Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FTFT-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

2

Franklin

Arizona

Tax-Free

Income

Fund

6

Franklin

Colorado

Tax-Free

Income

Fund

13

Franklin

Connecticut

Tax-Free

Income

Fund

20

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

24

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

46

Franklin

Georgia

Tax-Free

Income

Fund

61

Franklin

High

Yield

Tax-Free

Income

Fund

66

Franklin

Louisiana

Tax-Free

Income

Fund

117

Franklin

Maryland

Tax-Free

Income

Fund

122

Franklin

Massachusetts

Tax-Free

Income

Fund

126

Franklin

Michigan

Tax-Free

Income

Fund

131

Franklin

Minnesota

Tax-Free

Income

Fund

139

Franklin

Missouri

Tax-Free

Income

Fund

147

Franklin

New

Jersey

Tax-Free

Income

Fund

153

Franklin

North

Carolina

Tax-Free

Income

Fund

159

Franklin

Ohio

Tax-Free

Income

Fund

166

Franklin

Oregon

Tax-Free

Income

Fund

176

Franklin

Pennsylvania

Tax-Free

Income

Fund

183

Franklin

Virginia

Tax-Free

Income

Fund

191

Notes

to

Schedules

of

Investments

197

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Alabama

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.9%

Alabama

90.0%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

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

$

2,000,000

$

2,026,741

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,149,936

Alabama

State

University

,

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/36

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

1,500,000

1,657,851

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/40

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

1,500,000

1,646,609

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

3,034,266

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

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

2,500,000

2,662,956

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

6,000,000

6,604,563

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

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

300,000

340,887

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

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

325,000

366,024

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

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

400,000

448,087

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

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

350,000

360,649

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

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

500,000

514,610

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

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

545,000

558,315

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

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

400,000

409,068

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

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

2,540,000

2,584,175

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

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

705,000

716,161

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,757,552

a

Black

Belt

Energy

Gas

District

,

Revenue,

2021

A,

Refunding,

Mandatory

Put,

4%,

12/01/31

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

2,000,000

2,104,363

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

1,000,000

1,024,969

Board

of

Water

&

Sewer

Commissioners

of

the

City

of

Mobile

,

Revenue

,

2014

,

Refunding

,

5

%

,

1/01/36

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

10,000,000

10,145,239

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

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

6,000,000

6,612,963

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

2,787,768

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

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

2,500,000

2,550,354

City

of

Boaz

,

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/46

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

1,000,000

1,019,892

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/50

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

1,500,000

1,524,167

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

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

3,000,000

3,048,131

City

of

Huntsville

,

GO,

2018

B,

5%,

5/01/38

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

4,775,000

5,357,117

Water,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/35

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

4,000,000

4,338,991

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

2,500,000

2,641,705

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

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

2,590,000

2,804,068

City

of

Pelham

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

2/01/34

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

2,635,000

2,773,963

City

of

Trussville

,

GO,

2014

B,

Pre-Refunded,

5%,

10/01/39

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

1,895,000

1,977,959

GO,

2018

A,

4%,

8/01/41

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

3,000,000

3,117,650

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

4,680,410

County

of

Mobile

,

GO,

2020

A,

Refunding,

4%,

8/01/38

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

1,000,000

1,062,746

b

Revenue,

144A,

2020,

4%,

11/01/45

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

2,500,000

2,126,527

DCH

Healthcare

Authority

,

Revenue,

2015,

Refunding,

5%,

6/01/36

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

2,000,000

2,077,244

Revenue,

2021

A,

4%,

6/01/46

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

2,310,000

2,285,110

East

Alabama

Health

Care

Authority

(The)

,

Revenue,

2018

A,

4%,

9/01/30

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

1,000,000

1,044,121

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

East

Alabama

Health

Care

Authority

(The),

(continued)

Revenue,

2018

A,

5%,

9/01/41

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

$

3,000,000

$

3,193,498

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

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

3,000,000

3,065,360

Florence

Public

Building

Authority

,

City

of

Florence

,

Revenue

,

2021

,

4

%

,

9/01/35

....

500,000

518,950

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/45

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

10,000,000

9,948,198

Homewood

Educational

Building

Authority

,

Samford

University,

Revenue,

2019

A,

Refunding,

4%,

12/01/49

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

2,500,000

2,492,388

Samford

University,

Revenue,

2021

A,

4%,

12/01/51

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

1,470,000

1,458,951

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

3,128,030

Infirmary

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/46

3,000,000

2,914,483

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

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

5,000,000

5,557,357

Revenue,

2020,

Refunding,

4%,

12/01/50

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

5,000,000

4,973,605

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

6,231,872

a

Lower

Alabama

Gas

District

(The)

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/25

...

2,000,000

2,037,181

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

3,060,430

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

5,068,256

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGMC

Insured

,

4

%

,

3/01/41

1,000,000

1,012,068

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

2,037,096

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,537,025

a

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

10/01/28

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

5,000,000

5,145,291

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

4,088,607

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,181,615

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

295,513

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,465,495

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

5,408,231

University

of

Alabama

(The)

,

Revenue,

2013

D-2,

Pre-Refunded,

5%,

10/01/37

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

7,520,000

7,833,983

Revenue,

2018

B2,

5%,

9/01/48

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

5,000,000

5,518,898

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,742,547

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,223,343

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

5

%

,

1/01/43

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

5,000,000

5,631,183

200,713,361

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

700,000

629,142

Florida

0.6%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

374,096

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

1,150,000

976,925

1,351,021

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

$

1,000,000

$

976,720

Kentucky

0.5%

b,c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

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

1,500,000

1,177,665

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2019

BB

,

4

%

,

6/15/50

...

250,000

245,390

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

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

1,000,000

959,047

Revenue,

2021

A-1,

4%,

11/15/48

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

375,000

363,914

Revenue,

2021

A-2,

4%,

11/15/41

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

1,600,000

1,589,019

2,911,980

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

500,000

419,957

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

419,506

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

620,629

1,460,092

Texas

0.5%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

600,000

508,776

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

800,000

679,792

1,188,568

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

500,000

419,634

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

500,000

416,858

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

1,300,000

1,291,637

1,708,495

U.S.

Territories

1.6%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,098,750

Puerto

Rico

1.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

500,000

521,532

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

1,042,483

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

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

$

530,000

$

551,371

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

250,000

254,804

2,370,190

Total

U.S.

Territories

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

3,468,940

Total

Municipal

Bonds

(Cost

$222,192,123)

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

216,251,008

a

a

a

a

a

Total

Investments

(Cost

$222,192,123)

96.9%

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

$216,251,008

Other

Assets,

less

Liabilities

3.1%

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

6,825,232

Net

Assets

100.0%

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

$223,076,240

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$9,012,496,

representing

4.0%

of

net

assets.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Arizona

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.0%

Arizona

92.8%

Arizona

Department

of

Transportation

,

State

Highway

Fund,

Revenue,

2015,

Refunding,

5%,

7/01/31

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

$

10,000,000

$

10,547,963

State

Highway

Fund,

Revenue,

2016,

Refunding,

5%,

7/01/36

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

8,680,000

9,505,160

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/39

......

15,000,000

15,461,721

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/42

......

9,535,000

9,812,350

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

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

2,045,000

2,173,027

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/51

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

1,080,000

1,139,137

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,649,323

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

2.65%,

7/01/26

835,000

809,992

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/31

...

550,000

560,580

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/41

...

2,000,000

1,912,020

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/51

...

2,340,000

2,139,209

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,557,230

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/40

865,000

884,463

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/46

2,750,000

2,741,072

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/34

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

1,000,000

1,078,934

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

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

2,740,000

2,939,559

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

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

6,645,000

7,076,621

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

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

5,115,000

4,966,869

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/38

.....

1,175,000

905,813

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/54

.....

1,250,000

867,774

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/36

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

1,105,000

828,114

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/49

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

3,500,000

2,330,865

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

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

2,000,000

1,330,001

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/31

..........

315,000

314,345

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/41

..........

405,000

379,673

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/52

..........

840,000

743,729

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

3.25%,

7/01/31

..........

1,550,000

1,383,634

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/32

..........

660,000

701,989

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/34

..........

660,000

637,667

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/36

..........

315,000

302,190

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/41

..........

2,800,000

2,618,077

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/51

..........

8,000,000

7,112,370

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/61

..........

15,580,000

13,373,141

Leman

Academy

of

Excellence

Obligated

Group,

Revenue,

2022

A,

Refunding,

4.5%,

7/01/54

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

3,000,000

2,873,795

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

2/01/41

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

885,000

768,503

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/49

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

3,345,000

3,673,986

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/54

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

3,240,000

3,544,203

Arizona

Sports

&

Tourism

Authority

,

Revenue

,

2012

A

,

5

%

,

7/01/36

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

1,550,000

1,554,831

Arizona

State

University

,

Revenue,

2014,

5%,

8/01/33

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

2,200,000

2,304,327

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

State

University,

(continued)

Revenue,

2014,

5%,

8/01/34

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

$

3,320,000

$

3,472,445

Revenue,

2014,

5%,

8/01/44

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

4,145,000

4,298,154

Revenue,

2015

B,

Refunding,

5%,

7/01/41

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

14,070,000

14,855,551

Revenue,

2015

D,

5%,

7/01/41

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

5,000,000

5,279,158

Revenue,

2015

D,

5%,

7/01/46

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

5,000,000

5,241,629

Revenue,

2016

B,

5%,

7/01/42

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

2,000,000

2,140,386

Revenue,

2016

C,

5%,

7/01/46

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

10,000,000

10,697,976

Revenue,

2017

B,

Refunding,

5%,

7/01/43

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

4,005,000

4,399,367

Revenue,

2019

A,

5%,

7/01/43

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

2,100,000

2,365,939

Carefree

Utilities

Community

Facilities

District

,

Town

of

Carefree

Water

System

,

Revenue

,

2021

,

4

%

,

7/01/51

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

2,000,000

2,008,449

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,084,967

City

of

Bullhead

,

Excise

Taxes

,

Revenue

,

2022

,

4

%

,

7/01/52

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

2,885,000

2,980,099

City

of

El

Mirage

,

GO

,

2012

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/42

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

2,200,000

2,206,856

City

of

Goodyear

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

AGMC

Insured,

4%,

7/01/39

600,000

628,316

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGMC

Insured,

4%,

7/01/45

.........

5,000,000

5,153,960

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/40

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

650,000

675,567

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/40

...

15,000,000

16,102,454

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/43

...

9,155,000

9,802,556

City

of

Mesa

,

Utility

System,

Revenue,

2018,

5%,

7/01/32

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

1,000,000

1,135,878

Utility

System,

Revenue,

2018,

5%,

7/01/34

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

1,265,000

1,428,405

Utility

System,

Revenue,

2018,

4%,

7/01/38

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

1,425,000

1,477,699

Utility

System,

Revenue,

2018,

4%,

7/01/39

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

6,135,000

6,353,223

Utility

System,

Revenue,

2018,

5%,

7/01/42

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

15,000,000

16,727,682

Utility

System,

Revenue,

2019

A,

5%,

7/01/43

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

10,000,000

11,266,375

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

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

15,090,000

16,092,394

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

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

20,570,000

21,024,679

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/49

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

8,500,000

9,145,107

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

5,000,000

5,349,269

Excise

Tax,

Revenue,

2015

A,

Refunding,

5%,

7/01/41

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

10,000,000

10,728,818

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

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

2,500,000

2,809,464

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

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

1,500,000

1,680,122

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

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

8,420,000

9,388,558

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

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

2,500,000

2,498,146

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

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

3,945,000

4,526,280

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

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

2,000,000

2,328,987

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

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

2,000,000

2,354,625

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

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

5,000,000

6,243,564

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

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

7,000,000

8,819,877

Wastewater,

Revenue,

Junior

Lien,

2018

A,

5%,

7/01/37

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

1,000,000

1,131,284

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

City

of

Phoenix

Civic

Improvement

Corp.,

(continued)

Wastewater,

Revenue,

Junior

Lien,

2018

A,

4%,

7/01/39

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

$

5,000,000

$

5,219,843

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

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

5,000,000

5,465,168

County

of

Maricopa

,

Banner

Health

Obligated

Group

,

Revenue

,

2005

,

Pre-Refunded

,

5

%

,

4/01/35

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

12,090,000

12,752,258

a

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/39

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

10,000,000

10,597,790

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/41

...........

1,500,000

1,532,637

People

of

Faith,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/56

...........

4,000,000

4,025,569

Glendale

Municipal

Property

Corp.

,

City

of

Glendale

Excise

Tax

,

Revenue

,

2012

C

,

Refunding

,

5

%

,

7/01/38

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

18,530,000

18,863,071

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

1,031,217

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

2,048,750

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

2,665,000

2,728,698

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/25

1,015,000

1,065,453

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/27

425,000

454,425

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/30

700,000

742,082

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/32

250,000

262,404

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

600,000

629,441

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/37

2,750,000

2,871,386

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

8,550,000

8,857,696

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,180,399

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,254,736

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,361,618

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/34

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

1,355,000

1,371,547

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/39

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

5,610,000

5,675,723

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018

A,

5%,

7/01/48

......

1,000,000

1,068,731

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

2017

C,

Pre-Refunded,

5%,

12/15/47

.....

3,840,000

4,172,376

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

12/15/32

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

1,765,000

1,917,772

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

6/15/37

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

2,240,000

2,433,886

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

....

1,350,000

1,369,982

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/41

....

1,685,000

1,707,330

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

4/01/51

....

12,000,000

9,520,220

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

4,487,276

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

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

1,310,000

1,378,630

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

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

1,510,000

1,544,632

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

8/01/39

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

1,350,000

1,459,654

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

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

3,000,000

3,037,010

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/23

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

110,000

111,820

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/25

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

90,000

93,878

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/26

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

95,000

100,036

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/27

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

75,000

79,658

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/28

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

80,000

85,457

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/29

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

110,000

117,784

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

La

Paz

County

Industrial

Development

Authority,

(continued)

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/30

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

$

100,000

$

107,177

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/41

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

430,000

404,480

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/46

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

345,000

314,793

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/51

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

580,000

518,549

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,113,439

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

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

9,630,000

9,705,912

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

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

37,590,000

40,147,364

Christian

Care

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

1/01/36

...

3,860,000

4,192,003

Christian

Care

Obligated

Group,

Revenue,

2016

C,

Pre-Refunded,

5%,

1/01/40

...

9,740,000

10,577,749

Creighton

University,

Revenue,

2020,

5%,

7/01/47

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

13,000,000

14,184,905

Creighton

University,

Revenue,

2020,

4%,

7/01/50

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

6,695,000

6,659,764

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.

1,000,000

1,072,227

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/52

.

1,000,000

1,057,459

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/37

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

1,000,000

1,099,242

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/50

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

1,715,000

1,851,585

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/37

.......

4,025,000

4,326,378

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/42

.......

4,000,000

4,271,688

HonorHealth

Obligated

Group,

Revenue,

2021

A,

3%,

9/01/51

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

1,600,000

1,267,538

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

3,920,000

4,220,032

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/36

.........

1,120,000

1,169,034

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/47

.........

3,325,000

3,434,493

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

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

13,500,000

12,765,296

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

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

10,000,000

10,009,165

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

A,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

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

4,500,000

4,097,337

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

B,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

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

2,150,000

1,957,616

Southern

California

Edison

Co.,

Revenue,

2000

A,

Refunding,

2.4%,

6/01/35

.....

10,000,000

8,289,925

Maricopa

County

School

District

No.

83-Cartwright

Elementary

,

GO

,

2011

A

,

Refunding

,

AGMC

Insured

,

5.375

%

,

7/01/30

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

5,415,000

5,433,503

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO,

2013,

5%,

7/01/31

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

5,100,000

5,271,821

GO,

2018,

BAM

Insured,

5%,

7/01/33

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

1,000,000

1,110,421

Maricopa

County

Unified

School

District

No.

95

Queen

Creek

,

GO,

2018,

5%,

7/01/33

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

500,000

546,480

GO,

2018,

5%,

7/01/37

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

1,200,000

1,311,553

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

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

2,000,000

2,175,548

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

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

2,000,000

2,157,084

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

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

1,000,000

1,077,344

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,109,417

Northern

Arizona

University

,

Revenue,

2013,

5%,

8/01/26

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

2,380,000

2,446,702

Revenue,

2014,

5%,

6/01/40

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

4,545,000

4,715,668

Revenue,

2014,

Pre-Refunded,

5%,

6/01/40

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

2,820,000

2,986,097

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

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

3,305,000

3,611,135

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

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

2,665,000

2,957,934

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Pima

County

Unified

School

District

No.

30

Sahuarita,

(continued)

GO,

2017,

BAM

Insured,

5%,

7/01/34

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

$

2,800,000

$

3,103,561

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017

C,

BAM

Insured,

5%,

7/01/36

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

2,385,000

2,655,552

GO,

2018

D,

AGMC

Insured,

5%,

7/01/38

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

2,500,000

2,778,565

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,160,199

Pinal

County

Electric

District

No.

3

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/35

.......

1,195,000

1,300,855

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2012

A,

Refunding,

5%,

12/01/30

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

4,500,000

4,500,000

Revenue,

2016

A,

Refunding,

5%,

1/01/38

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

9,745,000

10,719,901

Revenue,

2017

A,

Refunding,

5%,

1/01/37

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

10,000,000

11,157,645

Revenue,

2017

A,

Refunding,

5%,

1/01/38

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

3,310,000

3,688,640

Revenue,

2017

A,

Refunding,

5%,

1/01/39

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

5,605,000

6,238,413

Revenue,

2019

A,

5%,

1/01/47

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

5,000,000

5,639,386

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

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

10,000,000

11,173,275

Revenue,

2007-1,

5%,

12/01/37

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

5,000,000

5,649,008

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

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

1,000,000

1,049,454

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

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

1,400,000

1,463,375

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

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

3,155,000

3,287,803

Town

of

Gilbert

,

Pledged

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

10,000,000

10,618,831

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

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

2,500,000

2,784,053

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

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

5,000,000

5,530,818

Excise

Tax,

Revenue,

2020,

4%,

8/01/50

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

8,740,000

8,922,134

University

Medical

Center

Corp.

,

Banner-University

Medical

Center

Tucson

Campus

LLC

,

Revenue

,

2013

,

Pre-Refunded

,

5.625

%

,

7/01/36

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

5,000,000

5,210,517

University

of

Arizona

(The)

,

Revenue,

2013,

5%,

8/01/38

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

5,790,000

5,924,399

Revenue,

2016,

Refunding,

5%,

6/01/39

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

2,750,000

2,959,248

Revenue,

2018

A,

5%,

6/01/43

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

5,000,000

5,544,851

Revenue,

2019

A,

5%,

6/01/42

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

2,000,000

2,255,007

802,127,912

Florida

0.1%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

800,000

598,553

Georgia

0.3%

c

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

3,290,000

2,755,201

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

1,900,000

1,595,837

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,594,121

3,189,958

Texas

0.6%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

2,204,699

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

3,300,000

2,804,141

5,008,840

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

0.2%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

$

1,900,000

$

1,594,607

Wisconsin

1.1%

c

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

1,900,000

1,584,062

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

5,000,000

4,967,834

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,300,000

2,757,071

9,308,967

U.S.

Territories

3.5%

Guam

1.4%

Guam

Power

Authority

,

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/39

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

6,490,000

6,812,991

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/44

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

5,325,000

5,574,185

12,387,176

Puerto

Rico

2.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

3,700,000

3,859,334

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

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

770,000

825,966

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

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

750,000

797,459

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

2,790,000

2,997,011

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

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

1,970,000

2,082,722

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

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

5,050,000

5,253,628

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

2,290,000

2,460,846

18,276,966

Total

U.S.

Territories

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

30,664,142

Total

Municipal

Bonds

(Cost

$870,480,823)

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

855,248,180

a

a

a

a

Short

Term

Investments

0.6%

Municipal

Bonds

0.6%

Arizona

0.6%

d

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.62

%

,

2/01/48

5,000,000

5,000,000

Total

Municipal

Bonds

(Cost

$5,000,000)

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

5,000,000

Total

Short

Term

Investments

(Cost

$5,000,000

)

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

5,000,000

a

Total

Investments

(Cost

$875,480,823)

99.6%

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

$860,248,180

Other

Assets,

less

Liabilities

0.4%

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

3,572,654

Net

Assets

100.0%

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

$863,820,834

a

Security

purchased

on

a

when-issued

basis.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$20,862,005,

representing

2.4%

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Colorado

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.5%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

2,000,000

$

1,797,549

Colorado

91.0%

Adams

&

Weld

Counties

School

District

No.

27J

Brighton

,

GO

,

2015

,

5

%

,

12/01/40

..

7,500,000

8,121,824

Adams

12

Five

Star

Schools

,

GO

,

2016

B

,

Refunding

,

5

%

,

12/15/36

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

5,000,000

5,518,817

Adams

State

University

,

Revenue,

2012,

5%,

5/15/37

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

630,000

631,165

Revenue,

2019

A,

Refunding,

4%,

5/15/42

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

1,515,000

1,554,912

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,249,777

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

7,687,002

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

12,980,000

15,056,242

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,070,313

Auraria

Higher

Education

Center

,

Revenue

,

2013

A

,

AGMC

Insured

,

5

%

,

4/01/34

...

6,150,000

6,272,966

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013

A,

Refunding,

5%,

3/01/43

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

5,000,000

6,150,307

Revenue,

2013

C,

Pre-Refunded,

5%,

3/01/44

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

5,135,000

5,267,312

Revenue,

2015

A,

5%,

3/01/40

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

3,010,000

3,163,214

Revenue,

2015

A,

Pre-Refunded,

5%,

3/01/40

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

3,990,000

4,300,245

Revenue,

2017

E,

Refunding,

4%,

3/01/43

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

4,500,000

4,545,633

Revenue,

2019

A,

Refunding,

5%,

3/01/49

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

4,000,000

4,499,660

Revenue,

A,

Refunding,

4%,

3/01/40

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

5,000,000

5,065,821

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

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

10,000,000

10,998,682

Boulder

Valley

School

District

No.

Re-2

Boulder

,

GO

,

2015

,

5

%

,

12/01/41

.........

5,000,000

5,305,166

a

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

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

4,380,000

4,209,273

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

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

1,150,000

1,151,535

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

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

3,000,000

3,361,018

Revenue,

2019,

5.25%,

12/01/48

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

6,760,000

7,752,433

Central

Weld

County

Water

District

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/40

..

1,000,000

1,046,173

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/45

........

2,250,000

2,304,313

City

&

County

of

Denver

,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

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

3,500,000

3,542,631

Revenue,

2018

A-1,

5%,

8/01/48

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

5,000,000

5,401,115

Revenue,

2021

A,

4%,

8/01/33

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

1,250,000

1,384,746

Revenue,

2021

A,

4%,

8/01/34

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

1,000,000

1,096,818

Airport

System,

Revenue,

2013

B,

5%,

11/15/43

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

5,000,000

5,148,895

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

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

5,000,000

5,468,652

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

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

4,440,000

4,827,880

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

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

3,000,000

3,376,819

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2013

B-1,

5%,

11/15/38

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

4,000,000

4,160,441

Utilities

System,

Revenue,

2014

A-2,

5%,

11/15/44

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

5,000,000

5,274,811

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/40

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

3,000,000

3,245,909

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

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

2,665,000

2,870,625

Utilities

System,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/47

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

6,000,000

6,658,648

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

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

5,000,000

5,565,335

Utilities

System,

Revenue,

2020

C,

5%,

11/15/50

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

3,000,000

3,425,433

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

15,035,715

City

of

Grand

Junction

,

COP,

2021,

4%,

12/01/40

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

1,500,000

1,569,259

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

City

of

Grand

Junction,

(continued)

COP,

2021,

4%,

12/01/45

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

$

1,000,000

$

1,036,121

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

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

1,500,000

1,549,953

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/49

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

1,240,000

1,275,904

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

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

5,280,000

5,295,367

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

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

425,000

403,738

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

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

150,000

138,508

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

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

370,000

323,244

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/61

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

550,000

462,920

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/41

......

1,460,000

1,232,401

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/51

......

3,635,000

2,806,376

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/26

.......

195,000

196,375

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/32

.......

280,000

275,951

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/52

.......

1,355,000

1,183,333

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/62

.......

1,600,000

1,347,674

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/46

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

345,000

315,774

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/56

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

1,000,000

866,474

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/61

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

2,210,000

1,865,523

Pinnacle

Charter

School,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

.......

5,820,000

5,954,276

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

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

715,000

770,863

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

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

3,950,000

4,270,743

West

Ridge

Academy

Charter

School,

Revenue,

2019

A,

Refunding,

5%,

6/01/49

..

400,000

411,413

Westgate

Community

School,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........

2,370,000

2,425,973

Windsor

Charter

Academy

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

2,400,000

2,421,512

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

11/15/41

......

3,000,000

3,031,535

AdventHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

......

5,000,000

5,523,450

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

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

1,575,000

1,612,271

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

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

850,000

862,139

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

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

705,000

711,300

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

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

835,000

838,010

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

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

725,000

722,118

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

3,092,733

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

4.75%,

9/15/53

.........

1,500,000

1,505,560

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

5,000,000

5,215,486

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

3,000,000

3,156,879

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,100,747

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

7,000,000

7,309,076

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

9,990,000

9,765,497

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013

A,

Pre-

Refunded,

5.75%,

12/01/36

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

5,000,000

5,297,108

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

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

7,150,000

7,350,069

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

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

5,000,000

5,206,413

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

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

5,700,000

5,269,560

Craig

Hospital

Obligated

Group,

Revenue,

2022

A,

5%,

12/01/52

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

3,535,000

3,849,284

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.5%,

6/01/33

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

1,000,000

1,037,945

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

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

$

4,156,706

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/40

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

4,000,000

4,335,186

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/45

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

2,750,000

2,980,441

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,216,896

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

6,275,000

6,006,806

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/01/39

..........

1,000,000

1,005,834

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/44

..........

10,455,000

11,156,352

Sisters

of

Charity

of

Leavenworth

Health

System,

Inc.

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

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

3,660,000

3,719,106

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

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

2,000,000

2,070,895

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

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

1,000,000

1,031,655

Colorado

High

Performance

Transportation

Enterprise

,

Revenue

,

2017

,

5

%

,

12/31/47

2,555,000

2,614,391

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

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

1,000,000

942,049

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

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

1,000,000

936,387

Colorado

Mesa

University

,

Revenue,

2019

B,

5%,

5/15/44

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

1,000,000

1,119,531

Revenue,

2019

B,

5%,

5/15/49

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

1,565,000

1,742,608

Colorado

School

of

Mines

,

Revenue,

2012

B,

5%,

12/01/32

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

110,000

111,403

Revenue,

2017

A,

5%,

12/01/42

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

2,450,000

2,694,208

Revenue,

2017

A,

5%,

12/01/47

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

3,000,000

3,279,059

Commerce

City

,

Northern

Infrastructure

General

Improvement

District

,

GO

,

2013

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/31

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

2,040,000

2,075,207

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

2,657,575

Denver

City

&

County

School

District

No.

1

,

COP,

2013

C,

5%,

12/15/30

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

4,000,000

4,176,492

COP,

2020

A,

5%,

12/01/42

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

2,000,000

2,287,012

GO,

2017,

5%,

12/01/41

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

12,440,000

13,683,062

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

10,144,943

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

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

5,255,000

5,566,699

Revenue,

2014

A,

5.25%,

12/01/45

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

9,250,000

9,429,257

Revenue,

2019

A,

Refunding,

5%,

12/01/30

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

1,000,000

1,112,281

Revenue,

2019

A,

Refunding,

5%,

12/01/31

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

1,400,000

1,550,902

Revenue,

2019

A,

Refunding,

5%,

12/01/33

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

3,300,000

3,631,674

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

350,000

345,727

Eagle

River

Water

and

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

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

1,360,000

1,474,259

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/38

1,000,000

1,071,655

Erie

Farm

Metropolitan

District

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/41

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

575,000

653,076

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/46

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

700,000

787,184

GO,

2021,

Refunding,

AGMC

Insured,

4%,

12/01/51

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

1,200,000

1,210,031

a,b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,731,683

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

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

520,000

534,076

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

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

875,000

876,168

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

$

5,000,000

$

5,630,370

Metropolitan

State

University

of

Denver

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/45

4,000,000

4,378,001

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

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

1,000,000

1,064,138

GO,

2016,

Refunding,

5%,

12/01/46

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

1,500,000

1,580,059

Park

Creek

Metropolitan

District

,

Revenue,

2017

A,

5%,

12/01/41

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

3,000,000

3,187,655

Revenue,

2017

A,

5%,

12/01/46

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

2,500,000

2,643,623

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

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

7,000,000

7,442,639

Revenue,

Senior

Lien,

2018

A,

5%,

12/01/46

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

2,875,000

3,179,830

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

7,230,908

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

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

550,000

473,001

Prairiestar

Metropolitan

District

No.

2

,

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/36

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

500,000

571,529

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/41

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

500,000

567,021

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/46

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

500,000

560,983

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

12,971,303

Pueblo

City

Schools

,

GO

,

2020

,

5

%

,

12/15/38

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

3,000,000

3,429,620

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

1/15/33

........

550,000

547,681

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,000,000

988,526

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/36

........

750,000

739,557

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/38

........

