A,

5.5%,

3/01/36

...........................................

3,000,000

3,909,182

GO,

2018

A,

5.5%,

3/01/37

...........................................

2,000,000

2,604,443

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.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

$

6,070,000

$

7,261,049

Jefferson

County

Consolidated

School

District

No.

6

,

GO

,

2021

A

,

3

%

,

3/01/41

.....

1,000,000

1,085,528

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/15/35

.................................

4,000,000

4,380,650

Joplin

Schools

,

GO

,

2017

,

Refunding

,

4

%

,

3/01/32

..........................

4,000,000

4,622,265

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011

A,

Refunding,

5.5%,

9/01/29

..............................

5,000,000

5,021,421

Revenue,

2011

A,

Refunding,

5.5%,

9/01/30

..............................

12,000,000

12,052,007

Revenue,

2011

A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,011,918

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/50

......................

5,000,000

5,728,061

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

19,425,000

23,561,773

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,634,288

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

10,090,000

12,127,725

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

5,900,000

6,719,292

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

5%,

3/01/57

.......

100,000

122,166

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

5,013,702

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2015

B,

Pre-Refunded,

5%,

5/01/45

............................

1,610,000

1,853,706

Revenue,

2015

B,

Refunding,

5%,

5/01/45

...............................

3,390,000

3,847,779

Revenue,

2016

C,

Refunding,

5%,

5/01/46

...............................

24,700,000

29,497,108

Revenue,

2017

A,

Refunding,

5%,

5/01/42

...............................

5,000,000

6,004,261

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

10,000,000

11,956,136

Revenue,

2019

B,

5%,

5/01/44

........................................

3,500,000

4,399,680

Revenue,

2019

B,

5%,

5/01/49

........................................

6,290,000

7,860,772

Revenue,

2020

B,

5%,

5/01/48

........................................

2,625,000

3,343,196

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2012

A,

5%,

6/01/37

.......................

5,000,000

5,112,037

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/36

...............

1,140,000

1,319,887

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/37

...............

500,000

577,064

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/41

...............

515,000

588,570

City

of

Independence,

Revenue,

2021,

Refunding,

3%,

3/01/46

...............

2,640,000

2,696,422

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/51

...............

7,945,000

8,921,189

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,775,189

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

1,000,000

1,087,153

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,560,000

3,725,148

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

2,195,000

2,229,556

Revenue,

2020

D,

GNMA

Insured,

2.55%,

11/01/50

........................

5,285,000

5,389,573

Revenue,

2021

A,

GNMA

Insured,

2.4%,

11/01/51

.........................

2,780,000

2,748,893

Revenue,

2021

B,

GNMA

Insured,

2.2%,

11/01/46

.........................

3,750,000

3,653,687

Revenue,

2021

B,

GNMA

Insured,

2.3%,

11/01/51

.........................

5,100,000

4,988,376

Revenue,

2021

C,

GNMA

Insured,

2.55%,

11/01/46

........................

4,840,000

4,891,474

Revenue,

2021

C,

GNMA

Insured,

2.625%,

11/01/51

.......................

2,500,000

2,518,227

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014

A,

Refunding,

5%,

1/01/31

...............................

2,000,000

2,187,514

Revenue,

2014

A,

Refunding,

5%,

1/01/32

...............................

1,500,000

1,640,230

Revenue,

2014

A,

Refunding,

5%,

1/01/32

...............................

10,000,000

11,272,603

Revenue,

2014

A,

Refunding,

5%,

1/01/33

...............................

7,500,000

8,457,689

Revenue,

2014

A,

Refunding,

5%,

1/01/34

...............................

2,000,000

2,186,119

Revenue,

2015

A,

Refunding,

5%,

12/01/30

..............................

4,000,000

4,607,794

Revenue,

2015

A,

Refunding,

5%,

12/01/31

..............................

6,000,000

6,908,594

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..............................

7,335,000

8,433,172

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............................

27,950,000

32,953,218

Revenue,

2018,

5%,

12/01/43

........................................

2,000,000

2,388,266

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

145

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

,

Jefferson

County

Water

Authority

,

Revenue

,

2021

A

,

4

%

,

7/01/41

.....................

$

1,250,000

$

1,432,813

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,802,464

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,000,000

5,378,305

Normandy

Schools

Collaborative

,

GO,

2021

B,

2%,

3/01/40

............................................

2,050,000

2,041,605

GO,

2021

B,

2%,

3/01/41

............................................

1,700,000

1,681,785

Pattonville

R-3

School

District

,

GO,

2018

A,

5%,

3/01/37

............................................

2,750,000

3,219,692

GO,

2018

A,

5%,

3/01/38

............................................

1,000,000

1,169,234

Platte

County

Reorganized

School

District

No.

R-3

,

GO,

2021,

5.25%,

3/01/37

...........................................

2,435,000

3,298,858

GO,

2021,

5.25%,

3/01/38

...........................................

4,690,000

6,346,572

Raytown

C-2

School

District

,

GO,

2019

A,

5%,

3/01/38

............................................

2,500,000

3,136,376

GO,

2019

A,

5%,

3/01/39

............................................

2,250,000

2,816,202

Riverside-

Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment,

2017,

Refunding,

5%,

3/01/26

........................

1,000,000

1,139,389

Special

Assessment,

2017,

Refunding,

5%,

3/01/29

........................

2,585,000

2,960,284

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/40

.................................

5,075,000

5,784,624

Revenue,

2020,

Refunding,

4%,

4/01/43

.................................

2,580,000

2,921,905

Springfield

School

District

No.

R-12

,

GO,

2013,

Refunding,

5%,

3/01/33

.....................................

1,000,000

1,058,841

GO,

2019,

5%,

3/01/37

.............................................

24,250,000

30,564,843

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

17,724,367

St.

Charles

School

District

,

GO

,

2017

,

4

%

,

3/01/36

..........................

2,000,000

2,250,442

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County,

Revenue,

2012,

Pre-Refunded,

5%,

9/01/42

...

3,165,000

3,278,864

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013

A,

5.875%,

9/01/43

..

7,000,000

7,458,227

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

7,966,078

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue,

2021,

2.125%,

7/15/37

......................................

3,525,000

3,540,996

Revenue,

2021,

2.125%,

7/15/39

......................................

3,680,000

3,680,308

Revenue,

2021,

2.25%,

7/15/41

.......................................

3,845,000

3,868,972

Revenue,

2021

A,

Refunding,

2.125%,

4/01/39

............................

7,000,000

6,871,036

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

.....................................................

5,000,000

6,227,404

St.

Louis

Municipal

Library

District

,

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/44

.........................

1,450,000

1,660,236

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/48

.........................

4,800,000

5,465,517

Washington

Industrial

Development

Authority

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

11/01/29

........................................................

550,000

551,006

Washington

School

District

,

GO

,

2019

,

4

%

,

3/01/39

..........................

1,500,000

1,727,476

939,750,660

New

Jersey

0.2%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/40

.....................................

400,000

463,193

Revenue,

2021

QQQ,

4%,

6/15/41

.....................................

500,000

576,995

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.

146

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/34

.........................................................

$

500,000

$

590,676

1,630,864

New

York

0.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,000,000

1,144,921

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

2.5%,

9/01/41

........................................................

525,000

493,761

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/44

700,000

712,136

1,205,897

Wisconsin

0.6%

a

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

6,600,000

6,600,000

U.S.

Territories

3.5%

Guam

1.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

7,096,951

Guam

Power

Authority

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/25

.

5,420,000

5,619,873

12,716,824

Puerto

Rico

2.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,750,000

1,897,819

b

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

4,690,000

4,643,100

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

539,737

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,000,000

1,092,594

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

6,200,000

6,693,305

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,765,000

1,917,789

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

5,205,000

5,675,537

22,459,881

Total

U.S.

Territories

....................................................................

35,176,705

Total

Municipal

Bonds

(Cost

$939,200,444)

.....................................

1,003,283,771

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

147

See

Abbreviations

on

page

200

.

Short

Term

Investments

0.4%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.4%

Missouri

0.4%

c

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

3/01/40

...................................................

$

4,400,000

$

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

$943,600,444)

98.5%

...................................

$1,007,683,771

Other

Assets,

less

Liabilities

1.5%

.............................................

15,133,065

Net

Assets

100.0%

...........................................................

$1,022,816,836

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$6,600,000,

representing

0.6%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Municipal

Green

Bond

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

148

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

90.6%

Arizona

3.0%

Arizona

State

University

,

Revenue

,

2016

B

,

5

%

,

7/01/42

......................

$

150,000

$

177,601

City

of

Phoenix

Civic

Improvement

Corp.

,

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

....................................................

100,000

128,402

306,003

Arkansas

1.1%

Central

Arkansas

Water

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

10/01/33

.............

100,000

115,403

California

20.2%

a

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-1

,

Mandatory

Put

,

4

%

,

8/01/31

......................................................

150,000

181,786

California

Housing

Finance

Agency

,

Lakeside

Drive

Senior

Housing

LP

,

Revenue

,

2019

N

,

FNMA

Insured

,

2.35

%

,

12/01/35

....................................

96,969

100,000

California

Infrastructure

&

Economic

Development

Bank

,

a

California

Academy

of

Sciences,

Revenue,

2018

B,

Refunding,

Mandatory

Put,

0.4%,

8/01/24

........................................................

100,000

100,346

California

Science

Center

Foundation,

Revenue,

2021

B,

4%,

5/01/46

..........

100,000

117,839

California

State

Teachers'

Retirement

System,

Revenue,

2019,

5%,

8/01/49

......

180,000

222,994

b

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

B-3

,

Refunding

,

2.125

%

,

11/15/27

............................

50,000

50,462

City

of

Foster

City

,

GO

,

2020

,

4

%

,

8/01/32

.................................

100,000

116,032

City

of

San

Francisco

,

Public

Utilities

Commission

Water

,

Revenue

,

2020

A

,

4

%

,

11/01/50

.....................................................

100,000

119,405

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue

,

2019

A

,

5

%

,

7/01/44

.........................................................

150,000

187,088

Port

of

Los

Angeles

,

Revenue

,

2019

C-1

,

Refunding

,

5

%

,

8/01/25

...............

60,000

69,146

Sacramento

Municipal

Utility

District

,

Revenue

,

2020

H

,

5

%

,

8/15/30

.............

100,000

133,054

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2019

F-1

,

3

%

,

8/01/36

........

150,000

166,434

Southern

California

Public

Power

Authority

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/38

150,000

179,194

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax

,

2021

A

,

Refunding

,

4

%

,

9/01/32

.........................................................

100,000

115,484

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-

Development

Project

,

Tax

Allocation,

Senior

Lien

,

2020

A

,

5

%

,

10/01/34

.........

150,000

192,454

2,051,718

Colorado

3.6%

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

.........................................................

150,000

181,660

University

of

Colorado

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/27

...............

150,000

184,531

366,191

Connecticut

1.2%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Wesleyan

University

,

Revenue

,

I

,

4

%

,

7/01/31

.............................................

100,000

125,184

Florida

3.7%

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

2.5

%

,

5/01/25

.....................................

85,000

86,212

City

of

Tampa

,

Special

Assessment

,

2018

,

5

%

,

5/01/36

.......................

135,000

167,308

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2019

,

Refunding

,

4

%

,

10/01/31

...

100,000

121,372

374,892

Georgia

1.2%

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

9/01/48

.............................................

100,000

125,399

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

149

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

2.1%

Illinois

Finance

Authority

,

State

of

Illinois

Water

Revolving

Fund

-

Clean

Water

Program

,

Revenue

,

2020

,

4

%

,

7/01/37

.........................................

$

100,000

$

121,124

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn

.,

12/31/38

....................................................

100,000

86,038

207,162

Louisiana

1.1%

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/40

100,000

114,240

Maine

2.8%

City

of

Portland

,

General

Airport

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/35

.........

245,000

284,039

Maryland

1.1%

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series

,

2019

B

,

3

%

,

6/01/35

.........................................................

100,000

111,324

Massachusetts

1.0%

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2019

C-1

,

2.65

%

,

12/01/34

.....

100,000

105,061

Michigan

1.1%

a

Michigan

Strategic

Fund

,

Graphic

Packaging

International

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

4

%

,

10/01/26

.........................................

100,000

111,753

Minnesota

1.1%

City

of

Minneapolis

,

GO

,

2019

,

3

%

,

12/01/40

...............................

100,000

108,215

Mississippi

1.0%

b

Mississippi

Development

Bank

,

County

of

Jackson

,

Revenue

,

144A,

2021

,

3.625

%

,

11/01/36

........................................................

100,000

99,598

New

Jersey

4.4%

New

Jersey

Educational

Facilities

Authority

,

Stevens

Institute

of

Technology

,

Revenue

,

2020

A

,

5

%

,

7/01/32

................................................

225,000

286,057

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/30

......

120,000

155,585

441,642

New

Mexico

1.2%

City

of

Santa

Fe

,

Wastewater

Utility

System

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

6/01/29

.........................................................

100,000

125,295

New

York

14.0%

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019

A

,

5

%

,

11/01/49

..........

100,000

127,421

Metropolitan

Transportation

Authority

,

Revenue,

2017

B,

Refunding,

5%,

11/15/24

..............................

150,000

169,143

Revenue,

2017

B,

Refunding,

5%,

11/15/28

..............................

110,000

136,275

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

.........................

100,000

117,710

Dedicated

Tax

Fund,

Revenue,

2017

B-2,

Refunding,

4%,

11/15/32

............

160,000

184,207

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

2.5

%

,

11/15/36

.

100,000

102,919

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2019

D

,

5

%

,

7/01/35

100,000

145,384

New

York

State

Housing

Finance

Agency

,

Revenue,

2019

N,

FNMA

Insured,

2.6%,

11/01/34

.........................

100,000

104,377

Revenue,

2019

P,

2%,

5/01/28

........................................

100,000

104,244

Trust

for

Cultural

Resources

of

The

City

of

New

York

(The)

,

Whitney

Museum

of

American

Art

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/31

......................

170,000

229,244

1,420,924

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

150

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Dakota

1.0%

b

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC

,

Revenue

,

144A,

2021

A

,

7

%

,

12/15/43

........................................................

$

100,000

$

101,008

Ohio

3.0%

American

Municipal

Power,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

2/15/29

........

100,000

126,609

State

of

Ohio

,

GO,

2019

A,

4%,

3/01/30

............................................

100,000

123,364

GO,

2020

B,

4%,

3/01/24

............................................

50,000

54,099

304,072

Oregon

1.9%

Port

of

Portland

,

Airport

,

Revenue

,

Twenty-Seven

A

,

5

%

,

7/01/36

................

150,000

189,881

Pennsylvania

2.6%

School

District

of

Philadelphia

(The)

,

GO,

2019

B,

5%,

9/01/29

............................................

100,000

127,009

GO,

2021

B,

5%,

9/01/31

............................................

100,000

131,674

258,683

Rhode

Island

2.2%

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

,

Revenue

,

2019

1-B

,

FHA

Insured

,

2.75

%

,

10/01/34

...................................................

150,000

159,530

Rhode

Island

Infrastructure

Bank

,

City

of

East

Providence

,

Revenue

,

2020

A

,

4

%

,

10/01/27

........................................................

50,000

58,587

218,117

Utah

2.0%

City

of

Spanish

Fork

City

,

Sewer

,

Revenue

,

2020

,

BAM

Insured

,

5

%

,

9/01/26

.......

170,000

203,994

Vermont

2.3%

Vermont

Educational

&

Health

Buildings

Financing

Agency

,

University

of

Vermont

Health

Network

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

12/01/38

.............

195,000

227,901

Virginia

1.8%

City

of

Hampton

,

GO,

2020

A,

5%,

9/01/27

............................................

50,000

61,731

GO,

2020

A,

4%,

9/01/31

............................................

100,000

124,351

186,082

Washington

3.2%

Central

Puget

Sound

Regional

Transit

Authority

,

Sales

&

Rental

Car

Taxes,

Revenue,

2015

S-1,

Pre-Refunded,

5%,

11/01/27

.....

50,000

58,851

Sales

&

Rental

Car

Taxes,

Revenue,

2015

S-1,

Pre-Refunded,

5%,

11/01/32

.....

100,000

117,703

FYI

Properties

,

State

of

Washington

Consolidated

Technology

Services

,

Revenue

,

2019

,

Refunding

,

5

%

,

6/01/24

........................................

135,000

149,323

325,877

Wisconsin

3.8%

Milwaukee

Metropolitan

Sewerage

District

,

GO

,

2020

A

,

3

%

,

10/01/35

............

100,000

112,148

Public

Finance

Authority

,

RED

River

Valley

Alliance

LLC

,

Revenue

,

2021

,

4

%

,

9/30/51

250,000

275,835

387,983

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

151

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

1.9%

District

of

Columbia

1.9%

District

of

Columbia

,

Water

&

Sewer

Authority

,

Revenue,

Sub.

Lien

,

2019

A

,

5

%

,

10/01/44

.....................................................

$

150,000

$

190,484

Total

Municipal

Bonds

(Cost

$8,933,186)

.......................................

9,188,125

a

a

a

a

a

Total

Investments

(Cost

$8,933,186)

90.6%

.....................................

$9,188,125

Other

Assets,

less

Liabilities

9.4%

.............................................

953,409

Net

Assets

100.0%

...........................................................

$10,141,534

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

November

30,

2021,

the

aggregate

value

of

these

securities

was

$251,068,

representing

2.5%

of

net

assets.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

New

Jersey

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

152

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.8%

Delaware

2.6%

Delaware

River

&

Bay

Authority

,

Revenue,

2012

A,

Refunding,

5%,

1/01/42

...............................

$

6,000,000

$

6,266,926

Revenue,

2019,

Refunding,

4%,

1/01/44

.................................

13,500,000

15,635,889

21,902,815

Florida

0.5%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

4,536,000

4,546,342

New

Jersey

79.5%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

1,182,030

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

6,300,432

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

4,315,095

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

4,481,389

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,583,223

County

of

Hudson

,

Hudson

County

Improvement

Authority

,

Revenue

,

2016

,

5

%

,

5/01/46

.........................................................

6,000,000

6,971,338

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn

.,

6/15/24

.............

1,000,000

983,187

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,254,790

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,161,425

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,214,161

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,236,821

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,295,560

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

6,879,237

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/38

........................................................

1,645,000

1,903,520

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/51

........................................................

2,700,000

3,053,225

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/56

........................................................

4,925,000

5,546,996

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University,

Revenue,

2015

C,

AGMC

Insured,

4%,

7/01/42

.............

2,500,000

2,746,323

Rowan

University,

Revenue,

2015

C,

5%,

7/01/44

.........................

3,500,000

3,970,628

Rowan

University,

Revenue,

2019,

4%,

7/01/37

...........................

750,000

877,858

Rowan

University,

Revenue,

2019,

4%,

7/01/38

...........................

700,000

818,012

Rowan

University,

Revenue,

2019,

4%,

7/01/39

...........................

600,000

699,896

Rowan

University,

Revenue,

2019,

5%,

7/01/44

...........................

4,925,000

6,109,807

Rowan

University,

Revenue,

2019,

4%,

7/01/48

...........................

5,250,000

6,015,717

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

1,170,493

County

of

Hudson,

Revenue,

2020,

4%,

10/01/46

..........................

5,000,000

5,922,734

County

of

Hudson,

Revenue,

2020,

4%,

10/01/51

..........................

5,000,000

5,892,963

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,845,617

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,778,713

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

A,

4%,

8/01/32

........................................

300,000

364,642

Revenue,

2019

A,

4%,

8/01/33

........................................

350,000

424,733

Revenue,

2019

A,

4%,

8/01/34

........................................

525,000

635,948

Revenue,

2019

A,

4%,

8/01/35

........................................

525,000

634,183

Revenue,

2019

A,

4%,

8/01/36

........................................

500,000

602,931

Revenue,

2019

A,

4%,

8/01/37

........................................

275,000

330,934

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

153

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Monmouth

County

Improvement

Authority

(The),

(continued)

Revenue,

2019

A,

4%,

8/01/38

........................................

$

225,000

$

270,139

Revenue,

2019

A,

4%,

8/01/39

........................................

400,000

479,374

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

914,478

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

910,810

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

605,918

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

906,698

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

723,989

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,897,217

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/39

.....................................

2,500,000

2,901,175

Revenue,

2021

QQQ,

4%,

6/15/46

.....................................

1,250,000

1,424,780

Revenue,

2021

QQQ,

4%,

6/15/50

.....................................

1,250,000

1,419,277

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/34

........................................................

1,500,000

1,715,034

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/39

........................................................

1,250,000

1,421,217

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/49

........................................................

3,000,000

3,383,067

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

6,843,454

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

3,750,000

4,485,834

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

712,003

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

661,496

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,633,717

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

7,135,086

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

7,237,694

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

Pre-Refunded,

5%,

6/15/38

........................................................

5,000,000

5,361,864

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

Pre-Refunded,

5%,

6/15/46

........................................................

7,500,000

8,042,795

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

6/15/22

........................................................

10,000,000

10,257,053

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/28

......

3,000,000

3,070,528

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/29

......

1,000,000

1,023,308

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N-1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

10,852,610

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

5%,

6/15/37

4,760,000

5,426,803

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,518,395

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,710,234

Kean

University,

Revenue,

2017

D,

Refunding,

BAM

Insured,

4%,

9/01/38

.......

1,150,000

1,298,461

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,507,686

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

18,047,002

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,563,895

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,380,622

Montclair

State

University,

Inc.,

Revenue,

2016

B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,553,733

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/37

......

1,000,000

1,024,315

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/42

......

1,000,000

1,024,442

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

3,955,000

4,757,945

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/34

..............

400,000

444,735

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/37

..............

1,300,000

1,441,574

Seton

Hall

University,

Revenue,

2017

D,

Refunding,

5%,

7/01/42

..............

3,945,000

4,571,168

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

1,226,594

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

1,850,000

2,112,175

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.

154

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Stevens

Institute

of

Technology,

Revenue,

1998-1,

ETM,

5%,

7/01/28

...........

$

540,000

$

624,351

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

......

1,600,000

1,892,840

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

......

9,310,000

10,911,225

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

......

4,085,000

4,756,797

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/45

...............

4,000,000

4,942,193

Stevens

Institute

of

Technology,

Revenue,

2020

A,

4%,

7/01/50

...............

11,640,000

13,309,161

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

16,685,310

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008

A,

5%,

7/01/27

........................

220,000

220,885

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

11,266,657

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

4%,

7/01/37

.......

750,000

909,834

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

3%,

7/01/46

.......

1,000,000

1,067,282

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2011,

Refunding,

5%,

7/01/27

........................................................

2,500,000

2,568,952

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,634,726

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,630,330

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

6,045,425

Hunterdon

Medical

Center

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

7/01/45

........................................................

2,650,000

2,964,584

Inspira

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

......

18,500,000

21,714,240

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

...............

8,000,000

9,640,302

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

4%,

7/01/47

...............

8,700,000

9,696,360

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013

A,

5.5%,

7/01/43

.......

4,000,000

4,308,274

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/43

.........

3,650,000

4,067,280

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

15,530,000

17,241,856

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

10,000,000

11,786,463

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/31

....

2,935,000

3,138,594

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/34

....

1,500,000

1,604,052

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6%,

7/01/26

........................................................

1,000,000

1,003,268

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6.25%,

7/01/35

........................................................

3,400,000

3,411,549

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

1,179,678

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/36

...........

1,750,000

2,060,687

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/38

...........

2,000,000

2,346,521

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/39

...........

2,200,000

2,576,540

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

11,000,000

12,719,983

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2011-1,

5.875%,

12/01/33

....................................

2,140,000

2,142,501

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

10,000,000

10,591,179

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,841,071

Revenue,

2021

B,

Refunding,

5%,

12/01/28

..............................

1,450,000

1,794,844

Revenue,

2021

B,

Refunding,

5%,

12/01/29

..............................

1,415,000

1,777,455

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

7,000,000

7,433,625

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

1,209,614

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

538,202

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

3,955,000

4,304,394

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

4,445,000

4,478,440

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

8,895,000

9,005,158

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

3,555,000

3,598,296

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

2,665,000

2,693,588

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

155

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Institute

of

Technology

,

Revenue,

2012

A,

Pre-Refunded,

5%,

7/01/42

............................

$

2,140,000

$

2,199,227

Revenue,

2015

A,

5%,

7/01/45

........................................

6,000,000

6,844,553

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AGMC

Insured,

Zero

Cpn

.,

12/15/33

.....................

10,000,000

7,938,832

Revenue,

2009

A,

Zero

Cpn

.,

12/15/32

..................................

10,000,000

8,006,726

Revenue,

2010

A,

Zero

Cpn

.,

12/15/29

..................................

5,000,000

4,339,426

Revenue,

2013

AA,

5.25%,

6/15/31

....................................

10,000,000

10,706,615

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

6,729,422

Revenue,

2020

AA,

4%,

6/15/45

.......................................

9,700,000

11,071,100

Revenue,

2021

A,

Refunding,

4%,

6/15/35

...............................

2,000,000

2,355,731

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

2,000,000

2,349,433

New

Jersey

Turnpike

Authority

,

Revenue,

2017

A,

5%,

1/01/34

........................................

6,505,000

7,827,191

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

4,199,972

Revenue,

2017

B,

Refunding,

5%,

1/01/40

...............................

15,245,000

18,695,460

Revenue,

2017

G,

Refunding,

4%,

1/01/43

...............................

5,000,000

5,721,765

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

19,057,554

Revenue,

2021

A,

4%,

1/01/51

........................................

3,000,000

3,530,532

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/39

..........................

700,000

754,991

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/40

..........................

750,000

807,361

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/41

..........................

750,000

805,277

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/42

..........................

700,000

749,479

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

23,107,887

North

Hudson

Sewerage

Authority

,

COP,

Senior

Lien

,

2012

A

,

Pre-Refunded

,

5

%

,

6/01/42

.........................................................

1,005,000

1,029,230

Somerset

County

Improvement

Authority

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

..

10,115,000

12,007,354

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

...........

5,750,000

7,110,167

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

2,300,000

2,831,313

GO,

2020

A,

3%,

6/01/32

............................................

3,400,000

3,875,902

GO,

2020

A,

4%,

6/01/32

............................................

2,200,000

2,737,172

666,829,193

New

York

5.8%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

16,344,676

Revenue,

2014,

4%,

9/01/43

.........................................

3,000,000

3,480,738

Revenue,

2017,

4%,

11/01/49

........................................

9,000,000

10,492,663

Revenue,

Two

Hundred

Sixteenth,

4%,

9/01/45

...........................

5,000,000

5,839,708

Revenue,

First

Series,

171st,

5%,

7/15/30

...............................

12,200,000

12,269,599

48,427,384

Pennsylvania

7.6%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

23,404,887

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

127,484

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

190,526

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

189,880

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

189,419

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

188,798

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

188,500

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.

156

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Delaware

River

Joint

Toll

Bridge

Commission,

(continued)

Revenue,

2019

A,

5%,

7/01/39

........................................

$

150,000

$

188,169

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

944,058

Revenue,

2019

B,

Refunding,

5%,

7/01/31

...............................

850,000

1,087,745

Revenue,

2019

B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,276,858

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

10,901,522

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

4,103,952

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

6,299,567

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,864,358

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

11,895,224

64,040,947

Wisconsin

0.7%

a

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

5,500,000

5,500,000

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

1,301,362

b

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

3,950,000

3,910,500

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

323,842

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,086,566

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,700,000

2,944,082

9,566,352

Total

U.S.

Territories

....................................................................

9,566,352

Total

Municipal

Bonds

(Cost

$760,908,395)

.....................................

820,813,033

a

a

a

a

Short

Term

Investments

0.2%

Municipal

Bonds

0.2%

New

Jersey

0.2%

c

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group,

Revenue,

2009

B,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.02%,

7/01/43

.................................

900,000

900,000

Virtua

Health

Obligated

Group,

Revenue,

2009

C,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.02%,

7/01/43

.................................

600,000

600,000

1,500,000

Total

Municipal

Bonds

(Cost

$1,500,000)

.......................................

1,500,000

Total

Short

Term

Investments

(Cost

$1,500,000

)

.................................

1,500,000

a

Total

Investments

(Cost

$762,408,395)

98.0%

...................................

$822,313,033

Other

Assets,

less

Liabilities

2.0%

.............................................

16,690,757

Net

Assets

100.0%

...........................................................

$839,003,790

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

157

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$5,500,000,

representing

0.7%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

North

Carolina

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

158

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.2%

Alabama

0.6%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

4,500,000

$

5,418,989

Florida

0.5%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

4,680,000

4,690,670

Illinois

1.2%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

601,853

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

2,750,000

3,217,346

GO,

2017

C,

5%,

11/01/29

...........................................

500,000

600,875

GO,

2017

D,

5%,

11/01/27

...........................................

2,000,000

2,420,273

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,254,367

GO,

2021

A,

5%,

3/01/34

............................................

2,000,000

2,551,184

10,645,898

New

Jersey

1.1%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

1,153,990

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

557,556

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

518,318

Revenue,

2020

AA,

4%,

6/15/50

.......................................

1,000,000

1,135,421

Revenue,

2021

A,

Refunding,

5%,

6/15/31

...............................

4,000,000

5,222,009

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

1,000,000

1,242,737

9,830,031

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

1,000,000

1,124,999

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

6,675,000

7,627,057

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

2,200,000

2,543,503

11,295,559

North

Carolina

87.7%

Cape

Fear

Public

Utility

Authority

,

Revenue,

2014

A,

Pre-Refunded,

5%,

6/01/40

............................

2,250,000

2,511,928

Revenue,

2019

A,

Refunding,

4%,

8/01/44

...............................