700,000

681,067

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/41

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

10,000,000

10,948,955

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/46

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

11,000,000

11,972,142

Roaring

Fork

Transportation

Authority

,

Sales

&

Use

Tax

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/44

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

1,000,000

1,034,259

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

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

2,665,000

2,788,051

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

928,865

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

6,011,125

State

of

Colorado

,

COP,

2013

I,

Pre-Refunded,

5%,

3/15/36

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

3,000,000

3,168,149

COP,

2017

J,

5.25%,

3/15/42

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

5,000,000

5,576,180

COP,

2019

O,

4%,

3/15/44

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

5,000,000

5,111,095

COP,

2020,

Refunding,

4%,

6/15/39

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

1,000,000

1,031,340

COP,

2020,

Refunding,

4%,

6/15/40

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

1,315,000

1,354,136

COP,

2020

A,

4%,

12/15/38

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

3,555,000

3,679,072

University

of

Colorado,

COP,

2013

A,

Pre-Refunded,

5%,

11/01/29

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

3,105,000

3,248,147

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,227,630

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

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

500,000

428,480

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

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

1,250,000

1,088,288

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

4,500,000

4,874,122

Town

of

Castle

Rock

,

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/32

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

1,845,000

1,907,786

Sales

&

Use

Tax,

Revenue,

2013,

Pre-Refunded,

5%,

6/01/35

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

2,775,000

2,869,434

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Town

of

Firestone

,

Water

Enterprise

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/49

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

$

1,400,000

$

1,418,315

Town

of

Monument

,

COP,

2020,

AGMC

Insured,

4%,

12/01/40

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

1,000,000

1,036,454

COP,

2020,

AGMC

Insured,

4%,

12/01/45

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

1,000,000

1,028,552

University

of

Colorado

,

Revenue

,

2019

B

,

5

%

,

6/01/44

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

1,930,000

2,162,048

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

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

380,000

415,672

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

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

480,000

523,265

Weld

County

School

District

No.

RE-4

,

GO

,

2016

,

5.25

%

,

12/01/41

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

5,000,000

5,552,315

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

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

630,000

700,259

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

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

500,000

551,614

569,246,868

Florida

1.1%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

4,104,000

3,741,945

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

800,000

598,553

a

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

3,215,000

2,731,143

7,071,641

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

2,400,000

2,009,873

Illinois

1.0%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

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

3,000,000

3,061,688

GO,

2019

B,

4%,

11/01/33

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

1,250,000

1,227,948

GO,

2021

A,

5%,

3/01/31

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

650,000

711,779

GO,

2021

A,

5%,

3/01/32

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

500,000

541,586

GO,

2021

A,

4%,

3/01/39

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

500,000

477,591

6,020,592

New

York

0.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

900,000

873,394

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

1,400,000

1,175,880

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,400,000

1,174,615

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

620,630

2,971,125

Texas

0.6%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,900,000

1,611,126

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

2,400,000

2,039,375

3,650,501

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

1,400,000

1,174,974

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

$

1,400,000

$

1,167,203

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

3,700,000

3,676,197

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

2,400,000

2,005,143

6,848,543

U.S.

Territories

1.3%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,648,125

Puerto

Rico

1.0%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

1,200,000

1,251,676

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

1,042,483

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

1,670,000

1,793,910

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

1,485,000

1,595,788

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

764,412

6,448,269

Total

U.S.

Territories

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

8,096,394

Total

Municipal

Bonds

(Cost

$622,880,010)

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

609,761,454

a

a

a

a

Short

Term

Investments

1.5%

Municipal

Bonds

1.5%

Colorado

1.5%

c

City

&

County

of

Denver

,

COP,

2008

A-1,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.62%,

12/01/29

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

2,000,000

2,000,000

COP,

2008

A-2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.62%,

12/01/29

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

3,500,000

3,500,000

COP,

2008

A-3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.62%,

12/01/31

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

4,000,000

4,000,000

9,500,000

Total

Municipal

Bonds

(Cost

$9,500,000)

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

9,500,000

Total

Short

Term

Investments

(Cost

$9,500,000

)

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

9,500,000

a

Total

Investments

(Cost

$632,380,010)

99.0%

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

$619,261,454

Other

Assets,

less

Liabilities

1.0%

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

6,000,145

Net

Assets

100.0%

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

$625,261,599

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$26,751,053,

representing

4.3%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Connecticut

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.9%

Connecticut

91.6%

City

of

Ansonia

,

GO,

2021

A,

AGMC

Insured,

4%,

2/15/31

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

$

170,000

$

184,575

GO,

2021

A,

AGMC

Insured,

4%,

2/15/33

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

100,000

107,197

GO,

2021

A,

AGMC

Insured,

4%,

2/15/34

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

100,000

106,559

GO,

2021

A,

AGMC

Insured,

3%,

2/15/37

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

500,000

474,428

City

of

Bridgeport

,

GO,

2021

A,

4%,

8/01/40

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

765,000

790,456

GO,

2021

A,

4%,

8/01/46

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

375,000

382,761

GO,

2021

A,

4%,

8/01/51

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

575,000

584,079

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,096,923

City

of

New

Haven

,

GO,

2002

C,

NATL

Insured,

ETM,

5%,

11/01/22

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

25,000

25,080

GO,

2021

A,

Refunding,

4%,

8/01/40

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

2,000,000

2,060,285

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

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

1,000,000

1,031,065

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

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

565,000

575,310

Connecticut

Housing

Finance

Authority

,

Revenue,

2019

E-E1,

3.05%,

11/15/44

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

5,000,000

4,418,207

Revenue,

2019

E-E1,

3.1%,

11/15/49

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

2,000,000

1,711,170

Revenue,

2020

C-1,

Refunding,

2.05%,

5/15/37

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

1,000,000

832,525

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

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

960,000

844,671

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue,

2013

A,

5%,

1/01/38

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

1,550,000

1,570,158

Revenue,

2013

A,

Pre-Refunded,

5%,

1/01/38

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

1,450,000

1,479,550

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group,

Revenue,

D-1,

Refunding,

4%,

7/01/46

..

1,000,000

1,020,552

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/34

345,000

368,487

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/35

310,000

329,505

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

507,843

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

600,000

631,837

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

331,141

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

397,401

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

885,828

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

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

5,000,000

5,003,457

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

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

4,000,000

4,191,769

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

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

9,000,000

9,473,682

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

..........

4,500,000

4,533,756

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/41

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

735,000

701,858

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/51

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

1,250,000

1,130,362

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

1,001,634

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

6,310,000

6,300,469

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

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

8,250,000

8,524,133

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

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

4,375,000

4,632,242

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

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

1,200,000

1,203,691

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/37

...

2,550,000

2,524,906

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/46

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

2,210,000

1,901,087

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

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

5,000,000

5,273,456

Trustees

of

Trinity

College

(The),

Revenue,

R,

Refunding,

4%,

6/01/45

..........

2,500,000

2,516,216

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/46

..........

2,000,000

2,010,886

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/51

..........

2,000,000

1,995,276

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

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

5,000,000

5,164,085

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

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

1,700,000

1,540,572

Revenue,

2020

D,

Pre-Refunded,

3%,

11/15/35

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

1,145,000

1,182,455

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

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,

2021

B,

2.25%,

11/15/37

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

$

2,500,000

$

2,113,890

Hartford

County

Metropolitan

District

,

Clean

Water

Project

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

11/01/42

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

5,000,000

5,360,890

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

A-Thirtieth,

Pre-Refunded,

5%,

8/01/44

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

1,615,000

1,720,728

Revenue,

Second

Series,

B-Thirty

Second,

Refunding,

5%,

8/01/38

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

1,720,000

1,855,540

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/36

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

5,000,000

5,165,083

GO,

2020

A,

4%,

1/15/38

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

2,250,000

2,298,460

GO,

2020

C,

4%,

6/01/39

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

600,000

610,357

Special

Tax,

2013,

5%,

10/01/30

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

5,000,000

5,189,916

Special

Tax,

2016

A,

5%,

9/01/33

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

1,000,000

1,083,783

Special

Tax,

2018

A,

5%,

1/01/36

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

1,000,000

1,104,130

Special

Tax,

2020

A,

5%,

5/01/37

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

500,000

569,673

Special

Tax,

2020

A,

4%,

5/01/39

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

1,000,000

1,025,355

Special

Tax,

2021

A,

4%,

5/01/40

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

1,100,000

1,128,997

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

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

1,400,000

1,453,318

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/34

.......

5,000,000

5,338,973

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/35

.......

1,000,000

1,067,244

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017

A,

5%,

5/01/37

.......

3,000,000

3,330,374

Town

of

Darien

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/01/39

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

350,000

359,650

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

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

500,000

513,900

Town

of

Stafford

,

GO,

2021,

Refunding,

3%,

2/01/36

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

250,000

238,659

GO,

2021,

Refunding,

3%,

2/01/38

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

310,000

290,106

GO,

2021,

Refunding,

3%,

2/01/41

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

300,000

275,393

Town

of

Stratford

,

GO,

2017,

AGMC

Insured,

5%,

7/01/33

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

1,000,000

1,059,513

GO,

2020

A,

Refunding,

BAM

Insured,

5%,

7/01/31

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

1,000,000

1,145,079

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/36

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

300,000

308,766

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/38

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

300,000

305,959

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/40

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

300,000

304,958

University

of

Connecticut

,

Revenue,

2013

A,

5%,

8/15/28

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

6,590,000

6,797,574

Revenue,

2014

A,

5%,

2/15/31

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

2,000,000

2,080,307

Revenue,

2017

A,

5%,

1/15/37

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

1,000,000

1,083,943

Revenue,

2020

A,

5%,

2/15/40

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

1,000,000

1,120,488

Revenue,

2020

A,

5%,

2/15/41

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

995,000

1,113,398

150,967,989

Florida

0.2%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

374,096

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

625,000

523,404

Illinois

0.6%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

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

1,000,000

936,372

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/35

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

300,000

304,723

Revenue,

2021

QQQ,

4%,

6/15/36

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

100,000

101,298

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

See

Abbreviations

on

page

203

.

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

$

178,540

584,561

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

500,000

419,957

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

419,506

839,463

Texas

0.9%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

500,000

423,980

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

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

780,000

611,018

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

615,000

522,590

1,557,588

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

500,000

419,634

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

400,000

333,486

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

1,000,000

993,567

1,327,053

U.S.

Territories

2.3%

Puerto

Rico

2.3%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

1,480,000

1,589,813

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

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

2,010,000

2,134,241

3,724,054

Total

U.S.

Territories

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

3,724,054

Total

Municipal

Bonds

(Cost

$169,397,025)

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

161,254,214

a

a

a

a

Short

Term

Investments

0.8%

Municipal

Bonds

0.8%

Connecticut

0.8%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

0.3

%

,

7/01/36

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

1,400,000

1,400,000

Total

Municipal

Bonds

(Cost

$1,400,000)

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

1,400,000

Total

Short

Term

Investments

(Cost

$1,400,000

)

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

1,400,000

a

Total

Investments

(Cost

$170,797,025)

98.7%

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

$162,654,214

Other

Assets,

less

Liabilities

1.3%

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

2,106,857

Net

Assets

100.0%

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

$164,761,071

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$4,010,714,

representing

2.4%

of

net

assets.

b

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Shares

a

Value

a

Management

Investment

Companies

1.7%

Capital

Markets

1.7%

a

Franklin

Municipal

Green

Bond

ETF

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

2,115,000

$

51,267,600

Total

Management

Investment

Companies

(Cost

$57,603,313)

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

51,267,600

Principal

Amount

a

a

a

a

Municipal

Bonds

97.8%

Alabama

2.0%

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

....

$

7,000,000

7,174,782

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

565,892

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

554,338

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

489,471

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/39

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

2,250,000

2,284,171

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

5,281,756

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/28

.......

5,000,000

5,350,131

b

Lower

Alabama

Gas

District

(The)

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/25

...

25,935,000

26,417,145

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

3,001,924

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,105,199

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,231,135

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

3,488,020

60,943,964

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

1,828,152

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,372,424

3,200,576

Arizona

3.2%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/29

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

10,920,000

11,516,093

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,199,890

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

652,621

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

684,278

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,085,948

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,201,767

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

1,250,000

1,345,944

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,129,889

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/37

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

1,105,000

1,111,425

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/38

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

600,000

601,991

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/27

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

160,000

168,045

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/28

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

$

170,000

$

178,025

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/29

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

160,000

167,074

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/30

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

185,000

192,710

Kipp

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/31

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

195,000

202,587

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/27

..........

55,000

58,122

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/28

..........

60,000

63,570

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/29

..........

60,000

63,785

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/30

..........

65,000

69,287

Kipp

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/31

..........

70,000

74,640

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/35

.....

500,000

546,326

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/36

.....

750,000

818,548

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/37

.....

600,000

653,789

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/38

.....

1,000,000

1,087,902

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

3%,

2/01/39

.....

1,200,000

1,099,599

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,763,216

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

11,042,450

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

7,500,000

8,223,088

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

6,225,000

6,818,201

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

9,720,000

10,910,058

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/36

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

6,380,000

7,153,793

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

611,405

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

490,848

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

604,111

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/30

.......

850,000

935,777

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

.......

1,000,000

1,095,041

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/32

.......

1,000,000

1,087,162

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/33

.......

800,000

868,243

Pima

County

Regional

Transportation

Authority

,

Excise

Tax,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,498,487

Excise

Tax,

Revenue,

2014,

5%,

6/01/26

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

7,180,000

7,414,909

Scottsdale

Municipal

Property

Corp.

,

City

of

Scottsdale

Excise

Tax,

Revenue,

2015,

Refunding,

5%,

7/01/26

..........

2,580,000

2,803,202

City

of

Scottsdale

Excise

Tax,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/28

.......

3,325,000

3,620,968

95,914,814

Arkansas

0.6%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

4,630,000

5,031,629

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

3,625,000

3,926,763

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

1,250,000

1,349,962

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

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

1,000,000

1,075,942

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

1,000,000

1,071,912

City

of

Fort

Smith

,

Sales

&

Use

Tax

,

Revenue

,

2012

,

Refunding

,

5

%

,

5/01/23

......

5,000,000

5,014,867

17,471,075

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

26

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

4.4%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

$

7,000,000

$

7,365,394

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,244,810

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

12/01/27

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

2,500,000

2,582,649

b

California

Infrastructure

&

Economic

Development

Bank

,

California

Academy

of

Sciences

,

Revenue

,

2018

B

,

Refunding

,

Mandatory

Put

,

1.14

%

,

(

SIFMA

Municipal

Swap

Index

+

0.35

%

),

8/01/24

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

2,500,000

2,477,741

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,457,236

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

715,196

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,375,156

Southern

California

Edison

Co.,

Revenue,

2010

A,

Refunding,

1.75%,

9/01/29

....

7,000,000

6,155,528

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/34

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

10,605,000

11,443,277

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/35

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

11,000,000

11,855,549

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2021

B-1,

Refunding,

1.85%,

6/01/31

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

3,000,000

2,975,516

Revenue,

2021

B-1,

Refunding,

3.85%,

6/01/50

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

5,000,000

4,596,334

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013

A,

5%,

7/01/26

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

11,025,000

11,230,918

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

8,220,000

9,105,085

Power

System,

Revenue,

2017

C,

5%,

7/01/32

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

4,615,000

5,140,855

Power

System,

Revenue,

2017

C,

5%,

7/01/33

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

3,960,000

4,388,926

Power

System,

Revenue,

2017

C,

5%,

7/01/34

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

4,080,000

4,513,842

Los

Angeles

Unified

School

District

,

GO

,

2018

B-1

,

5

%

,

7/01/32

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

8,000,000

8,933,311

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/36

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

855,000

904,930

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/37

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

1,250,000

1,321,505

State

of

California

,

GO,

Refunding,

5%,

10/01/25

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

15,000,000

15,400,188

GO,

Refunding,

5%,

8/01/30

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

10,000,000

10,809,512

129,993,458

Colorado

3.5%

City

&

County

of

Denver

,

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,209,728

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

4,250,000

4,422,859

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

650,000

730,604

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

791,014

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

750,000

834,117

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

1,000,000

1,109,740

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/34

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

1,100,000

1,214,263

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

2,000,000

2,134,188

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

8,953,211

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,254,379

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,247,147

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,144,762

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

3,000,000

3,201,282

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

5,500,000

5,841,221

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

4,759,160

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

27

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-2,

Refunding,

5%,

8/01/37

$

2,000,000

$

2,104,586

c,d

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,066,019

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

33,650,000

38,253,993

Regional

Transportation

District

,

COP,

2013

A,

Refunding,

5%,

6/01/26

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

14,000,000

14,432,645

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/33

........

1,000,000

994,222

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/34

........

1,400,000

1,387,493

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

445,714

103,532,347

Connecticut

2.2%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

2,941,709

GO,

2019,

3%,

6/01/36

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

3,025,000

2,883,340

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/38

..........

2,500,000

2,550,973

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

5,426,308

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

250,253

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

4,755,684

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

790,594

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

704,367

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

814,345

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

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

550,000

615,293

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/26

...

200,000

216,910

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/27

...

250,000

274,612

State

of

Connecticut

,

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,574,208

GO,

2020

C,

4%,

6/01/36

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

1,800,000

1,861,242

GO,

2021

A,

3%,

1/15/33

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

3,500,000

3,422,237

GO,

2021

B,

3%,

6/01/37

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

8,620,000

8,051,768

Special

Tax,

2020

A,

5%,

5/01/35

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

4,500,000

5,153,616

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

3,618,264

Special

Tax,

2021

A,

5%,

5/01/41

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

1,500,000

1,715,271

Special

Tax,

A,

5%,

1/01/28

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

10,000,000

10,178,674

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,330,644

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

5,433,341

66,563,653

Florida

8.0%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

5,000,000

5,556,434

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

1,600,000

1,763,177

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

3,445,000

3,788,861

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

2,561,274

Broward

County

,

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/24

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

6,000,000

6,069,144

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/25

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

6,325,000

6,397,889

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

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

$

1,000,000

$

1,069,471

c

Capital

Trust

Agency,

Inc.

,

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

5,345,000

4,870,311

Revenue,

144A,

2021

A-2,

5.1%,

12/01/31

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

1,850,000

1,657,933

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1

T,

5.05%,

7/01/34

..........

855,000

774,326

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

225,135

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

6,093,777

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,679,780

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

..

1,650,000

1,650,145

Sales

Tax,

Revenue,

2012

A,

Refunding,

5%,

10/01/28

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

6,000,000

6,054,684

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/40

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

2,500,000

2,393,483

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2021

B-1,

2%,

1/01/29

4,300,000

3,806,669

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,598,577

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,741,149

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,085,004

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

707,075

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

504,178

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,088,558

County

of

Lee

,

Airport

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/31

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

6,000,000

6,784,435

County

of

Miami-Dade

,

Transit

System

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/35

....

13,890,000

14,532,240

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,093,711

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/34

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

15,560,000

17,164,672

Revenue,

2019

A,

4%,

10/01/35

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

5,000,000

5,122,084

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

184,059

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

294,897

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

239,666

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

248,513

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

252,492

JEA

Water

&

Sewer

System

,

Revenue,

2014

A,

5%,

10/01/26

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

1,455,000

1,534,566

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/26

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

1,530,000

1,613,809

Revenue,

2014

A,

5%,

10/01/27

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

5,130,000

5,405,778

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/27

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

5,375,000

5,669,428

Revenue,

2014

A,

5%,

10/01/29

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

1,205,000

1,268,441

Revenue,

2014

A,

Pre-Refunded,

5%,

10/01/29

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

1,265,000

1,334,293

Revenue,

2017

A,

Refunding,

5%,

10/01/31

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

17,435,000

19,675,260

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group

,

Revenue

,

A-1

,

Refunding

,

4

%

,

4/01/37

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

5,000,000

5,111,494

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

5/01/57

6,965,000

5,998,606

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

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

6,040,000

6,290,110

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,083,662

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Orange

County

Health

Facilities

Authority,

(continued)

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/30

.....

$

2,875,000

$

3,081,593

Orlando

Utilities

Commission

,

Revenue,

2012

A,

Refunding,

5%,

10/01/24

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

2,405,000

2,571,532

Revenue,

2012

A,

Refunding,

5%,

10/01/25

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

2,000,000

2,189,667

Revenue,

2018

A,

5%,

10/01/33

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

1,755,000

1,967,879

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013

B

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

7/01/24

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

14,650,000

15,169,197

Palm

Beach

County

Health

Facilities

Authority

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2019

,

4

%

,

8/15/49

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

11,895,000

11,932,701

Palm

Beach

County

School

District

,

COP

,

2014

B

,

5

%

,

8/01/25

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

4,000,000

4,327,622

River

Hall

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

440,785

State

of

Florida

,

GO,

2015

E,

Refunding,

4%,

6/01/33

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

11,855,000

12,400,067

GO,

2017

C,

Refunding,

4%,

6/01/32

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

7,855,000

8,363,909

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,299,332

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

3,044,239

239,827,773

Georgia

2.4%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/27

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

7,000,000

7,302,153

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/28

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

5,100,000

5,312,584

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

5,165,000

5,577,892

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

7,572,617

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,361,390

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

900,000

935,372

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

565,000

583,964

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

450,000

462,594

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

865,000

883,753

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,400,000

1,425,828

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/32

250,000

259,826

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/33

250,000

258,391

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/34

275,000

282,697

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/35

275,000

280,962

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/36

275,000

280,073

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

4,062,216

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

4,700,905

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

5,149,724

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,116,963

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

1,916,593

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,290,305

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

2,000,000

2,169,248

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

1,000,000

1,079,280

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2021

C,

4%,

12/01/25

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

1,000,000

1,027,308

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Main

Street

Natural

Gas,

Inc.,

(continued)

b

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

$

5,000,000

$

5,105,061

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/30

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

1,000,000

1,110,835

Revenue,

2019

A,

5%,

1/01/31

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

600,000

663,356

Revenue,

2019

A,

5%,

1/01/32

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

500,000

550,974

Revenue,

2019

A,

5%,

1/01/33

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

1,000,000

1,100,024

Revenue,

2019

B,

5%,

1/01/29

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

500,000

553,878

Revenue,

2019

B,

5%,

1/01/30

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

480,000

527,042

Revenue,

2019

B,

5%,

1/01/31

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

700,000

766,194

Revenue,

2019

B,

5%,

1/01/32

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

750,000

819,083

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,139,266

Revenue,

2019

B,

5%,

1/01/34

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

700,000

761,892

72,390,243

Hawaii

1.0%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

21,695,000

22,944,452

GO,

EO,

Pre-Refunded,

5%,

8/01/28

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

3,305,000

3,514,112

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

4,507,749

30,966,313

Illinois

6.0%

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

4,000,000

4,077,755

Revenue,

Senior

Lien,

2020

E,

Refunding,

4%,

1/01/35

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

1,560,000

1,590,324

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,678,886

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,350,690

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,131,980

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

2,643,239

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

1,951,439

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/41

...........

6,000,000

6,331,222

City

of

Chicago

,

GO,

1999,

NATL

Insured,

Zero

Cpn.,

1/01/31

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

4,000,000

2,851,898

GO,

2003

B,

Refunding,

5%,

1/01/26

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

1,795,000

1,862,235

GO,

2020

A,

Refunding,

5%,

1/01/28

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

4,000,000

4,272,453

GO,

2020

A,

Refunding,

5%,

1/01/29

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

2,500,000

2,684,579

City

of

Galesburg

,

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/36

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

1,125,000

1,142,943

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/41

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

1,475,000

1,474,698

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/15/40

...........

5,250,000

5,420,932

b

Illinois

Development

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2019

,

Mandatory

Put

,

0.4

%

,

11/01/22

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

5,000,000

4,962,960

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/41

14,200,000

14,219,727

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/28

.........

1,065,000

1,054,970

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/29

.........

1,100,000

1,081,626

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/30

.........

1,310,000

1,279,428

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/31

.........

1,095,000

1,062,856

Northwestern

University,

Revenue,

2015,

5%,

12/01/28

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

1,675,000

1,931,284

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2022

A,

Refunding,

3%,

6/15/25

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

1,000,000

999,791

Revenue,

B,

Pre-Refunded,

5%,

6/15/23

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

600,000

600,761

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

31

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

Northern

Illinois

University

,

Revenue,

2021,

BAM

Insured,

4%,

10/01/41

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

$

400,000

$

404,403

Revenue,

2021,

BAM

Insured,

4%,

10/01/43

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

2,075,000

2,088,588

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

3,500,000

3,786,904

State

of

Illinois

,

GO,

2013

A,

AGMC

Insured,

5%,

4/01/25

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

18,000,000

18,466,240

GO,

2014,

AGMC

Insured,

5%,

2/01/26

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

5,650,000

5,912,593

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,076,174

GO,

2016,

Refunding,

5%,

2/01/29

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

2,250,000

2,413,714

GO,

2017

C,

5%,

11/01/29

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

8,690,000

9,343,683

GO,

2017

D,

3.25%,

11/01/26

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

750,000

760,835

GO,

2017

D,

5%,

11/01/27

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

1,500,000

1,641,783

GO,

2018

A,

Refunding,

5%,

10/01/29

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

1,125,000

1,223,488

GO,

2018

B,

Refunding,

5%,

10/01/31

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

1,500,000

1,599,185

GO,

2018

B,

Refunding,

5%,

10/01/32

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

1,120,000

1,184,561

GO,

2019

B,

5%,

11/01/30

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

1,125,000

1,222,282

GO,

2019

B,

4%,

11/01/38

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

1,030,000

988,514

GO,

2020,

5.5%,

5/01/30

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

6,550,000

7,420,695

GO,

2020,

5.5%,

5/01/39

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

3,700,000

4,007,977

GO,

2020

C,

4%,

10/01/37

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

8,170,000

7,895,535

GO,

2021

A,

5%,

3/01/46

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

2,000,000

2,084,372

GO,

2021

B,

4%,

12/01/39

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

2,500,000

2,380,318

d

GO,

2022

A,

5%,

3/01/29

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

6,385,000

7,011,871

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/25

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

5,000,000

5,174,857

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/26

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

2,500,000

2,702,620

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/27

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

6,000,000

6,529,814

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/28

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

5,000,000

5,462,190

c

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

5,749,669

178,191,541

Indiana

1.2%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,504,163

Indiana

Finance

Authority

,

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/26

..

1,065,000

1,049,032

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/27

..

1,150,000

1,120,145

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/28

..

1,235,000

1,187,933

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/29

..

1,330,000

1,261,384

e

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/30

..

1,425,000

1,334,244

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

3,000,000

2,604,525

State

Revolving

Fund,

Revenue,

2018

A,

5%,

2/01/35

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

9,795,000

11,017,152

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/41

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

15,265,000

15,693,802

36,772,380

Iowa

0.9%

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

1,800,000

1,981,834

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,109,071

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,226,597

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,337,424

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

1,250,000

1,364,849

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

2,691,824

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

2,821,668

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

8,500,000

8,227,012

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

32

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Iowa

(continued)

Iowa

Tobacco

Settlement

Authority,

(continued)

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

$

1,500,000

$

1,490,191

25,250,470

Kansas

0.3%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

8,496,231

Kentucky

1.1%

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

4%,

10/01/29

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

1,355,000

1,460,595

Revenue,

2021

A,

Refunding,

4%,

10/01/30

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

1,410,000

1,525,272

Revenue,

2021

A,

Refunding,

4%,

10/01/31

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

1,470,000

1,593,077

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,062,040

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

1,500,000

1,634,772

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,664,902

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,772,646

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,106,003

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,246,822

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

2,819,547

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,326,818

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

6,147,422

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

5,500,000

6,123,310

32,483,226

Louisiana

3.0%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,365,615

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,076,657

Revenue,

2019

B,

Refunding,

5%,

2/01/32

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

2,000,000

2,396,951

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/38

.......

6,000,000

6,119,721

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,621,112

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

3,823,662

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

5,102,106

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

10,000,000

8,254,606

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

3.5%,

12/01/32

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

1,960,000

1,760,836

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

3.75%,

10/01/38

4,592,712

3,879,056

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

B,

5.25%,

10/01/32

5,350,000

4,831,309

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/29

.......

1,240,000

1,328,418

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

10,000

11,013

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/30

.......

995,000

1,061,466

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

5,507

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/32

.......

1,485,000

1,570,628

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

16,520

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

1,000,000

1,093,781

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

33

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,

2017,

Refunding,

5%,

5/15/29

$

2,000,000

$

2,176,055

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,435,447

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

1,880,155

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

1,874,366

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,139,098

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

4,750,000

5,273,398

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,217,150

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,450,838

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

2,384,703

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,092,730

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,631,784

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,160,757

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,088,135

Revenue,

2020

E,

5%,

4/01/39

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

2,750,000

2,987,438

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

10,595,534

89,706,552

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020

A,

5%,

7/01/35

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

1,000,000

1,103,793

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/36

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

1,000,000

1,022,870

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

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

1,150,000

1,174,862

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/38

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

2,690,000

2,743,430

6,044,955

Maryland

2.8%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,000,000

1,103,957

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,230,135

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

2,085,000

2,285,827

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

3,240,000

3,547,074

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

7,130,469

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

6,477,975

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

2,984,088

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

6,230,650

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,457,224

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

1,961,154

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

4,127,644

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,379,104

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

8,084,385

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

4,754,279

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

446,143

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

300,598

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

8,520,000

9,235,779

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

8,001,004

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/28

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

1,000,000

1,108,876

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/29

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

1,340,000

1,494,206

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/30

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

2,810,000

3,143,540

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/31

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

1,480,000

1,662,460

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

34

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Town

of

Chestertown,

(continued)

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

$

1,550,000

$

1,731,219

84,877,790

Massachusetts

3.9%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

8,100,858

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

6,468,110

Massachusetts

Clean

Energy

Cooperative

Corp.