8,000,000

9,452,086

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

23,231,102

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

6,264,745

City

of

Charlotte

,

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

10,433,737

COP,

2021

A,

Refunding,

5%,

6/01/24

..................................

1,025,000

1,143,778

Airport

Special

Facilities,

Revenue,

2019

A,

4%,

7/01/44

.....................

3,550,000

4,118,733

Airport

Special

Facilities,

Revenue,

2019

A,

5%,

7/01/49

.....................

4,460,000

5,553,984

Airport

Special

Facilities,

Revenue,

2019

B,

4%,

7/01/44

....................

5,515,000

6,335,174

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/38

............

2,500,000

3,036,669

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

............

3,000,000

3,635,984

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

............

2,250,000

2,721,887

Airport

Special

Facilities,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

............

2,200,000

2,654,726

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

7,970,000

9,010,578

Water

&

Sewer

System,

Revenue,

2015,

Refunding,

5%,

7/01/40

..............

10,000,000

11,561,342

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

5,910,121

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

499,377

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

4%,

7/01/46

..............

6,000,000

7,173,268

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

159

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

$

4,015,000

$

4,677,087

City

of

Greensboro

,

GO

,

2018

B

,

5

%

,

10/01/29

.............................

5,000,000

6,347,593

City

of

Raleigh

,

GO,

2016

A,

Refunding,

5%,

9/01/26

...................................

5,000,000

6,038,825

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

5,708,040

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,159,467

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,263,685

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2014

A,

Pre-Refunded,

5%,

6/01/33

..........

2,350,000

2,623,569

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,541,074

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/37

............

5,000,000

5,683,398

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

11,467,153

County

of

Buncombe

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/34

.................

3,000,000

3,450,479

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

418,865

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

650,618

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

276,513

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

496,565

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

602,388

GO,

2019,

4%,

6/01/37

.............................................

450,000

541,061

GO,

2019,

4%,

6/01/39

.............................................

700,000

837,693

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

1,017,554

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

845,580

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,825,029

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

443,187

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

526,507

County

of

Mecklenburg

,

GO,

2015

A,

5%,

4/01/28

............................................

5,000,000

5,743,983

GO,

2017

A,

4%,

4/01/30

............................................

5,000,000

5,826,764

GO,

2019,

5%,

3/01/30

.............................................

5,745,000

7,367,574

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

935,269

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

755,956

Revenue,

2021,

Refunding,

5%,

8/01/30

.................................

3,375,000

4,467,089

Revenue,

2021,

Refunding,

5%,

8/01/31

.................................

1,145,000

1,548,092

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

6,157,410

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

16,705,053

County

of

Union

,

Enterprise

System,

Revenue,

2015,

5%,

6/01/34

..........................

1,000,000

1,168,761

Enterprise

System,

Revenue,

2019,

4%,

6/01/41

..........................

3,200,000

3,795,776

Enterprise

System,

Revenue,

2019,

4%,

6/01/44

..........................

2,325,000

2,741,984

Enterprise

System,

Revenue,

2021,

4%,

6/01/32

..........................

1,050,000

1,319,576

County

of

Wake

,

GO,

2018

A,

5%,

3/01/30

............................................

8,000,000

9,962,384

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

10,025,407

GO,

2021,

Refunding,

4%,

4/01/36

.....................................

1,650,000

2,049,695

Revenue,

2019,

4%,

9/01/38

.........................................

5,250,000

6,335,663

Revenue,

2021,

3%,

3/01/35

.........................................

5,535,000

6,306,138

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

6,806,346

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.

160

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

$

4,750,000

$

6,025,889

Nash

Health

Care

Systems

,

Revenue,

2003,

AGMC

Insured,

5%,

11/01/30

............................

2,250,000

2,258,028

Revenue,

2012,

5%,

11/01/41

........................................

5,000,000

5,052,697

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/27

..........

400,000

485,999

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/28

..........

500,000

618,668

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/29

..........

550,000

693,112

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

..........

500,000

640,875

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

..........

650,000

845,527

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/32

..........

1,000,000

1,293,468

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/33

..........

2,670,000

3,441,578

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/34

..........

740,000

876,546

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/35

..........

360,000

425,748

Davidson

College

Trustees,

Revenue,

2012,

5%,

3/01/40

....................

4,000,000

4,043,129

Davidson

College

Trustees,

Revenue,

2014,

Refunding,

5%,

3/01/45

...........

3,500,000

3,537,738

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

15,916,724

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

10,000,000

11,846,124

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,724,390

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

13,030,736

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

1,000,000

1,196,624

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

2,210,000

2,634,998

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

1,370,000

1,630,182

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,613,494

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

6,153,836

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,874,858

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

22,754,336

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

16,303,172

North

Carolina

Central

University

,

Revenue

,

2019

,

4

%

,

4/01/49

.................

1,000,000

1,127,950

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

5,560,000

5,959,166

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

8,540,000

9,142,645

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

930,000

963,669

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

3,780,000

3,938,276

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

3,305,000

3,444,880

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

5,895,000

6,226,084

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,700,000

2,854,524

Revenue,

44,

3%,

7/01/46

...........................................

2,985,000

3,121,822

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,930,000

1,949,015

Revenue,

46-A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,205,000

2,199,284

Revenue,

46-A,

GNMA

Insured,

1.75%,

1/01/31

...........................

1,030,000

1,037,684

North

Carolina

Medical

Care

Commission

,

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

2,031,898

Duke

University

Health

System,

Inc.,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/42

10,000,000

10,241,097

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

7,845,392

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/41

..........

1,090,000

1,231,717

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/47

..........

1,965,000

2,191,522

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/51

..........

960,000

1,063,673

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

211,099

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

216,312

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

1,059,072

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

950,000

1,085,129

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,901,846

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

3,239,422

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

20,789,242

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

5,115,000

5,967,444

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

161

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

$

7,640,000

$

8,897,194

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

5,493,812

b

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/41

1,020,000

1,135,165

b

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/52

3,510,000

3,870,334

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,631,325

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

1,127,757

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

1,800,000

2,156,024

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/50

.........

1,350,000

1,514,506

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,668,281

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

4,559,910

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/37

...........................................

200,000

217,658

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/42

...........................................

2,250,000

2,440,048

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Refunding,

5%,

10/01/47

...........................................

2,540,000

2,746,801

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,696,580

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/32

.........

1,000,000

1,235,135

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

.........

1,000,000

1,233,476

WakeMed

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

10/01/38

........

5,000,000

5,182,539

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,846,612

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

141,170

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

347,190

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

531,476

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

600,530

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

426,222

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

2,595,000

2,635,828

North

Carolina

State

University

at

Raleigh

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

10/01/42

.....................................................

8,980,000

9,757,136

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,834,703

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

9,875,000

11,559,744

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

11,438,168

Revenue,

2021,

Refunding,

5%,

7/01/34

.................................

1,120,000

1,506,156

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,745,127

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

2,344,098

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

2,365,155

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,667,077

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

1,996,192

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,687,022

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,650,220

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,197,310

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/39

...........

1,200,000

1,430,365

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

15,430,000

19,302,922

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

403,366

Revenue,

2015

A,

Refunding,

5%,

5/01/29

...............................

1,000,000

1,147,702

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

630,633

Revenue,

2020

A,

Refunding,

5%,

5/01/35

...............................

2,250,000

2,849,531

State

of

North

Carolina

,

GO,

2016

A,

Refunding,

5%,

6/01/25

...................................

4,000,000

4,636,694

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

3,240,882

GO,

2020

A,

5%,

6/01/30

............................................

2,500,000

3,313,780

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.

162

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

State

of

North

Carolina,

(continued)

GO,

2020

A,

5%,

6/01/31

............................................

$

2,500,000

$

3,299,663

Revenue,

2020

B,

4%,

5/01/35

........................................

2,750,000

3,363,958

Town

of

Cary

,

Combined

Utility

Systems,

Revenue,

2017,

Pre-Refunded,

5%,

12/01/41

........

1,710,000

2,079,189

Combined

Utility

Systems,

Revenue,

2017

B,

Refunding,

4%,

12/01/42

.........

8,000,000

9,296,836

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,206,614

University

of

North

Carolina

at

Chapel

Hill

,

Hospitals

at

Chapel

Hill,

Revenue,

2016,

5%,

2/01/46

.......................

4,265,000

5,004,997

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

6,860,000

10,796,732

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2014,

Pre-Refunded,

5%,

4/01/43

..............................

5,000,000

5,545,064

Revenue,

2015,

Pre-Refunded,

5%,

4/01/45

..............................

9,450,000

10,866,294

Revenue,

2017,

5%,

10/01/47

........................................

10,000,000

12,126,299

Revenue,

2017

A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,578,189

Revenue,

2020

A,

Refunding,

5%,

10/01/38

..............................

1,145,000

1,453,871

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

340,635

University

of

North

Carolina

at

Greensboro

,

Revenue,

2014,

Refunding,

5%,

4/01/39

.................................

3,500,000

3,875,917

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,390,942

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,148,979

Revenue,

2018,

5%,

4/01/30

.........................................

1,085,000

1,338,360

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

3,022,055

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,423,347

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

160,608

Western

Carolina

University

,

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

1,090,633

Revenue,

2020

B,

4%,

4/01/45

........................................

5,000,000

5,793,322

760,910,469

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

200,000

235,515

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

200,000

235,062

470,577

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

1,000,000

1,229,285

Wisconsin

0.6%

c

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

5,600,000

5,600,000

U.S.

Territories

1.9%

Puerto

Rico

1.9%

Commonwealth

of

Puerto

Rico

,

GO

,

NATL

Insured

,

5.5

%

,

7/01/29

...............

600,000

641,572

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,626,702

d

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

4,120,000

4,068,500

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

990,000

1,075,946

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

323,842

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

163

See

Abbreviations

on

page

200

.

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,

NATL

Insured,

5.25%,

7/01/35

......................

$

5,350,000

$

5,813,129

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,000,000

2,180,802

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

..

220,000

252,038

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/33

..

440,000

562,653

16,545,184

Total

U.S.

Territories

....................................................................

16,545,184

Total

Municipal

Bonds

(Cost

$779,292,452)

.....................................

826,636,662

a

a

a

a

Short

Term

Investments

4.9%

Municipal

Bonds

4.9%

North

Carolina

4.9%

e

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2007

B,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

1/15/38

..........................

14,000,000

14,000,000

Atrium

Health

Obligated

Group,

Revenue,

2007

C,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

1/15/37

..........................

5,200,000

5,200,000

Atrium

Health

Obligated

Group,

Revenue,

2018

G,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

1/15/48

.................................

9,065,000

9,065,000

Atrium

Health

Obligated

Group,

Revenue,

2018

H,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

1/15/48

.................................

5,000,000

5,000,000

e

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

........................................................

9,305,000

9,305,000

42,570,000

Total

Municipal

Bonds

(Cost

$42,570,000)

......................................

42,570,000

Total

Short

Term

Investments

(Cost

$42,570,000

)

................................

42,570,000

a

Total

Investments

(Cost

$821,862,452)

100.1%

..................................

$869,206,662

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(1,063,463)

Net

Assets

100.0%

...........................................................

$868,143,199

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

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$5,600,000,

representing

0.6%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Ohio

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

164

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.5%

Alabama

0.6%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

8,500,000

$

10,235,867

Florida

0.5%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

9,144,000

9,164,848

Illinois

1.5%

b

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

7,000,000

8,012,785

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

2,500,000

2,924,860

GO,

2017

C,

5%,

11/01/29

...........................................

1,500,000

1,802,624

GO,

2017

D,

5%,

11/01/26

...........................................

3,000,000

3,561,304

GO,

2017

D,

5%,

11/01/27

...........................................

4,920,000

5,953,871

GO,

2020,

5.5%,

5/01/30

............................................

2,620,000

3,423,731

GO,

2021

A,

4%,

3/01/39

............................................

500,000

583,571

26,262,746

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/36

.......................................

1,500,000

1,753,010

Revenue,

2020

AA,

5%,

6/15/36

.......................................

4,000,000

5,087,100

Revenue,

2020

AA,

4%,

6/15/40

.......................................

2,000,000

2,314,180

Revenue,

2020

AA,

4%,

6/15/45

.......................................

2,000,000

2,282,701

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

1,000,000

1,242,737

12,679,728

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

7,500,000

8,586,906

Ohio

91.1%

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

5,400,000

5,625,539

American

Municipal

Power,

Inc.

,

Revenue,

2015

A,

Refunding,

5%,

2/15/28

...............................

5,000,000

5,465,415

Revenue,

2016

A,

4%,

2/15/36

........................................

1,000,000

1,107,564

Revenue,

2016

A,

5%,

2/15/46

........................................

5,000,000

5,781,295

Revenue,

2016

A,

Refunding,

5%,

2/15/46

...............................

7,500,000

8,671,942

Revenue,

2017

A,

Refunding,

5%,

2/15/37

...............................

3,700,000

4,502,725

Revenue,

2017

A,

Refunding,

5%,

2/15/38

...............................

3,500,000

4,253,687

Revenue,

2019

A,

5%,

2/15/44

........................................

3,345,000

4,094,014

Revenue,

2019

C,

Refunding,

4%,

2/15/39

...............................

18,795,000

22,022,442

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,298,024

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

7,485,593

Beaver

Local

School

District

,

GO

,

2012

,

4

%

,

12/01/40

........................

3,000,000

3,044,414

Berkshire

Local

School

District

,

GO

,

2021

,

Refunding

,

3

%

,

10/01/56

.............

735,000

778,731

Bethel

Local

School

District

,

COP,

2020,

BAM

Insured,

3%,

12/01/45

.................................

4,095,000

4,249,793

COP,

2020,

BAM

Insured,

2.75%,

12/01/49

..............................

4,000,000

4,053,182

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

11,066,701

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

8,560,268

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,881,930

Brecksville-Broadview

Heights

City

School

District

,

GO

,

2018

,

Pre-Refunded

,

5.25

%

,

12/01/54

........................................................

7,390,000

8,121,875

Brooklyn

City

School

District

,

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

2,287,090

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

165

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Brooklyn

City

School

District,

(continued)

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

$

9,000,000

$

10,605,813

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

43,215,000

44,558,610

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

3,245,000

3,671,180

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/32

........................................................

100,000

117,984

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/33

........................................................

135,000

159,234

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/34

........................................................

185,000

217,890

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/35

........................................................

195,000

229,222

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/36

........................................................

205,000

240,705

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/37

........................................................

210,000

246,144

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/38

........................................................

220,000

257,504

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/39

........................................................

225,000

262,946

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/40

........................................................

240,000

279,942

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/41

........................................................

245,000

285,267

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

........................................................

900,000

1,039,564

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/51

........................................................

1,000,000

1,148,013

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/32

............................

3,955,000

3,249,861

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,604,355

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/22

...................

1,905,000

1,894,477

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/23

...................

1,905,000

1,876,568

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/24

...................

1,905,000

1,855,064

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

18,710,340

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

10,544,359

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.....................................................