,

Revenue,

2021,

Refunding,

2.135%,

7/01/29

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

5,000,000

4,467,824

Revenue,

2021,

Refunding,

2.235%,

7/01/30

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

6,420,000

5,657,157

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

17

A,

5%,

2/01/24

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

9,380,000

9,592,837

Revenue,

17

A,

5%,

2/01/25

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

9,750,000

9,946,052

Revenue,

2014,

Refunding,

5%,

8/01/26

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

10,650,000

11,902,925

Massachusetts

Development

Finance

Agency

,

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

172,459

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

536,855

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

503,930

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

584,622

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

498,455

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

4,660,767

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

4,883,291

Massachusetts

School

Building

Authority

,

Revenue,

2012

B,

Pre-Refunded,

5%,

8/15/27

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

6,000,000

6,047,107

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

8/15/25

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

1,870,000

1,884,503

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

8/15/26

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

495,000

498,788

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue,

Senior

Lien

,

2019

A

,

Refunding

,

5

%

,

1/01/35

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

7,000,000

7,895,662

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

15,571,186

University

of

Massachusetts

Building

Authority

,

Revenue,

2017-3,

Refunding,

5%,

11/01/31

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

10,035,000

11,212,207

Revenue,

2017-3,

Refunding,

5%,

11/01/32

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

5,000,000

5,577,606

116,663,201

Michigan

2.0%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,271,583

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

2,045,992

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,210,991

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,540,080

Michigan

Finance

Authority

,

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

1,018,313

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

8,692,330

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/31

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

5,100,000

5,288,623

Michigan

Finance

Authority,

Revenue,

2008

C,

5%,

12/01/32

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

1,115,000

1,206,971

Michigan

Finance

Authority,

Revenue,

2008

C,

Pre-Refunded,

5%,

12/01/32

......

135,000

153,679

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Refunding,

5%,

12/01/31

.

2,700,000

2,941,569

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2012

MI,

Refunding,

5%,

12/01/24

8,000,000

8,025,064

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

35

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

$

3,500,000

$

3,189,271

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,573,869

c

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

144A,

2017

E

,

Refunding

,

4

%

,

12/01/27

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

10,785,000

11,300,642

58,458,977

Mississippi

0.3%

Mississippi

Home

Corp.

,

c

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4%,

6/01/46

..

8,143,623

6,299,690

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

3.65%,

6/01/33

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

101,412

87,800

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.15%,

6/01/46

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

400,000

317,237

c

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

144A,

2021

E-8,

5.5%,

6/01/36

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

2,540,000

2,241,574

8,946,301

Missouri

1.3%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

13,776,334

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014

A,

Refunding,

5%,

1/01/27

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

3,250,000

3,464,897

Revenue,

2014

A,

Refunding,

5%,

1/01/28

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

4,500,000

4,792,889

Revenue,

2014

A,

Refunding,

5%,

1/01/29

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

4,045,000

4,299,912

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

2,865,830

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,256,081

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,616,703

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,264,129

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

2,033,870

38,370,645

Nebraska

0.2%

Nebraska

Public

Power

District

,

Revenue

,

2021

C

,

Refunding

,

5

%

,

1/01/24

........

4,500,000

4,725,456

Nevada

0.2%

Washoe

County

School

District

,

GO

,

2012

A

,

Refunding

,

5

%

,

6/01/25

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

6,130,000

6,130,000

New

Hampshire

0.3%

City

of

Manchester

,

General

Airport

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

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

7,930,000

7,947,733

New

Jersey

2.4%

Hudson

County

Improvement

Authority

,

County

of

Hudson,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/22

.

5,220,000

5,290,090

County

of

Hudson,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/23

.

5,375,000

5,628,703

County

of

Hudson,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/24

.

2,050,000

2,206,944

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

1,000,000

1,089,582

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,306,014

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

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

5,000,000

5,279,772

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/33

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

680,000

744,546

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/34

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

545,000

595,551

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/35

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

565,000

616,582

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/30

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

900,000

975,610

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

36

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority,

(continued)

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/31

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

$

1,080,000

$

1,165,352

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

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

4,300,000

4,255,621

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

2,000,000

1,993,114

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/35

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

2,000,000

2,031,486

Revenue,

2021

A,

Refunding,

4%,

6/15/36

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

4,200,000

4,257,518

Revenue,

2022

A,

4%,

6/15/41

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

7,500,000

7,529,088

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

1,856,926

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/26

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

275,000

303,388

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/27

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

330,000

369,640

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/28

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

325,000

368,783

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/29

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

320,000

368,010

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/31

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

400,000

469,727

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/32

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

430,000

502,164

Rutgers

The

State

University

of

New

Jersey

,

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/26

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

5,000,000

5,157,338

Revenue,

2013

L,

Pre-Refunded,

5%,

5/01/27

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

5,270,000

5,435,835

State

of

New

Jersey

,

GO

,

2020

A

,

4

%

,

6/01/31

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

7,000,000

7,557,375

71,354,759

New

Mexico

0.4%

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15

%

,

4/01/33

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

13,500,000

10,848,426

New

York

10.5%

City

of

New

York

,

GO,

2013

D,

5%,

8/01/27

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

10,000,000

10,218,677

GO,

2013

I,

5%,

8/01/24

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

10,200,000

10,572,473

GO,

2014

G,

5%,

8/01/23

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

6,860,000

7,129,128

GO,

2015

C,

Refunding,

5%,

8/01/25

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

2,000,000

2,141,213

GO,

2015

C,

Refunding,

5%,

8/01/27

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

7,500,000

8,017,489

GO,

2019

E,

Refunding,

5%,

8/01/32

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

2,000,000

2,274,299

GO,

2019

E,

Refunding,

5%,

8/01/34

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

3,500,000

3,932,248

GO,

2021

C,

4%,

8/01/36

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

5,000,000

5,222,414

GO,

A-1

2017

A,

5%,

8/01/29

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

10,000,000

10,970,844

County

of

Nassau

,

GO,

2021

A,

AGMC

Insured,

4%,

4/01/48

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

7,140,000

7,194,853

GO,

2021

A,

AGMC

Insured,

4%,

4/01/49

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

7,960,000

8,013,752

Erie

County

Industrial

Development

Agency

(The)

,

Buffalo

City

School

District,

Revenue,

2012

A,

Refunding,

5%,

5/01/23

..........

6,235,000

6,242,432

Buffalo

City

School

District,

Revenue,

2012

A,

Refunding,

5%,

5/01/24

..........

8,000,000

8,009,535

Long

Island

Power

Authority

,

Revenue

,

2012

B

,

5

%

,

9/01/26

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

5,000,000

5,039,195

Metropolitan

Transportation

Authority

,

Revenue,

2012

F,

Refunding,

5%,

11/15/25

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

25,000,000

25,330,910

Revenue,

2013

A,

Pre-Refunded,

5%,

11/15/27

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

3,500,000

3,615,826

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

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

7,000,000

7,786,785

Revenue,

2016

A-2,

Refunding,

5%,

11/15/25

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

21,090,000

22,649,789

Revenue,

2016

B,

Refunding,

5%,

11/15/34

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

3,265,000

3,451,325

Revenue,

2017

B,

Refunding,

5%,

11/15/26

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

2,140,000

2,330,595

Revenue,

2017

C-1,

Refunding,

5%,

11/15/31

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

1,870,000

2,009,693

Revenue,

2017

C-1,

Refunding,

4%,

11/15/37

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

2,500,000

2,489,166

Revenue,

2019

D-1,

5%,

9/01/22

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

10,000,000

10,082,724

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

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

6,045,000

6,032,258

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

37

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/27

$

1,000,000

$

1,095,520

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/28

1,000,000

1,104,303

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

10,000,000

8,440,467

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/36

..

2,500,000

2,292,974

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/27

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

8,740,000

9,177,327

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/28

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

5,000,000

5,249,344

Future

Tax

Secured,

Revenue,

2020

C,

4%,

5/01/37

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

1,400,000

1,469,584

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,067,037

New

York

State

Dormitory

Authority

,

Revenue,

2009

A,

AGMC

Insured,

5%,

10/01/24

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

220,000

220,698

City

University

of

New

York

(The),

Revenue,

2005

A,

NATL

Insured,

5.5%,

7/01/23

.

7,915,000

8,245,537

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/29

....

10,000,000

10,548,806

State

of

New

York

Personal

Income

Tax,

Revenue,

2012

A,

Refunding,

5%,

12/15/27

10,000,000

10,173,375

State

of

New

York

Personal

Income

Tax,

Revenue,

2014

E,

Refunding,

5%,

2/15/30

5,000,000

5,357,333

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

A,

Refunding,

5%,

3/15/28

7,185,000

7,712,033

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

5%,

3/15/32

.........

9,995,000

11,407,657

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Pre-Refunded,

5%,

3/15/32

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

5,000

5,788

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/32

........

10,000,000

11,240,266

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2013

D,

5%,

3/15/24

.........

10,000,000

10,273,156

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

5%,

3/15/41

.........

5,000,000

5,626,579

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

450,000

481,763

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

428,278

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

213,870

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/33

...

1,200,000

1,305,904

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2014,

5%,

9/01/34

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

2,500,000

2,718,655

Revenue,

2014,

5%,

9/01/35

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

20,000

21,618

Revenue,

2018,

5%,

11/01/39

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

3,000,000

3,222,950

Revenue,

221,

4%,

7/15/36

..........................................

2,180,000

2,219,181

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/28

......

1,300,000

1,449,227

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

......

2,900,000

3,285,987

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/34

......

4,175,000

4,652,833

312,465,673

North

Carolina

0.6%

City

of

Charlotte

,

Water

&

Sewer

System

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/27

..

10,000,000

10,853,841

County

of

Buncombe

,

Revenue

,

A

,

5

%

,

6/01/28

.............................

5,000,000

5,261,516

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

133,297

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

324,828

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

493,623

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

552,049

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

389,145

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

725,000

671,607

18,679,906

North

Dakota

0.2%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/29

..

1,600,000

1,789,862

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/30

..

1,600,000

1,804,243

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

38

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Dakota

(continued)

City

of

Grand

Forks,

(continued)

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/31

..

$

1,300,000

$

1,477,616

5,071,721

Ohio

3.4%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

2%,

6/01/27

..................

1,475,000

1,329,525

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

7,000,000

6,779,792

City

of

Akron

,

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/24

........

5,265,000

5,265,000

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/25

........

6,645,000

6,645,000

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/26

........

8,240,000

8,240,000

City

of

Toledo

,

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/25

....................

4,000,000

4,112,553

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/26

....................

6,140,000

6,309,234

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/27

....................

6,450,000

6,622,833

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/28

....................

6,570,000

6,740,388

County

of

Hamilton

,

Sewer

System,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/24

...............

2,500,000

2,619,056

Sewer

System,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/25

...............

2,400,000

2,514,294

Sewer

System,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/26

...............

4,000,000

4,190,490

Sewer

System,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/27

...............

5,000,000

5,238,112

Sewer

System,

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/28

...............

3,000,000

3,142,867

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

..............................................

6,845,000

7,142,951

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/36

........................................

5,650,000

6,510,866

Water

Pollution

Control

Loan

Fund,

Revenue,

2017

A,

5%,

12/01/31

............

10,000,000

11,186,518

State

of

Ohio

,

GO,

R,

Pre-Refunded,

5%,

5/01/27

....................................

5,000,000

5,294,669

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,099,757

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

905,000

906,446

101,890,351

Oregon

3.3%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

........................................................

5,000,000

5,126,264

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,145,019

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,741,114

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/35

.............................................

1,250,000

1,328,346

GO,

2020,

4%,

6/15/36

.............................................

2,605,000

2,755,559

GO,

2020,

4%,

6/15/37

.............................................

4,370,000

4,616,651

GO,

2020,

4%,

6/15/38

.............................................

4,575,000

4,824,905

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/34

1,100,000

1,212,957

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/35

800,000

877,998

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

1,300,000

1,425,071

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

.......................................................

425,000

457,475

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

.......................................................

150,000

164,335

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

.......................................................

325,000

360,669

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

.......................................................

600,000

670,233

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Oregon

State

Facilities

Authority,

(continued)

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

.......................................................

$

275,000

$

302,128

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

2,000,000

1,931,549

Port

of

Portland

,

Airport

,

Revenue

,

Twenty-Seven

A

,

5

%

,

7/01/34

................

9,110,000

10,136,829

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

10,331,685

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,117,426

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

9,773,433

State

of

Oregon

,

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/27

.......................................................

3,000,000

3,219,962

Department

of

Transportation,

Revenue,

Senior

Lien,

2014

A,

Pre-Refunded,

5%,

11/15/28

.......................................................

3,500,000

3,756,622

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

4%,

11/15/42

16,000,000

16,607,298

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

B

,

Pre-

Refunded

,

5

%

,

6/15/28

.............................................

5,000,000

5,312,467

99,195,995

Pennsylvania

3.8%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

.......................................

5,000,000

5,574,221

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/28

.................................

600,000

652,495

Revenue,

2022,

Refunding,

5%,

5/01/29

.................................

600,000

657,240

Revenue,

2022,

Refunding,

5%,

5/01/30

.................................

700,000

773,298

Revenue,

2022,

Refunding,

5%,

5/01/31

.................................

675,000

749,760

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

..............

5,750,000

6,430,686

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/36

..............

1,000,000

1,138,432

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/37

..............

1,500,000

1,705,113

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/38

..............

2,000,000

2,269,521

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

13,954,578

Delaware

Valley

Regional

Finance

Authority

,

Revenue

,

1998

A

,

AMBAC

Insured

,

5.5

%

,

8/01/28

.........................................................

7,000,000

8,034,435

Lancaster

County

Solid

Waste

Management

Authority

,

Revenue,

2013

A,

5.25%,

12/15/25

....................................

5,345,000

5,639,293

Revenue,

2013

A,

5.25%,

12/15/26

....................................

5,835,000

6,156,273

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

.....................

2,100,000

2,366,205

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

.....................

1,750,000

1,967,860

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

.....................

1,450,000

1,628,205

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/38

.....................

3,245,000

3,299,092

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/39

.....................

3,685,000

3,745,091

b

Waste

Management

Obligated

Group,

Revenue,

2009,

Mandatory

Put,

0.95%,

12/01/26

.......................................................

3,000,000

2,673,775

b

Waste

Management,

Inc.,

Revenue,

2017

A,

Mandatory

Put,

0.58%,

8/01/24

.....

5,500,000

5,194,402

b

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

6,750,000

6,069,106

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/38

.....

6,950,000

7,894,854

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

....................................................

5,895,000

6,009,776

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

.................

4,000,000

4,483,764

Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia,

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn.,

4/15/24

......

5,500,000

5,189,199

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

209,342

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

40

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Philadelphia

Authority

for

Industrial

Development,

(continued)

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

$

300,000

$

314,091

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

.................................

2,000,000

2,228,498

Revenue,

15th,

Refunding,

5%,

8/01/31

.................................

4,030,000

4,482,042

Redevelopment

Authority

of

the

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

...................................................

2,425,000

2,169,846

113,660,493

Rhode

Island

0.3%

State

of

Rhode

Island

,

GO,

2019

C,

5%,

1/15/32

............................................

4,500,000

5,198,389

GO,

2019

C,

4%,

1/15/34

............................................

1,520,000

1,631,385

GO,

2019

C,

4%,

1/15/35

............................................

600,000

643,064

7,472,838

South

Carolina

2.4%

City

of

Anderson

,

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/22

........

2,555,000

2,562,900

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/23

........

2,695,000

2,703,399

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/24

........

2,825,000

2,833,804

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

7/01/25

........

2,965,000

2,974,241

County

of

Richland

,

International

Paper

Co.,

Revenue,

2014

A,

Refunding,

3.875%,

4/01/23

.........

10,000,000

10,082,627

c

Village

at

Sandhill

Improvement

District,

Special

Assessment,

144A,

2021,

Refunding,

3.625%,

11/01/31

.......................................

1,000,000

872,332

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

6,600,000

5,543,434

c

Revenue,

144A,

2021

A-2,

5.3%,

12/01/29

...............................

1,805,000

1,623,939

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

7,400,000

6,208,682

Prisma

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/33

......

6,000,000

6,490,754

South

Carolina

Public

Service

Authority

,

Revenue,

2020

A,

Refunding,

5%,

12/01/31

..............................

2,355,000

2,666,043

Revenue,

2020

A,

Refunding,

5%,

12/01/43

..............................

20,280,000

22,185,689

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

1,000,000

1,083,259

Revenue,

2021

A,

Refunding,

5%,

12/01/26

..............................

750,000

823,941

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

3,300,000

3,177,782

71,832,826

South

Dakota

0.1%

County

of

Lincoln

,

Augustana

College

Association

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/01/51

......................................................

1,500,000

1,391,687

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

..................

1,150,000

944,841

2,336,528

Tennessee

0.7%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/31

1,500,000

1,616,759

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/34

1,000,000

1,062,040

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,250,000

1,321,989

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/36

1,000,000

1,003,569

Metropolitan

Government

of

Nashville

&

Davidson

County

,

Water

&

Sewer,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/26

.................

1,675,000

1,736,198

Water

&

Sewer,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/27

.................

1,800,000

1,865,764

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

41

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Tennessee

(continued)

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

$

4,000,000

$

4,401,128

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

8,891,411

21,898,858

Texas

8.9%

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

992,806

Central

Texas

Regional

Mobility

Authority

,

Revenue,

Senior

Lien

,

2021

B

,

5

%

,

1/01/46

3,500,000

3,820,838

City

of

Austin

,

Water

&

Wastewater

System,

Revenue,

2012,

5%,

11/15/26

..................

3,515,000

3,558,904

Water

&

Wastewater

System,

Revenue,

2012,

Pre-Refunded,

5%,

11/15/26

......

1,320,000

1,341,577

Water

&

Wastewater

System,

Revenue,

2012,

5%,

11/15/27

..................

3,400,000

3,441,385

Water

&

Wastewater

System,

Revenue,

2012,

Pre-Refunded,

5%,

11/15/27

......

600,000

609,808

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/28

.......

5,000,000

5,123,459

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,698,952

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

2,826,574

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,128,830

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/35

...................................

1,000,000

1,052,045

GO,

2020

A,

Refunding,

4%,

8/15/36

...................................

1,000,000

1,044,353

City

of

Fort

Worth

,

GO,

2012,

Refunding,

5%,

3/01/25

.....................................

6,000,000

6,027,085

GO,

2012,

Refunding,

5%,

3/01/26

.....................................

6,790,000

6,820,652

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,287,418

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/34

..

3,250,000

3,631,741

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/35

..

4,500,000

5,021,632

City

of

San

Antonio

,

Electric

&

Gas

Systems,

Revenue,

2015,

Refunding,

5%,

2/01/27

..............

10,415,000

11,389,553

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2019,

Refunding,

5%,

2/01/35

....

4,400,000

5,025,895

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2021

A,

Refunding,

5%,

2/01/46

...

7,500,000

8,435,141

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

First

Lien,

2021

A,

2.5%,

10/01/31

....

500,000

429,113

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/30

....

100,000

115,532

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/31

....

60,000

69,723

County

of

Williamson

,

GO

,

2012

,

Refunding

,

5

%

,

2/15/23

.....................

6,235,000

6,253,002

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013

D,

Refunding,

5.25%,

11/01/27

............................

5,000,000

5,196,169

Revenue,

2013

D,

Refunding,

5.25%,

11/01/28

............................

2,100,000

2,181,965

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

.....................................

800,000

873,174

GO,

2020,

Refunding,

5%,

9/15/30

.....................................

745,000

817,652

GO,

2020,

Refunding,

5%,

9/15/31

.....................................

450,000

492,931

GO,

2020,

Refunding,

5%,

9/15/32

.....................................

600,000

656,623

GO,

2020,

Refunding,

5%,

9/15/33

.....................................

650,000

709,319

GO,

2020,

Refunding,

4%,

9/15/34

.....................................

650,000

654,660

GO,

2020,

Refunding,

4%,

9/15/35

.....................................

700,000

704,069

El

Paso

Independent

School

District

,

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/27

......................

5,460,000

5,817,621

GO,

2015,

Pre-Refunded,

PSF

Guaranty,

5%,

8/15/28

......................

2,500,000

2,663,746

Harris

County

Toll

Road

Authority

(The)

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

.....................

2,500,000

2,822,315

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

.....................

2,500,000

2,814,989

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/28

.............................................

155,000

135,861

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

42

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Kaufman

County

Fresh

Water

Supply

District

No.

1-D,

(continued)

GO,

2021,

2%,

9/01/29

.............................................

$

155,000

$

132,990

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

........................................................

3,975,000

3,233,639

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/27

.....

2,000,000

2,237,556

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/28

.....

2,200,000

2,495,847

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/29

.....

2,000,000

2,293,870

Metropolitan

Transit

Authority

of

Harris

County

,

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/26

...............

2,000,000

2,144,356

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/27

...............

2,000,000

2,144,355

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/28

...............

2,000,000

2,144,356

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

.............................................

5,000,000

5,226,032

Northwest

Independent

School

District

,

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/28

.....................

4,815,000

5,197,952

GO,

2015

A,

Pre-Refunded,

PSF

Guaranty,

5%,

2/15/29

.....................

7,015,000

7,572,926

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

12,000,000

10,655,792

Permanent

University

Fund

,

University

of

Texas

System

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

......................................................

10,000,000

10,594,091

San

Angelo

Independent

School

District

,

GO

,

A

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/28

.........................................................

5,220,000

5,497,104

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/37

......

635,000

630,211

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/39

......

2,435,000

2,397,292

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

......

2,000,000

1,962,239

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

......................

1,500,000

1,568,648

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

......................

2,200,000

2,289,529

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

......................

2,000,000

2,076,425

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

......................

1,000,000

1,037,338

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/27

................................

1,000,000

1,074,712

Revenue,

2021,

Refunding,

5%,

12/15/30

................................

9,750,000

10,537,257

Revenue,

2021,

Refunding,

5%,

12/15/31

................................

7,250,000

7,830,197

Revenue,

2021,

Refunding,

5%,

12/15/32

................................

2,250,000

2,438,620

Texas

Transportation

Commission

,

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/24

.......

20,000,000

21,130,816

State

Highway

Fund,

Revenue,

First

Tier,

2014

A,

Refunding,

5%,

4/01/25

.......

20,000,000

21,097,400

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2017

A

,

5

%

,

10/15/31

.................................

12,585,000

14,185,216

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

..............................................

281,000

238,987

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/29

.....................................

290,000

258,356

GO,

Sub.

Lien,

2021,

2.25%,

8/15/31

...................................

300,000

263,259

GO,

Sub.

Lien,

2021,

3%,

8/15/33

.....................................

315,000

293,200

GO,

Sub.

Lien,

2021,

3%,

8/15/35

.....................................

335,000

304,185

GO,

Sub.

Lien,

2021,

3%,

8/15/37

.....................................

355,000

315,437

265,187,302

Utah

0.1%

City

of

Lehi

,

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

.............

3,000,000

3,064,785

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

377,059

3,441,844

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

43

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

2.9%

City

of

Norfolk

,

Water,

Revenue,

2012,

5%,

11/01/24

...................................

$

95,000

$

95,292

Water,

Revenue,

2012,

5%,

11/01/25

...................................

90,000

90,276

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

10,868,442

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

3

%

,

5/15/36

.......

9,460,000

8,822,948

Virginia

Public

Building

Authority

,

Revenue,

B,

4%,

8/01/29

............................................

12,060,000

12,857,324

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

................................

1,075,000

1,152,983

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

5

%

,

8/01/27

.................

4,460,000

4,739,259

Virginia

Resources

Authority

,

Clean

Water

Revolving

Fund

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

10/01/26

............................................

26,155,000

27,984,647

Virginia

Small

Business

Financing

Authority

,

Capital

Beltway

Express

LLC,

Revenue,

Sub.

Lien,

2022,

Refunding,

2%,

12/31/23

7,700,000

7,703,076

e

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/32

........................................................

2,500,000

2,560,744

e

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/32

........................................................

2,000,000

2,047,464

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/35

....................................................

3,000,000

3,312,418

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/36

....................................................

3,000,000

3,076,770

85,311,643

Washington

4.4%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

..............

5,230,000

5,539,240

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/25

..............

5,500,000

5,818,796

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

..............

2,995,000

3,165,114

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/27

..............

3,150,000

3,325,867

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

............

5,300,000

5,556,299

County

of

King

,

GO,

2021

C,

0.61%,

12/01/23

........................................

7,130,000

6,918,148

GO,

2021

C,

1.01%,

12/01/24

........................................

9,405,000

8,954,810

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/25

.........................

1,200,000

1,272,806

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/26

.........................

1,200,000

1,270,534

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/27

.........................

1,900,000

2,010,482

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/28

.........................

3,050,000

3,224,153

Sewer,

Revenue,

2014

B,

Pre-Refunded,

5%,

7/01/29

......................

2,600,000

2,764,326

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2014

A,

ETM,

5%,

7/01/22

..........

3,250,000

3,260,129

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/36

......

7,000,000

8,040,887

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/23

..........

3,500,000

3,629,028

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,329,531

Seattle

Housing

Authority

,

Yesler

Block

7.3

LLLP

,

Revenue

,

2021

,

1

%

,

6/01/25

.....

7,225,000

6,919,862

State

of

Washington

,

GO,

2017

D,

5%,

2/01/31

............................................

5,480,000

6,081,865

GO,

2017

D,

5%,

2/01/32

............................................

10,000,000

11,075,052

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,370,000

1,448,900

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

3,036,382

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

3,988,004

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,608,572

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,488,596

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,300,999

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

1,250,000

1,321,989

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

5,398,259

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

44

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

........................................................

$

1,000,000

$

1,093,638

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

........................................................

1,000,000

1,091,756

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

........................................................

1,000,000

1,090,095

c

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/35

.......................................................

440,000

408,756

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

........................................................

1,000,000

1,091,574

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

........................................................

1,925,000

2,090,788

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

........................................................

2,250,000

2,420,074

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

........................................................

1,605,000

1,715,737

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

........................................................

2,400,000

2,556,231

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

...................................

6,900,487

6,453,227

c

Madison

at

Rivers

Edge

Apartments

LLC,

Revenue,

144A,

2021

B,

5.3%,

1/01/30

.

1,300,000

1,189,483

130,949,989

Wisconsin

1.7%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

4,097,406

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

3.5%,

12/01/32

....................

1,405,000

1,262,232

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/15/37

.......................................................

600,000

597,934

c

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

13,400,000

13,313,795

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

........................................................

1,100,000

1,050,653

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/29

..........

285,000

281,382

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/30

..........

200,000

195,870

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/31

..........

200,000

194,245

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

A,

3.8%,

12/01/37

5,600,000

4,992,704

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

B,

5.75%,

12/01/27

.......................................................

2,065,000

2,000,960

Renown

Regional

Medical

Center,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

.....

2,100,000

2,140,117

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/27

...........................................

195,000

199,506

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/28

...........................................

250,000

254,047

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/29

...........................................

320,000

322,213

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/30

...........................................

265,000

265,361

b,c

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

9,700,000

8,343,469

Wisconsin

Department

of

Transportation

,

Revenue

,

2017-2

,

Refunding

,

5

%

,

7/01/31

.

5,000,000

5,601,135

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/34

........................................

600,000

620,382

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/35

........................................

1,000,000

1,029,661

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

45

s

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/36

........................................

$

600,000

$

614,633

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/37

........................................

600,000

614,053

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/28

....................................................

375,000

373,321

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/29

....................................................

390,000

385,766

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/30

....................................................

405,000

396,173

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/37

....................................................

1,460,000

1,361,746

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/41

......

1,650,000

1,550,655

52,059,419

U.S.

Territories

0.6%

District

of

Columbia

0.5%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2019

A

,

5

%

,

3/01/33

................

3,000,000

3,484,963

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/31

........................................

5,000,000

5,580,883

Revenue,

2017

B,

5%,

7/01/32

........................................

5,750,000

6,408,082

15,473,928

Puerto

Rico

0.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

CC

,

Refunding

,

AGMC

Insured

,

5.5

%

,

7/01/29

..............................................

1,000,000

1,072,684

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

497,436

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/30

..

550,000

624,814

2,194,934

Total

U.S.

Territories

....................................................................

17,668,862

Total

Municipal

Bonds

(Cost

$3,010,242,023)

...................................

2,915,197,107

Total

Long

Term

Investments

(Cost

$3,067,845,336)

.............................

2,966,464,707

a

a

a

a

a

a

Total

Investments

(Cost

$3,067,845,336)

99.5%

..................................

$2,966,464,707

Other

Assets,

less

Liabilities

0.5%

.............................................

14,962,204

Net

Assets

100.0%

...........................................................

$2,981,426,911

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$115,783,812,

representing

3.9%

of

net

assets.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Security

purchased

on

a

when-issued

basis.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

46

a

a

Shares

a

Value

a

Management

Investment

Companies

2.9%

Capital

Markets

2.9%

a

Franklin

Municipal

Green

Bond

ETF

.....................................

1,550,000

$

37,572,000

Total

Management

Investment

Companies

(Cost

$39,888,825)

....................

37,572,000

Principal

Amount

a

a

a

a

Senior

Floating

Rate

Interests

0.4%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

b,c

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

2.75

%

,

(

3-month

USD

LIBOR

),

1/08/24

.........................................................

$

4,532,930

4,532,929

Real

Estate

Management

&

Development

0.1%

b,c

TBG

Hillcrest

Senior

II

LP

,

Delayed

Draw

Term

Loan

,

2.75

%

,

(

3-month

USD

LIBOR

+

1.55

%

),

1/01/38

...................................................