5,000,000

5,992,936

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

7,586,054

City

of

Cleveland

,

GO,

2012,

Pre-Refunded,

5%,

12/01/30

.................................

2,965,000

3,108,174

GO,

2012,

5%,

12/01/30

.............................................

35,000

36,606

GO,

2020

A,

4%,

12/01/35

...........................................

1,000,000

1,210,415

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

1,218,766

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,302,674

City

of

Columbus

,

GO,

2014

A,

5%,

2/15/25

............................................

5,000,000

5,511,816

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

5,000,000

6,106,782

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

8,841,261

GO,

2021

A,

5%,

4/01/35

............................................

6,000,000

7,916,265

GO,

2021

A,

5%,

4/01/36

............................................

6,000,000

7,897,653

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.

166

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

City

of

Columbus,

(continued)

GO,

2021

A,

5%,

4/01/37

............................................

$

5,000,000

$

6,566,526

GO,

2021

A,

5%,

4/01/38

............................................

5,000,000

6,554,673

GO,

2021

A,

5%,

4/01/39

............................................

4,500,000

5,887,372

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

16,457,078

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/29

........................

5,000,000

5,952,520

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

3,271,328

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,612,673

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

10,216,892

City

of

Middleburg

Heights

,

Southwest

General

Health

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/47

...............................

4,425,000

5,087,147

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

4,057,109

City

of

Toledo

,

Water

System,

Revenue,

2012

A,

4%,

11/15/36

...........................

9,125,000

9,146,111

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/38

....................

19,395,000

20,589,230

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

3,067,834

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

706,300

Revenue,

B-2,

NATL

Insured,

Zero

Cpn.,

11/15/38

.........................

10,000,000

6,602,819

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,291,918

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,289,536

Cleveland

Municipal

School

District

,

GO,

2013,

Refunding,

5%,

12/01/25

....................................

3,600,000

3,766,638

GO,

2013,

Refunding,

5%,

12/01/27

....................................

1,000,000

1,045,877

Cleveland

Public

Library

,

Revenue

,

2019

A

,

4

%

,

12/01/45

.....................

5,000,000

5,889,704

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

5%,

7/01/35

.......

600,000

775,288

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/37

.......

700,000

836,818

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/38

.......

100,000

119,310

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/39

.......

700,000

833,333

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/40

.......

100,000

118,826

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/41

.......

800,000

948,228

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/46

.......

500,000

586,000

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/51

.......

2,000,000

2,331,410

Columbus-Franklin

County

Finance

Authority

,

Revenue,

2021

C,

2.5%,

11/15/41

.....................................

900,000

908,105

Revenue,

2021

C,

3%,

5/15/51

........................................

2,180,000

2,255,443

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

8,629,685

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

24,024,653

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/35

..........

2,000,000

2,276,202

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

2,140,000

2,432,820

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,702,475

County

of

Cuyahoga

,

GO,

2020

A,

Refunding,

4%,

12/01/34

..................................

750,000

904,051

GO,

2020

A,

Refunding,

3%,

12/01/35

..................................

1,040,000

1,151,574

GO,

2020

A,

Refunding,

3%,

12/01/36

..................................

1,100,000

1,216,161

GO,

2020

A,

Refunding,

3%,

12/01/37

..................................

1,610,000

1,775,938

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

167

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Cuyahoga,

(continued)

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

.............................

$

500,000

$

547,199

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

3,164,726

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

5,721,271

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2017

A,

Refunding,

4%,

11/01/44

..

7,050,000

8,101,813

b

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/36

..........

2,640,000

2,905,903

b

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/40

..........

13,000,000

14,214,428

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

7,168,078

Sales

Tax,

Revenue,

2018,

5%,

6/01/43

.................................

6,000,000

7,397,151

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

7,500,000

9,044,342

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/44

..........

5,075,000

5,925,660

County

of

Hamilton

,

Sewer

System,

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..................

6,965,000

8,992,361

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/32

..................

1,000,000

1,320,807

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/33

..................

1,500,000

1,977,896

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

..................

2,200,000

2,894,548

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

..................

1,000,000

1,313,987

TriHealth

Obligated

Group,

Revenue,

2017

A,

5%,

8/15/42

...................

5,000,000

5,955,596

County

of

Mahoning

,

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

...............................................

2,210,000

2,468,559

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/49

.............................................

12,000,000

14,639,492

County

of

Montgomery

,

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

8/01/40

5,975,000

6,464,143

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

1,000,000

1,180,657

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/51

2,000,000

2,323,738

Premier

Health

Partners

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/15/39

.......................................................

5,000,000

5,734,252

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

.....................................................

5,000,000

6,129,652

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,905,193

Cuyahoga

Community

College

District

,

Revenue

,

2012

D

,

Refunding

,

5

%

,

8/01/32

..

2,310,000

2,380,744

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

6,628,146

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2%,

11/15/31

..........

430,000

427,510

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2.5%,

11/15/41

........

1,615,000

1,615,317

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

3%,

5/15/51

..........

1,000,000

1,004,881

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,387,255

Delaware

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.75

%

,

12/01/49

.........

6,000,000

6,495,188

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

11,737,990

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

6,499,885

Fairborn

City

School

District

,

GO

,

2021

A

,

3

%

,

12/01/50

......................

8,065,000

8,698,486

Franklin

City

School

District

,

GO

,

2021

A

,

3

%

,

11/01/57

.......................

8,000,000

8,348,384

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

22,765,140

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

15,833,368

Grandview

Heights

City

School

District

,

GO,

2019,

4%,

12/01/51

.............................................

1,980,000

2,298,842

GO,

2019,

5%,

12/01/53

.............................................

2,150,000

2,660,585

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.

168

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Great

Oaks

Career

Campuses

Board

of

Education

,

COP

,

2021

,

3

%

,

12/01/44

......

$

1,455,000

$

1,558,115

Highland

Local

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5.25

%

,

12/01/54

.......

12,000,000

12,900,745

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

11,083,668

Hillsdale

Local

School

District

,

COP,

2020,

BAM

Insured,

4%,

12/01/38

.................................

2,465,000

2,940,418

COP,

2020,

BAM

Insured,

4%,

12/01/40

.................................

1,435,000

1,705,489

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

20,723,800

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,567,106

GO,

2018

B,

BAM

Insured,

5%,

11/01/55

................................

3,910,000

4,638,048

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2013

A

,

Pre-Refunded

,

5

%

,

1/01/38

.........................................................

26,010,000

27,346,854

Lakewood

City

School

District

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

11/01/43

.........

10,895,000

11,375,205

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,445,328

GO,

2014

C,

Pre-Refunded,

5%,

12/01/30

...............................

4,035,000

4,592,867

Lancaster

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

10/01/49

...........

460,000

478,355

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,148,433

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,815,987

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

12,792,932

Marysville

Exempted

Village

School

District

,

GO

,

2002

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

12/01/21

....................................................

1,000,000

1,000,000

Miami

University

,

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,589,119

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

3,894,839

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

5,943,423

Revenue,

2021

A,

Refunding,

5%,

9/01/32

...............................

1,070,000

1,429,378

Revenue,

2021

A,

Refunding,

5%,

9/01/33

...............................

1,055,000

1,404,407

Revenue,

2021

A,

Refunding,

5%,

9/01/34

...............................

1,035,000

1,374,739

Revenue,

2021

A,

Refunding,

5%,

9/01/36

...............................

1,370,000

1,813,160

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

24,407,682

Middletown

City

School

District

,

GO,

2014,

Pre-Refunded,

5.25%,

12/01/40

...............................

2,625,000

2,758,293

GO,

2014,

Pre-Refunded,

5.25%,

12/01/48

...............................

15,000,000

15,761,675

New

Albany

Community

Authority

,

Revenue,

2012

C,

Refunding,

5%,

10/01/23

..............................

1,100,000

1,142,586

Revenue,

2012

C,

Refunding,

5%,

10/01/24

..............................

1,250,000

1,298,411

New

Albany

Plain

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/49

....

10,000,000

10,380,813

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/21

..............................

50,000

50,000

Revenue,

2021

A,

Refunding,

3%,

12/01/23

..............................

75,000

78,119

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

125,000

143,517

Revenue,

2021

A,

Refunding,

5%,

12/01/27

..............................

100,000

120,479

Revenue,

2021

A,

Refunding,

5%,

12/01/29

..............................

110,000

136,775

Revenue,

2021

A,

Refunding,

3%,

12/01/40

..............................

500,000

521,390

Revenue,

2021

A,

Refunding,

4%,

12/01/45

..............................

450,000

509,944

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2014,

Pre-Refunded,

5%,

11/15/32

.............................

5,500,000

6,250,425

Revenue,

2014,

4%,

11/15/49

........................................

3,740,000

4,040,094

Revenue,

2014,

Pre-Refunded,

4%,

11/15/49

.............................

2,260,000

2,499,984

Revenue,

2017,

Refunding,

4%,

11/15/43

................................

10,000,000

11,614,516

Revenue,

2019,

Refunding,

3%,

11/15/35

................................

4,500,000

5,043,161

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

169

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

$

5,420,000

$

6,798,519

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

5,669,865

Northwest

Local

School

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

12/01/45

..........

3,760,000

4,110,972

Norwood

City

School

District

,

GO,

2017

A,

Pre-Refunded,

5%,

11/01/46

...............................

5,000,000

5,959,011

GO,

2017

A,

Pre-Refunded,

5.25%,

11/01/51

.............................

7,645,000

9,194,475

Oakwood

City

School

District

,

GO

,

2019

,

4

%

,

12/01/48

.......................

6,340,000

7,360,344

a

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.,

Revenue,

2009

B,

Mandatory

Put,

1.375%,

11/01/24

...

1,875,000

1,878,317

Ohio

Valley

Electric

Corp.,

Revenue,

2009

C,

Mandatory

Put,

1.5%,

11/04/25

.....

2,000,000

2,002,819

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

Pre-

Refunded

,

AGMC

Insured

,

5.25

%

,

12/01/23

..............................

345,000

346,444

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

7,184,221

Denison

University,

Revenue,

2012,

5%,

11/01/26

.........................

1,445,000

1,471,646

Denison

University,

Revenue,

2021,

3%,

11/01/50

.........................

4,250,000

4,515,307

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,794,999

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,576,691

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,900,000

3,354,541

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

10,500,000

12,292,865

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,486,951

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

5,000,000

5,595,163

c

Otterbein

Homes

Obligated

Group,

Revenue,

2021

B,

Refunding,

4%,

7/01/46

....

1,085,000

1,234,625

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

13,538,958

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/28

................

250,000

308,246

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/29

................

415,000

523,388

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/30

................

400,000

514,617

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/31

................

550,000

703,214

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/32

................

340,000

433,479

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/33

................

130,000

165,439

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/34

................

500,000

635,277

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/35

................

1,000,000

1,268,169

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/36

................

900,000

1,062,244

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/37

................

1,335,000

1,449,484

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/39

................

480,000

563,258

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/40

................

500,000

539,953

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/41

................

250,000

292,248

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/42

................

325,000

349,330

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

....

580,000

590,085

Ohio

State

University

(The)

,

Revenue

,

2014

A

,

4

%

,

12/01/30

...................

4,325,000

4,726,973

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

40,554,591

Revenue,

Junior

Lien,

2013

A-1,

5.25%,

2/15/33

...........................

4,200,000

4,442,208

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn.,

2/15/38

.............

3,665,000

2,547,711

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn.,

2/15/43

........................

10,485,000

6,054,887

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

8,294,141

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/38

........................................

5,000,000

6,459,305

Revenue,

2021

A,

5%,

12/01/36

.......................................

2,000,000

2,671,306

Revenue,

2021

A,

5%,

12/01/37

.......................................

1,750,000

2,331,784

Revenue,

2021

A,

5%,

12/01/38

.......................................

2,750,000

3,657,199

Revenue,

2021

A,

5%,

12/01/39

.......................................

1,500,000

1,990,581

Drinking

Water

Assistance

Fund,

Revenue,

2019,

5%,

12/01/29

...............

12,655,000

16,443,407

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

5%,

12/01/44

...

15,000,000

19,156,442

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.

170

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%,

6/01/33

.............

$

7,250,000

$

9,548,263

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/38

............

5,405,000

7,025,598

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

6,486,553

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

B,

4%,

12/01/37

............

14,160,000

17,271,991

Olentangy

Local

School

District

,

GO,

2016,

4%,

12/01/46

.............................................

15,235,000

16,857,028

GO,

2020

A,

3%,

12/01/38

...........................................

500,000

554,698

Perrysburg

Exempted

Village

School

District

,

GO

,

2015

,

5

%

,

12/01/38

............

3,225,000

3,607,182

Princeton

City

School

District

,

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

13,671,841

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/40

...............................

6,000,000

4,052,140

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/41

...............................

6,000,000

3,937,350

Reading

Community

City

School

District

,

GO

,

2016

A

,

5

%

,

11/01/46

.............

2,000,000

2,225,429

Riverside

Local

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

10/01/47

........................................................

5,000,000

5,537,024

South-Western

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/48

.................

3,500,000

4,067,466

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

6,402,823

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,531,677

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,497,682

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

11,666,281

GO,

2019

A,

5%,

5/01/36

............................................

11,000,000

13,337,470

GO,

2019

A,

5%,

6/15/38

............................................

6,500,000

8,265,549

GO,

2020

C,

5%,

3/01/37

............................................

2,185,000

2,900,057

GO,

2020

C,

5%,

3/01/38

............................................

2,300,000

3,046,960

GO,

2020

C,

5%,

3/01/39

............................................

1,750,000

2,313,502

GO,

2021

A,

5%,

5/01/40

............................................

2,675,000

3,544,586

GO,

2021

A,

5%,

6/15/41

............................................

2,380,000

3,155,414

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,245,583

GO,

V,

5%,

5/01/34

................................................

4,000,000

4,975,290

GO,

W,

5%,

5/01/32

................................................

1,035,000

1,357,773

GO,

W,

5%,

5/01/33

................................................

1,600,000

2,095,214

GO,

W,

5%,

5/01/35

................................................

1,125,000

1,468,028

Revenue,

2021

A,

5%,

2/01/29

........................................

2,400,000

3,064,687

Revenue,

2021

A,

5%,

2/01/30

........................................

3,300,000

4,305,069

Revenue,

2021

A,

5%,

2/01/31

........................................

2,900,000

3,865,436

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

11,033,949

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/33

........................................................

2,415,000

3,249,755

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/34

........................................................

2,425,000

3,254,344

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/38

..........

1,000,000

1,312,113

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/39

..........

1,000,000

1,309,360

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/40

..........

1,110,000

1,450,798

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/41

..........

750,000

977,925

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

1,150,572

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

1,003,580

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

5,212,964

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

171

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Switzerland

of

Ohio

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/37

...

$

5,500,000

$

5,805,878

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,500,000

7,663,949

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

11,058,562

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

6,606,576

Toledo

City

School

District

,

GO

,

2012

B

,

Pre-Refunded

,

5

%

,

12/01/32

............