1,230,754

1,230,754

Total

Senior

Floating

Rate

Interests

(Cost

$5,763,683)

...........................

5,763,683

Municipal

Bonds

88.8%

Alabama

3.6%

Black

Belt

Energy

Gas

District

,

d

Revenue,

2019

A-1,

Mandatory

Put,

4%,

12/01/25

.........................

6,675,000

6,888,709

Revenue,

2021

A,

Refunding,

4%,

6/01/22

...............................

340,000

340,000

Revenue,

2021

A,

Refunding,

4%,

12/01/22

..............................

490,000

495,403

Revenue,

2021

A,

Refunding,

4%,

6/01/23

...............................

400,000

407,789

Revenue,

2021

A,

Refunding,

4%,

6/01/24

...............................

400,000

412,505

d

Revenue,

2021

B,

Mandatory

Put,

4%,

12/01/26

...........................

15,000,000

15,520,060

d

Revenue,

2021

C-1,

Mandatory

Put,

4%,

12/01/26

.........................

5,000,000

5,173,354

d

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

,

Alabama

Power

Co.,

Revenue,

2007

A,

Mandatory

Put,

1%,

6/26/25

...........

4,000,000

3,815,394

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

7,643,308

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

4%,

10/01/22

.......................................

355,000

357,193

Revenue,

2021

A,

4%,

10/01/23

.......................................

450,000

458,127

Revenue,

2021

A,

4%,

10/01/24

.......................................

725,000

742,735

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

1,464,085

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/24

...........

1,500,000

1,590,078

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/26

...........

1,030,000

1,130,171

46,438,911

Alaska

0.8%

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

..............................

10,000,000

10,782,501

Arizona

1.5%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/24

.......................................................

1,000,000

1,030,050

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/25

.......................................................

1,000,000

1,035,352

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

1.4%,

7/01/22

...........

175,000

174,757

Kipp

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

1.8%,

7/01/24

...........

450,000

427,312

d

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

1.59

%

,

(

SIFMA

Municipal

Swap

Index

+

0.8

%

),

9/01/24

.........................................................

17,000,000

16,963,331

19,630,802

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

47

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

3.0%

California

Community

Choice

Financing

Authority

,

Revenue,

2021

B-1,

4%,

8/01/25

......................................

$

535,000

$

555,940

Revenue,

2021

B-1,

4%,

2/01/26

......................................

850,000

886,515

Revenue,

2021

B-1,

4%,

8/01/26

......................................

325,000

340,375

Revenue,

2021

B-1,

4%,

8/01/27

......................................

400,000

421,127

Revenue,

2021

B-1,

4%,

2/01/28

......................................

375,000

395,035

Revenue,

2021

B-1,

4%,

8/01/28

......................................

470,000

495,804

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/22

.....................

400,000

400,000

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

6/01/23

.....................

400,000

405,440

d

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

13,015,364

d

California

Municipal

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2020

,

Mandatory

Put

,

1

%

,

9/01/22

..........................................

10,000,000

10,000,000

California

Statewide

Communities

Development

Authority

,

d

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

.......................................................

3,000,000

2,978,740

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

........................................................

3,500,000

3,501,001

Los

Angeles

Unified

School

District

,

GO

,

2020

C

,

4

%

,

7/01/37

..................

4,240,000

4,471,151

San

Diego

County

Regional

Airport

Authority

,

Revenue

,

2021

C

,

Refunding

,

0.454

%

,

7/01/22

.........................................................

1,500,000

1,498,657

39,365,149

Colorado

1.9%

Denver

City

&

County

School

District

No.

1

,

GO

,

2012

B

,

4

%

,

12/01/27

...........

7,480,000

7,547,373

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

14,425,000

16,398,629

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/24

........

400,000

416,841

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/24

........

300,000

311,459

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/25

........

325,000

339,591

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/25

........

400,000

420,622

25,434,515

Connecticut

0.0%

†

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/23

...

175,000

180,571

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/24

...

175,000

183,351

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/25

...

170,000

181,296

545,218

Delaware

0.4%

d

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

..............................

5,000,000

4,710,973

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

48

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

2.4%

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/24

.........................................................

$

215,000

$

213,337

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-2

,

1.45

%

,

1/01/27

............................................

2,000,000

1,811,953

County

of

Escambia

,

Florida

Power

&

Light

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

.........................................................

5,000,000

5,039,463

d

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

2021

A

,

Mandatory

Put

,

0.3

%

,

7/01/22

........................................

2,150,000

2,147,584

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......................................

1,000,000

1,086,413

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/22

................................

1,615,000

1,625,041

Revenue,

Senior

Lien,

2020,

5%,

8/01/23

................................

1,720,000

1,785,040

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

................................

1,805,000

1,921,185

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

................................

1,800,000

1,959,506

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

................................

1,940,000

2,155,928

d,e

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-2

,

Mandatory

Put

,

6.5

%

,

5/01/25

....................................................

3,375,000

3,368,088

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2012

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

7/01/24

.................

4,000,000

4,012,467

River

Hall

Community

Development

District

,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/23

.....................

175,000

175,012

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/24

.....................

235,000

233,962

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/25

.....................

180,000

177,093

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/26

.....................

220,000

212,571

State

of

Florida

,

Department

of

Transportation

Turnpike

System

,

Revenue

,

2012

A

,

Refunding

,

2.875

%

,

7/01/25

..........................................

3,000,000

3,004,096

30,928,739

Georgia

5.1%

d

Atlanta

Urban

Residential

Finance

Authority

,

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

2021

A,

Mandatory

Put,

0.24%,

1/01/23

........................................................

1,250,000

1,234,950

e

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

144A,

2021

B,

Mandatory

Put,

1.35%,

1/01/23

..................................................

2,600,000

2,590,433

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

.............

2,500,000

2,646,421

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/25

.............

1,500,000

1,620,902

d

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

......................

2,000,000

1,782,705

d,e

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

1,985,137

d

Macon-Bibb

County

Housing

Authority

,

Green

Meadows

Housing

Partners

LP

,

Revenue

,

2021

A

,

Mandatory

Put

,

0.25

%

,

10/01/22

........................

2,150,000

2,137,540

Main

Street

Natural

Gas,

Inc.

,

d

Revenue,

2018

A,

Mandatory

Put,

4%,

9/01/23

............................

10,025,000

10,213,708

Revenue,

2021

C,

4%,

12/01/22

.......................................

500,000

504,196

Revenue,

2021

C,

4%,

12/01/23

.......................................

725,000

738,064

Revenue,

2021

C,

4%,

12/01/24

.......................................

735,000

751,592

d,e

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

15,000,000

15,009,159

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2018

A

,

Refunding

,

3

%

,

7/01/23

11,000,000

11,165,971

Private

Colleges

&

Universities

Authority

,

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/22

.................

300,000

303,346

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/23

.................

300,000

311,598

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/24

.................

400,000

422,719

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/25

.................

425,000

457,475

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

49

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

State

of

Georgia

,

GO

,

2016

A

,

5

%

,

2/01/23

................................

$

12,375,000

$

12,670,584

66,546,500

Hawaii

2.2%

State

of

Hawaii

,

GO

,

EF

,

Pre-Refunded

,

5

%

,

11/01/23

........................

10,000,000

10,153,590

University

of

Hawaii

,

Revenue,

2020

B,

Refunding,

5%,

10/01/24

..............................

3,440,000

3,674,133

Revenue,

2020

B,

Refunding,

5%,

10/01/25

..............................

3,440,000

3,759,251

Revenue,

2020

B,

Refunding,

5%,

10/01/26

..............................

2,865,000

3,192,195

Revenue,

2020

D,

Refunding,

5%,

10/01/24

..............................

600,000

640,837

Revenue,

2020

D,

Refunding,

5%,

10/01/25

..............................

1,725,000

1,885,090

Revenue,

2020

D,

Refunding,

5%,

10/01/26

..............................

4,360,000

4,857,931

28,163,027

Illinois

9.1%

Chicago

Board

of

Education

,

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

.

1,000,000

1,041,121

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

..................................

350,000

371,515

GO,

2020

F-2,

Refunding,

5%,

1/01/26

..................................

500,000

540,700

GO,

2020

F-2,

Refunding,

5%,

1/01/27

..................................

550,000

603,778

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

.........................................................

1,425,000

1,497,181

City

of

Chicago

,

GO,

2015

C,

Refunding,

5%,

1/01/25

...................................

1,900,000

1,976,183

GO,

2020

A,

Refunding,

5%,

1/01/28

...................................

3,100,000

3,311,151

City

of

Moline

,

GO,

2021

C,

AGMC

Insured,

0.542%,

12/01/22

...........................

500,000

495,471

GO,

2021

C,

AGMC

Insured,

0.702%,

12/01/23

...........................

1,175,000

1,141,416

GO,

2021

C,

AGMC

Insured,

1.151%,

12/01/24

...........................

580,000

553,320

GO,

2021

C,

AGMC

Insured,

1.439%,

12/01/25

...........................

925,000

867,975

County

of

Cook

,

GO,

2021

A,

Refunding,

5%,

11/15/22

..................................

5,000,000

5,074,309

Sales

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/15/29

......................

845,000

975,154

d

Illinois

Development

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2019

,

Mandatory

Put

,

0.4

%

,

11/01/22

.......................................

10,000,000

9,925,921

Illinois

Finance

Authority

,

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/27

.........

2,810,000

2,799,962

d,f

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

1.044%,

9/01/22

.................................................

12,150,000

12,201,606

d

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

.......................................

1,250,000

1,309,821

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

2,500,000

2,503,946

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

2,000,000

2,163,945

State

of

Illinois

,

GO,

2010-4,

AGMC

Insured,

6.875%,

7/01/25

............................

1,000,000

1,047,154

GO,

2016,

Refunding,

5%,

2/01/29

.....................................

750,000

804,572

GO,

2017

C,

5%,

11/01/29

...........................................

2,000,000

2,150,445

GO,

2017

D,

5%,

11/01/24

...........................................

5,000,000

5,280,202

GO,

2017

D,

5%,

11/01/25

...........................................

10,000,000

10,722,423

GO,

2017

D,

5%,

11/01/27

...........................................

5,025,000

5,499,974

GO,

2018

A,

6%,

5/01/25

............................................

6,000,000

6,550,112

GO,

2018

A,

Refunding,

5%,

10/01/29

..................................

375,000

407,829

GO,

2018

B,

Refunding,

5%,

10/01/31

..................................

625,000

666,327

GO,

2019

B,

5%,

11/01/30

...........................................

375,000

407,427

GO,

2020,

5.5%,

5/01/30

............................................

1,710,000

1,937,311

f

GO,

2022

B,

Refunding,

5%,

3/01/24

...................................

2,500,000

2,611,043

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

50

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

State

of

Illinois,

(continued)

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/24

...............................

$

5,000,000

$

5,141,097

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/27

...............................

1,500,000

1,556,630

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/22

.............

4,000,000

4,005,184

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/23

.............

3,000,000

3,084,484

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/24

.............

3,300,000

3,458,176

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/25

.............

2,000,000

2,127,774

University

of

Illinois

,

Auxiliary

Facilities

System

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/25

.........................................................

11,660,000

11,722,164

e

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group

,

Revenue

,

144A,

2020

B

,

Refunding

,

4.25

%

,

3/01/23

......

425,000

425,073

118,959,876

Indiana

0.7%

e

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,504,163

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

B,

Refunding,

3.25%,

11/15/23

195,000

190,329

g

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/23

..

1,000,000

999,803

g

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/24

..

1,000,000

998,028

g

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/25

..

1,000,000

992,960

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

B,

Refunding,

0.65%,

8/01/25

....

4,500,000

4,149,083

8,834,366

Iowa

0.8%

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

.............................

9,300,000

9,361,773

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

B-1

,

2

,

Refunding

,

0.375

%

,

6/01/30

715,000

715,000

10,076,773

Kansas

0.1%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,776,505

Kentucky

3.3%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

...................................................

3,375,000

3,013,800

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

3.2%,

10/01/22

.............................

1,050,000

1,055,829

Revenue,

2021

A,

Refunding,

3.25%,

10/01/23

............................

1,080,000

1,097,791

Revenue,

2021

A,

Refunding,

3.5%,

10/01/24

.............................

1,120,000

1,151,451

Revenue,

2021

A,

Refunding,

3.5%,

10/01/25

.............................

1,155,000

1,197,307

Revenue,

2021

A,

Refunding,

4%,

10/01/26

..............................

1,205,000

1,282,350

Revenue,

2021

A,

Refunding,

4%,

10/01/27

..............................

1,255,000

1,345,786

Revenue,

2021

A,

Refunding,

4%,

10/01/28

..............................

1,305,000

1,402,452

d

Kentucky

Public

Energy

Authority

,

Revenue,

2018

A,

Mandatory

Put,

4%,

4/01/24

............................

10,000,000

10,179,048

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

............................

10,000,000

10,316,399

Revenue,

2022

A-2,

Mandatory

Put,

1.723%,

8/01/30

.......................

9,375,000

9,128,211

e,f

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

B

,

6.75

%

,

5/01/25

................................

1,950,000

1,967,336

43,137,760

Louisiana

4.8%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

.........................

450,000

494,031

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

.........................

600,000

669,994

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

.........................

550,000

621,711

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

51

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

d

Lake

Charles

Harbor

&

Terminal

District

,

Big

Lake

Fuels

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

1

%

,

12/01/24

.........................................

$

10,000,000

$

9,331,231

e

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

...................................

845,000

812,199

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

5%,

10/01/25

.......

250,000

265,567

d

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

5%,

5/15/25

........................................

7,500,000

8,002,648

Louisiana

Stadium

&

Exposition

District

,

Revenue,

2020,

5%,

7/03/23

.........................................

4,650,000

4,726,023

e

Revenue,

144A,

2022

A,

1.872%,

7/03/23

...............................

3,000,000

2,957,868

d

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-1

,

Refunding

,

Mandatory

Put

,

2.125

%

,

7/01/24

......................................

17,100,000

16,695,515

State

of

Louisiana

,

GO,

2013

A,

Pre-Refunded,

4%,

5/15/31

................................

15,225,000

15,580,976

d

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2022

A,

Refunding,

Mandatory

Put,

1.046%,

5/01/26

.................................................

2,975,000

2,919,213

63,076,976

Maryland

4.3%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

......................

5,000,000

5,479,148

City

of

Cumberland

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/24

.........................

395,000

417,627

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/25

.........................

455,000

491,612

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

...............................................

10,000,000

10,598,521

d

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

5,630,483

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

......................

12,330,000

13,770,113

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/26

...............

1,035,000

1,123,759

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/27

...............

1,215,000

1,337,785

Washington

Suburban

Sanitary

Commission

,

Revenue,

2013,

Pre-Refunded,

4%,

6/01/28

..............................

5,500,000

5,632,950

Revenue,

2013,

Pre-Refunded,

4%,

6/01/30

..............................

5,500,000

5,632,949

Revenue,

2013,

Pre-Refunded,

4%,

6/01/31

..............................

5,500,000

5,632,949

55,747,896

Massachusetts

0.5%

d

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-4,

Refunding,

Mandatory

Put,

5%,

1/25/24

........................................................

5,000,000

5,211,651

President

&

Trustees

of

Williams

College

(The),

Revenue,

2011

N,

Mandatory

Put,

0.45%,

7/01/25

..................................................

1,000,000

924,886

6,136,537

Michigan

0.8%

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/27

.......................................................

2,000,000

2,183,496

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

1.25%,

6/01/30

225,000

225,000

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

1.5

%

,

10/01/22

.

955,000

954,534

d

Michigan

Strategic

Fund

,

Consumers

Energy

Co.,

Revenue,

2005,

Mandatory

Put,

0.875%,

10/08/26

......

4,350,000

3,979,267

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

52

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

d

Michigan

Strategic

Fund,

(continued)

Waste

Management

of

Michigan,

Inc.,

Revenue,

2001,

Mandatory

Put,

0.58%,

8/01/24

........................................................

$

3,300,000

$

3,116,641

10,458,938

Minnesota

2.2%

d

Dakota

County

Community

Development

Agency

,

Eagan

AH

I

LLLP

,

Revenue

,

2020

,

Mandatory

Put

,

0.35

%

,

6/01/23

.......................................

6,000,000

5,848,501

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,375,634

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

.....................

1,000,000

1,098,575

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

.....................

1,000,000

1,112,924

d

Minnesota

Municipal

Gas

Agency

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/27

...........................

8,000,000

8,383,303

Revenue,

2022

B,

Mandatory

Put,

1.523%,

12/01/27

.......................

6,000,000

5,914,942

28,733,879

Mississippi

0.2%

d

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

........................................

2,500,000

2,217,706

Mississippi

Home

Corp.

,

e

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

2.75%,

6/01/26

326,937

305,351

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

2.9%,

6/01/26

...................................................

72,598

68,202

2,591,259

Missouri

0.4%

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/23

...............

280,000

286,292

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/24

...............

300,000

312,912

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/25

...............

500,000

523,298

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/26

...............

405,000

427,846

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/27

...............

660,000

703,048

d

St.

Charles

County

Industrial

Development

Authority

,

Hidden

Valley

Housing

Partners

LP

,

Revenue

,

2021

,

Mandatory

Put

,

0.27

%

,

10/01/23

.......................

3,500,000

3,367,090

5,620,486

Montana

0.5%

d

Montana

Facility

Finance

Authority

,

Billings

Clinic

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

Mandatory

Put

,

1.34

%

,

(

SIFMA

Municipal

Swap

Index

+

0.55

%

),

8/15/23

6,090,000

6,092,189

Nebraska

0.3%

Nebraska

Public

Power

District

,

Revenue,

2021

C,

Refunding,

5%,

1/01/23

...............................

1,500,000

1,531,187

Revenue,

2021

C,

Refunding,

5%,

1/01/24

...............................

2,500,000

2,625,253

4,156,440

Nevada

0.4%

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

...................................

1,745,000

1,850,958

GO,

2020

D,

Refunding,

5%,

6/01/25

...................................

2,750,000

2,987,124

4,838,082

New

Hampshire

0.4%

d

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

1.165

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

.........................................................

5,000,000

4,810,805

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

53

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

8.3%

Bergen

County

Improvement

Authority

(The)

,

Revenue

,

2020

A

,

Refunding

,

3

%

,

8/15/22

.........................................................

$

2,500,000

$

2,508,665

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

......................

1,000,000

1,037,586

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

......................

1,000,000

1,059,132

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/23

..........................................

1,730,000

1,703,964

GO,

2020,

0.375%,

6/01/24

..........................................

1,765,000

1,682,662

GO,

2020,

0.375%,

6/01/25

..........................................

1,800,000

1,670,616

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

.................................

4,215,000

4,105,480

County

of

Union

,

GO,

2020,

0.5%,

3/01/23

............................................

5,215,000

5,166,702

GO,

2020,

0.5%,

3/01/24

............................................

5,290,000

5,133,895

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

28,674,827

New

Jersey

Economic

Development

Authority

,

Revenue,

1997

A,

NATL

Insured,

7.425%,

2/15/29

.........................

3,000,000

3,409,181

e

Revenue,

144A,

2019,

Refunding,

5.25%,

9/01/27

.........................

6,000,000

6,600,360

d

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

.................................................

7,500,000

7,020,112

h

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

FRN,

2013

I,

Refunding,

2.39%,

(SIFMA

Municipal

Swap

Index

+

1.6%),

3/01/28

....................

12,170,000

12,261,495

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AMBAC

Insured,

Zero

Cpn.,

12/15/26

....................

10,000,000

8,865,579

Revenue,

2006

C,

BHAC

Insured,

Zero

Cpn.,

12/15/27

......................

11,110,000

9,591,031

Newark

Board

of

Education

,

GO,

2021,

Refunding,

5%,

7/15/22

.....................................

130,000

130,597

GO,

2021,

Refunding,

5%,

7/15/23

.....................................

300,000

310,930

GO,

2021,

Refunding,

5%,

7/15/24

.....................................

400,000

422,703

State

of

New

Jersey

,

GO,

3%,

6/01/25

..................................................

2,000,000

2,010,366

GO,

2020

A,

4%,

6/01/30

............................................

5,000,000

5,408,479

108,774,362

New

Mexico

0.3%

d

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

.....................................

4,250,000

3,869,707

New

York

4.5%

City

of

New

York

,

GO

,

2019

A

,

Refunding

,

5

%

,

8/01/22

.......................

5,000,000

5,032,425

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

..................

4,205,000

4,475,100

Metropolitan

Transportation

Authority

,

d

Revenue,

2012

G-4,

Refunding,

Mandatory

Put,

1.086%,

11/01/22

.............

6,205,000

6,177,530

Revenue,

2017

A-2,

Refunding,

5%,

11/15/25

.............................

3,980,000

4,274,157

Revenue,

2020

A-1,

5%,

2/01/23

......................................

8,250,000

8,393,892

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/24

1,000,000

1,045,622

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/25

1,000,000

1,061,472

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

689,012

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/26

......................................................

5,000,000

5,557,369

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

2,975,843

d

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

........................................................

10,000,000

10,190,372

New

York

State

Housing

Finance

Agency

,

Revenue,

2020

F,

1.1%,

11/01/26

......................................

2,860,000

2,658,959

d

Revenue,

2022

A-2,

Mandatory

Put,

2.5%,

5/01/27

.........................

3,000,000

2,900,322

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

54

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/25

...

$

500,000

$

528,047

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/25

...

2,200,000

2,348,904

State

of

New

York

Mortgage

Agency

,

Revenue

,

212

,

2.95

%

,

4/01/25

.............

895,000

897,835

59,206,861

North

Carolina

0.8%

City

of

Charlotte

,

COP

,

2013

B

,

3

%

,

6/01/22

...............................

2,740,000

2,740,000

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/24

..........

1,200,000

1,263,293

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,000,000

1,071,304

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/26

..........

850,000

922,719

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

................................

3,000,000

3,351,821

Revenue,

2018,

Refunding,

5%,

10/01/27

................................

1,500,000

1,706,897

11,056,034

North

Dakota

0.7%

Cass

County

Joint

Water

Resource

District

,

GO

,

2021

A

,

Refunding

,

0.48

%

,

5/01/24

.

5,000,000

4,829,894

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/27

..

1,125,000

1,241,321

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/28

..

1,680,000

1,867,663

City

of

Horace

,

GO

,

2021

B

,

Refunding

,

0.6

%

,

10/01/23

......................

1,600,000

1,554,795

9,493,673

Ohio

3.6%

American

Municipal

Power,

Inc.

,

Revenue

,

2009

B

,

5.355

%

,

2/15/24

.............

4,465,000

4,580,746

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.65%,

6/01/23

................

2,500,000

2,469,311

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.709%,

6/01/24

...............

6,225,000

6,014,610

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

1.809%,

6/01/25

...............

1,850,000

1,744,392

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/22

...........

1,200,000

1,215,028

d,f

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

...............................

7,500,000

7,811,021

Ohio

Water

Development

Authority

,

Revenue,

2018,

5%,

6/01/28

.........................................

7,000,000

8,029,946

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

A,

5%,

6/01/29

.............

8,500,000

9,884,270

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

.............

2,560,000

2,645,020

Youngstown

State

University

,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/24

...................

645,000

675,618

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/25

...................

580,000

615,303

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/26

...................

850,000

913,337

46,598,602

Oklahoma

0.4%

Oklahoma

Capitol

Improvement

Authority

,

Oklahoma

State

Regents

for

Higher

Education

,

Revenue

,

2021

A

,

0.453

%

,

7/01/22

............................

575,000

574,369

Oklahoma

County

Finance

Authority

,

Oklahoma

County

Independent

School

District

No.

52

Midwest

City-Del

City

,

Revenue

,

2018

,

5

%

,

10/01/22

..................

1,000,000

1,012,061

Oklahoma

State

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

9/01/23

...........

705,000

732,944

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/22

........................................................

1,500,000

1,513,758

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oklahoma

(continued)

Tulsa

County

Industrial

Authority,

(continued)

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/23

........................................................

$

1,170,000

$

1,216,524

5,049,656

Oregon

0.9%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

.........................................................

850,000

873,067

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,171,384

State

of

Oregon

,

GO,

2015

B,

Refunding,

5%,

8/01/27

...................................

2,785,000

3,030,899

Department

of

Transportation,

Revenue,

Senior

Lien,

2012

A,

Refunding,

5%,

11/15/22

.......................................................

5,000,000

5,085,762

11,161,112

Pennsylvania

4.5%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/24

.................................

150,000

156,216

Revenue,

2022,

Refunding,

5%,

5/01/25

.................................

500,000

527,671

Revenue,

2022,

Refunding,

5%,

5/01/26

.................................

500,000

534,702

Revenue,

2022,

Refunding,

5%,

5/01/27

.................................

590,000

637,739

d

Bethlehem

Area

School

District

Authority

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

0.873

%

,

(

SOFR

+

0.35

%

),

11/01/25

................................

1,995,000

1,933,726

d

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014

B

,

Refunding

,

Mandatory

Put

,

1.78

%

,

(

1-month

USD

LIBOR

+

1.07

%

),

6/01/24

......

10,000,000

10,083,396

d

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.8

%

,

9/01/22

.........................

10,000,000

9,988,132

Pennsylvania

Economic

Development

Financing

Authority

,

d

Republic

Services,

Inc.,

Revenue,

2019

B-2,

Mandatory

Put,

0.3%,

7/15/22

......

2,500,000

2,492,145

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/29

...........

1,230,000

1,355,872

d

Waste

Management,

Inc.,

Revenue,

2021

A,

Mandatory

Put,

1.19%,

6/03/24

.....

6,000,000

5,785,225

d

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

4,000,000

3,596,507

Philadelphia

Authority

for

Industrial

Development

,

City

of

Philadelphia

,

Revenue

,

1999

B

,

AMBAC

Insured

,

Zero

Cpn.,

4/15/24

.................................

4,100,000

3,868,312

Philadelphia

Gas

Works

Co.

,

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/25

........................

500,000

539,681

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/26

........................

600,000

659,248

h

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2019

,

1.15

%

,

(

SIFMA

Municipal

Swap

Index

+

0.36

%

),

2/15/24

...........

7,750,000

7,774,166

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/22

......

300,000

300,515

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/23

......

375,000

381,536

Westmoreland

County

Municipal

Authority

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

8/15/37

7,895,000

8,213,043

58,827,832

Rhode

Island

0.2%

City

of

Providence

,

GO,

2021

A,

Refunding,

5%,

1/15/23

...................................

475,000

484,016

GO,

2021

A,

Refunding,

5%,

1/15/24

...................................

500,000

521,377

GO,

2021

A,

Refunding,

5%,

1/15/25

...................................

500,000

531,121

GO,

2021

A,

Refunding,

5%,

1/15/26

...................................

500,000

539,819

2,076,333

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

1.8%

d

Columbia

Housing

Authority

,

Columbia

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2022

,

Mandatory

Put

,

2.25

%

,

10/01/25

..................................

$

9,000,000

$

8,860,537

e

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

805,000

743,719

South

Carolina

Public

Service

Authority

,

Revenue,

2021

B,

5%,

12/01/22

.......................................

1,500,000

1,526,415

Revenue,

2021

B,

5%,

12/01/24

.......................................

1,750,000

1,859,025

Revenue,

D,

2.388%,

12/01/23

........................................

6,745,000

6,662,906

e

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

1,500,000

1,444,446

d

Spartanburg

Housing

Authority

,

CV

Housing

Partners

LP

,

Revenue

,

2022

,

Mandatory

Put

,

1.05

%

,

8/01/23

................................................

2,000,000

1,972,955

23,070,003

South

Dakota

0.2%

South

Dakota

Health

&

Educational

Facilities

Authority

,

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.594%,

11/01/22

........

390,000

387,986

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.744%,

11/01/23

........

710,000

689,632

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.225%,

11/01/24

........

450,000

428,998

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.568%,

11/01/25

........

1,695,000

1,594,305

3,100,921

Tennessee

1.9%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

7,330,684

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

7,874,974

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

8,460,148

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2021

A,

5%,

11/01/22

.......................................

175,000

177,044

Revenue,

2021

A,

5%,

11/01/23

.......................................

250,000

258,216

Revenue,

2021

A,

5%,

11/01/24

.......................................

250,000

262,119

Revenue,

2021

A,

5%,

11/01/25

.......................................

350,000

372,028

24,735,213

Texas

5.2%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

3,280,000

2,846,167

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

5,465,716

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,122,343

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

5,544,761

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2022

,

Refunding

,

5

%

,

2/01/23

4,000,000

4,093,926

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools

,

Revenue

,

2017

,

Refunding

,

PSF

Guaranty

,

4

%

,

8/15/22

.................................

3,200,000

3,215,236

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Pre-Refunded

,

5.25

%

,

10/01/51

........................................................

27,930,000

29,225,287

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/24

.............................................

140,000

135,354

GO,

2021,

2%,

9/01/25

.............................................

145,000

137,378

GO,

2021,

2%,

9/01/26

.............................................

150,000

138,788

GO,

2021,

2%,

9/01/27

.............................................

155,000

139,970

State

of

Texas

,

GO,

2018

B-3,

Refunding,

5%,

8/01/24

..................................

4,750,000

5,062,009

GO,

2018

B-3,

Refunding,

5%,

8/01/25

..................................

2,000,000

2,179,797

GO,

2018

B-3,

Refunding,

5%,

8/01/26

..................................

2,000,000

2,226,825

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

57

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

$

4,200,000

$

4,779,559

e

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

..............................................

245,000

223,181

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/23

.....................................

255,000

254,346

GO,

Sub.

Lien,

2021,

2%,

8/15/25

.....................................

265,000

255,950

GO,

Sub.

Lien,

2021,

2%,

8/15/27

.....................................

280,000

260,776

67,307,369

Utah

0.5%

City

of

Salt

Lake

City

,

Airport,

Revenue,

2021

A,

5%,

7/01/24

..................................

1,000,000

1,049,377

Airport,

Revenue,

2021

A,

5%,

7/01/26

..................................

3,900,000

4,231,322

South

Valley

Water

Reclamation

Facility

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

2/15/23

1,225,000

1,254,374

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

3

%

,

10/15/23

.....................

475,000

475,045

7,010,118

Virginia

1.0%

Virginia

Small

Business

Financing

Authority

,

Capital

Beltway

Express

LLC,

Revenue,

Sub.

Lien,

2022,

Refunding,

2%,

12/31/23

10,000,000

10,003,995

g

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/29

........................................................

180,000

185,458

g

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/29

........................................................

1,750,000

1,802,954

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/22

...

240,000

239,765

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/23

...

300,000

298,696

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/24

...

220,000

217,650

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/25

...

230,000

225,133

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/26

...

235,000

227,389

13,201,040

Washington

3.7%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

1,700,000

1,942,477

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

3,770,690

Clark

County

School

District

No.

37

Vancouver

,

GO

,

2021

,

4

%

,

12/01/22

..........

3,575,000

3,622,453

County

of

King

,

GO

,

2021

C

,

0.61

%

,

12/01/23

..............................

10,000,000

9,702,872

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/23

.........................................................

5,000,000

5,184,325

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,229,248

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,679,325

Spokane

County

School

District

No.

356

Central

Valley

,

GO

,

2018

,

4

%

,

12/01/31

....

8,295,000

8,938,536

State

of

Washington

,

GO,

R-2012D,

Refunding,

5%,

7/01/23

..................................

4,085,000

4,097,731

GO,

R-2013B,

Refunding,

5%,

7/01/23

..................................

3,255,000

3,265,145

GO,

R-2015

D,

Refunding,

5%,

7/01/28

.................................

3,985,000

4,262,980

e

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

314,766

48,010,548

West

Virginia

0.1%

d

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625

%

,

12/15/25

......................

1,000,000

906,986

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

58

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

0.3%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

2.75%,

12/01/25

...................

$

596,554

$

573,397

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/26

..........

150,000

150,880

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/25

...........................................

285,000

292,769

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/26

...........................................

300,000

308,399

e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

B,

4.25%,

6/01/25

2,174,000

2,101,648

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/23

....................................................

250,000

251,151

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/24

....................................................

160,000

161,486

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/26

....................................................

345,000

348,548

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/27

....................................................

360,000

362,389

4,550,667

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/23

.....

800,000

816,986

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/27

.....

550,000

588,272

1,405,258

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

150,430

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/23

..

100,000

103,162

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/25

..

195,000

208,673

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

450,000

497,436

959,701

Total

U.S.

Territories

....................................................................

959,701

Total

Municipal

Bonds

(Cost

$1,182,630,375)

...................................

1,157,967,098

Total

Long

Term

Investments

(Cost

$1,228,282,883)

.............................

1,201,302,781

a

a

a

a

a

Short

Term

Investments

9.7%

Municipal

Bonds

9.7%

Arizona

0.0%

†

i

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.62

%

,

2/01/48

500,000

500,000

Florida

2.3%

i

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.7

%

,

7/15/22

..............................................

30,000,000

30,000,000

Georgia

0.2%

i

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

0.71

%

,

9/01/37

.....................

2,700,000

2,700,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Maryland

2.0%

i

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.62

%

,

11/01/37

........................................................

$

13,550,000

$

13,550,000

i

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008

D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.61

%

,

7/01/41

.............................................

11,900,000

11,900,000

25,450,000

Minnesota

0.5%

i

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group

,

Revenue

,

B-2

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.62

%

,

11/15/35

...............................................

7,020,000

7,020,000

Missouri

0.2%

i

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.62

%

,

3/01/40

...................................................

3,100,000

3,100,000

New

Jersey

0.0%

†

i

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.55

%

,

7/01/43

.........................................................

200,000

200,000

New

York

1.3%

i

City

of

New

York

,

GO

,

2006

I

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.62

%

,

4/01/36

...................................................

3,800,000

3,800,000

i

Metropolitan

Transportation

Authority

,

Dedicated

Tax

Fund

,

Revenue

,

2008

A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.6

%

,

11/01/31

............

1,400,000

1,400,000

i

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

BB

1B

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.58

%

,

6/15/49

..

7,200,000

7,200,000

i

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2001

C

,

Refunding

,

LOC

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.6

%

,

1/01/32

......................

5,300,000

5,300,000

17,700,000

North

Carolina

0.1%

i

North

Carolina

Medical

Care

Commission

,

Moses

H

Cone

Memorial

Hospital

Obligated

Group

,

Revenue

,

2001

B

,

SPA

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.6

%

,

10/01/35

........................................................

800,000

800,000

Tennessee

2.5%

i

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

,

0.64

%

,

6/01/42

...................................

32,000,000

32,000,000

Virginia

0.6%

i

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.65

%

,

10/01/48

........................................................

7,700,000

7,700,000

Total

Municipal

Bonds

(Cost

$127,170,000)

.....................................

127,170,000

Total

Short

Term

Investments

(Cost

$127,170,000

)

...............................

127,170,000

a

Total

Investments

(Cost

$1,355,452,883)

101.8%

................................

$1,328,472,781

Other

Assets,

less

Liabilities

(1.8)%

...........................................

(23,927,874)

Net

Assets

100.0%

...........................................................

$1,304,544,907

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

60

See

Abbreviations

on

page

203

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

c

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$42,352,927,

representing

3.2%

of

net

assets.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

Security

purchased

on

a

when-issued

basis.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Georgia

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

61

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.3%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,300,000

$

1,168,407

Florida

1.1%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

2,592,000

2,363,333

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

750,000

561,144

a

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,030,000

1,724,485

4,648,962

Georgia

89.0%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

5%,

6/15/36

........................................................

2,390,000

2,626,019

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

4%,

6/15/40

........................................................

5,000,000

5,100,431

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

Park

Tax

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/35

..........................................

3,530,000

3,740,595

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/40

............

7,750,000

8,230,941

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

............

3,000,000

3,176,534

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,704,597

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

1,020,954

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

1,015,461

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

4,000,000

4,071,605

b

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

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,369,216

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

6,000,000

6,018,857

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

..........

2,000,000

2,084,385

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/45

.

1,250,000

1,254,704

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

1,500,000

1,494,607

Carrollton

Payroll

Development

Authority

,

UWG

Athletic

Complex

LLC

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/37

.................................

3,140,000

3,332,829

City

of

Atlanta

,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

...........................

1,780,000

1,941,461

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/33

........................................................

4,005,000

4,153,606

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/34

........................................................

3,250,000

3,368,993

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

4,631,379

Department

of

Aviation,

Revenue,

2021

B,

Refunding,

5%,

7/01/37

.............

1,480,000

1,714,002

Department

of

Aviation,

Revenue,

2021

C,

Refunding,

5%,

7/01/37

.............

1,500,000

1,680,161

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

5,565,030

Water

&

Wastewater,

Revenue,

2015,

Pre-Refunded,

5%,

11/01/43

............

10,000,000

10,847,478

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

5,523,997

Water

&

Wastewater,

Revenue,

2019,

Refunding,

4%,

11/01/38

...............

1,450,000

1,514,988

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

62

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

$

1,699,575

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,402,535

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,411,692

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,325,813

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,523,648

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

1,020,429

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

416,395

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

425,000

430,745

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

400,000

442,772

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

378,978

WellStar

Health

System

Obligated

Group,

Revenue,

2022

A,

4%,

4/01/52

........

3,100,000

3,100,671

County

of

DeKalb

,

Water

&

Sewerage,

Revenue,

2006

B,

Refunding,

AGMC

Insured,

5%,

10/01/35

..

5,655,000

6,203,092

Water

&

Sewerage,

Revenue,

2011

A,

5.25%,

10/01/41

.....................

4,225,000

4,233,732

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

4,408,081

County

of

Oconee

,

GO

,

2021

,

4

%

,

1/01/32

................................

1,000,000

1,101,825

County

of

Rockdale

,

Stormwater

System,

Revenue,

2021,

4%,

7/01/36

.........................

500,000

530,080

Stormwater

System,

Revenue,

2021,

4%,

7/01/41

.........................

500,000

515,707

Coweta

County

Water

&

Sewage

Authority

,

Revenue,

2021

B,

3%,

6/01/43

........................................

820,000

742,876

Revenue,

2021

B,

3%,

6/01/46

........................................

1,000,000

878,750

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

3,039,407

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

5,000,000

5,008,407

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

2,035,803

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

........................................................

10,000,000

10,374,203

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

5,031,083

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/29

.............

1,000,000

1,149,728

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/30

.............

1,030,000

1,199,604

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/31

.............

1,235,000

1,452,432

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/32

.............

1,350,000

1,601,447

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,064,065

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

4,000,000

4,007,480

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

5,973,239

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,627,671

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,129,087

KSU

2020

Housing

Real

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

5,776,451

KSU

University

II

Real

Estate

Foundation

LLC,

Revenue,

2021,

Refunding,

4%,

7/15/34

........................................................

1,000,000

1,060,874

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

2,019,738

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

63

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District

,

COP

,

2006

,

NATL

Insured

,

5.25

%

,

1/01/24

...................................

$

2,000,000

$

2,107,961

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

4,825,000

4,040,682

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

1,093,626

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

7,735,000

8,318,493

Forsyth

County

School

District

,

GO

,

2018

,

5

%

,

2/01/38

.......................

2,650,000

2,986,894

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,130,666

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

7,398,854

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

4,922,867

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2021

A,

4%,

2/15/51

5,000,000

4,855,120

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

1,045,907

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,375,119

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

2,625,000

2,632,088

Revenue,

2018

A,

3.85%,

12/01/38

....................................

3,165,000

3,192,262

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,219,854

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

4,720,000

4,572,273

Georgia

Ports

Authority

,

Revenue

,

2021

,

4

%

,

7/01/51

........................

3,250,000

3,321,048

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,180,351

Gwinnett

County

School

District

,

GO

,

2019

,

5

%

,

2/01/41

......................

3,000,000

3,433,641

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,373,042

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

Refunding

,

AGMC

Insured

,

6

%

,

10/01/23

..............................................

980,000

1,034,006

Lawrenceville

Building

Authority

,

City

of

Lawrenceville

,

Revenue

,

2015

,

5

%

,

4/01/35

.

2,270,000

2,417,778

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

5,569,060

Revenue,

2019

A,

5%,

5/15/38

........................................

2,500,000

2,757,528

a,c

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

8,000,000

8,004,885

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/45

........

5,000,000

5,430,369

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

1,015,852

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,379,349

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

5,059,959

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

3,823,374

Revenue,

2021

A,

Refunding,

4%,

1/01/46

...............................

330,000

321,101

Revenue,

2021

A,

Refunding,

4%,

1/01/51

...............................

425,000

407,921

Revenue,

2021

A,

Refunding,

5%,

1/01/56

...............................

750,000

805,871

Revenue,

GG,

Refunding,

5%,

1/01/39

..................................

7,000,000

7,077,451

Municipal

Gas

Authority

of

Georgia

,

Revenue,

S,

Refunding,

5%,

10/01/25

..................................

2,500,000

2,523,742

Revenue,

S,

Refunding,

5%,

10/01/26

..................................

2,500,000

2,523,247

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

64

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Pierce

County

School

District

,

GO

,

2017

,

4

%

,

1/01/43

........................

$

3,725,000

$

3,819,470

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

5,116,895

Emory

University,

Revenue,

2019

B,

Refunding,

5%,

9/01/48

.................

4,000,000

4,471,627

Mercer

University,

Revenue,

2021,

Refunding,

4%,

10/01/50

.................

5,400,000

5,238,089

Pulaski

County

School

District

,

GO

,

2020

,

4

%

,

10/01/42

......................

1,000,000

1,045,499

Richmond

County

Hospital

Authority

,

University

Health

Services

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

8,146,673

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,844,224

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,231,472

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

5,541,991

358,309,171

Illinois

0.8%

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/37

............................................

250,000

264,554

GO,

2021

B,

4%,

12/01/38

...........................................

3,000,000

2,878,834

3,143,388

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/15/31

.........................................................

1,220,000

1,367,294

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

3,000,000

2,911,313

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

900,000

755,923

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

900,000

755,110

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

413,753

1,924,786

Texas

0.6%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,200,000

1,017,553

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,274,610

2,292,163

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

900,000

755,340

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

900,000

750,345

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

2,300,000

2,285,204

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,500,000

1,253,214

4,288,763

U.S.

Territories

2.7%

Puerto

Rico

2.7%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

560,000

584,116

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

65

See

Abbreviations

on

page

203

.

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)

b

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

$

2,270,000

$

2,122,450

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

4,800,000

5,074,653

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,450,000

1,508,467

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,100,000

1,182,066

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

480,000

489,223

10,960,975

Total

U.S.

Territories

....................................................................

10,960,975

Total

Municipal

Bonds

(Cost

$407,891,016)

.....................................

391,770,562

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Georgia

0.1%

d

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

0.71

%

,

9/01/37

.....................

400,000

400,000

Total

Municipal

Bonds

(Cost

$400,000)

.........................................

400,000

Total

Short

Term

Investments

(Cost

$400,000

)

..................................

400,000

a

Total

Investments

(Cost

$408,291,016)

97.4%

...................................

$392,170,562

Other

Assets,

less

Liabilities

2.6%

.............................................

10,447,559

Net

Assets

100.0%

...........................................................

$402,618,121

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$22,837,138,

representing

5.7%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

High

Yield

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

66

a

a

Shares

a

Value

a

Management

Investment

Companies

0.7%

Capital

Markets

0.7%

a

Franklin

Dynamic

Municipal

Bond

ETF

...................................

1,705,000

$

41,090,500

Total

Management

Investment

Companies

(Cost

$44,466,488)

....................

41,090,500

Principal

Amount

a

a

a

a

Corporate

Bonds

1.8%

Commercial

Services

&

Supplies

0.2%

b

CalPlant

I

LLC

,

21A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

$

1,920,000

1,922,844

21B,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

7,205,000

7,214,688

c

22A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

3,975,000

3,980,887

13,118,419

Diversified

Consumer

Services

1.5%

Grand

Canyon

University

,

5.125

%

,

10/01/28

...............................

93,000,000

89,745,000

Health

Care

Providers

&

Services

0.1%

b

Christian

Care

Centers,

Inc.

,

144A,

12

%

,

11/30/22

...........................

2,950,000

2,876,250

Total

Corporate

Bonds

(Cost

$108,978,604)

.....................................

105,739,669

Municipal

Bonds

96.5%

Alabama

2.9%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/28

....................

7,350,000

5,165,108

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/29

....................

13,465,000

8,733,386

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/30

....................

19,050,000

11,379,758

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

13,643,783

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

15,602,031

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

16,678,901

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,052,769

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

5,946,357

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,526,118

Sewer,

Revenue,

Sub.

Lien,

2013

F,

Zero

Cpn.,

10/01/39

....................

75,000,000

76,201,110

MidCity

Improvement

District

,

Assessment

Area,

Special

Assessment,

2022,

3.875%,

11/01/27

..............

300,000

277,907

Assessment

Area,

Special

Assessment,

2022,

4.25%,

11/01/32

...............

600,000

532,415

Assessment

Area,

Special

Assessment,

2022,

4.5%,

11/01/42

................

1,090,000

915,927

Assessment

Area,

Special

Assessment,

2022,

4.75%,

11/01/49

...............

1,250,000

1,042,469

172,698,039

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

238,655

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

.................................................

3,005,000

1,998,327

Industrial

Development

Authority

of

the

City

of

Phoenix

(The)

,

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/42

..............

1,000,000

1,035,988

b

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2017,

Refunding,

5%,

6/15/47

2,150,000

2,152,846

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,245,693

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2022,

Refunding,

4%,

6/15/57

8,500,000

7,093,470

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

....................

1,000,000

1,050,854

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

67

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

La

Paz

County

Industrial

Development

Authority,

(continued)

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

....................

$

1,000,000

$

1,039,839

b

Maricopa

County

Industrial

Development

Authority

,

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/41

........................................................

370,000

319,491

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/51

........................................................

545,000

437,759

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/61

........................................................

2,625,000

2,015,072

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

5,000,000

5,566,212

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

10,967,940

Commercial

Metals

Co.,

Revenue,

144A,

2022,

4%,

10/15/47

.................

4,000,000

3,682,046

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

6,000,000

6,468,025

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

12,631,618

b

Sierra

Vista

Industrial

Development

Authority

,

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

A,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

12,159,552

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

B,

6.25%,

10/01/36

.......................................................

3,945,000

3,371,245

Tempe

Industrial

Development

Authority

,

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,900,000

1,904,957

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

4,850,000

4,846,400

b

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

2,800,000

2,778,723

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

4,099,275

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

7,558,990

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/01/46

.......................................................

500,000

404,346

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

B,

4%,

12/01/56

.......

4,260,000

3,197,935

Yuma

County

Industrial

Development

Authority

,

Far

West

Water

&

Sewer,

Inc.

,

Revenue

,

2007

A

,

Refunding

,

6.375

%

,

12/01/37

...........................

13,715,000

11,894,697

110,159,955

California

19.0%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

13,789,708

b

California

Community

Housing

Agency

,

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

10,458,265

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

8,895,000

7,925,417

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

1,800,000

1,692,132

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

....................................................

8,500,000

7,990,621

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

5,250,000

4,347,620

K

Street

Flats,

Revenue,

144A,

2021

A-2,

4%,

8/01/50

......................

16,500,000

13,195,330

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

30,500,000

26,490,360

d

Twin

Creek

Apartments,

Revenue,

Junior

Lien,

144A,

2022

B,

5.5%,

2/01/40

.....

4,400,000

4,259,764

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

2,815,000

2,857,730

b

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

18,406,665

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

7,100,394

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

7,722,941

b

California

Pollution

Control

Financing

Authority

,

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

14,700,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

68

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

b

California

Pollution

Control

Financing

Authority,

(continued)

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

..........

1,700,000

1,349,942

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

5,300,000

3,591,538

b

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

3,635,160

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017

A,

Refunding,

5%,

7/01/47

............................................

2,900,000

2,290,814

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/46

.......................................................

1,250,000

1,254,640

California

Statewide

Communities

Development

Authority

,

b

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

7,492,805

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014

A,

5.25%,

12/01/44

.......................................................

20,555,000

21,072,900

b

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

3,000,000

3,055,470

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,230,348

b

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

3,446,676

Centinela

Valley

Union

High

School

District

,

GO

,

2012

B

,

Refunding

,

AGMC

Insured

,

Zero

Cpn.,

8/01/37

.................................................

8,400,000

3,504,064

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

7,955,690

b

CMFA

Special

Finance

Agency

,

Revenue,

Junior

Lien,

144A,

2022

A-2,

4.5%,

8/01/51

.......................

38,000,000

28,877,545

Solana

at

Grand,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/45

...........

35,000,000

29,009,533

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

1,700,000

1,597,458

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The),

Revenue,

144A,

2021

A-1,

3%,

8/01/56

..........

1,750,000

1,334,241

Breakwater

Apartments

(The),

Revenue,

144A,

2021

A-2,

4%,

8/01/47

..........

34,150,000

27,968,648

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

4,500,000

3,719,129

b

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

17,000,000

13,966,382

Compton

Community

College

District

,

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/30

...................

3,425,000

2,173,046

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/32

...................

4,000,000

2,206,855

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/34

...................

4,560,000

2,174,820

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/36

...................

5,250,000

2,169,369

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/37

...................

3,065,000

1,178,749

GO,

2013

D,

Refunding,

BAM

Insured,

Zero

Cpn.,

8/01/38

...................

6,000,000

2,149,081

b

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

............

10,000,000

7,826,236

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

7,500,000

5,704,928

Crescent

(The),

Revenue,

144A,

2022

B,

5.5%,

7/01/59

.....................

15,935,000

12,997,942

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

.............................

7,500,000

5,823,155

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

16,000,000

12,364,293

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

10,000,000

7,585,040

Park

Crossing

Apartments,

Revenue,

144A,

2021

B,

4%,

12/01/48

.............

14,235,000

11,191,459

Parrallel-Anaheim,

Revenue,

144A,

2021

A,

4%,

8/01/56

....................

8,000,000

7,126,382

Union

South

Bay,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

....................

12,500,000

10,848,775

Wood

Creek

Apartments,

Revenue,

Sub.

Lien,

144A,

2021

B,

4%,

12/01/59

......

19,800,000

12,909,356

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

10,000,000

10,729,086

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

7,931,347

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

69

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

$

28,865,000

$

32,565,857

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

25,530,762

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

25,616,982

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,238,912

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

952,340

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

912,816

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,479,872

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/28

........

480,000

486,490

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/32

........

520,000

516,656

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

2,635,108

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

3,455,648

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,158,449

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

2,875,694

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

33,645,857

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

25,324,193

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

6%,

1/15/45

...............................

35,834,000

47,236,232

Revenue,

1997

A,

Refunding,

6%,

1/15/46

...............................

35,834,000

47,373,261

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/25

...........................

45,200,000

42,889,516

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

131,900,000

122,075,165

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

125,408,554

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/44

...................

20,000,000

20,793,208

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/49

...................

25,000,000

25,933,660

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

40,489,472

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

19,891,114

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,656,074

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,325,546

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

6,902,558

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

7,042,302

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25

%

,

11/01/27

.....

9,855,000

10,831,480

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

9,694,905

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

18,000,000

3,285,675

1,145,104,207

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

70

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

5.7%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

$

3,775,000

$

3,701,098

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,420,000

7,183,994

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,500,000

5,513,132

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

4,250,000

3,977,059

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

3,000,000

2,657,944

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,507,973

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,429,980

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,245,000

2,275,710

Baseline

Metropolitan

District

No.

1

,

GO,

2021

A,

5%,

12/01/51

...........................................

1,500,000

1,364,740

GO,

2021

B,

7.5%,

12/15/51

.........................................

2,190,000

2,008,442

b

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,689,290

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

607,675

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,404,897

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

531,374

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,446,353

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A(3)

,

5

%

,

12/01/50

........

2,000,000

1,895,421

b

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,333,028

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,563,360

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

740,000

705,994

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

3,821,972

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

557,695

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

918,568

Colliers

Hill

Metropolitan

District

No.

2

,

GO

,

2022

B-1

,

Refunding

,

6

%

,

12/15/47

....

2,250,000

1,930,932

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/49

..........

2,235,000

2,043,724

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/58

..........

4,750,000

4,178,556

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

6,615,951

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

5/15/48

........................................................

12,255,000

12,633,346

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/45

...

1,000,000

974,105

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

4,525,000

4,331,601

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,486,137

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,744,409

Copperleaf

Metropolitan

District

No.

6

,

GO,

2018

A,

Pre-Refunded,

5.25%,

12/01/48

.............................

3,850,000

4,153,990

GO,

2022

B,

6%,

12/15/41

...........................................

1,225,000

1,207,965

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

2,015,934

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

5,217,923

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

900,000

895,202

b

Denver

Health

&

Hospital

Authority

,

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/35

.........................

5,000,000

5,004,892

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/36

.........................

5,000,000

5,005,347

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

71

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

$

4,290,000

$

4,381,534

b

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

2,001,674

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

12,498,120

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021

,

5

%

,

12/01/51

........

1,600,000

1,426,941

Evan's

Place

Metropolitan

District

,

GO,

2020

A(3),

5%,

12/01/40

.........................................

550,000

557,001

GO,

2020

A(3),

5%,

12/01/50

.........................................

1,575,000

1,517,803

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

595,000

609,138

GO,

2019

A,

5%,

8/01/49

............................................

540,000

545,169

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,311,047

b

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A

,

4.625

%

,

12/01/45

.........

1,140,000

948,454

b

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A

,

4.5

%

,

12/01/51

...........

1,675,000

1,244,130

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

...........................................

750,000

767,302

GO,

2019

A,

5%,

12/01/49

...........................................

1,000,000

1,013,272

b

Jacoby

Farm

Metropolitan

District

,

GO

,

144A,

2021

,

Refunding

,

5

%

,

12/15/46

......

5,000,000

4,492,973

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

993,110

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

533,769

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

1,036,468

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,303,502

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

8,500,000

7,577,931

b

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A(3),

5.375%,

12/01/40

.................................

645,000

650,814

GO,

144A,

2020

A(3),

5.625%,

12/01/50

.................................

1,900,000

1,889,401

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,685,795

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

496,308

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

704,234

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

1,465,000

1,365,697

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

6,922,422

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

514,067

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,496,704

b

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

3,003,502

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

500,000

470,058

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

674,164

GO,

2021,

6.375%,

6/15/46

..........................................

1,330,000

1,230,043

Pronghorn

Valley

Metropolitan

District

,

GO,

2021

A,

3.75%,

12/01/41

.........................................

515,000

430,818

GO,

2021

A,

4%,

12/01/51

...........................................

650,000

545,017

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,146,818

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

1,125,000

1,166,475

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

14,164,769

Revenue,

2008,

6.5%,

11/15/38

.......................................

60,100,000

78,744,979

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

613,902

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

4,033,626

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

72

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Rampart

Range

Metropolitan

District

No.

5

,

Revenue,

2021,

4%,

12/01/36

........................................

$

1,250,000

$

1,128,177

Revenue,

2021,

4%,

12/01/41

........................................

2,730,000

2,337,550

Revenue,

2021,

4%,

12/01/51

........................................

6,670,000

5,324,803

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

Revenue

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

..................................................

5,750,000

4,528,250

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

2,000,872

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

4,853,202

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

2,910,585

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,778,196

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,503,779

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

813,773

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

4,199,714

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

2,026,859

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

1,000,000

1,002,513

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,745,689

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

893,000

820,385

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,135,063

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,795,846

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,850,000

Waterfront

at

Foster

Lake

Metropolitan

District

No.

2

,

GO,

2022

A(3)-1,

5%,

12/01/42

.......................................

3,705,000

3,378,266

GO,

2022

A(3)-1,

5%,

12/01/51

.......................................

4,085,000

3,471,556

GO,

2022

A(3)-2,

Zero

Cpn.,

12/01/51

..................................

5,130,000

3,043,981

Water

Tap

Fee,

Revenue,

2022,

4.625%,

12/01/28

.........................

6,000,000

5,622,176

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

....................

595,000

597,416

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

988,214

343,101,529

Connecticut

0.6%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

1,008,293

b

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

7,891,131

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/37

........

5,500,000

5,734,457

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

13,464,743

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

2,000,000

2,050,777

b

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

2,800,000

2,850,331

b

Steel

Point

Infrastructure

Improvement

District

,

Tax

Allocation,

144A,

2021,

4%,

4/01/31

.................................

100,000

96,881

Tax

Allocation,

144A,

2021,

4%,

4/01/36

.................................

605,000

571,685

Tax

Allocation,

144A,

2021,

4%,

4/01/41

.................................

575,000

525,712

Tax

Allocation,

144A,

2021,

4%,

4/01/51

.................................

1,655,000

1,440,029

35,634,039

Florida

14.0%

Anabelle

Island

Community

Development

District

,

Special

Assessment,

2022,

2.7%,

5/01/27

...............................

655,000

605,829

Special

Assessment,

2022,

3.1%,

5/01/32

...............................

750,000

661,485

Special

Assessment,

2022,

3.5%,

5/01/42

...............................

1,945,000

1,635,041

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,840,000

2,478,031

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

73

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Artisan

Lakes

East

Community

Development

District

,

Special

Assessment,

2021-1,

2.3%,

5/01/26

..............................

$

220,000

$

203,498

Special

Assessment,

2021-1,

2.75%,

5/01/31

.............................

250,000

218,768

Special

Assessment,

2021-1,

3.125%,

5/01/41

............................

470,000

379,411

Special

Assessment,

2021-1,

4%,

5/01/51

...............................

455,000

399,748

b

Special

Assessment,

144A,

2021-2,

2.75%,

5/01/31

........................

275,000

239,420

b

Special

Assessment,

144A,

2021-2,

3.125%,

5/01/41

.......................

515,000

415,737

b

Special

Assessment,

144A,

2021-2,

4%,

5/01/52

..........................

550,000

482,156

b

Astonia

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

540,000

499,527

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,375,000

1,209,907

Assessment

Area

2,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

...........

200,000

186,931

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............

500,000

439,591

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

...........

750,000

617,327

Assessment

Area

2,

Special

Assessment,

144A,

2021,

4%,

5/01/52

............

800,000

702,195

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

..

195,000

182,257

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/31

....

320,000

281,338

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

..

750,000

616,349

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

4%,

5/01/51

....

500,000

439,639

Avalon

Groves

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

360,000

293,278

Special

Assessment,

2021,

4%,

5/01/51

.................................

500,000

438,928

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/32

.................

200,000

174,497

Assessment

Area

3,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

500,000

423,390

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,500,000

1,319,140

Avalon

Park

West

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

......................

215,000

196,237

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

......................

580,000

516,215

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

........................

880,000

771,705

Ave

Maria

Stewardship

Community

District

,

Special

Assessment,

2022

A,

Refunding,

4%,

5/01/42

.......................

5,020,000

4,585,791

Maple

Ridge

Phase

5

Project

Area,

Special

Assessment,

2022,

4%,

5/01/52

......

2,640,000

2,295,065

Avenir

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021

A-1,

2.75%,

5/01/31

............

3,250,000

2,871,383

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.2%,

5/01/41

.............