7,830,000

8,206,156

Toledo-Lucas

County

Port

Authority

,

Revenue,

2021

A,

2%,

11/15/31

.......................................

430,000

430,130

Revenue,

2021

A,

3%,

5/15/51

........................................

1,160,000

1,169,659

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/46

...........................

1,625,000

1,781,732

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/51

...........................

2,840,000

3,100,928

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/57

...........................

6,000,000

6,523,943

University

of

Akron

(The)

,

Revenue,

2015

A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,915,133

Revenue,

2016

A,

Refunding,

BAM

Insured,

5%,

1/01/34

....................

6,000,000

7,099,006

Revenue,

2016

A,

Refunding,

5%,

1/01/36

...............................

11,065,000

13,067,712

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

13,225,000

15,583,089

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

6,999,651

University

of

Cincinnati

,

Revenue,

2013

C,

Pre-Refunded,

5%,

6/01/39

............................

6,255,000

6,843,344

Revenue,

2018

A,

Refunding,

4%,

6/01/48

...............................

10,000,000

11,440,267

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

5

%

,

12/01/48

.................

13,000,000

15,713,923

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,889,845

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

2,166,208

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/41

..........

2,075,000

2,216,494

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/55

..........

3,500,000

3,675,824

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

D,

5%,

12/01/46

..........

3,895,000

4,284,922

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

3%,

12/01/30

.......................................

525,000

534,166

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/40

.......................................

1,390,000

1,467,428

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/52

.......................................

1,930,000

1,999,402

Warrensville

Heights

City

School

District

,

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5%,

12/01/44

.....................

460,000

523,346

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

190,000

212,816

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

1,992,568

West

Carrollton

City

School

District

,

GO,

2020

A,

3%,

12/01/44

...........................................

2,540,000

2,707,283

GO,

2020

A,

3%,

12/01/49

...........................................

1,645,000

1,744,534

GO,

2020

A,

4%,

12/01/56

...........................................

3,500,000

3,931,015

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,645,306

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

11,778,288

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

...........

7,000,000

7,962,732

Wright

State

University

,

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/30

...

1,285,000

1,656,945

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

8,280,485

1,550,227,673

Tennessee

0.1%

a

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,500,000

1,941,441

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.

172

See

Abbreviations

on

page

200

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/38

$

300,000

$

308,000

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

1,000,000

1,013,383

1,321,383

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

2,500,000

3,073,212

Wisconsin

0.6%

d

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

11,000,000

11,000,000

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

1,084,468

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,089,043

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

800,000

863,579

Revenue,

2007

N,

Refunding,

AGMC,

FGIC

Insured,

5.25%,

7/01/39

...........

540,000

586,817

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

800,000

867,920

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,870,000

2,104,278

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

940,000

1,024,977

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/33

..

440,000

562,653

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/35

..

235,000

298,416

8,482,151

Total

U.S.

Territories

....................................................................

8,482,151

Total

Municipal

Bonds

(Cost

$1,534,121,844)

...................................

1,642,975,955

a

a

a

a

Short

Term

Investments

2.1%

Municipal

Bonds

2.1%

Ohio

2.1%

e

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.02

%

,

6/01/34

...........................

35,380,000

35,380,000

Total

Municipal

Bonds

(Cost

$35,380,000)

......................................

35,380,000

Total

Short

Term

Investments

(Cost

$35,380,000

)

................................

35,380,000

a

Total

Investments

(Cost

$1,569,501,844)

98.6%

..................................

$1,678,355,955

Other

Assets,

less

Liabilities

1.4%

.............................................

24,229,161

Net

Assets

100.0%

...........................................................

$1,702,585,116

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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

173

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$11,000,000,

representing

0.6%

of

net

assets.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Oregon

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

98.0%

Alabama

0.6%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

6,500,000

$

7,827,428

Illinois

1.6%

b

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

5,000,000

5,723,418

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

3,750,000

4,387,291

GO,

2017

D,

5%,

11/01/26

...........................................

1,000,000

1,187,101

GO,

2017

D,

5%,

11/01/27

...........................................

1,000,000

1,210,136

GO,

2019

B,

4%,

11/01/33

...........................................

500,000

578,936

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,254,367

GO,

2020

B,

4%,

10/01/33

...........................................

1,500,000

1,762,357

GO,

2020

C,

4%,

10/01/42

...........................................

1,000,000

1,152,392

GO,

2021

A,

5%,

3/01/33

............................................

1,000,000

1,278,302

GO,

2021

A,

5%,

3/01/35

............................................

2,250,000

2,863,818

21,398,118

New

Jersey

1.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

557,556

Revenue,

2020

AA,

4%,

6/15/35

.......................................

1,000,000

1,172,410

Revenue,

2020

AA,

5%,

6/15/35

.......................................

1,000,000

1,276,162

Revenue,

2020

AA,

4%,

6/15/40

.......................................

2,000,000

2,314,180

Revenue,

2020

AA,

4%,

6/15/45

.......................................

1,000,000

1,141,351

Revenue,

2020

AA,

3%,

6/15/50

.......................................

1,000,000

1,036,636

Revenue,

2020

AA,

4%,

6/15/50

.......................................

1,000,000

1,135,421

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

1,250,000

1,621,205

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

2,000,000

2,349,433

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

2,250,000

2,796,159

15,400,513

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

800,000

915,937

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

4,700,000

5,370,362

6,286,299

Oregon

91.9%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

8/01/28

........................................................

1,325,000

1,364,766

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,943,028

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,915,990

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn

.,

6/15/31

...........

1,000,000

864,200

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

3,323,469

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/35

....................................

1,675,000

2,158,108

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

2,262,562

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,373,165

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,484,351

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,607,435

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,730,822

City

of

Eugene

,

Electric

Utility

System,

Revenue,

2017,

5%,

8/01/47

........................

3,580,000

4,257,540

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/45

......................

4,170,000

4,951,054

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

175

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

City

of

Eugene,

(continued)

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/49

......................

$

2,500,000

$

2,955,437

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

3,500,000

3,696,303

Pacific

University,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

.................

2,500,000

2,798,772

b

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/26

.................

335,000

387,419

b

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/27

.................

1,195,000

1,411,963

b

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/30

.................

1,385,000

1,709,097

b

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/31

.................

1,450,000

1,811,349

b

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/34

.................

500,000

568,754

b

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/35

.................

490,000

555,890

b

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/38

.................

1,980,000

2,241,879

b

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/40

.................

1,715,000

1,932,732

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,460,000

1,466,047

City

of

Portland

,

Tax

Allocation,

2012

B,

Refunding,

5%,

6/15/22

...........................

1,035,000

1,061,662

Tax

Allocation,

2012

C,

5%,

6/15/28

....................................

1,000,000

1,024,224

Tax

Allocation,

2012

C,

5%,

6/15/30

....................................

1,000,000

1,023,950

Sewer

System,

Revenue,

Second

Lien,

2020

A,

4%,

3/01/34

.................

5,000,000

6,134,472

Water

System,

Revenue,

Second

Lien,

2019

A,

5%,

5/01/44

..................

5,500,000

7,008,907

City

of

Tigard

,

Water,

Revenue,

2012,

Pre-Refunded,

5%,

8/01/37

........................

11,050,000

11,405,000

Water,

Revenue,

2012,

Pre-Refunded,

5%,

8/01/42

........................

20,915,000

21,586,930

Water,

Revenue,

2015,

5%,

8/01/45

....................................

23,545,000

26,822,299

Clackamas

Community

College

District

,

GO,

2017

A,

5%,

6/15/38

............................................

760,000

920,273

GO,

2017

A,

5%,

6/15/39

............................................

1,000,000

1,209,268

GO,

2017

A,

5%,

6/15/40

............................................

1,250,000

1,509,870

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017

A,

Zero

Cpn

.,

6/15/40

.......................................

10,000,000

5,061,271

GO,

2017

A,

Zero

Cpn

.,

6/15/41

.......................................

17,030,000

8,216,149

GO,

2017

A,

Zero

Cpn

.,

6/15/42

.......................................

16,625,000

7,644,068

GO,

2017

B,

5%,

6/15/34

............................................

8,000,000

9,737,722

GO,

2017

B,

5%,

6/15/37

............................................

10,000,000

12,123,412

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

2,162,958

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn

.,

6/15/37

.............................................

12,130,000

8,886,769

GO,

Zero

Cpn

.,

6/15/38

.............................................

12,495,000

8,893,291

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,585,283

Clackamas

County

School

District

No.

86

Canby

,

GO,

2020

A,

Refunding,

4%,

6/15/35

...................................

580,000

701,749

GO,

2020

A,

Refunding,

4%,

6/15/36

...................................

3,000,000

3,622,218

GO,

2020

A,

Refunding,

4%,

6/15/38

...................................

2,815,000

3,385,141

GO,

2020

A,

Refunding,

4%,

6/15/40

...................................

2,670,000

3,198,941

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,219,602

Coos

County

School

District

No.

13

North

Bend

,

GO

,

2002

,

AGMC

Insured

,

5

%

,

6/15/22

.........................................................

55,000

55,213

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

6,141,885

County

of

Yamhill

,

c

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/24

..............

750,000

822,385

c

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/28

..............

875,000

1,028,828

c

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/31

..............

990,000

1,206,008

c

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/36

..............

1,200,000

1,443,933

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.

176

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

County

of

Yamhill,

(continued)

c

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/41

..............

$

1,505,000

$

1,782,853

c

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/46

..............

1,005,000

1,170,812

c

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/51

..............

2,830,000

3,278,591

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

................

7,010,000

8,783,744

Crook

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/34

..................................

4,475,000

4,798,868

GO,

2013,

Pre-Refunded,

5%,

6/15/37

..................................

8,090,000

8,675,495

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

1/01/49

......

5,160,000

6,037,829

St.

Charles

Health

System,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/48

......

8,440,000

9,665,134

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,690,000

3,806,182

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

7,486,868

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

8,131,967

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

7,498,245

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn

.,

6/15/40

.......................................

705,000

426,076

GO,

2019

B,

Zero

Cpn

.,

6/15/41

.......................................

710,000

411,517

GO,

2019

B,

Zero

Cpn

.,

6/15/42

.......................................

610,000

339,421

GO,

2019

B,

Zero

Cpn

.,

6/15/43

.......................................

820,000

438,647

GO,

2019

B,

Zero

Cpn

.,

6/15/44

.......................................

1,115,000

572,195

GO,

2019

B,

Zero

Cpn

.,

6/15/45

.......................................

985,000

486,352

GO,

2019

B,

Zero

Cpn

.,

6/15/46

.......................................

1,190,000

562,647

GO,

2019

B,

Zero

Cpn

.,

6/15/47

.......................................

1,170,000

532,231

GO,

2019

B,

Zero

Cpn

.,

6/15/48

.......................................

1,320,000

577,755

GO,

2019

B,

Zero

Cpn

.,

6/15/49

.......................................

1,270,000

534,644

Jefferson

County

School

District

No.

509J

,

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

3,000,000

3,217,118

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,410,000

1,512,046

Klamath

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/29

..................................

1,155,000

1,238,590

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,095,000

1,174,248

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,000,000

1,072,373

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

1,000,000

1,164,940

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO,

2014

A,

Refunding,

5%,

6/15/30

...................................

3,175,000

3,759,267

GO,

2014

A,

Pre-Refunded,

5%,

6/15/33

................................

2,115,000

2,530,762

GO,

2014

A,

Pre-Refunded,

5%,

6/15/36

................................

2,000,000

2,393,155

Lane

Community

College

,

GO

,

2020

A

,

4

%

,

6/15/40

.........................

1,200,000

1,440,916

Lebanon

Rural

Fire

Protection

District

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/15/45

.......

5,000,000

5,544,031

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,620,113

Marion

County

School

District

No.

103

Woodburn

,

GO,

2015,

Pre-Refunded,

5%,

6/15/33

..................................

2,930,000

3,388,086

GO,

2015,

Pre-Refunded,

5%,

6/15/34

..................................

3,200,000

3,700,298

GO,

2015,

Pre-Refunded,

5%,

6/15/35

..................................

2,075,000

2,399,412

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/45

4,500,000

5,680,347

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,594,078

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/42

..............

9,420,000

9,966,978

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

8,994,814

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

177

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Metro,

(continued)

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

$

10,950,000

$

12,932,990

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017

B,

5%,

6/15/37

............................................

7,885,000

9,559,310

GO,

2019

A,

Zero

Cpn

.,

6/15/39

.......................................

9,500,000

5,766,161

Multnomah

County

School

District

No.

40

,

GO,

2012

B,

Zero

Cpn

.,

6/15/24

.......................................

1,640,000

1,619,373

GO,

2012

B,

Zero

Cpn

.,

6/15/25

.......................................

1,325,000

1,293,284

GO,

2012

B,

Zero

Cpn

.,

6/15/26

.......................................

2,585,000

2,486,841

GO,

2012

B,

Zero

Cpn

.,

6/15/27

.......................................

2,655,000

2,508,691

GO,

2012

B,

Zero

Cpn

.,

6/15/28

.......................................

2,495,000

2,308,721

GO,

2012

B,

Zero

Cpn

.,

6/15/29

.......................................

2,595,000

2,348,724

GO,

2012

B,

Zero

Cpn

.,

6/15/30

.......................................

1,885,000

1,666,504

GO,

2012

B,

Zero

Cpn

.,

6/15/31

.......................................

2,030,000

1,751,008

GO,

2012

B,

Zero

Cpn

.,

6/15/32

.......................................

2,000,000

1,687,131

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO,

2020,

Refunding,

4%,

6/15/38

.....................................

1,050,000

1,272,035

GO,

2020,

Refunding,

4%,

6/15/39

.....................................

2,250,000

2,710,309

GO,

2020,

Refunding,

5%,

6/15/50

.....................................

24,655,000

31,341,009

Oregon

City

School

District

No.

62

,

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

440,000

490,637

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

560,000

625,191

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

780,000

869,765

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

990,000

1,105,248

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

550,000

613,296

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

700,000

781,489

GO,

2018

B,

Refunding,

5%,

6/15/49

...................................

20,000,000

24,655,140

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

..................................

10,000,000

12,152,849

Oregon

State

Facilities

Authority

,

CHF-Ashland

LLC,

Revenue,

2012,

Pre-Refunded,

AGMC

Insured,

5%,

7/01/44

...

3,910,000

4,019,937

d

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,405,000

1,465,748

d

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,795,736

d

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

4,279,027

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

8,000,000

9,315,393

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,607,434

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

9,056,419

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...................................................

220,000

264,293

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

10/01/46

.

3,280,000

3,785,368

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

8,125,000

10,143,404

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

2,251,393

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

35,120,000

40,034,285

Oregon

State

Lottery

,

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/28

............................

5,800,000

6,169,015

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/32

............................

5,000,000

5,318,116

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

14,187,046

Port

of

Portland

,

Airport,

Revenue,

Twenty-Five

A,

5%,

7/01/49

............................