5,000,000

4,148,629

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.4%,

5/01/52

.............

5,000,000

4,038,938

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3.1%,

11/01/31

...............

170,000

149,774

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

11/01/41

...............

410,000

338,763

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

750,000

652,754

Babcock

Ranch

Community

Independent

Special

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

465,000

407,574

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

5,250,000

4,348,641

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,910,000

1,674,095

Special

Assessment,

2022,

5%,

5/01/42

.................................

4,000,000

4,043,931

Special

Assessment,

2022,

5%,

5/01/53

.................................

5,000,000

4,986,681

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

227,279

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

716,913

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,368,272

Assessment

Area

3A,

Special

Assessment,

2020,

2.5%,

5/01/25

...............

60,000

57,983

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

227,279

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

................

1,840,000

1,702,090

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

................

2,500,000

2,213,825

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

356,144

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

785,653

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Balm

Grove

Community

Development

District

,

Special

Assessment,

2022,

3.25%,

11/01/27

..............................

$

1,365,000

$

1,289,987

Special

Assessment,

2022,

3.625%,

11/01/32

.............................

1,290,000

1,172,576

Special

Assessment,

2022,

4%,

11/01/42

................................

2,500,000

2,280,871

Special

Assessment,

2022,

4.125%,

11/01/51

.............................

3,125,000

2,760,710

Bannon

Lakes

Community

Development

District

,

b

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

700,000

595,598

b

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

775,000

680,777

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

365,000

328,133

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,385,000

1,265,494

Special

Assessment,

2022,

4%,

5/01/53

.................................

2,260,000

1,974,481

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

2,594,117

Belmond

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

1,750,000

1,617,598

Special

Assessment,

2020,

4%,

5/01/51

.................................

3,635,000

3,182,887

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

293,925

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,215,765

Special

Assessment,

2020,

4%,

12/15/50

................................

1,000,000

877,780

Berry

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

200,000

188,112

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

356,587

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,066,459

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,500,000

1,307,037

Black

Creek

Community

Development

District

,

Special

Assessment,

2022,

5.125%,

6/15/32

.............................

150,000

155,112

Special

Assessment,

2022,

5.625%,

6/15/52

.............................

2,000,000

2,066,555

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

295,000

276,455

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

397,151

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,165,000

980,149

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,360,000

1,186,960

Bridgewater

North

Community

Development

District

,

Special

Assessment,

2022,

3.125%,

5/01/27

.............................

200,000

189,072

Special

Assessment,

2022,

3.5%,

5/01/32

...............................

350,000

315,847

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,000,000

913,714

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,000,000

2,608,028

Brightwater

Community

Development

District

,

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

300,000

264,359

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

750,000

616,552

Special

Assessment,

2021,

4%,

5/01/52

.................................

3,895,000

3,410,674

b

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

5,268,672

b

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

3%,

7/01/31

..........

100,000

87,957

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/41

..........

450,000

404,283

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/51

..........

540,000

455,482

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/56

..........

445,000

364,406

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/41

.........

750,000

673,805

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/51

.........

975,000

822,398

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

.........

750,000

614,167

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

10,715,000

5,807,577

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

5,000,000

5,050,699

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

75

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

b

Capital

Trust

Agency,

Inc.,

(continued)

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

$

3,250,000

$

2,895,414

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-2,

4.43%,

1/01/57

...........

10,245,000

7,886,622

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,227,720

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

3,616,435

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

32,120,544

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

3.3%,

1/01/31

..............

100,000

87,614

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,050,000

994,490

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

3,322,191

Celebration

Community

Development

District

,

Special

Assessment,

2021,

2.25%,

5/01/26

..............................

100,000

92,436

Special

Assessment,

2021,

2.75%,

5/01/31

..............................

240,000

208,887

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

590,000

475,528

Special

Assessment,

2021,

4%,

5/01/51

.................................

850,000

747,145

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

826,102

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,500,000

1,300,700

CFM

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

190,000

176,416

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,265,000

1,104,047

Chaparral

Palm

Bay

Community

Development

District

,

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,235,000

1,142,435

Special

Assessment,

2020

A-1,

4%,

5/01/50

..............................

2,015,000

1,770,532

b

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

260,000

230,900

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

875,000

738,127

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,125,000

987,462

b

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

370,000

356,004

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

695,000

630,678

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,825,000

1,612,755

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

3,010,000

2,635,947

b

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

A,

4%,

10/01/41

.......

1,500,000

1,316,894

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

A,

4%,

10/01/51

.......

4,000,000

3,310,820

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

B,

5%,

10/01/36

.......

2,500,000

2,185,678

b

Coco

Palms

Community

Development

District

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

6/15/39

...................................................

500,000

504,635

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/33

...........

5,500,000

5,658,172

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/38

...........

12,000,000

12,334,351

Coral

Keys

Homes

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

570,000

526,740

Special

Assessment,

2020,

4%,

5/01/50

.................................

750,000

659,981

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

741,319

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

688,486

b

Cordova

Palms

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

345,000

319,724

Special

Assessment,

144A,

2021,

2.8%,

5/01/31

..........................

385,000

333,570

Special

Assessment,

144A,

2021,

3%,

5/01/41

............................

1,215,000

956,954

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,945,000

1,702,001

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

76

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Creekview

Community

Development

District

,

Special

Assessment,

2022,

4.25%,

5/01/32

..............................

$

805,000

$

785,874

Special

Assessment,

2022,

4.625%,

5/01/42

.............................

2,455,000

2,380,295

Special

Assessment,

2022,

4.75%,

5/01/53

..............................

4,145,000

3,988,027

b

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

249,251

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

445,938

Cross

Creek

North

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/32

..............................

460,000

432,335

Special

Assessment,

2022,

4.25%,

5/01/42

..............................

2,340,000

2,213,254

Special

Assessment,

2022,

4.5%,

5/01/52

...............................

1,750,000

1,646,858

Crystal

Cay

Community

Development

District

,

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

200,000

172,412

Special

Assessment,

2021,

3.05%,

5/01/41

..............................

850,000

677,108

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

875,588

b

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

2,867,652

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

5,091,546

b

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

228,313

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

704,662

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,175,000

1,004,314

b

Cypress

Park

Estates

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

295,000

273,274

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........................

1,170,000

1,055,921

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,210,000

1,052,979

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

100,000

95,896

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

200,000

180,070

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

325,000

281,625

b

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

.................................

5,310,000

5,359,154

b

DW

Bayview

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

.........................

335,000

312,573

Special

Assessment,

144A,

2021,

3%,

5/01/32

............................

430,000

377,213

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

1,160,000

976,976

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

750,000

659,328

East

547

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

130,000

121,501

Assessment

Area

1,

Special

Assessment,

2021,

3%,

5/01/31

.................

140,000

124,205

Assessment

Area

1,

Special

Assessment,

2021,

3.3%,

5/01/41

................

600,000

503,377

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,770,000

1,562,387

East

Bonita

Beach

Road

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/32

.................................

255,000

222,967

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

750,000

616,126

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

658,817

East

Nassau

Stewardship

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

305,000

283,850

Special

Assessment,

2021,

3%,

5/01/31

.................................

500,000

440,008

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,270,000

1,061,062

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,520,000

1,315,959

Eden

Hills

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

110,000

100,161

Special

Assessment,

2020,

4%,

5/01/40

.................................

300,000

277,515

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

77

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Eden

Hills

Community

Development

District,

(continued)

Special

Assessment,

2020,

4.125%,

5/01/51

.............................

$

500,000

$

443,584

Special

Assessment,

2022,

3.25%,

5/01/27

..............................

455,000

432,171

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

610,000

555,087

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,645,000

1,499,072

Special

Assessment,

2022,

4.125%,

5/01/52

.............................

1,590,000

1,402,153

Edgewater

East

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2021,

2.5%,

5/01/26

.............

425,000

401,258

Assessment

Area

One,

Special

Assessment,

2021,

3.1%,

5/01/31

.............

700,000

628,924

Assessment

Area

One,

Special

Assessment,

2021,

3.6%,

5/01/41

.............

2,625,000

2,297,774

Assessment

Area

One,

Special

Assessment,

2021,

4%,

5/01/51

...............

2,825,000

2,469,684

Assessment

Area

Two,

Special

Assessment,

2022,

3.375%,

5/01/32

............

1,985,000

1,806,755

Assessment

Area

Two,

Special

Assessment,

2022,

4%,

5/01/42

...............

4,000,000

3,655,828

Assessment

Area

Two,

Special

Assessment,

2022,

4%,

5/01/52

...............

6,200,000

5,393,458

b

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

835,000

771,398

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

1,010,189

b

Entrada

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.125%,

5/01/26

.........................

165,000

153,942

Special

Assessment,

144A,

2021,

2.625%,

5/01/31

.........................

370,000

324,311

Special

Assessment,

144A,

2021,

3.125%,

5/01/41

.........................

935,000

771,730

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

2,300,000

2,018,812

Epperson

North

Community

Development

District

,

b

Special

Assessment,

144A,

2018

A-1,

5.5%,

11/01/39

.......................

1,500,000

1,562,887

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

210,000

196,492

Special

Assessment,

2021,

3%,

5/01/31

.................................

300,000

263,340

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,460,000

1,243,272

Special

Assessment,

2021,

4%,

5/01/51

.................................

3,010,000

2,641,823

Special

Assessment,

2021

A,

2.45%,

11/01/26

............................

250,000

230,816

Special

Assessment,

2021

A,

3.1%,

11/01/31

.............................

500,000

440,755

Special

Assessment,

2021

A,

4%,

11/01/51

..............................

2,750,000

2,407,012

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

435,000

427,507

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

840,000

792,220

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

2,290,000

2,173,755

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

3,960,000

3,657,616

Fallschase

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

750,000

660,003

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

826,059

Special

Assessment,

2021,

4%,

5/01/52

.................................

2,215,000

1,924,176

Florida

Development

Finance

Corp.

,

b

Revenue,

144A,

2021

A,

4%,

7/01/51

...................................

1,700,000

1,478,308

b,f

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

1,961,477

b,f

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

3,867,114

b

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

12,000,000

12,142,760

b,f

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2021

A-1,

Mandatory

Put,

6.75%,

8/15/23

........................................................

31,000,000

30,827,758

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/31

........................................................

450,000

437,616

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/51

........................................................

5,500,000

4,830,200

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

5,000,000

5,055,287

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

78

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Florida

Development

Finance

Corp.,

(continued)

b

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/55

............................................

$

3,750,000

$

2,979,199

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/55

..........

1,000,000

864,040

b

Forest

Lake

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

350,000

327,351

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

1,275,000

1,179,605

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,170,000

1,030,218

Special

Assessment,

144A,

2022,

4.75%,

5/01/27

.........................

110,000

110,922

Special

Assessment,

144A,

2022,

5%,

5/01/32

............................

175,000

178,004

Special

Assessment,

144A,

2022,

5.375%,

5/01/42

.........................

700,000

713,982

Special

Assessment,

144A,

2022,

5.5%,

5/01/52

..........................

620,000

632,311

Gracewater

Sarasota

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

250,000

232,051

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

500,000

439,244

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

3,170,000

2,631,140

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,535,000

1,334,441

Grand

Oaks

Community

Development

District

,

Special

Assessment,

2020,

4.25%,

5/01/40

..............................

1,100,000

1,046,870

Special

Assessment,

2020,

4.5%,

5/01/52

...............................

3,500,000

3,281,401

Assessment

Area

No.

3,

Special

Assessment,

2021,

3.2%,

11/01/31

............

215,000

190,496

Assessment

Area

No.

3,

Special

Assessment,

2021,

3.5%,

11/01/41

............

555,000

467,611

Assessment

Area

No.

3,

Special

Assessment,

2021,

4%,

11/01/51

.............

1,205,000

1,050,464

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

610,118

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

649,004

Greeneway

Improvement

District

,

Special

Assessment

,

2013

,

5.125

%

,

5/01/43

.....

26,745,000

26,815,922

Grove

Resort

Community

Development

District

,

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

170,000

152,339

Special

Assessment,

2022,

3.55%,

5/01/42

..............................

435,000

371,318

Special

Assessment,

2022,

4%,

5/01/52

.................................

640,000

560,963

Hammock

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

540,000

498,397

Special

Assessment,

2020,

4%,

5/01/51

.................................

860,000

753,035

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

175,431

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

520,000

430,519

Special

Assessment,

2021,

4%,

5/01/51

.................................

630,000

551,621

Special

Assessment,

2022,

4.4%,

5/01/32

...............................

500,000

491,312

Special

Assessment,

2022,

4.7%,

5/01/42

...............................

1,500,000

1,467,663

Special

Assessment,

2022,

5%,

5/01/52

.................................

2,300,000

2,284,004

Hawkstone

Community

Development

District

,

Special

Assessment,

2021,

2.6%,

5/01/26

...............................

155,000

146,086

Special

Assessment,

2021,

3.2%,

5/01/31

...............................

440,000

394,851

Special

Assessment,

2021,

3.45%,

5/01/41

..............................

1,125,000

965,917

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

877,744

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125

%

,

5/01/45

...................................................

2,170,000

2,224,766

Hills

of

Minneola

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

926,407

b

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

2,625,000

2,428,254

b

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

4,861,507

Special

Assessment,

2021,

2.375%,

5/01/26

.............................

100,000

92,530

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

250,000

218,404

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

500,000

411,551

Special

Assessment,

2021,

4%,

5/01/52

.................................

900,000

789,372

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

79

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

g

Hilltop

Point

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2022-1,

5.375%,

5/01/52

..........

$

700,000

$

703,965

Assessment

Area

Two,

Special

Assessment,

2022-2,

5.6%,

5/01/53

............

745,000

750,584

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

165,590

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

348,693

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

517,896

Hyde

Park

Community

Development

District

No.

1

,

Special

Assessment,

2022,

4%,

5/01/42

.................................

2,710,000

2,476,165

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,545,000

2,194,548

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

475,000

475,525

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

226,114

2021

Assessment

Area,

Special

Assessment,

2021,

2.7%,

5/01/31

.............

240,000

208,198

2021

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

...........

855,000

686,711

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/52

..............

1,375,000

1,199,271

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

348,955

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

487,948

Special

Assessment,

2021,

2.2%,

5/01/26

...............................

100,000

93,128

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

235,000

205,960

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

500,000

411,302

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,810,000

1,588,717

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

347,829

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

722,017

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

2,004,772

Special

Assessment,

2021,

2.5%,

6/15/26

...............................

100,000

94,072

Special

Assessment,

2021,

3.125%,

6/15/31

.............................

250,000

224,419

Special

Assessment,

2021,

3.6%,

6/15/41

...............................

750,000

653,193

Special

Assessment,

2021,

4%,

6/15/51

.................................

750,000

659,379

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,175,000

2,199,775

Lakes

of

Sarasota

Community

Development

District

,

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

............................

285,000

247,579

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

............................

265,000

233,185

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

670,000

599,072

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

..........................

125,000

112,296

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

..........................

200,000

182,679

Special

Assessment,

2021

B-1,

4.3%,

5/01/51

............................

325,000

292,064

Special

Assessment,

2021

B-2,

4.125%,

5/01/31

..........................

1,000,000

941,771

Lakewood

Park

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

3.2%,

5/01/31

................

125,000

110,732

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

325,000

275,177

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

500,000

431,133

Lakewood

Ranch

Stewardship

District

,

Special

Assessment,

2020,

3%,

5/01/30

.................................

470,000

420,014

b

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

250,000

227,842

b

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

..................

440,000

402,213

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

750,000

640,393

b

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,080,000

948,701

b

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

.................

2,100,000

1,868,846

Special

Assessment,

2020,

4%,

5/01/50

.................................

1,270,000

1,104,046

b

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/50

...................

1,250,000

1,098,972

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

80

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Lakewood

Ranch

Stewardship

District,

(continued)

b

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.........................

$

2,650,000

$

2,274,047

Special

Assessment,

2020

A,

3.75%,

5/01/40

.............................

525,000

467,874

Special

Assessment,

2020

A,

3.9%,

5/01/50

..............................

770,000

667,250

Star

Farms

at

Lakewood

Ranch

Proj-Phase

1/2,

Special

Assessment,

2021,

2.3%,

5/01/26

........................................................

185,000

172,051

Star

Farms

at

Lakewood

Ranch

Proj-Phase

1/2,

Special

Assessment,

2021,

2.7%,

5/01/31

........................................................

105,000

92,524

Star

Farms

at

Lakewood

Ranch

Proj-Phase

1/2,

Special

Assessment,

2021,

3%,

5/01/41

........................................................

430,000

346,057

Star

Farms

at

Lakewood

Ranch

Proj-Phase

1/2,

Special

Assessment,

2021,

4%,

5/01/52

........................................................

685,000

597,331

Laurel

Road

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.6%,

5/01/26

............................

230,000

214,629

Special

Assessment,

2021

A-1,

3%,

5/01/31

..............................

350,000

308,154

Special

Assessment,

2021

A-1,

3.25%,

5/01/41

...........................

1,195,000

966,420

Special

Assessment,

2021

A-1,

4%,

5/01/52

..............................

1,455,000

1,258,701

Special

Assessment,

2021

A-2,

3.125%,

5/01/31

..........................

2,140,000

1,889,608

Leomas

Landing

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

335,000

311,617

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

470,000

413,723

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

1,210,000

998,074

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,645,000

1,430,069

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

8,000,000

6,796,000

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,559,273

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

2,739,568

LTC

Ranch

West

Residential

Community

Development

District

,

Special

Assessment,

2021

B,

3.25%,

5/01/31

.............................

4,000,000

3,583,872

Assessment

Area

1,

Special

Assessment,

2021

A,

3.125%,

5/01/31

............

700,000

626,534

Assessment

Area

1,

Special

Assessment,

2021

A,

3.45%,

5/01/41

.............

1,250,000

1,069,736

b

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

250,711

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

640,588

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District,

Special

Assessment,

2022,

4%,

5/01/32

.......

345,000

334,181

Community

Development

District,

Special

Assessment,

2022,

4.25%,

5/01/42

.....

1,130,000

1,075,838

Community

Development

District,

Special

Assessment,

2022,

4.375%,

5/01/52

....

1,500,000

1,406,053

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,680,000

1,696,002

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

360,000

334,269

Special

Assessment,

2021,

3%,

5/01/31

.................................

430,000

377,598

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,945,000

1,586,764

Special

Assessment,

2021,

3.75%,

5/01/52

..............................

630,000

518,101

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

873,629

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

3,000,000

2,644,311

Mirada

II

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

405,000

378,811

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

650,000

575,990

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

2,100,000

1,762,565

Special

Assessment,

2021,

4%,

5/01/51

.................................

2,375,000

2,062,815

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

350,000

330,421

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

81

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

New

Port

Tampa

Bay

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

$

500,000

$

446,271

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

1,081,119

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

1,980,442

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

200,000

187,430

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

353,217

Assessment

Area

2,

Special

Assessment,

2021

A,

2.625%,

5/01/26

............

250,000

233,419

Assessment

Area

2,

Special

Assessment,

2021

A,

3.25%,

5/01/31

.............

275,000

241,805

Assessment

Area

2,

Special

Assessment,

2021

A,

3.55%,

5/01/41

.............

985,000

822,587

Assessment

Area

2,

Special

Assessment,

2021

A,

4%,

5/01/52

................

1,500,000

1,293,398

North

Park

Isle

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.45%,

11/01/26

..............

265,000

243,665

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

500,000

438,187

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

11/01/41

.............

1,500,000

1,244,486

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

2,500,000

2,197,933

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

442,395

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

1,000,000

873,790

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,495,000

1,313,671

b,d

Special

Assessment,

144A,

2022,

5.25%,

5/01/32

.........................

295,000

296,913

b,d

Special

Assessment,

144A,

2022,

5.625%,

5/01/52

.........................

2,000,000

2,014,961

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

450,000

435,312

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

781,574

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

1,059,812

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

1,960,000

1,769,993

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,670,000

1,577,405

Special

Assessment,

2020

A-3,

4.75%,

5/01/40

...........................

2,000,000

1,914,267

b

North

Springs

Improvement

District

,

Special

Assessment

,

144A,

2017-2

,

5

%

,

5/01/48

5,000,000

5,047,614

Northern

Palm

Beach

County

,

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5%,

8/01/34

........................................................

2,700,000

2,757,880

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5.2%,

8/01/46

........................................................

6,000,000

6,077,275

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/37

........................................................

750,000

777,552

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/46

........................................................

3,000,000

3,054,361

Old

Hickory

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,300,000

1,202,158

Special

Assessment,

2020,

4%,

6/15/50

.................................

1,955,000

1,727,238

Orange

County

Health

Facilities

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

3,800,000

4,055,465

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/47

............................................

4,285,000

4,573,070

b

Osceola

Village

Center

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

5/01/31

.........................

180,000

155,791

Special

Assessment,

144A,

2021,

3.3%,

5/01/41

..........................

370,000

298,711

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

405,000

350,462

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

...........................................

1,500,000

1,604,129

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

82

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Palm

Beach

County

Health

Facilities

Authority,

(continued)

Federation

CCRC

Operations

Corp.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

6/01/36

....................................................

$

2,000,000

$

1,904,973

Palm

Coast

Park

Community

Development

District

,

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

2.8%,

5/01/31

...........

350,000

300,927

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

3.125%,

5/01/41

.........

730,000

579,867

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

4%,

5/01/52

............

1,210,000

1,053,630

Park

East

Community

Development

District

,

Special

Assessment,

2021,

3.15%,

11/01/41

..............................

750,000

601,244

Special

Assessment,

2021,

4%,

11/01/51

................................

2,750,000

2,406,855

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

848,615

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

701,604

Parrish

Plantation

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

255,000

239,014

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

235,000

208,659

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

790,000

664,081

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,370,000

1,191,000

b

Pine

Isle

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

12/15/26

........................

100,000

91,791

Special

Assessment,

144A,

2021,

3%,

12/15/31

...........................

225,000

195,209

Special

Assessment,

144A,

2021,

3.25%,

12/15/41

.........................

1,000,000

816,597

Special

Assessment,

144A,

2021,

4%,

12/15/51

...........................

1,200,000

1,049,252

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

629,914

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2017,

5%,

7/01/39

................................................

2,000,000

2,075,953

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2019,

5%,

7/01/29

................................................

900,000

940,458

Preserve

at

South

Branch

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

150,000

133,171

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

750,000

636,863

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

879,792

Quail

Roost

Community

Development

District

,

Expansion

Area,

Special

Assessment,

2021,

2.2%,

12/15/26

.................

200,000

184,463

Expansion

Area,

Special

Assessment,

2021,

2.7%,

12/15/31

.................

200,000

174,417

Expansion

Area,

Special

Assessment,

2021,

3.125%,

12/15/41

................

740,000

604,828

Expansion

Area,

Special

Assessment,

2021,

4%,

12/15/51

...................

2,375,000

2,087,153

Reunion

East

Community

Development

District

,

2021

Assessment

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

.............

405,000

377,266

2021

Assessment

Area,

Special

Assessment,

2021,

2.85%,

5/01/31

............

400,000

352,967

2021

Assessment

Area,

Special

Assessment,

2021,

3.15%,

5/01/41

............

1,455,000

1,194,880

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

..............

4,535,000

4,022,869

Rhodine

Road

North

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

5/01/27

...............................

125,000

115,527

Special

Assessment,

2022,

3%,

5/01/32

.................................

190,000

166,494

Special

Assessment,

2022,

3.3%,

5/01/42

...............................

490,000

406,487

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,065,000

933,477

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

5/01/42

.............................

850,000

866,978

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

2,150,000

2,192,689

River

Glen

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

312,426

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

River

Glen

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

$

1,000,000

$

845,298

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

875,051

River

Hall

Community

Development

District

,

Special

Assessment,

2020

A,

3.25%,

5/01/31

.............................

430,000

390,285

Special

Assessment,

2020

A,

3.625%,

5/01/40

............................

1,030,000

902,568

Special

Assessment,

2020

A,

3.875%,

5/01/51

............................

2,690,000

2,306,367

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/23

.....................

150,000

149,893

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/24

.....................

250,000

248,417

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/25

.....................

150,000

147,163

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/31

.....................

1,000,000

878,035

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/36

.....................

1,000,000

829,444

River

Landing

Community

Development

District

,

Special

Assessment,

2020

A,

3%,

5/01/25

...............................

250,000

242,160

Special

Assessment,

2020

A,

3.6%,

5/01/30

..............................

475,000

437,685

Special

Assessment,

2020

A,

4.125%,

5/01/40

............................

850,000

794,161

Special

Assessment,

2020

A,

4.35%,

5/01/51

.............................

1,100,000

1,010,038

Special

Assessment,

2020

B,

4.25%,

11/01/35

............................

1,135,000

1,046,212

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

1,005,000

963,375

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

179,577

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

791,658

b

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

165,000

153,744

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

264,914

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

652,476

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

905,000

788,579

Rivington

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,745,000

1,535,730

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

430,000

390,472

Special

Assessment,

2022,

4%,

5/01/52

.................................

4,365,000

3,763,789

Rolling

Hills

Community

Development

District

,

Special

Assessment,

2022

A-1,

4%,

5/01/52

..............................

945,000

814,841

Special

Assessment,

2022

A-2,

Refunding,

3.65%,

5/01/32

...................

1,000,000

902,570

Rustic

Oaks

Community

Development

District

,

Special

Assessment,

2022,

3.2%,

5/01/32

...............................

1,000,000

887,952

Special

Assessment,

2022,

3.45%,

5/01/42

..............................

2,000,000

1,689,053

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,500,000

1,316,616

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Special

Assessment,

2020,

3%,

6/15/30

.................................

250,000

225,836

Special

Assessment,

2020,

4%,

6/15/40

.................................

610,000

564,089

Special

Assessment,

2020,

4%,

6/15/50

.................................

785,000

692,174

Special

Assessment,

2022,

3.1%,

12/15/32

..............................

300,000

265,504

Special

Assessment,

2022,

3.35%,

12/15/41

.............................

485,000

407,052

Special

Assessment,

2022,

4%,

12/15/51

................................

1,000,000

879,358

Sanctuary

Cove

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/31

.............................

190,000

163,163

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

400,000

319,133

Special

Assessment,

2021,

4%,

5/01/52

.................................

770,000

670,492

Sandmine

Road

Community

Development

District

,

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........

300,000

273,858

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........

1,040,000

923,528

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Sandmine

Road

Community

Development

District,

(continued)

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

..........

$

2,020,000

$

1,714,930

Assessment

Area

2,

Special

Assessment,

2021,

2.3%,

11/01/26

...............

250,000

230,289

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

450,000

394,628

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

11/01/41

...............

1,180,000

978,783

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

750,000

658,294

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

400,000

379,037

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

671,653

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

740,000

648,992

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

636,024

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,490,000

1,414,095

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

2,060,173

Sawyers

Landing

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/31

..............................

1,400,000

1,326,652

Special

Assessment,

2021,

4.125%,

5/01/41

.............................

3,055,000

2,883,646

Special

Assessment,

2021,

4.25%,

5/01/53

..............................

6,015,000

5,521,852

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

423,164

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

1,065,844

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,250,000

1,081,674

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/27

..............................

500,000

484,636

Special

Assessment,

2022,

4.125%,

5/01/32

.............................

750,000

727,972

Special

Assessment,

2022,

4.5%,

5/01/42

...............................

3,305,000

3,170,444

Special

Assessment,

2022,

4.625%,

5/01/53

.............................

3,385,000

3,216,049

b

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/36

.....

310,000

295,549

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/41

.....

425,000

394,412

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/51

.....

830,000

730,092

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/56

.....

705,000

603,531

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

335,196

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

1,000,000

866,689

Special

Assessment,

2021,

4%,

6/15/51

.................................

1,250,000

1,100,387

Silver

Palms

West

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

6/15/27

...............................

410,000

379,774

Special

Assessment,

2022,

3%,

6/15/32

.................................

765,000

675,736

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

1,750,000

1,496,352

Special

Assessment,

2022,

4%,

6/15/52

.................................

2,170,000

1,920,031

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

285,000

278,943

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

505,000

472,446

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,290,152

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,305,000

2,090,651

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

2.5%,

5/01/26

.......

230,000

214,449

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.1%,

5/01/31

.......

250,000

219,068

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.4%,

5/01/41

.......

750,000

614,628

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

4%,

5/01/52

........

2,050,000

1,767,644

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

285,000

266,321

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

457,956

Assessment

Area

3,

Special

Assessment,

2021,

3.4%,

5/01/41

................

805,000

659,701

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,321,964

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,200,000

1,038,136

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

85

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

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

$

655,000

$

564,784

Somerset

Community

Development

District

,

Special

Assessment,

2022,

Refunding,

4%,

5/01/32

........................

750,000

723,742

Special

Assessment,

2022,

Refunding,

4.2%,

5/01/37

.......................

1,000,000

959,947

South

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.875%,

6/15/31

..............

175,000

155,158

Assessment

Area

1,

Special

Assessment,

2021,

3.25%,

6/15/41

...............

500,000

420,391

Assessment

Area

1,

Special

Assessment,

2021,

4%,

6/15/51

.................

500,000

443,456

Southern

Groves

Community

Development

District

No.

5

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

425,000

393,462

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

495,000

428,824

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,500,000

1,196,477

Special

Assessment,

2021,

4%,

5/01/48

.................................

940,000

829,118

b

Southshore

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/33

..................................

2,735,000

2,333,919

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/15/46

........................

1,950,000

1,574,363

Stellar

North

Community

Development

District

,

Special

Assessment,

2021,

2.45%,

5/01/26

..............................

170,000

157,651

Special

Assessment,

2021,

3%,

5/01/31

.................................

250,000

217,756

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

885,000

711,408

Special

Assessment,

2021,

4%,

5/01/52

.................................

2,225,000

1,940,639

b

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

375,000

348,519

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

288,188

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

1,105,855

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

1,750,000

1,530,792

b

Stonewater

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

11/01/32

...........................

250,000

217,530

Special

Assessment,

144A,

2021,

3.3%,

11/01/41

..........................

635,000

523,376

Special

Assessment,

144A,

2021,

4%,

11/01/51

...........................

1,000,000

874,631

b

Stoneybrook

South

Community

Development

District

,

Special

Assessment,

144A,

2020,

3%,

12/15/30

...........................

500,000

445,623

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

.........................

1,000,000

857,001

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

.........................

1,500,000

1,261,233

Storey

Drive

Community

Development

District

,

Special

Assessment,

2022,

2.55%,

6/15/27

..............................

200,000

183,053

Special

Assessment,

2022,

3%,

6/15/32

.................................

375,000

325,716

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

900,000

731,297

Special

Assessment,

2022,

4%,

6/15/52

.................................

2,000,000

1,721,251

b

Storey

Park

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........................

230,000

202,046

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

..........................

620,000

517,908

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

625,000

548,875

Summer

Woods

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

200,000

174,809

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

5/01/41

................

500,000

412,438

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

375,000

324,442

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

195,000

181,541

Assessment

Area

3,

Special

Assessment,

2021,

3.15%,

5/01/31

...............

200,000

175,746

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

725,000

601,523

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,000,000

861,658

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

86

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

$

165,000

$

152,402

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

700,000

634,241

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

801,898

b

Special

Assessment,

144A,

2021,

2.75%,

5/01/31

.........................

175,000

152,959

b

Special

Assessment,

144A,

2021,

3.15%,

5/01/41

.........................

700,000

575,448

b

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

1,750,000

1,541,327

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

163,558

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

820,000

690,017

Special

Assessment,

2021,

4%,

5/01/51

.................................

680,000

598,915

Tern

Bay

Community

Development

District

,

Special

Assessment,

2022,

3.4%,

6/15/32

...............................

1,650,000

1,495,851

Special

Assessment,

2022,

4%,

6/15/42

.................................

3,600,000

3,288,059

Special

Assessment,

2022,

4%,

6/15/52

.................................

6,500,000

5,651,140

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

.................................

1,000,000

923,244

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,000,000

1,759,389

Assessment

Area

2,

Special

Assessment,

2021,

2.35%,

12/15/26

..............

400,000

371,135

Assessment

Area

2,

Special

Assessment,

2021,

3%,

12/15/31

................

750,000

663,392

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

12/15/41

...............

2,175,000

1,809,375

Assessment

Area

2,

Special

Assessment,

2021,

4%,

12/15/51

................

4,085,000

3,588,201

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

189,113

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

673,808

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,785,000

1,557,923

Tolomato

Community

Development

District

,

Special

Assessment,

2022

B,

Refunding,

3%,

5/01/32

......................

1,500,000

1,319,226

Special

Assessment,

2022

C,

Refunding,

3.2%,

5/01/32

.....................

1,500,000

1,330,015

Assessment

Area

One,

Special

Assessment,

2022-1,

3.3%,

5/01/32

............

515,000

458,546

Assessment

Area

One,

Special

Assessment,

2022-1,

4%,

5/01/52

.............

1,970,000

1,721,050

Assessment

Area

Two,

Special

Assessment,

2022-2,

3.3%,

5/01/32

............

195,000

174,742

Assessment

Area

Two,

Special

Assessment,

2022-2,

4%,

5/01/51

.............

665,000

582,266

b

Towne

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

410,000

369,150

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,075,000

933,718

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,000,000

876,061

Tradition

Community

Development

District

No.

9

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

390,000

361,001

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

445,000

385,639

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,400,000

1,223,081

b

Trevesta

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

235,000

213,321

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

.........................

880,000

772,641

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,750,000

1,524,758

Triple

Creek

Community

Development

District

,

b

Special

Assessment,

144A,

2021,

2.375%,

11/01/26

........................

185,000

169,765

b

Special

Assessment,

144A,

2021,

2.875%,

11/01/31

........................

450,000

391,221

Special

Assessment,

2021,

3%,

11/01/31

................................

250,000

220,389

b

Special

Assessment,

144A,

2021,

3.125%,

11/01/41

........................

1,190,000

960,873

Special

Assessment,

2021,

3.5%,

11/01/41

...............................

740,000

625,009

Special

Assessment,

2021,

4%,

11/01/50

................................

750,000

658,339

b

Special

Assessment,

144A,

2021,

4%,

11/01/51

...........................

2,520,000

2,202,177

Tuckers

Pointe

Community

Development

District

,

Special

Assessment,

2022,

3%,

5/01/27

.................................

310,000

292,966

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

87

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Tuckers

Pointe

Community

Development

District,

(continued)

Special

Assessment,

2022,

3.375%,

5/01/32

.............................

$

565,000

$

508,799

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

4,500,000

4,063,401

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,505,000

1,375,050

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,500,000

1,299,753

Two

Rivers

North

Community

Development

District

,

Special

Assessment,

2022,

4.625%,

5/01/27

.............................

100,000

100,446

Special

Assessment,

2022,

4.875%,

5/01/32

.............................

380,000

383,006

Special

Assessment,

2022,

5.125%,

5/01/42

.............................

1,540,000

1,560,244

Special

Assessment,

2022,

5.25%,

5/01/52

..............................

2,000,000

2,018,375

Two

Rivers

West

Community

Development

District

,

Special

Assessment

,

2022

,

3

%

,

1/15/23

.........................................................

2,000,000

1,984,622

b

Union

Park

East

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

144A,

2021,

2.95%,

5/01/31

..........

125,000

109,469

Assessment

Area

3,

Special

Assessment,

144A,

2021,

3.35%,

5/01/41

..........

325,000

266,894

Assessment

Area

3,

Special

Assessment,

144A,

2021,

4%,

5/01/51

............

450,000

389,403

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

359,654

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

1,098,053

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,500,000

1,310,229

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

...........

375,000

346,983

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,775,000

1,639,798

b

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/51

............

3,500,000

3,081,979

b

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

355,000

333,757

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

415,000

370,250

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

1,020,000

872,472

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,500,000

1,309,147

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3.375%,

5/01/41

.........

750,000

637,292

Phase

1

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

............

1,000,000

878,425

Viera

Stewardship

District

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

500,000

462,320

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

800,000

701,219

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,750,000

1,423,952

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,715,000

1,502,215

Village

Community

Development

District

No.

10

,

Special

Assessment,

2014,

5.75%,

5/01/31

..............................

1,515,000

1,544,091

Special

Assessment,

2014,

6%,

5/01/44

.................................

6,500,000

6,635,720

Village

Community

Development

District

No.

13

,

b

Special

Assessment,

144A,

2020,

3.5%,

5/01/51

..........................

16,860,000

14,028,226

Special

Assessment,

2021,

2.85%,

5/01/36

..............................

1,750,000

1,479,742

Special

Assessment,

2021,

3%,

5/01/41

.................................

2,500,000

2,056,538

Special

Assessment,

2021,

3.25%,

5/01/52

..............................

6,500,000

5,226,064

Villages

of

Glen

Creek

Community

Development

District

,

Special

Assessment,

2022,

Refunding,

2.7%,

5/01/27

.......................

135,000

120,738

Special

Assessment,

2022,

Refunding,

3.15%,

5/01/32

......................

210,000

180,748

Special

Assessment,

2022,

Refunding,

3.45%,

5/01/42

......................

550,000

446,074

Special

Assessment,

2022,

Refunding,

4%,

5/01/52

........................

1,205,000

1,044,135

Special

Assessment,

2022

A,

4.625%,

5/01/27

............................

100,000

100,603

Special

Assessment,

2022

A,

4.875%,

5/01/32

............................

250,000

252,474

Special

Assessment,

2022

A,

5.125%,

5/01/42

............................

710,000

718,224

Special

Assessment,

2022

A,

5.25%,

5/01/53

.............................

1,250,000

1,264,391

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

218,193

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

88

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Villamar

Community

Development

District,

(continued)

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

$

655,000

$

581,169

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

875,622

Phase

4

Project,

Special

Assessment,

2022,

3.25%,

5/01/27

.................

175,000

165,699

Phase

4

Project,

Special

Assessment,

2022,

3.625%,

5/01/32

................

250,000

226,306

Phase

4

Project,

Special

Assessment,

2022,

4%,

5/01/42

....................

670,000

609,790

Phase

4

Project,

Special

Assessment,

2022,

4.125%,

5/01/52

................

500,000

440,505

West

Port

Community

Development

District

,

b

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

366,731

b

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

928,516

b

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,545,000

1,348,421

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

200,000

185,837

Special

Assessment,

2021,

3%,

5/01/31

.................................

570,000

502,339

Special

Assessment,

2021,

3.4%,

5/01/41

...............................

1,470,000

1,221,548

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,250,000

1,082,203

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

205,000

193,128

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

179,009

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

686,066

Unit

of

Development

No.

7,

Special

Assessment,

2021,

4%,

5/01/51

............

1,050,000

924,005

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

160,000

150,764

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

469,898

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,000,000

857,582

Unit

of

Development

No.

8,

Special

Assessment,

2021,

4%,

5/01/51

............

1,855,000

1,632,383

Westside

Haines

City

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

250,000

234,889

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

314,904

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,000,000

833,793

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,250,000

1,106,603

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.4%,

5/01/26

................

220,000

203,560

Assessment

Area

1,

Special

Assessment,

2021,

2.95%,

5/01/31

...............

250,000

217,424

Assessment

Area

1,

Special

Assessment,

2021,

3.35%,

5/01/41

...............

940,000

765,801

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,500,000

1,293,398

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

25,000

24,262

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

130,000

121,270

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

599,571

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

463,089

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

1,600,000

1,531,715

Wiregrass

II

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2020,

3.125%,

5/01/30

...........

645,000

586,116

Assessment

Area

One,

Special

Assessment,

2020,

3.7%,

5/01/40

.............

1,680,000

1,486,765

Assessment

Area

One,

Special

Assessment,

2020,

3.875%,

5/01/50

...........

1,960,000

1,674,630

d

Assessment

Area

Two,

Special

Assessment,

2022,

5.25%,

5/01/52

.............

1,000,000

1,001,464

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

175,000

163,167

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

160,000

139,932

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

680,000

561,241

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

970,000

846,514

844,724,560

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

89

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

1.1%

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

1,753,004

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

9,789,598

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

B

,

4.5

%

,

12/01/36

................................

10,835,000

9,182,335

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

6,090,000

6,972,852

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

2,529,224

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

9,635,799

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

5,000,000

5,403,282

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

4,455,248

Revenue,

2007

A,

5.5%,

9/15/28

......................................

10,000,000

11,230,084

Revenue,

2019

A,

5%,

5/15/49

........................................

6,500,000

7,369,890

68,358,559

Idaho

0.2%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,335,214

Illinois

3.1%

Chicago

Board

of

Education

,

GO,

2022

A,

4%,

12/01/47

...........................................

14,265,000

13,395,457

GO,

2022

A,

5%,

12/01/47

...........................................

5,250,000

5,500,685

GO,

2022

B,

Refunding,

4%,

12/01/40

..................................

2,500,000

2,428,047

City

of

Belleville

,

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.25%,

7/01/29

.................

825,000

765,424

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.75%,

7/01/41

.................

1,000,000

869,799

Illinois

Finance

Authority

,

e

2017

IAVF

Windy

City

Obligated

Group,

Revenue,

2017

A-1,

4.375%,

12/01/42

...

883,103

7,241

e

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/43

....................

3,000,000

6,000

e

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/53

....................

3,075,000

6,150

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

12,457,167

b

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

4,190,000

4,236,367

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/25

......

2,255,000

2,330,410

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/32

......

3,750,000

3,874,718

OSF

Healthcare

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.......................................................

15,750,000

16,410,377

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

A,

Refunding,

5%,

8/01/47

........................................................

1,525,000

1,586,467

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

C,

5%,

8/01/46

...

1,900,000

1,977,786

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

4,030,000

3,536,781

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

9,229,007

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

10,810,000

10,096,287

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

4,720,000

5,208,124

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

90

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

Metropolitan

Pier

&

Exposition

Authority,

(continued)

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/35

.......................

$

10,000,000

$

5,927,503

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

12/15/37

......................

13,650,000

7,224,246

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

6,893,434

State

of

Illinois

,

GO,

2017

A,

4.25%,

12/01/40

.........................................

1,850,000

1,808,938

GO,

2017

C,

5%,

11/01/29

...........................................

6,130,000

6,591,113

GO,

2019

B,

4%,

11/01/34

...........................................

2,400,000

2,341,866

GO,

2019

C,

4%,

11/01/40

...........................................

1,490,000

1,410,768

GO,

2019

C,

4%,

11/01/43

...........................................

2,515,000

2,338,955

GO,

2020,

5.5%,

5/01/39

............................................

14,175,000

15,354,885

GO,

2020,

5.75%,

5/01/45

...........................................

7,420,000

8,103,746

GO,

2020

B,

4%,

10/01/34

...........................................

2,000,000

1,952,104

GO,

2020

C,

4%,

10/01/37

...........................................

5,400,000

5,218,591

GO,

2020

C,

4%,

10/01/38

...........................................

5,250,000

5,045,137

GO,

2020

C,

4%,

10/01/39

...........................................

2,545,000

2,426,794

GO,

2021

A,

5%,

3/01/46

............................................

7,000,000

7,295,303

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

9,552,327

Village

of

Hillside

,

Mannheim

Redevelopment

Project

Area

,

Tax

Allocation

,

2018

,

Refunding

,

5

%

,

1/01/30

.............................................

2,690,000

2,753,960

b

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

3,035,000

2,661,664

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,332,638

190,156,266

Indiana

0.4%

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,461,992

b

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

3,340,121

b

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

3,984,605

b

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

3,650,000

2,961,048

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2013

A,

Refunding,

7%,

11/15/43

..

5,000,000

5,357,223

University

of

Evansville,

Revenue,

2022

B,

7%,

9/01/32

.....................

4,000,000

3,873,060

b

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

4,137,909

26,115,958

Iowa

0.3%

Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC,

Revenue,

2022,

Refunding,

5%,

12/01/50

.............

11,000,000

11,654,532

Northcrest

Obligated

Group,

Revenue,

2018

A,

5%,

3/01/48

..................

7,500,000

7,527,708

19,182,240

Kansas

0.1%

City

of

Derby

,

Revenue

,

2020

,

3.9

%

,

3/01/37

...............................

1,300,000

1,261,560

City

of

Manhattan

,

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

............................................

1,000,000

939,562

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

............................................

1,150,000

1,007,826

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

91

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kansas

(continued)

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

$

1,705,000

$

1,574,097

4,783,045

Kentucky

0.7%

b

City

of

Henderson

,

Pratt

Paper

LLC

,

Revenue

,

144A,

2022

A

,

4.7

%

,

1/01/52

.......

2,500,000

2,515,251

Kentucky

Economic

Development

Finance

Authority

,

Owensboro

Health,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

6/01/41

.......................

10,000,000

10,542,036

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/39

...........................

10,000,000

11,197,205

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/43

...........................

5,000,000

5,592,354

b,g

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

19,650,000

15,427,412

45,274,258

Louisiana

1.3%

Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

............

2,055,000

2,184,494

Juban

Trails

Community

Development

District

,

Special

Assessment,

2022,

3.375%,

6/01/27

.............................

100,000

94,704

Special

Assessment,

2022,

4.25%,

6/01/51

..............................

1,235,000

1,061,181

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment,

2021,

2.375%,

6/01/26

.............................

450,000

419,438

Special

Assessment,

2021,

2.875%,

6/01/31

.............................

695,000

610,303

Special

Assessment,

2021,

3.2%,

6/01/41

...............................

2,730,000

2,273,802

Special

Assessment,

2021,

4%,

6/01/51

.................................

2,035,000

1,802,478

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,410,000

2,507,195

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

2,618,633

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

4,865,958

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,650,000

2,272,709

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,475,000

3,866,784

Parish

of

St.

John

the

Baptist,

Revenue,

144A,

2019,

3.9%,

11/01/44

...........

2,350,000

1,984,163

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

3,240,000

3,033,538

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

1,960,000

1,956,574

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C,

5.5%,

10/01/61

.

6,300,000

5,085,826

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

3,408,167

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,790,000

1,871,450

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

60,000

66,081

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

5,167,847

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

4,620,327

b

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

10,252,780

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

13,993,197

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,236,386

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,683,388

78,937,403

Maryland

0.3%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

1,250,000

1,280,898

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

92

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

City

of

Baltimore,

(continued)

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

$

5,500,000

$

5,596,300

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

714,251

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,265,878

b

Technology

Park

Project

TIF

Development

District,

Special

Tax,

144A,

2020

B,

Refunding,

4.625%,

7/01/43

........................................

3,260,000

3,330,070

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

375,000

359,582

Urbana

Community

Development

Authority,

Special

Tax,

2020

C,

4%,

7/01/50

....

4,000,000

3,725,061

Maryland

Economic

Development

Corp.

,

Morgan

State

University,

Revenue,

2020,

4.25%,

7/01/50

....................

500,000

465,099

Morgan

State

University,

Revenue,

2020,

5%,

7/01/56

......................

1,000,000

1,032,223

17,769,362

Massachusetts

0.2%

b

Massachusetts

Development

Finance

Agency

,

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

...........

3,000,000

3,186,361

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

........

5,000,000

5,307,102

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013

A,

Pre-

Refunded,

6.25%,

11/15/28

.........................................

1,473,000

1,553,714

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2013

K

,

5.25

%

,

7/01/29

..

2,280,000

2,285,814

12,332,991

Michigan

1.7%

City

of

Detroit

,

GO,

2021

A,

5%,

4/01/31

............................................

480,000

527,173

GO,

2021

A,

5%,

4/01/33

............................................

770,000

833,586

GO,

2021

A,

5%,

4/01/35

............................................

955,000

1,024,803

GO,

2021

A,

5%,

4/01/37

............................................

875,000

936,296

GO,

2021

A,

4%,

4/01/41

............................................

600,000

570,891

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2001

B,

NATL

Insured,

5.5%,

7/01/29

.....................................

5,000,000

5,610,314

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006

B,

NATL

Insured,

5%,

7/01/36

.......................................

15,000

15,046

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

2,215,000

2,223,003

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

14,660,000

16,829,768

Kalamazoo

Economic

Development

Corp.

,

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

1,000,000

1,006,527

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

1,235,000

1,189,158

b

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,505,000

1,398,174

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

1,099,997

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

8,408,118

Michigan

Finance

Authority

,

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014

B,

5%,

7/01/39

..

5,600,000

5,723,109

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014

B,

5%,

7/01/44

..

5,000,000

5,093,004

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014

C-6,

Refunding,

5%,

7/01/33

........................................

10,000,000

10,415,216

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/34

........................................................

10,000,000

10,406,990

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

93

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

$

1,800,000

$

1,826,357

b

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6.75%,

7/01/44

.

5,505,000

5,642,666

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

3,000,000

2,913,094

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/65

........................................................

100,000,000

12,123,640

b

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

815,000

820,319

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

895,000

861,779

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,380,000

1,282,047

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,187,211

101,968,286

Minnesota

0.2%

City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/36

...........

200,000

186,357

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/41

...........

290,000

260,710

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/51

...........

500,000

422,204

PHS

Apple

Valley

Senior

Housing,

Inc.,

Revenue,

2021,

4%,

9/01/61

...........

870,000

710,808

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,813,499

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

1,000,391

Duluth

Economic

Development

Authority

,

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/31

........................................................

1,500,000

1,494,308

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/36

........................................................

1,500,000

1,457,428

Benedictine

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........................................................

930,000

881,125

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

,

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/33

...

200,000

182,594

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/35

...

350,000

313,859

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/36

...

100,000

88,865

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/42

...

1,260,000

1,059,916

10,872,064

Mississippi

0.7%

b

Mississippi

Development

Bank

,

County

of

Hancock,

Revenue,

144A,

2019,

4.55%,

11/01/39

..................

2,250,000

2,217,978

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

900,000

904,975

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/35

800,000

801,375

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/36

850,000

851,614

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/41

3,000,000

2,999,386

Mississippi

Home

Corp.

,

b

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

5,210,012

b

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

6,097,896

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.65%,

6/01/62

..................................................

5,515,000

4,226,319

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

94

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Mississippi

(continued)

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

A

,

5

%

,

9/01/41

...............................

$

20,000,000

$

20,963,044

44,272,599

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

4,170,000

4,391,502

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

268,792

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

2,500,000

2,264,743

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

998,745

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

3,409,823

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,740,000

3,935,919

15,269,524

Montana

0.1%

Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

5,765,000

6,087,351

Nevada

1.2%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

920,000

839,287

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,750,000

1,736,671

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/35

........................................................

2,500,000

2,436,775

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

8,165,000

8,359,803

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

183,053

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

181,712

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

180,598

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

450,000

424,412

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,150,000

1,055,730

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

210,000

187,606

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

1,000,000

863,474

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

1,400,000

1,462,930

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,620,000

1,676,802

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

1,025,000

1,054,303

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

445,000

433,232

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

745,000

703,174

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

1,000,000

1,029,855

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/33

.

520,000

433,244

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/36

.

830,000

660,022

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

650,000

505,363

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3.125%,

6/01/51

1,425,000

1,031,472

b

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

18,000,000

2,129,762

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

1,060,000

1,062,740

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

1,010,000

1,011,842

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,165,000

2,223,288

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nevada

(continued)

Henderson

Local

Improvement

Districts

,

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3%,

9/01/36

...............................

$

315,000

$

257,289

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3.5%,

9/01/45

..............................

750,000

601,400

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

4%,

9/01/51

...............................

500,000

433,917

b

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

10,467,202

11,006,460

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

8,713,241

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/38

................................

1,000,000

1,035,657

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/48

................................

1,500,000

1,535,067

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/33

.........................................

3,190,000

3,387,155

Revenue,

2020,

5%,

7/01/40

.........................................

3,225,000

3,375,252

Revenue,

2020,

5%,

7/01/45

.........................................

3,250,000

3,366,796

Revenue,

2020,

5%,

7/01/51

.........................................

4,250,000

4,382,634

69,962,018

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

96,093

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,361,267

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

2,860,000

2,605,550

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

5,478,885

10,541,795

New

Jersey

3.0%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

500,000

507,744

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,177,104

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

2,204,368

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

5%,

6/15/48

10,000,000

10,646,926

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

4%,

6/15/44

3,300,000

3,286,586

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/35

....

3,450,000

3,658,287

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

4,550,000

4,800,177

United

Airlines,

Inc.,

Revenue,

1999,

5.125%,

9/15/23

......................

10,510,000

10,644,723

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

25,000,000

25,178,703

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

16,480,000

16,732,665

b

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

2,540,747

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2008

A,

Zero

Cpn.,

12/15/38

..................................

46,750,000

24,551,749

Revenue,

2014

AA,

5%,

6/15/38

.......................................

5,060,000

5,197,255

Revenue,

2014

AA,

5%,

6/15/44

.......................................

9,335,000

9,560,103

Revenue,

2015

AA,

5.25%,

6/15/41

....................................

2,500,000

2,612,280

Revenue,

2019

AA,

5%,

6/15/46

.......................................

2,500,000

2,663,217

Revenue,

2019

BB,

5%,

6/15/44

.......................................

1,000,000

1,071,377

Revenue,

2019

BB,

5%,

6/15/50

.......................................

670,000

712,946

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5%,

6/01/46

...............................

9,500,000

10,080,097

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

18,000,000

19,387,998

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Tobacco

Settlement

Financing

Corp.,

(continued)

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

$

25,000,000

$

25,716,780

183,931,832

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

505,793

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

451,167

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,195,197

b

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

,

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4%,

5/01/33

..............

1,000,000

915,053

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4.25%,

5/01/40

............

2,750,000

2,433,096

5,500,306

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

2,004,943

Metropolitan

Transportation

Authority

,

Revenue,

2013

D,

5%,

11/15/38

.......................................

14,040,000

14,484,708

f

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

1,000,000

1,112,398

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

5,000,000

5,248,483

Revenue,

2017

C-1,

Refunding,

5%,

11/15/34

............................

7,500,000

7,997,950

Revenue,

2020

A-1,

5%,

11/15/47

.....................................

24,300,000

25,885,138

Revenue,

2020

A-1,

5%,

11/15/49

.....................................

2,500,000

2,658,698

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

2,950,000

3,033,595

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

42,795,000

45,472,555

Revenue,

2020

D,

5%,

11/15/44

.......................................

33,000,000

35,419,454

Revenue,

2020

D,

4%,

11/15/50

.......................................

40,000,000

38,669,760

New

York

City

Housing

Development

Corp.

,

FC

8

Spruce

Street

Residential

LLC

,

Revenue

,

2014

,

F

,

Refunding

,

4.5

%

,

2/15/48

.............................

9,825,000

9,778,816

New

York

Liberty

Development

Corp.

,

b

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

15,266,361

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

65,000,000

76,824,599

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

11,265,000

11,979,919

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

14,950,000

16,255,613

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

2.25%,

8/01/26

............

1,930,000

1,822,161

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

3%,

8/01/31

...............

4,500,000

4,210,162

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/35

.........................

6,500,000

6,819,239

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

.........................

6,000,000

6,219,260

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

41,785,000

43,225,814

b

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

61,000,000

15,922,299

390,311,925

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

2,736,659

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/30

.......

2,790,000

2,831,470

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/35

.......

1,000,000

1,010,443

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

..............

1,000,000

999,931

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

..............

1,500,000

1,488,659

9,067,162

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Dakota

0.3%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

$

2,800,000

$

2,758,811

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

3,130,000

3,001,805

b

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

1,782,397

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

14,000,000

8,452,664

15,995,677

Ohio

2.8%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

25,130,000

19,549,406

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

..................

28,000,000

28,442,414

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

5,018,443

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

1,345,150

b

Flats

East

Bank

TIF

District,

Tax

Allocation,

Senior

Lien,

144A,

2021

A,

Refunding,

4%,

12/01/55

...................................................

1,250,000

1,078,620

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

740,599

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

743,104

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

10,090,122

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

2,975,680

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

8,847,468

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,000,000

5,098,967

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,416,351

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,247,155

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,645,272

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

Zero

Cpn.,

2/15/35

.....................................................

35,000,000

40,182,615

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

12/01/42

.......................................................

14,000,000

14,145,529

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

1,021,156

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

1,014,727

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,342,129

b

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

4,904,855

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

14,372,803

166,222,565

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,055,366

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

10,280,000

10,749,980

11,805,346

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

0.6%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

$

500,000

$

507,942

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

1,250,000

1,257,612

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,514,406

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

...

9,285,000

9,960,786

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.4%,

10/01/44

.....

3,000,000

3,053,591

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.5%,

10/01/49

.....

5,500,000

5,601,748

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

3,300,848

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/51

..

4,325,000

4,113,978

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/56

..

6,115,000

5,600,738

34,911,649

Pennsylvania

2.0%

b

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

5%,

5/01/32

....................................

11,975,000

12,696,465

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,429,133

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,357,066

g

Revenue,

144A,

2022,

5.25%,

5/01/42

..................................

6,000,000

6,045,762

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

3,832,176

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/34

..........

1,500,000

1,568,082

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/39

..........

3,325,000

3,465,223

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/44

..........

1,945,000

2,020,853

b

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

325,000

331,806

b

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

1,013,573

Dallas

Area

Municipal

Authority

,

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/39

..............

1,100,000

1,142,923

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/48

..............

4,000,000

4,096,847

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

1,001,647

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

1,189,077

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

4,474,914

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

2,937,692

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

961,218

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

1,009,522

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,541,809

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

657,178

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

1,962,361

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

...........................................

6,710,000

7,107,354

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,000,000

1,079,394

Pennsylvania

Turnpike

Commission

,

Revenue,

2009

C,

AGMC

Insured,

6.25%,

6/01/33

.........................

5,000,000

5,712,943

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

18,631,584

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

99

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Turnpike

Commission,

(continued)

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

$

25,075,000

$

23,308,411

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group,

Revenue,

A,

Refunding,

5%,

7/01/49

........................................................

3,000,000

2,746,566

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/51

........................................................

1,600,000

1,356,421

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/56

........................................................

850,000

699,754

123,377,754

South

Carolina

0.3%

South

Carolina

Jobs-Economic

Development

Authority

,

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,710,088

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

3,444,875

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

11,041,032

16,195,995

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

11,110,000

10,145,569

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

2,958,340

13,103,909

Tennessee

1.2%

Johnson

City

Health

&

Educational

Facilities

Board

,

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/27

....................................

19,365,000

16,586,783

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

....................................

19,400,000

15,964,714

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

....................................

19,365,000

15,307,209

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

....................................

19,370,000

14,674,970

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

10,616,097

b

Nashville

Metropolitan

Development

&

Housing

Agency

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

...................................................

900,000

939,851

74,089,624

Texas

8.4%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

6,902,061

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

1,799,727

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,362,242

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,246,515

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,257,366

b

City

of

Anna

,

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..................................................

300,000

263,448

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

100

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Anna,

(continued)

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.5%,

9/15/31

...................................................

$

157,000

$

146,286

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4%,

9/15/41

....................................................

867,000

762,404

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

..................................................

1,406,000

1,200,599

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

5%,

9/15/51

....................................................

503,000

450,603

b

City

of

Austin

,

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.625%,

11/01/39

................................................