12,425,000

15,312,837

Airport,

Revenue,

Twenty-Five

B,

5%,

7/01/44

............................

16,250,000

19,964,043

Airport,

Revenue,

Twenty-Four

A,

5%,

7/01/47

............................

4,700,000

5,577,292

Airport,

Revenue,

Twenty-Four

B,

5%,

7/01/47

............................

9,395,000

11,067,404

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/38

...........................

10,000,000

12,572,557

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.

178

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Port

of

Portland,

(continued)

Airport,

Revenue,

Twenty-Six

A,

Refunding,

5%,

7/01/33

....................

$

1,150,000

$

1,486,141

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/37

....................

600,000

715,941

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/40

....................

500,000

592,903

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/37

....................

800,000

1,025,928

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/40

....................

675,000

860,991

Airport,

Revenue,

Twenty-Six

C,

Refunding,

5%,

7/01/28

....................

1,300,000

1,615,852

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

555,000

639,100

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

572,284

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,559,727

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

2,700,000

3,060,538

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/53

.............

1,000,000

1,128,971

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

40,500,000

46,835,881

Salem-Keizer

School

District

No.

24J

,

GO,

2009

B,

Zero

Cpn

.,

6/15/30

.......................................

8,500,000

7,495,659

GO,

2020

C,

4%,

6/15/37

............................................

5,000,000

6,045,801

GO,

2020

C,

4%,

6/15/38

............................................

10,000,000

12,025,368

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,262,830

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,911,819

Seaside

School

District

No.

10

,

GO,

2017

B,

5%,

6/15/35

............................................

2,000,000

2,429,294

GO,

2017

B,

5%,

6/15/36

............................................

2,500,000

3,030,908

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

3,059,244

GO,

2015

M,

Pre-Refunded,

5%,

8/01/45

................................

3,315,000

3,862,201

GO,

2015

O,

Pre-Refunded,

5%,

8/01/40

................................

7,005,000

8,161,303

GO,

2017

A,

5%,

5/01/42

............................................

10,000,000

11,996,893

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

18,129,018

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

6,269,223

GO,

2019

G,

5%,

8/01/44

............................................

25,370,000

32,015,755

GO,

2020

E,

Refunding,

5%,

6/01/39

...................................

1,785,000

2,307,391

GO,

2020

E,

Refunding,

5%,

6/01/40

...................................

1,640,000

2,116,462

GO,

H,

Pre-Refunded,

5%,

5/01/36

....................................

1,000,000

1,020,090

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

3,952,126

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/37

12,500,000

16,046,033

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/42

30,000,000

38,149,596

Department

of

Transportation,

Revenue,

Sub.

Lien,

2020

A,

5%,

11/15/40

.......

25,000,000

32,629,118

Housing

&

Community

Services

Department,

Revenue,

2018

B,

2.9%,

7/01/43

....

19,150,000

19,987,033

Housing

&

Community

Services

Department,

Revenue,

2019

A,

2.9%,

7/01/43

....

13,820,000

14,525,197

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,526,370

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

3,112,636

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2012

A,

Pre-Refunded,

5%,

9/01/37

............................

11,000,000

11,397,262

Revenue,

2015

A,

Pre-Refunded,

5%,

9/01/40

............................

6,000,000

7,010,183

Revenue,

2018

A,

5%,

10/01/32

.......................................

6,865,000

8,390,100

Revenue,

2018

A,

4%,

9/01/48

........................................

7,850,000

8,967,112

Revenue,

2018

A,

Pre-Refunded,

5%,

9/01/48

............................

18,505,000

22,975,760

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

9/01/41

...................

18,650,000

22,505,354

Revenue,

Senior

Lien,

2019

A,

4%,

9/01/39

..............................

2,550,000

3,046,704

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

179

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Umatilla

County

School

District

No.

16R

Pendleton

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

6/15/37

.........................................................

$

4,970,000

$

5,557,537

University

of

Oregon

,

Revenue,

2015

A,

5%,

4/01/45

........................................

20,000,000

22,635,788

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

13,603,814

Revenue,

2020

A,

5%,

4/01/50

........................................

20,000,000

25,229,986

d

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

304,437

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

200,000

243,108

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/36

.........................

750,000

909,357

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

700,000

844,345

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

11,413,145

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

7,274,047

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2014

B,

Pre-Refunded,

5%,

6/15/33

................................

8,000,000

8,945,733

GO,

2014

B,

Pre-Refunded,

5%,

6/15/34

................................

11,000,000

12,300,384

GO,

2017

D,

5%,

6/15/35

............................................

10,000,000

12,158,499

GO,

2017

D,

5%,

6/15/36

............................................

10,000,000

12,141,643

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn

.,

6/15/38

.......................................

2,350,000

1,404,244

GO,

2018

A,

Zero

Cpn

.,

6/15/39

.......................................

3,275,000

1,869,623

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012

B,

Zero

Cpn

.,

6/15/29

.......................................

2,545,000

2,279,461

GO,

2012

B,

Zero

Cpn

.,

6/15/30

.......................................

2,490,000

2,171,740

GO,

2012

B,

Zero

Cpn

.,

6/15/31

.......................................

3,140,000

2,667,775

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,886,033

1,217,032,710

Texas

0.0%

†

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

250,000

313,918

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

250,000

318,259

632,177

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

2,000,000

2,458,570

Wisconsin

0.6%

d

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

8,600,000

8,600,000

U.S.

Territories

1.4%

Puerto

Rico

1.4%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,035,230

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,300,000

1,409,808

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,089,043

e

Revenue,

WW-RSA-1,

5.25%,

7/01/33

..................................

7,040,000

6,952,000

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

1,100,000

1,187,421

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,086,566

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.

180

See

Abbreviations

on

page

200

.

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

.....................

$

400,000

$

436,160

18,196,228

Total

U.S.

Territories

....................................................................

18,196,228

Total

Municipal

Bonds

(Cost

$1,205,095,714)

...................................

1,297,832,043

a

a

a

a

Short

Term

Investments

3.4%

Municipal

Bonds

3.4%

Oregon

3.4%

f

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group,

Revenue,

2018

A,

Refunding,

LOC

US

Bank

NA,

Daily

VRDN

and

Put,

0.02%,

8/01/34

.................................

5,000,000

5,000,000

PeaceHealth

Obligated

Group,

Revenue,

2018

B,

Refunding,

LOC

TD

Bank

NA,

Daily

VRDN

and

Put,

0.03%,

8/01/34

.................................

39,500,000

39,500,000

f

State

of

Oregon

,

GO

,

2020

M

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

12/01/44

........................................................

1,000,000

1,000,000

45,500,000

Total

Municipal

Bonds

(Cost

$45,500,000)

......................................

45,500,000

Total

Short

Term

Investments

(Cost

$45,500,000

)

................................

45,500,000

a

Total

Investments

(Cost

$1,250,595,714)

101.4%

................................

$1,343,332,043

Other

Assets,

less

Liabilities

(1.4)%

...........................................

(18,722,640)

Net

Assets

100.0%

...........................................................

$1,324,609,403

†

Rounds

to

less

than

0.1%

of

net

assets.

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

aggregate

value

of

these

securities

was

$18,441,758,

representing

1.4%

of

net

assets.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Pennsylvania

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

181

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.3%

Alabama

0.5%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

4,000,000

$

4,816,879

Florida

0.5%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

5,688,000

5,700,969

Illinois

1.4%

b

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2022

A,

Refunding,

4%,

12/15/42

..............................

2,750,000

3,147,880

Revenue,

2022

A,

Refunding,

4%,

6/15/52

...............................

2,000,000

2,259,265

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

2,000,000

2,339,888

GO,

2017

C,

5%,

11/01/29

...........................................

1,000,000

1,201,749

GO,

2017

D,

5%,

11/01/27

...........................................

2,000,000

2,420,273

GO,

2020,

5.5%,

5/01/30

............................................

1,000,000

1,306,768

GO,

2021

A,

5%,

3/01/32

............................................

1,500,000

1,921,765

GO,

2021

A,

4%,

3/01/39

............................................

500,000

583,571

15,181,159

New

Jersey

0.7%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

...

1,000,000

1,139,823

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

5%,

6/15/35

.......................................

2,000,000

2,552,325

Revenue,

2020

AA,

4%,

6/15/37

.......................................

1,000,000

1,165,695

Revenue,

2020

AA,

5%,

6/15/39

.......................................

2,240,000

2,819,351

7,677,194

New

York

1.4%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/44

.....................................

7,000,000

8,044,239

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

5,750,000

6,583,295

14,627,534

Pennsylvania

91.8%

Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/36

........................................

10,000,000

12,773,252

Revenue,

2021

B,

5%,

1/01/36

........................................

2,735,000

3,530,747

Allegheny

County

Higher

Education

Building

Authority

,

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

1,152,766

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,472,544

Allegheny

County

Sanitary

Authority

,

Revenue

,

2018

,

5

%

,

6/01/43

...............

7,000,000

8,615,283

b

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/42

.............................................

8,875,000

10,995,656

Avon

Grove

School

District

Chester

County

,

GO,

2021

A,

4%,

11/15/35

...........................................

500,000

597,106

GO,

2021

A,

4%,

11/15/36

...........................................

1,000,000

1,191,795

GO,

2021

A,

4%,

11/15/37

...........................................

1,250,000

1,484,823

GO,

2021

A,

4%,

11/15/38

...........................................

1,890,000

2,242,947

GO,

2021

A,

4%,

11/15/40

...........................................

2,700,000

3,197,911

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

1,143,124

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

681,909

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,370,161

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.

182

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Berks

County

Industrial

Development

Authority,

(continued)

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/38

$

1,030,000

$

1,151,449

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/48

1,000,000

1,107,951

Blue

Mountain

School

District

,

GO,

2021

B,

AGMC

Insured,

4%,

8/01/32

................................

1,000,000

1,199,191

GO,

2021

B,

AGMC

Insured,

4%,

8/01/35

................................

1,000,000

1,193,404

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,386,147

Bucks

County

Industrial

Development

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,708,958

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2021,

3%,

8/15/53

.............

12,000,000

12,406,496

Bucks

County

Water

and

Sewer

Authority

,

Revenue

,

2011

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

12/01/41

..............................................

10,000,000

10,000,000

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/39

.......................................

1,625,000

1,823,504

Canon

Mcmillan

School

District

,

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/44

..........................

6,075,000

6,830,730

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/46

..........................

7,680,000

8,604,785

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/48

..........................

5,250,000

5,865,674

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/50

..........................

6,000,000

6,734,739

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The),

Revenue,

2011,

Pre-Refunded,

5.375%,

12/01/41

..........

3,000,000

3,000,000

Guthrie

Clinic

(The),

Revenue,

2021

B,

4%,

12/01/51

.......................

5,000,000

5,826,680

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,470,058

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

2,078,448

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/35

...............

500,000

517,991

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

...............

1,500,000

1,545,557

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/36

......................

400,000

467,873

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/41

......................

1,000,000

1,157,103

Gannon

University,

Revenue,

2021

TT-1,

5%,

5/01/47

......................

480,000

595,944

City

of

Philadelphia

,

GO,

2019

B,

5%,

2/01/36

............................................

3,300,000

4,138,003

GO,

2019

B,

5%,

2/01/37

............................................

4,950,000

6,198,712

GO,

2019

B,

5%,

2/01/38

............................................

2,500,000

3,119,530

GO,

2019

B,

5%,

2/01/39

............................................

2,500,000

3,118,095

GO,

2021

A,

4%,

5/01/42

............................................

8,320,000

9,881,577

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/42

.........................

10,000,000

11,937,045

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

2,725,000

3,152,989

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/50

.........................

3,225,000

3,711,995

Airport,

Revenue,

2021,

Refunding,

5%,

7/01/51

...........................

11,600,000

14,547,813

Water

&

Wastewater,

Revenue,

2013

A,

Pre-Refunded,

5.125%,

1/01/43

........

5,000,000

5,019,912

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

............

10,000,000

11,187,110

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

............

5,000,000

5,593,555

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/42

......................

10,000,000

12,322,870

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

6,056,877

Water

&

Wastewater,

Revenue,

2018

A,

5%,

10/01/43

......................

5,000,000

6,236,255

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

6,247,582

Water

&

Wastewater,

Revenue,

2021

C,

5%,

10/01/46

......................

5,000,000

6,442,576

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

183

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

$

1,650,000

$

1,797,516

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

11,448,946

Commonwealth

of

Pennsylvania

,

GO,

2019,

Refunding,

5%,

7/15/29

.....................................

10,000,000

12,845,722

GO,

First

Series,

2020,

3%,

5/01/36

....................................

22,070,000

24,415,686

Conestoga

Valley

School

District

,

GO,

2021

A,

4%,

2/01/36

............................................

1,100,000

1,313,110

Revenue,

2021

B,

4%,

2/01/36

........................................

1,020,000

1,218,431

County

of

Beaver

,

GO

,

2017

,

BAM

Insured

,

4

%

,

4/15/29

......................

1,660,000

1,952,072

County

of

Jefferson

,

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/35

........................

650,000

724,945

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/37

........................

770,000

855,383

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/39

........................

520,000

575,302

County

of

Monroe

,

GO,

2021

A,

4%,

7/15/36

............................................

5,440,000

6,465,752

GO,

2021

A,

4%,

7/15/37

............................................

5,500,000

6,523,048

County

of

Montgomery

,

GO,

2021

A,

5%,

1/01/38

............................................

6,825,000

8,949,230

GO,

2021

A,

5%,

1/01/39

............................................

7,175,000

9,396,001

County

of

York

,

GO

,

2020

B

,

4

%

,

6/01/38

.................................

860,000

1,029,645

Cumberland

County

Municipal

Authority

,

Dickinson

College

,

Revenue

,

2012

,

5

%

,

11/01/42

........................................................

4,500,000

4,673,360

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,660,601

Dauphin

County

General

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

6/01/42

.........................................................

15,590,000

15,939,732

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

2,800,000

3,101,330

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,768,484

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,331,418

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,278,027

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

BAM

Insured

,

5

%

,

11/01/38

................

1,250,000

1,361,624

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/41

........................................................

1,000,000

1,180,181

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/51

........................................................

4,000,000

4,619,968

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/45

............

3,250,000

3,488,872

Student

Services,

Inc.,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/47

............

3,750,000

4,342,060

Easton

Area

School

District

,

GO

,

2021

,

4

%

,

4/01/32

.........................

1,450,000

1,743,494

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

7,306,637

Fairview

School

District

,

GO,

2021,

BAM

Insured,

3%,

9/15/37

...................................

1,195,000

1,303,031

GO,

2021,

BAM

Insured,

3%,

9/15/38

...................................

1,000,000

1,087,795

GO,

2021,

BAM

Insured,

3%,

9/15/39

...................................

1,000,000

1,084,990

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.

184

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Falls

Township

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

12/01/41

..............

$

2,210,000

$

2,210,000

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

2/15/45

.............................................

19,055,000

22,782,450

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

11,955,000

13,346,709

Governor

Mifflin

School

District

,

GO,

2020

A,

4%,

4/01/40

............................................

680,000

787,723

GO,

2020

A,

4%,

4/01/41

............................................

1,700,000

1,966,824

GO,

2021,

3%,

4/01/35

.............................................

810,000

884,577

GO,

2021,

3%,

4/01/36

.............................................

625,000

681,118

GO,

2021,

3%,

4/01/37

.............................................

1,000,000

1,087,601

GO,

2021,

3%,

4/01/38

.............................................

1,000,000

1,085,855

GO,

2021,

3%,

4/01/39

.............................................

1,015,000

1,100,176

GO,

2021,

4%,

4/01/40

.............................................

800,000

930,077

GO,

2021,

4%,

4/01/41

.............................................

1,100,000

1,277,141

Greater

Johnstown

Water

Authority

,

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/38

.......................

1,740,000

2,038,545

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/41

.......................

2,650,000

3,097,124

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

3,053,042

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,903,956

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/51

........

2,780,000

2,999,625

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

2,129,371

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,635,552

Lancaster

School

District

,

GO,

2020,

AGMC

Insured,

4%,

6/01/34

.................................

1,000,000

1,182,940

GO,

2020,

AGMC

Insured,

4%,

6/01/35

.................................

1,850,000

2,185,292

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/46

................

750,000

814,154

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/51

................

800,000

865,301

St.

Vincent

College

Corp.,

Revenue,

2013,

5%,

5/01/43

.....................

4,120,000

4,282,583

Lehigh

County

Authority

,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/43

...........................

2,805,000

3,063,877

Revenue,

2013

A,

5%,

12/01/43

.......................................

2,435,000

2,634,987

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/01/41

..............................

4,345,000

5,141,054

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/38

...................

1,400,000

1,524,359

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/43

...................

1,495,000

1,625,098

Mckeesport

Area

School

District

,

GO

,

2020

B

,

AGMC

Insured

,

4

%

,

10/01/40

.......

1,500,000

1,762,203

Monroe

County

Hospital

Authority

,

Lehigh

Valley

Health

Network

Obligated

Group

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

1/01/41

............................

4,000,000

4,015,362

Montgomery

County

Higher

Education

and

Health

Authority

,

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

9/01/43

........................................................

3,000,000

3,637,759

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

11,424,474

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

690,371

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

2,394,294

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

185

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Montgomery

County

Industrial

Development

Authority,

(continued)

Main

Line

Health

System,

Inc.

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

10/01/41

...................................................

$

9,600,000

$

9,752,569

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,836,035

Public

School

of

Germantown

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

..

2,450,000

2,827,822

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,291,784

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

544,235

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

10,000,000

11,664,241

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/43

...

2,285,000

2,782,304

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

...

2,500,000

3,025,255

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College,

Revenue,

2019,

5%,

5/01/44

.............................

1,000,000

1,179,675

Wilkes

University,

Revenue,

2012

A,

5.25%,

3/01/42

........................

2,400,000

2,422,889

Northeastern

School

District

,

GO,

2021

A,

BAM

Insured,

3%,

3/01/38

.................................

850,000

923,405

GO,

2021

A,

BAM

Insured,

3%,

3/01/41

.................................

775,000

837,489

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

2,084,326

Pennsylvania

Economic

Development

Financing

Authority

,

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/29

.

500,000

577,237

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/32

.

1,300,000

1,531,257

UPMC

Obligated

Group,

Revenue,

2014

A,

5%,

2/01/45

.....................

5,000,000

5,543,917

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

5,684,457

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

10,287,384

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/37

...........

1,375,000

1,666,403

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/39

...........

1,325,000

1,596,269

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/40

...........

1,200,000

1,440,501

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

7,119,291

Foundation

for

Indiana

University

of

Pennsylvania

(The),

Revenue,

2012

A,

Pre-

Refunded,

5%,

7/01/41

............................................

1,250,000

1,284,967

Gwynedd

Mercy

University,

Revenue,

2012

KK-1,

5.375%,

5/01/42

............

1,800,000

1,827,950

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/35

.......................................................

1,400,000

1,455,864

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/44

.......................................................

2,000,000

2,079,806

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2012,

Pre-Refunded,

5%,

4/01/42

..........................

15,000,000

15,240,927

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

9/01/45

........................................................

7,465,000

8,404,113

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/36

..

2,750,000

3,302,837

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/46

..

14,000,000

16,685,728

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

5%,

2/15/48

..

5,000,000

6,104,630

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

7,430,099

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/42

....................................................

5,000,000

5,680,308

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

10,906,457

University

of

Sciences,

Revenue,

2012,

5%,

11/01/42

.......................

5,000,000

5,161,838

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/46

................

4,025,000

4,624,925

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/51

................

6,780,000

7,748,704

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

6,334,372

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.

186

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Housing

Finance

Agency,

(continued)

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

$

11,280,000

$

11,564,286

Pennsylvania

State

University

(The)

,

Revenue,

2015

A,

Refunding,

5%,

9/01/40

...............................

10,490,000

12,053,316

Revenue,

2016

A,

Refunding,

5%,

9/01/41

...............................

10,000,000

11,845,931

Revenue,

2017

A,

5%,

9/01/42

........................................

15,750,000

19,179,983

Revenue,

2017

A,

5%,

9/01/47

........................................

10,000,000

12,103,113

Revenue,

2018,

5%,

9/01/48

.........................................

5,955,000

7,346,528

Pennsylvania

Turnpike

Commission

,

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

8,309,384

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,612,937

Revenue,

2018

A,

5%,

12/01/48

.......................................

18,600,000

22,974,432

Revenue,

2021

A,

Refunding,

4%,

12/01/39

..............................

2,655,000

3,182,309

Revenue,

2021

A,

4%,

12/01/50

.......................................

10,000,000

11,550,320

Revenue,

2021

B,

4%,

12/01/37

.......................................

1,500,000

1,797,264

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010

A,

5.625%,

6/15/42

.................

4,000,000

4,008,846

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/42

5,000,000

5,567,514

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

235,310

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

365,214

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/50

............

2,515,000

3,014,987

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,657,533

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

11,150,000

13,222,388

Philadelphia

Gas

Works

Co.

,

Revenue,

14th,

Refunding,

5%,

10/01/32

................................

1,000,000

1,187,727

Revenue,

15th,

Refunding,

5%,

8/01/42

.................................

5,000,000

5,973,362

Revenue,

15th,

Refunding,

5%,

8/01/47

.................................

6,000,000

7,092,615

Philadelphia

Housing

Authority

,

Revenue

,

2002

A

,

AGMC

Insured

,

5

%

,

12/01/21

....

2,560,000

2,560,000

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien

,

2020

B

,

AGMC

Insured

,

4

%

,

9/01/50

.........................................................

6,105,000

7,209,063

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

5,000,000

5,624,602

Radnor

Township

School

District

,

GO,

2021,

3%,

8/15/35

.............................................

1,400,000

1,543,940

GO,

2021,

4%,

8/15/36

.............................................

1,600,000

1,903,731

GO,

2021,

4%,

8/15/37

.............................................

3,445,000

4,087,806

GO,

2021,

4%,

8/15/38

.............................................

1,430,000

1,695,187

GO,

2021,

4%,

8/15/39

.............................................

1,400,000

1,655,481

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/37

.................

4,000,000

4,774,495

Scranton

School

District

,

GO,

2020,

4%,

12/01/40

.............................................

1,535,000

1,777,197

GO,

2020,

4%,

12/01/42

.............................................

2,835,000

3,271,282

GO,

2020,

4%,

12/01/45

.............................................

3,670,000

4,209,291

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,669,791

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

18,535,281

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,328,469

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

4,278,356

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

8,479,902

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

187

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

State

Public

School

Building

Authority,

(continued)

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

$

3,000,000

$

3,583,965

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

1,000,000

1,075,365

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,754,850

Township

of

Upper

St.

Clair

,

GO,

2021,

4%,

5/15/37

.............................................

535,000

633,838

GO,

2021,

4%,

5/15/39

.............................................

1,000,000

1,180,761

Union

County

Higher

Educational

Facilities

Financing

Authority

,

Bucknell

University

,

Revenue

,

2012

A

,

Pre-Refunded

,

5

%

,

4/01/42

............................

5,000,000

5,079,463

Upper

Merion

Area

School

District

,

GO,

2021

A,

3%,

1/15/39

............................................

1,000,000

1,099,221

GO,

2021

A,

3%,

1/15/40

............................................

1,500,000

1,646,391

GO,

2021

A,

3%,

1/15/41

............................................

1,275,000

1,396,655

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/29

......

725,000

919,714

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/30

......

1,270,000

1,639,424

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/37

......

2,400,000

2,848,732

Wilson

School

District

,

GO,

2021

C,

4%,

5/15/30

............................................

2,500,000

3,016,964

GO,

2021

C,

4%,

5/15/31

............................................

2,100,000

2,520,861

GO,

2021

C,

4%,

5/15/32

............................................

1,850,000

2,212,572

974,009,388

Wisconsin

0.7%

c

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

6,900,000

6,900,000

U.S.

Territories

1.3%

Puerto

Rico

1.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,100,000

1,192,915

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,089,043

d

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

5,175,000

5,110,312

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

950,000

1,025,499

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

.................

2,500,000

2,797,062

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/28

....................

755,000

844,220

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,290,000

1,406,617

13,465,668

Total

U.S.

Territories

....................................................................

13,465,668

Total

Municipal

Bonds

(Cost

$991,077,355)

.....................................

1,042,378,791

a

a

a

a

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.

188

See

Abbreviations

on

page

200

.

Short

Term

Investments

1.9%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.9%

Pennsylvania

1.9%

e

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

0.03

%

,

12/01/37

...............................................

$

20,500,000

$

20,500,000

Total

Municipal

Bonds

(Cost

$20,500,000)

......................................

20,500,000

Total

Short

Term

Investments

(Cost

$20,500,000

)

................................

20,500,000

a

Total

Investments

(Cost

$1,011,577,355)

100.2%

.................................

$1,062,878,791

Other

Assets,

less

Liabilities

(0.2)%

...........................................

(2,337,305)

Net

Assets

100.0%

...........................................................

$1,060,541,486

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

purchased

on

a

when-issued

basis.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

value

of

this

security

was

$6,900,000,

representing

0.7%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

Virginia

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

189

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.5%

Alabama

0.4%

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/31

.....................................................

$

2,000,000

$

2,408,439

Florida

0.5%

Capital

Trust

Agency,

Inc.

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

................

3,456,000

3,463,880

Illinois

1.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,805,559

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

............................................

3,250,000

3,802,318

GO,

2017

D,

5%,

11/01/27

...........................................

2,000,000

2,420,273

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,254,367

9,282,517

New

Jersey

1.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

557,556

Revenue,

2021

A,

Refunding,

5%,

6/15/31

...............................

3,250,000

4,242,882

Revenue,

2021

A,

Refunding,

5%,

6/15/33

...............................

300,000

389,089

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

1,174,717

State

of

New

Jersey

,

GO

,

2020

A

,

5

%

,

6/01/28

.............................

1,200,000

1,491,285

7,855,529

New

York

0.9%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

550,000

629,706

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

800,000

924,910

Revenue,

2021

A-2,

4%,

11/15/43

.....................................

3,900,000

4,490,464

6,045,080

Texas

0.1%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

225,000

274,831

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

250,000

309,835

584,666

Virginia

85.9%

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/45

..

975,000

1,089,579

Protestant

Episcopal

High

School

in

Virginia,

Revenue,

2021

C,

Refunding,

4%,

1/01/46

........................................................

2,450,000

2,853,562

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

2,000,000

2,336,441

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

........................................................

10,350,000

11,693,084

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

1,159,540

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

4,603,639

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,865,408

City

of

Newport

News

,

GO,

2021

A,

4%,

2/01/33

............................................

1,750,000

2,177,893

GO,

2021

A,

4%,

2/01/34

............................................

850,000

1,055,890

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.

190

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

City

of

Newport

News,

(continued)

GO,

2021

A,

4%,

2/01/35

............................................

$

800,000

$

991,656

City

of

Norfolk

,

GO,

2013

A,

Pre-Refunded,

5%,

8/01/32

................................

5,845,000

6,306,544

GO,

2016

A,

Pre-Refunded,

5%,

10/01/41

...............................

1,040,000

1,258,191

GO,

2016

A,

Pre-Refunded,

5%,

10/01/46

...............................

2,500,000

3,024,498

GO,

2019,

Pre-Refunded,

5%,

8/01/44

..................................

3,995,000

5,077,673

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

8,391,932

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

8,330,109

City

of

Portsmouth

,

GO

,

2012

A

,

Pre-Refunded

,

5

%

,

7/15/41

...................

4,010,000

4,130,296

City

of

Richmond

,

Public

Utility,

Revenue,

2013

A,

Pre-Refunded,

5%,

1/15/43

..................

10,000,000

10,538,255

Public

Utility,

Revenue,

2016

A,

Refunding,

5%,

1/15/33

.....................

10,000,000

11,766,201

City

of

Virginia

Beach

,

Storm

Water

Utility

,

Revenue

,

2020

A

,

5

%

,

11/15/31

........

2,920,000

3,913,526

Commonwealth

of

Virginia

,

GO

,

2020

A

,

4

%

,

6/01/31

.........................

4,650,000

5,773,183

County

of

Arlington

,

GO,

2019,

4%,

6/15/34

.............................................

2,000,000

2,416,504

GO,

2020

A,

Refunding,

4%,

8/01/38

...................................

9,190,000

11,202,565

County

of

Fairfax

,

GO,

2018

A,

4%,

10/01/34

...........................................

3,000,000

3,542,642

GO,

2020

A,

Refunding,

5%,

10/01/32

..................................

5,735,000

7,532,497

GO,

2020

A,

Refunding,

5%,

10/01/37

..................................

1,980,000

2,577,924

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

3,379,954

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

6,064,932

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/36

4,865,000

5,431,225

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

10/01/42

1,500,000

1,615,247

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group,

Revenue,

2014

A,

5%,

5/15/44

..........

2,500,000

2,770,493

Inova

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

5/15/48

.

5,000,000

5,695,724

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

4,227,581

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

5,989,168

Farmville

Industrial

Development

Authority

,

Elwood

Place

LLC,

Revenue,

2021,

AGMC

Insured,

5.375%,

7/01/53

...........

5,000,000

6,211,944

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

5,000,000

5,802,937

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/31

............................

6,200,000

7,446,623

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

6,143,464

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

14,220,649

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

20,000,000

24,400,386

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

5,046,071

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/60

..............................

3,000,000

3,767,403

Revenue,

Senior

Lien,

2020

A,

5.25%,

7/01/60

............................

4,450,000

5,676,502

Henrico

County

Economic

Development

Authority

,

Revenue,

2020,

Refunding,

4%,

10/01/40

................................

500,000

566,755

Revenue,

2020,

Refunding,

4%,

10/01/45

................................

725,000

816,277

Revenue,

2020,

Refunding,

4%,

10/01/50

................................

1,500,000

1,680,557

Bon

Secours

Health

System,

Inc.

Obligated

Group,

Revenue,

2013

C,

Pre-Refunded,

5%,

11/01/30

...................................................

5,000,000

5,219,482

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/42

2,000,000

2,117,366

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

191

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Lexington

Industrial

Development

Authority,

(continued)

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

$

1,105,000

$

1,355,141

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,806,615

Loudoun

County

Sanitation

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/29

....

4,770,000

5,436,576

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/47

......

4,500,000

5,318,029

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

........

2,350,000

2,741,741

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/55

........

5,000,000

5,818,015

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/36

................

1,200,000

1,420,175

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/37

................

500,000

590,555

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/38

................

1,750,000

2,063,635

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/37

.........................................

1,000,000

1,248,870

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

995,771

Revenue,

2019,

5%,

7/01/43

.........................................

2,925,000

3,607,245

Northern

Virginia

Transportation

Authority

,

Special

Tax

,

2014

,

5

%

,

6/01/33

.........

3,000,000

3,331,741

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,466,003

Prince

William

County

Industrial

Development

Authority

,

Novant

Health

Obligated

Group

,

Revenue

,

2013

B

,

Pre-Refunded

,

5

%

,

11/01/46

.....................

10,000,000

10,436,035

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

7,042,198

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/51

.......................................

12,055,000

14,068,213

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

1,125,313

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,761

University

of

Virginia

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

4/01/47

................

9,630,000

11,651,574

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

6,998,435

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

2,007,545

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

2,530,594

Virginia

College

Building

Authority

,

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

75,000

90,114

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,720,035

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

7,899,991

Revenue,

2019

A,

4%,

2/01/34

........................................

5,000,000

5,957,992

Revenue,

2020

A,

4%,

2/01/38

........................................

5,000,000

6,013,669

Revenue,

2021,

Refunding,

4%,

6/01/36

.................................

2,750,000

3,197,179

Revenue,

2021,

Refunding,

3%,

6/01/41

.................................

4,800,000

4,973,903

Revenue,

2021,

Refunding,

4%,

6/01/46

.................................

3,725,000

4,226,264

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

867,623

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

450,480

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

543,326

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

1,100,000

1,182,088

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,870,619

Washington

&

Lee

University

(The),

Revenue,

2015

A,

Refunding,

5%,

1/01/40

....

5,000,000

5,613,806

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,712,638

Revenue,

2016,

5%,

9/15/31

.........................................

4,000,000

4,799,041

Revenue,

2019,

4%,

5/15/40

.........................................

13,060,000

15,337,066

Revenue,

2020,

4%,

9/15/35

.........................................

4,000,000

4,879,616

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.

192

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

$

3,805,000

$

4,178,655

Virginia

Public

Building

Authority

,

Revenue

,

2019

A

,

4

%

,

8/01/35

................

1,250,000

1,504,877

Virginia

Public

School

Authority

,

Revenue,

2014

B,

Refunding,

5%,

8/01/24

...............................

10,000,000

11,226,093

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

6,646,785

Revenue,

2019

A,

5%,

8/01/30

........................................

3,535,000

4,582,337

Revenue,

2019

A,

5%,

8/01/31

........................................

2,625,000

3,390,616

Revenue,

2020

B,

Refunding,

4%,

8/01/34

...............................

5,190,000

6,375,066

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,826,340

Virginia

Resources

Authority

,

Revenue,

Pre-Refunded,

5%,

11/01/38

..................................

3,195,000

3,752,567

Revenue,

5%,

11/01/38

.............................................

1,970,000

2,294,519

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

5,255,000

6,069,977

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

9,429,195

Revenue,

2020

B,

Refunding,

4%,

11/01/32

..............................

1,470,000

1,815,369

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2012,

5%,

1/01/40

.............

2,400,000

2,408,968

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2019,

5%,

1/01/44

.............

2,500,000

2,509,114

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

5,753,921

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

6,600,000

7,897,060

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/36

...

2,210,000

2,497,414

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

...

2,500,000

2,803,277

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/51

...

7,500,000

8,333,455

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/39

........................................................

2,520,000

2,877,995

National

Senior

Campuses,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/45

........................................................

750,000

847,723

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

4,000,000

4,721,674

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

8,730,000

10,292,951

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,768,353

548,060,503

Washington

0.2%

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

1,000,000

1,229,285

Wisconsin

0.7%

b

Public

Finance

Authority

,

Affordable

Housing

Preservation

Corp.

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/22

.................................

4,200,000

4,200,000

U.S.

Territories

6.1%

District

of

Columbia

4.5%

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/49

........................................................

5,000,000

6,132,149

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

6,013,208

Revenue,

2020

A,

5%,

7/15/36

........................................

5,000,000

6,502,755

Revenue,

2020

A,

5%,

7/15/45

........................................

7,000,000

8,883,960

Revenue,

2021

A,

5%,

7/15/37

........................................

1,000,000

1,329,000

28,861,072

Puerto

Rico

1.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,843,596

c

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,040,000

1,029,600

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

193

See

Abbreviations

on

page

200

.

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)

c

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

$

1,900,000

$

1,876,250

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

1,100,000

1,195,496

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,800,000

2,025,508

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,600,000

1,744,641

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

..

200,000

230,893

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/29

..

425,000

529,408

10,475,392

Total

U.S.

Territories

....................................................................

39,336,464

Total

Municipal

Bonds

(Cost

$588,411,025)

.....................................

622,466,363

a

a

a

a

Short

Term

Investments

2.2%

Municipal

Bonds

2.2%

Virginia

2.2%

d

Albermarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.04

%

,

10/01/48

........................................................

5,900,000

5,900,000

d

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.03

%

,

11/01/36

......................

8,295,000

8,295,000

14,195,000

Total

Municipal

Bonds

(Cost

$14,195,000)

......................................

14,195,000

Total

Short

Term

Investments

(Cost

$14,195,000

)

................................

14,195,000

a

Total

Investments

(Cost

$602,606,025)

99.7%

...................................

$636,661,363

Other

Assets,

less

Liabilities

0.3%

.............................................

1,545,840

Net

Assets

100.0%

...........................................................

$638,207,203

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

November

30,

2021,

the

value

of

this

security

was

$4,200,000,

representing

0.7%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

194

Quarterly

Statements

of

Investments

1.

Organization

Franklin

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty-one

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)

195

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.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

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

    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

$—

$—

$

—

$

1,131,247

$

68,257,100

2,515,000

$

813,919

Total

Affiliated

Securities

...

$67,125,853

$—

$—

$—

$1,131,247

$68,257,100

$813,919

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Tax-Free

Bond

ETF

...............

$37,366,280

$—

$(2,701,236)

$

(52,514)

$

669,470

$

35,282,000

1,300,000

$

449,049

Total

Affiliated

Securities

...

$37,366,280

$—

$(2,701,236)

$(52,514)

$669,470

$35,282,000

$449,049

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Federal

Intermediate

Tax-Free

Bond

Opportunities

ETF

.........

$30,278,325

$11,999,875

$—

$

—

$

751,850

$

43,030,050

1,605,000

$

600,359

Total

Affiliated

Securities

...

$30,278,325

$11,999,875

$—

$—

$751,850

$43,030,050

$600,359

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

196

Quarterly

Statements

of

Investments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

November

30,

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

.........................

$

—

$

249,907,363

$

—

$

249,907,363

Total

Investments

in

Securities

...........

$—

$249,907,363

$—

$249,907,363

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,032,171,065

—

1,032,171,065

Short

Term

Investments

...................

—

4,000,000

—

4,000,000

Total

Investments

in

Securities

...........

$—

$1,036,171,065

$—

$1,036,171,065

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

743,568,734

—

743,568,734

Short

Term

Investments

...................

—

17,575,000

—

17,575,000

Total

Investments

in

Securities

...........

$—

$761,143,734

$—

$761,143,734

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

195,355,682

—

195,355,682

Total

Investments

in

Securities

...........

$—

$195,355,682

$—

$195,355,682

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

68,257,100

—

—

68,257,100

Municipal

Bonds

.........................

—

3,809,353,932

—

3,809,353,932

Short

Term

Investments

...................

—

18,535,000

—

18,535,000

Total

Investments

in

Securities

...........

$68,257,100

$3,827,888,932

$—

$3,896,146,032

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

35,282,000

—

—

35,282,000

Municipal

Bonds

.........................

—

1,170,481,172

—

1,170,481,172

Short

Term

Investments

...................

—

248,610,000

—

248,610,000

Total

Investments

in

Securities

...........

$35,282,000

$1,419,091,172

$—

$1,454,373,172

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

477,418,234

—

477,418,234

Short

Term

Investments

...................

—

2,500,000

—

2,500,000

Total

Investments

in

Securities

...........

$—

$479,918,234

$—

$479,918,234

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

197

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

$

43,030,050

$

—

$

—

$

43,030,050

Corporate

Bonds

:

United

States

.........................

—

7,205,000

1,920,000

9,125,000

Municipal

Bonds

:

—

Alabama

.............................

—

176,018,037

—

176,018,037

Arizona

..............................

—

130,142,732

—

130,142,732

California

.............................

—

1,332,686,438

—

1,332,686,438

Colorado

.............................

—

368,241,124

—

368,241,124

Connecticut

...........................

—

38,997,604

—

38,997,604

Florida

...............................

—

892,450,796

—

892,450,796

Georgia

..............................

—

73,836,367

—

73,836,367

Idaho

................................

—

13,351,771

—

13,351,771

Illinois

...............................

—

310,132,574

—

310,132,574

Indiana

..............................

—

59,207,963

—

59,207,963

Iowa

................................

—

8,074,874

—

8,074,874

Kansas

..............................

—

5,880,429

—

5,880,429

Kentucky

.............................

—

30,599,473

—

30,599,473

Louisiana

.............................

—

86,839,469

—

86,839,469

Maryland

.............................

—

25,973,959

—

25,973,959

Massachusetts

........................

—

20,423,975

—

20,423,975

Michigan

.............................

—

171,130,895

—

171,130,895

Minnesota

............................

—

12,048,770

—

12,048,770

Mississippi

............................

—

83,226,806

—

83,226,806

Missouri

..............................

—

24,174,217

—

24,174,217

Montana

.............................

—

6,736,121

—

6,736,121

Nevada

..............................

—

78,718,812

—

78,718,812

New

Hampshire

........................

—

15,510,649

—

15,510,649

New

Jersey

...........................

—

297,045,030

—

297,045,030

New

Mexico

...........................

—

7,411,140

—

7,411,140

New

York

.............................

—

461,410,819

—

461,410,819

North

Carolina

.........................

—

9,702,438

—

9,702,438

North

Dakota

..........................

—

25,650,280

—

25,650,280

Ohio

................................

—

186,778,682

—

186,778,682

Oklahoma

............................

—

12,728,682

—

12,728,682

Oregon

..............................

—

48,262,753

—

48,262,753

Pennsylvania

..........................

—

141,086,167

—

141,086,167

Rhode

Island

..........................

—

8,051,703

—

8,051,703

South

Carolina

.........................

—

75,295,866

—

75,295,866

South

Dakota

..........................

—

14,997,387

—

14,997,387

Tennessee

............................

—

80,602,500

—

80,602,500

Texas

...............................

—

538,207,822

—

538,207,822

Utah

................................

—

35,308,227

—

35,308,227

Vermont

..............................

—

3,067,629

—

3,067,629

Virginia

..............................

—

97,673,914

—

97,673,914

Washington

...........................

—

119,976,231

1,492,000

121,468,231

West

Virginia

..........................

—

11,599,421

—

11,599,421

Wisconsin

............................

—

157,768,258

—

157,768,258

U.S.

Territories

..........................

District

of

Columbia

.....................

—

124,044,407

—

124,044,407

Guam

...............................

—

14,490,568

—

14,490,568

Pacific

Islands

.........................

—

9,003,521

—

9,003,521

Puerto

Rico

...........................

—

594,793,641

—

594,793,641

Short

Term

Investments

...................

—

73,545,000

—

73,545,000

Total

Investments

in

Securities

...........

$43,030,050

$7,120,110,941

$3,412,000

$7,166,552,991

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

198

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

383,117,816

$

—

$

383,117,816

Total

Investments

in

Securities

...........

$—

$383,117,816

$—

$383,117,816

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

413,716,758

—

413,716,758

Short

Term

Investments

...................

—

4,200,000

—

4,200,000

Total

Investments

in

Securities

...........

$—

$417,916,758

$—

$417,916,758

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

420,360,355

—

420,360,355

Short

Term

Investments

...................

—

525,000

—

525,000

Total

Investments

in

Securities

...........

$—

$420,885,355

$—

$420,885,355

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

959,479,264

—

959,479,264

Short

Term

Investments

...................

—

12,190,000

—

12,190,000

Total

Investments

in

Securities

...........

$—

$971,669,264

$—

$971,669,264

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,122,742,432

—

1,122,742,432

Short

Term

Investments

...................

—

25,365,000

—

25,365,000

Total

Investments

in

Securities

...........

$—

$1,148,107,432

$—

$1,148,107,432

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,003,283,771

—

1,003,283,771

Short

Term

Investments

...................

—

4,400,000

—

4,400,000

Total

Investments

in

Securities

...........

$—

$1,007,683,771

$—

$1,007,683,771

Franklin

Municipal

Green

Bond

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

9,188,125

—

9,188,125

Total

Investments

in

Securities

...........

$—

$9,188,125

$—

$9,188,125

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

820,813,033

—

820,813,033

Short

Term

Investments

...................

—

1,500,000

—

1,500,000

Total

Investments

in

Securities

...........

$—

$822,313,033

$—

$822,313,033

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

826,636,662

—

826,636,662

Short

Term

Investments

...................

—

42,570,000

—

42,570,000

Total

Investments

in

Securities

...........

$—

$869,206,662

$—

$869,206,662

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

199

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

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

1,642,975,955

$

—

$

1,642,975,955

Short

Term

Investments

...................

—

35,380,000

—

35,380,000

Total

Investments

in

Securities

...........

$—

$1,678,355,955

$—

$1,678,355,955

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,297,832,043

—

1,297,832,043

Short

Term

Investments

...................

—

45,500,000

—

45,500,000

Total

Investments

in

Securities

...........

$—

$1,343,332,043

$—

$1,343,332,043

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,042,378,791

—

1,042,378,791

Short

Term

Investments

...................

—

20,500,000

—

20,500,000

Total

Investments

in

Securities

...........

$—

$1,062,878,791

$—

$1,062,878,791

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

622,466,363

—

622,466,363

Short

Term

Investments

...................

—

14,195,000

—

14,195,000

Total

Investments

in

Securities

...........

$—

$636,661,363

$—

$636,661,363

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

200

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.

BA

M

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.

PSF

Permanent

School

Fund

SIFMA

Securities

Industry

and

Financial

Markets

Association

SOFR

Secured

Overnight

Financing

Rate

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.