1,405,000

1,410,559

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

11/01/48

.................................................

2,450,000

2,434,841

City

of

Celina

,

b

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

........................................................

804,000

785,231

b

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/51

........................................................

1,120,000

1,102,986

b

Creeks

of

Legacy

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

..................................................

230,000

214,998

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

215,000

206,594

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

..................................................

500,000

446,663

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

349,708

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/50

...................................................

605,000

534,714

b

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

472,742

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.75%,

9/01/27

........................................................

290,000

261,613

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

.................................................

231,000

196,193

b

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

.................................................

866,000

690,075

Lakes

at

Mustang

Ranch

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

9/01/35

.................................

1,020,000

879,732

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

.............................................

145,000

133,800

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

..............................................

245,000

233,061

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

.............................................

150,000

133,312

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4%,

9/01/31

................................................

473,000

443,431

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

..............................................

1,205,000

1,035,479

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

.............................................

2,015,000

1,809,400

b

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4.5%,

9/01/51

..............................................

2,501,000

2,213,776

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

..................................................

227,000

210,895

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.625%,

9/01/32

.................................................

336,000

302,832

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

101

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Celina,

(continued)

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/43

....................................................

$

1,009,000

$

897,721

b

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/51

.................................................

1,033,000

895,943

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.25%,

9/01/49

..................................................

3,065,000

2,810,922

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

1,800,000

1,604,294

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.875%,

9/01/27

.................................................

115,000

104,908

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/32

..................................................

250,000

215,468

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/42

........................................................

1,175,000

949,588

b

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

7,000,000

6,074,830

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

425,000

378,684

b

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

520,000

461,199

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

150,000

137,963

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

350,000

327,412

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

856,385

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

158,000

139,235

b

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

379,000

318,390

b

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/31

........................................................

409,000

374,885

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/31

..................................................

161,000

147,675

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/41

..................................................

1,000,000

889,598

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5%,

9/15/41

........................................................

1,144,000

1,052,066

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/51

...................................................

2,000,000

1,747,132

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/15/51

..................................................

750,000

680,904

b

City

of

Dayton

,

Westpointe

Public

Improvement

District,

Special

Assessment,

Junior

Lien,

144A,

5.75%,

9/01/52

..................................................

1,464,000

1,469,872

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

4.875%,

9/01/32

...........................................

269,000

270,264

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.125%,

9/01/42

...........................................

764,000

768,175

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.25%,

9/01/52

............................................

1,000,000

1,005,428

b

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.................................................

398,000

338,385

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Elmendorf,

(continued)

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

$

1,205,000

$

973,392

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

1,172,000

969,807

b

City

of

Fate

,

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

8/15/26

........................................................

400,000

372,677

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

8/15/31

........................................................

711,000

636,516

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

8/15/41

........................................................

1,871,000

1,651,113

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

8/15/51

1,765,000

1,540,352

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.125%,

8/15/30

........................................................

665,000

626,838

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.625%,

8/15/40

........................................................

1,163,000

1,077,543

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.875%,

8/15/50

........................................................

1,772,000

1,627,274

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.................................................

125,000

114,104

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.................................................

691,000

606,351

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.................................................

994,000

872,045

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.25%,

8/15/42

..................................................

1,204,000

1,142,661

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

8/15/52

.................................................

1,100,000

1,023,298

b

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.375%,

9/01/32

.................................................

1,074,000

923,117

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

..................................................

1,259,000

1,038,431

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

1,577,000

1,314,190

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

1,762,173

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,236,155

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,576,060

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,390,000

1,387,774

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,530,000

1,481,677

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

1,975,000

1,847,851

b

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

.................................................

409,000

391,943

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/42

.................................................

1,060,000

989,345

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/15/47

..................................................

716,000

662,591

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

103

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Haslet

,

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

2.625%,

9/01/26

........................................................

$

447,000

$

413,332

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

150,000

130,239

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

........................................................

1,271,000

1,050,226

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

500,000

454,144

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

394,414

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2021

A

,

4

%

,

7/01/41

.

15,990,000

14,291,848

b

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

...................................................

330,000

302,657

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/01/31

.................................................

260,000

226,360

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...................................................

1,038,000

859,485

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..................................................

270,000

251,322

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/31

........................................................

392,000

349,147

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/41

.................................................

1,000,000

855,995

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

3,479,000

2,922,765

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..................................................

206,000

179,765

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.................................................

519,000

430,770

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

1,146,000

954,875

b

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3%,

9/01/31

....................................................

500,000

441,313

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.................................................

2,812,000

2,371,875

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

....................................................

1,052,000

929,430

b

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

230,000

196,922

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

463,841

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/50

.

440,000

363,109

b

City

of

Kyle

,

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

400,000

352,892

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

........................................................

1,310,000

1,116,126

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

........................................................

1,380,000

1,115,162

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/46

375,000

330,467

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

........................................................

224,000

204,072

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Kyle,

(continued)

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

........................................................

$

530,000

$

465,423

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,428,000

1,199,453

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/46

1,000,000

873,056

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

.................................................

500,000

485,197

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/41

.................................................

1,185,000

1,121,534

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.625%,

9/01/41

.................................................

501,000

481,206

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

278,299

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

1,045,000

920,441

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5%,

9/01/30

.....................................

2,000,000

1,915,319

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

1,949,719

b

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,586,314

b

City

of

Lavon

,

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/15/27

600,000

562,260

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/15/27

........................................................

305,000

285,572

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

........................................................

1,000,000

904,698

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/32

........................................................

455,000

419,116

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/15/42

2,259,000

2,007,361

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/15/42

........................................................

1,000,000

900,758

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/52

........................................................

5,295,000

4,635,402

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/15/52

1,495,000

1,315,311

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

530,000

493,860

b

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.625%,

9/01/27

........................................................

550,000

511,815

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/27

........................................................

225,000

214,489

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

........................................................

750,000

672,658

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

........................................................

275,000

255,543

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

........................................................

1,771,000

1,505,781

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/42

........................................................

1,097,000

990,575

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/52

........................................................

2,500,000

2,222,550

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

........................................................

1,705,000

1,525,467

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Liberty

Hill,

(continued)

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

$

250,000

$

226,676

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

783,738

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,635,543

b

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/15/26

........................................................

110,000

99,429

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.................................................

210,000

191,439

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

215,179

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................................................

310,000

272,230

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

700,000

571,797

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.................................................

830,000

733,212

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

868,457

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

1,225,000

1,052,132

b

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/31

.................................................

350,000

317,233

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.625%,

9/01/31

.................................................

150,000

138,634

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/41

.................................................

1,000,000

895,435

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/41

.................................................

450,000

408,131

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/01/51

.................................................

1,470,000

1,273,791

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.125%,

9/01/51

.................................................

620,000

561,744

b

City

of

Mclendon-Chisholm

,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.........................

205,000

188,031

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

.........................

620,000

507,954

Special

Assessment,

144A,

2021,

4%,

9/15/51

............................

865,000

725,216

d

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/15/32

........................................................

250,000

252,411

d

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

........................................................

2,700,000

2,733,088

b

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

410,000

366,959

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.................................................

230,000

213,965

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

1,105,000

960,544

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

........................................................

420,000

380,634

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,417,267

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

106

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Midlothian,

(continued)

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..................................................

$

610,000

$

540,521

b

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/26

.................................................

220,000

207,494

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/31

..................................................

320,000

297,594

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

882,000

784,352

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/51

..................................................

1,454,000

1,271,414

b

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

273,529

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

1,038,426

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

930,876

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

9/01/31

..................................................

160,000

139,093

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

.................................................

643,000

520,900

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

987,000

865,775

b,g

City

of

Pilot

Point

,

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

9/15/32

........................................................

500,000

513,542

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/15/32

........................................................

810,000

831,750

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/48

........................................................

4,026,000

4,133,359

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/52

4,001,000

4,124,428

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

........................................................

1,600,000

1,648,168

b

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

7,750,000

6,542,284

Collin

Creek

West

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

2,343,000

1,981,407

b

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

128,000

125,011

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

168,230

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

579,028

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

936,000

836,230

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

........................................................

201,000

198,727

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

280,000

271,051

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

........................................................

752,000

713,717

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

107

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Princeton,

(continued)

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

.................................................

$

1,139,000

$

1,061,119

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

........................................................

111,000

103,586

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

128,000

114,247

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

269,221

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

435,000

381,762

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

185,483

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

410,214

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

580,122

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.875%,

9/01/31

........................................................

110,000

97,613

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........................................................

518,000

419,401

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

620,000

543,850

b

City

of

Red

Oak

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

150,000

138,162

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

354,000

307,366

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

........................................................

500,000

408,959

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.

665,000

579,180

b

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

............................................

200,000

180,488

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

.............................................

300,000

278,516

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

.............................................

820,000

707,128

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

............................................

600,000

551,559

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

................................................

1,172,000

1,020,749

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,000,000

892,296

b

City

of

Royse

City

,

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

........................................................

450,000

413,969

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

........................................................

225,000

210,867

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

........................................................

210,000

203,225

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

........................................................

1,190,000

1,059,440

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

........................................................

590,000

547,733

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

........................................................

375,000

356,243

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Royse

City,

(continued)

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

........................................................

$

1,780,000

$

1,583,664

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

........................................................

715,000

656,352

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

........................................................

575,000

540,201

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2017,

5%,

9/15/48

........................................................

2,700,000

2,739,888

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.375%,

9/15/39

........................................................

610,000

598,276

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.5%,

9/15/48

........................................................

1,260,000

1,209,023

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

9/15/49

........................................................

1,495,000

1,490,044

b

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

365,329

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

923,121

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

2,035,000

1,944,730

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,297,954

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,133,300

City

of

San

Marcos

,

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.375%,

9/01/25

.

260,000

262,849

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.875%,

9/01/30

.

305,000

308,516

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.375%,

9/01/40

.

1,300,000

1,322,052

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.625%,

9/01/50

.

1,300,000

1,322,948

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

..................................................

300,000

289,565

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

425,000

401,630

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

..................................................

1,221,000

1,089,263

b

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/01/51

........................................................

1,621,000

1,420,484

b

City

of

Santa

Fe

,

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

.................................................

508,000

492,698

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/52

........................................................

858,000

838,953

b

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

9/01/27

.................................................

381,000

368,839

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

660,000

633,041

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,000,000

948,962

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/01/51

..................................................

1,250,000

1,150,653

b

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.........................................

375,000

350,106

b

City

of

Venus

,

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.................................................

234,000

216,178

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

City

of

Venus,

(continued)

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

$

250,000

$

220,657

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

.................................................

1,105,000

918,378

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

2,024,000

1,784,538

b,d

City

of

Waxahachie

,

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

8/15/32

........................................................

302,000

311,626

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

8/15/52

........................................................

2,395,000

2,483,573

Clifton

Higher

Education

Finance

Corp.

,

Uplift

Education

,

Revenue

,

A

,

5

%

,

12/01/45

.

3,855,000

3,959,056

b

Club

Municipal

Management

District

No.

1

,

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

.........

200,000

185,489

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3%,

9/01/31

...........

271,000

235,862

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........

1,012,000

824,570

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

4%,

9/01/50

...........

1,420,000

1,243,220

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

3.5%,

10/01/31

.

450,000

389,575

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

5%,

10/01/50

..

1,200,000

1,077,672

b

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

90,290

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

690,081

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

1,037,214

b

County

of

Medina

,

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

........................................................

240,000

222,072

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

........................................................

400,000

366,843

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

........................................................

815,000

749,485

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

1,085,000

955,427

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

........................................................

780,000

715,173

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................................................

870,000

763,281

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

........................................................

1,160,000

1,056,837

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

9,065,000

7,686,767

Grand

Parkway

Transportation

Corp.

,

Revenue,

2013

B,

Zero

Cpn.,

10/01/45

..................................

10,000,000

10,868,107

Revenue,

First

Tier,

2013

A,

5.125%,

10/01/43

............................

2,850,000

2,928,260

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/43

........................................................

3,000,000

3,093,902

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/48

........................................................

5,250,000

5,414,328

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/48

........................................................

5,000,000

4,992,625

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

110

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Harris

County-Houston

Sports

Authority

,

Revenue,

Third

Lien

,

2004

A-3

,

NATL

Insured

,

Zero

Cpn.,

11/15/37

................................................

$

3,700,000

$

1,561,267

e

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

1,000,000

830,000

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

3,750,000

3,112,500

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

5,175,000

4,295,250

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

110,000

49,500

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

2,299,500

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/29

....

2,190,000

2,218,507

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,501,974

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/24

965,000

1,018,129

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/26

525,000

578,749

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017

A,

ETM,

5%,

4/01/27

460,000

517,333

b

CityScape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/39

................

500,000

512,614

b

CityScape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/51

................

1,570,000

1,591,002

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

5,075,381

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

4,645,379

Morningside

Ministries

Obligated

Group,

Revenue,

2013,

Refunding,

6.5%,

1/01/43

4,350,000

4,469,268

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

3,891,709

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

28,500,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,678,293

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

12,365,906

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

2,371,947

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/39

.......................................................

125,000

123,850

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

14,845,000

14,280,731

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

6,895,000

6,592,086

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

3,059,444

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

937,701

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

1,003,560

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

3,675,293

b

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2021,

3.625%,

9/15/26

.........................

1,000,000

992,244

Special

Assessment,

144A,

2021,

4.25%,

9/15/31

.........................

1,500,000

1,469,475

Special

Assessment,

144A,

2021,

4.75%,

9/15/41

.........................

5,000,000

4,888,393

Special

Assessment,

144A,

2021,

5%,

9/15/51

............................

6,250,000

6,173,745

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/15/31

............................................

250,000

232,990

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/41

................................................

1,000,000

917,761

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,160,000

1,055,906

North

Texas

Tollway

Authority

,

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

3,747,391

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

6.75%,

9/01/45

......

25,000,000

33,446,297

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

12,632,652

b

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

1,035,000

1,037,512

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

111

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

Northwood

Municipal

Utility

District

No.

1,

(continued)

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

$

1,070,000

$

1,100,726

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

6

%

,

12/01/52

..............

5,075,000

4,387,968

Red

River

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2017

,

Refunding

,

5.5

%

,

10/01/46

...........................................

4,250,000

4,539,123

e

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25

%

,

12/15/42

......................................

11,000,000

6,875,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cumberland

Rest,

Inc.

(The)

,

Revenue

,

A-1

,

Refunding

,

5

%

,

10/01/49

............................

5,125,000

5,226,241

Texas

Transportation

Commission

,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/46

...........................

3,000,000

954,460

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/47

...........................

5,750,000

1,735,832

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/51

...........................

3,500,000

848,756

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/52

...........................

4,000,000

915,251

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/53

...........................

400,000

86,592

b

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

820,000

751,464

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

750,000

642,105

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

666,836

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

2,500,000

2,175,145

b

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

........................................................

139,000

129,590

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/32

........................................................

205,000

181,067

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

........................................................

529,000

445,570

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

509,000

429,739

Town

of

Ponder

,

Special

Assessment,

2017,

5%,

9/01/45

.................................

500,000

507,332

Special

Assessment,

2017,

5%,

9/01/47

.................................

865,000

877,725

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

229,456

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

360,240

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

406,757

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

677,704

505,523,938

Utah

0.5%

Military

Installation

Development

Authority

,

Revenue,

2021

A-2,

4%,

6/01/36

......................................

2,250,000

1,947,969

Revenue,

2021

A-2,

4%,

6/01/41

......................................

7,215,000

5,928,332

Revenue,

2021

A-2,

4%,

6/01/52

......................................

24,745,000

18,818,921

b

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

483,042

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

825,000

826,523

28,004,787

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Vermont

0.0%

†

Vermont

Economic

Development

Authority

,

Wake

Robin

Corp.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/01/45

.............................................

$

2,850,000

$

2,432,499

Virgin

Islands

0.1%

Matching

Fund

Special

Purpose

Securitization

Corp.

,

United

States

Virgin

Islands

Federal

Excise

Tax

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/39

...............

4,500,000

4,582,251

Virginia

0.5%

b

Farms

New

Kent

Community

Development

Authority

,

Special

Assessment

,

144A,

2021

A

,

Refunding

,

3.75

%

,

3/01/36

.........................................

7,300,000

7,045,102

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

...

500,000

515,521

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

500,000

512,367

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/40

...

2,000,000

2,086,319

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...

2,700,000

2,775,770

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/59

...

2,000,000

2,042,574

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

3,550,000

3,540,603

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

4,011,620

James

City

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/41

............................................

625,000

541,981

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/47

............................................

1,000,000

824,633

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2012

,

Refunding

,

6

%

,

1/01/37

.......................

6,485,000

6,508,473

30,404,963

Washington

1.1%

c

Coalview

Centralia

LLC

,

15

%

,

3/31/22

....................................

212,000

212,000

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

1,310,000

1,488,122

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

....

24,250,000

24,341,675

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

.............................

5,000,000

5,220,769

b

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/41

........

5,000,000

4,253,254

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/51

........

10,070,000

7,954,432

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/49

..............................................

2,750,000

2,588,208

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

1,800,000

1,669,341

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

2,136,423

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,594,415

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

7,578,284

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

6,000,000

5,111,984

66,813,707

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

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

$

7,000,899

b

Monongalia

County

Commission

Excise

Tax

District

,

Revenue,

144A,

2021

A,

Refunding,

4.125%,

6/01/43

.......................

2,250,000

2,183,752

Revenue,

144A,

2021

B,

4.875%,

6/01/43

...............................

1,635,000

1,520,206

10,704,857

Wisconsin

2.3%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

943,413

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

6,205,922

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/39

.............

1,595,000

1,643,382

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/44

.............

1,900,000

1,941,608

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

5,225,000

5,308,205

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

11/15/41

.......................................................

1,205,000

1,308,156

b

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

13,200,000

13,115,082

Celanese

US

Holdings

LLC,

Revenue,

2016

C,

Refunding,

4.3%,

11/01/30

.......

4,000,000

4,115,994

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

2,859,696

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,405,730

b

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/40

........

815,000

830,645

b

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/54

........

1,380,000

1,383,594

b

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/41

1,000,000

802,775

b

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4.25%,

7/01/51

........................................................

4,000,000

3,105,753

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,252,354

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

7,622,326

b

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

1,919,852

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

....

300,000

301,759

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

....

1,000,000

958,669

b

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

....

1,275,000

1,196,302

b

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

C,

4.6%,

12/01/37

5,460,000

4,899,262

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

629,607

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

4,000,473

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/45

..................................................

1,665,000

1,681,743

b

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

6,810,000

6,835,221

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

4%,

10/15/31

..........

185,000

173,130

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/41

..........

570,000

560,249

b

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/51

..........

1,130,000

1,076,500

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/31

.................

600,000

604,943

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/51

.................

2,250,000

2,121,899

b

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/56

.................

2,465,000

2,297,653

b

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

A-2,

5.35%,

7/01/40

.....

3,000,000

2,650,775

b

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

B,

5.25%,

7/01/61

.......

2,000,000

1,642,057

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

8,970,000

9,476,195

b

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

8,930,226

b

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,865,000

1,752,592

b,f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

2,000,000

1,720,303

b,f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

...................................................

18,000,000

15,556,970

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6%,

7/01/28

...................

$

175,000

$

137,375

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6.5%,

7/01/33

..................

300,000

215,462

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

671,323

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

5,750,000

3,942,146

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/41

........

850,000

780,695

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/51

........

1,000,000

868,789

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/56

........

1,000,000

852,372

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2015

B,

Refunding,

5%,

9/15/45

........................................................

3,500,000

3,536,140

138,835,317

U.S.

Territories

10.0%

District

of

Columbia

1.1%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

2,900,000

3,042,030

Tobacco

Settlement

Financing

Corp.,

Revenue,

2002,

Zero

Cpn.,

6/15/46

........

175,000,000

38,711,068

Metropolitan

Washington

Airports

Authority

,

Dulles

Toll

Road

,

Revenue,

Second

Lien

,

2009

C

,

Pre-Refunded

,

AGMC

Insured

,

6.5

%

,

10/01/41

.....................

20,145,000

23,823,751

65,576,849

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

7,960,000

7,837,526

Puerto

Rico

8.8%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

.............................................

9,500,000

9,651,325

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,545,610

Commonwealth

of

Puerto

Rico

,

h

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

7,803,975

4,048,312

GO,

2022

A-1,

5.25%,

7/01/23

........................................

1,745,585

1,768,967

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

1,740,691

1,833,086

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

1,724,925

1,883,889

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

1,696,941

1,877,688

GO,

2022

A-1,

5.75%,

7/01/31

........................................

1,648,225

1,867,326

GO,

2022

A-1,

4%,

7/01/33

..........................................

1,562,950

1,532,722

GO,

2022

A-1,

4%,

7/01/35

..........................................

3,579,884

3,462,739

GO,

2022

A-1,

4%,

7/01/37

..........................................

3,249,761

3,143,353

GO,

2022

A-1,

4%,

7/01/41

..........................................

1,769,144

1,680,555

GO,

2022

A-1,

4%,

7/01/46

..........................................

21,788,775

20,384,974

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

803,981

739,287

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,193,746

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

46,582,014

41,574,448

b

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/28

..........................

17,705,000

18,923,324

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/33

..........................

4,295,000

4,585,477

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/37

..........................

35,000,000

37,040,440

Revenue,

144A,

2021

B,

Refunding,

4%,

7/01/42

..........................

2,500,000

2,432,485

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

15,000,000

15,585,245

e

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2013

A

RSA-1,

7.25%,

7/01/30

................................

25,000,000

24,312,487

Revenue,

2013

A

RSA-1,

6.75%,

7/01/36

................................

29,750,000

28,783,116

Revenue,

2013

A

RSA-1,

7%,

7/01/43

..................................

5,000,000

4,849,998

Revenue,

A-4-RSA-1

2016

A-4,

10%,

7/01/19

.............................

5,500,000

5,458,750

Revenue,

B-2-RSA-1

2016

B-4,

10%,

7/01/19

............................

5,500,000

5,458,750

Revenue,

E-1-RSA-1,

10%,

1/01/21

....................................

6,000,000

5,955,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

e

Puerto

Rico

Electric

Power

Authority,

(continued)

Revenue,

E-2-RSA-1,

10%,

7/01/21

....................................

$

6,000,000

$

5,955,000

Revenue,

E-3-RSA-1,

10%,

1/01/22

....................................

1,989,500

1,974,579

Revenue,

E-4-RSA-1,

10%,

7/01/22

....................................

1,989,499

1,996,960

Revenue,

XX-RSA-1,

5.75%,

7/01/36

...................................

23,620,000

22,261,850

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

10,895,000

10,186,825

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

700,000

744,295

Revenue,

L,

Refunding,

AMBAC

Insured,

5.25%,

7/01/38

....................

9,080,000

9,304,369

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

7,125,000

7,562,810

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

17,448,036

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

398,090

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

43,740,000

44,580,490

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

176,941,000

53,838,104

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

34,759,000

7,680,126

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

49,093,000

49,154,308

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

44,841,000

45,194,589

530,853,530

Total

U.S.

Territories

....................................................................

604,267,905

Total

Municipal

Bonds

(Cost

$5,785,666,560)

...................................

5,822,725,230

Total

Long

Term

Investments

(Cost

$5,939,111,652)

.............................

5,969,555,399

a

a

a

a

a

Short

Term

Investments

0.8%

Municipal

Bonds

0.8%

Georgia

0.1%

i

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

0.71

%

,

9/01/37

.....................

5,000,000

5,000,000

New

York

0.1%

i

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.52

%

,

1/01/34

5,500,000

5,500,000

i

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2003

B-1

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.67

%

,

1/01/33

.......................................

1,800,000

1,800,000

7,300,000

North

Carolina

0.5%

i

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2007

B,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.62%,

1/15/38

..........................

15,700,000

15,700,000

Atrium

Health

Obligated

Group,

Revenue,

2007

C,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.62%,

1/15/37

..........................

12,400,000

12,400,000

28,100,000

Oregon

0.0%

†

i

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.6

%

,

8/01/34

.............

3,000,000

3,000,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

See

Abbreviations

on

page

203

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Tennessee

0.1%

i

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

,

0.64

%

,

6/01/42

...................................

$

5,400,000

$

5,400,000

Total

Municipal

Bonds

(Cost

$48,800,000)

......................................

48,800,000

Total

Short

Term

Investments

(Cost

$48,800,000

)

................................

48,800,000

a

Total

Investments

(Cost

$5,987,911,652)

99.8%

..................................

$6,018,355,399

Other

Assets,

less

Liabilities

0.2%

.............................................

13,419,213

Net

Assets

100.0%

...........................................................

$6,031,774,612

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

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

May

31,

2022,

the

aggregate

value

of

these

securities

was

$1,559,003,363,

representing

25.8%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Louisiana

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

117

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.9%

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

374,096

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

1,225,000

1,025,872

Louisiana

92.1%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

1,000,000

1,035,655

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

481,899

Calcasieu

Parish

School

District

No.

23

,

GO,

2019,

BAM

Insured,

4%,

9/01/36

...................................

670,000

714,079

GO,

2019,

BAM

Insured,

4%,

9/01/39

...................................

2,060,000

2,145,688

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,119,709

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,116,964

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,054,514

GO,

2019,

BAM

Insured,

4%,

3/01/39

...................................

750,000

779,276

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,174,630

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,232,429

City

of

Bossier

City

,

Utilities

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

10/01/37

........

5,280,000

5,649,357

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

4,913,539

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

5,108,546

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

1,915,076

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,329,379

City

of

Ruston

,

Sales

Tax

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...........

1,085,000

1,186,830

City

of

Shreveport

,

Revenue,

2016,

Refunding,

BAM

Insured,

5%,

3/01/27

......................

1,500,000

1,669,792

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,381,910

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

4,332,828

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

2,301,824

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/33

............................

1,000,000

1,078,420

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,392,103

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

5,080,346

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

872,827

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,300,169

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

,

Revenue

,

2022

,

BAM

Insured

,

4

%

,

2/01/38

......................................................

1,000,000

1,043,759

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AGMC

Insured

,

5

%

,

12/01/42

.......

2,250,000

2,468,299

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

240,969

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

191,761

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/28

...................

1,345,000

1,467,060

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/31

...................

2,400,000

2,607,081

Livingston

Parish

School

Board

,

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

.................

500,000

546,596

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/31

.................

1,300,000

1,418,008

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/32

.................

1,500,000

1,619,471

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

$

875,000

$

932,542

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

1,305,000

1,354,565

Louisiana

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

625,000

545,818

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

1,995,000

1,627,274

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

2,000,000

1,650,921

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,166,491

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,338,350

Entergy

Louisiana

LLC,

Revenue,

2021

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

2,567,129

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

826,609

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

639,429

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

6,871,609

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/32

...................................................

3,000,000

3,209,862

Louisiana

Community

&

Technical

College

System,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/33

...................................................

5,000,000

5,349,770

a

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

815,896

a

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

...................

1,225,000

1,019,970

a

Parish

of

St.

Charles,

Revenue,

144A,

2022,

4.5%,

11/01/47

.................

2,000,000

1,750,137

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

1,900,000

1,583,916

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

10/01/43

...

250,000

205,168

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.25%,

10/01/48

221,200

178,295

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.5%,

10/01/53

.

309,471

246,909

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

10/01/61

...

249,529

198,785

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

2,938,223

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

3,805,315

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,046,733

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/39

.......................................

1,060,000

1,109,828

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/41

.......................................

500,000

514,585

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/43

.......................................

500,000

511,334

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/30

....................................................

1,020,000

1,081,407

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/31

....................................................

1,065,000

1,131,459

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/32

....................................................

1,100,000

1,165,487

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/33

....................................................

1,155,000

1,220,790

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

5,280,145

Louisiana

Public

Facilities

Authority

,

Revenue,

2017

A,

4%,

12/15/50

.......................................

1,940,000

1,939,541

Revenue,

2017

A,

Pre-Refunded,

4%,

12/15/50

...........................

60,000

64,856

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

5,314,637

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,163,916

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

38,060

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

$

10,000,000

$

10,608,004

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

6,819,639

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,441,282

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/37

.......

2,020,000

2,024,939

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/39

.......

3,460,000

3,443,495

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/41

.......

2,850,000

2,819,135

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2002

B,

ETM,

5.75%,

5/15/23

2,500,000

2,596,034

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

33,041

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

22,027

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

10,000,000

10,499,727

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

5/15/49

........................................................

5,000,000

4,936,290

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

2,053,479

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

3,525,000

Tulane

University,

Revenue,

2013

B,

5%,

10/01/37

.........................

5,540,000

5,623,231

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,216,956

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

1,000,000

1,094,404

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,168,801

Louisiana

State

Transportation

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

8/15/38

4,500,000

4,678,530

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary,

Revenue,

2014,

Pre-Refunded,

5%,

7/01/29

......................

1,000,000

1,062,147

Auxiliary,

Revenue,

2014,

Pre-Refunded,

5%,

7/01/30

......................

1,040,000

1,104,632

Auxiliary,

Revenue,

2014,

Pre-Refunded,

5%,

7/01/34

......................

1,000,000

1,062,147

Auxiliary,

Revenue,

2016

A,

Pre-Refunded,

5%,

7/01/40

.....................

4,500,000

5,005,359

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,620,956

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

10,000,000

10,635,676

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

5%,

8/01/31

.........................................

1,000,000

1,163,008

Revenue,

2019,

4%,

8/01/44

.........................................

2,055,000

2,096,395

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

2,810,508

Parish

of

Terrebonne

,

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/35

..........................

1,015,000

1,091,459

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/41

..........................

2,660,000

2,732,855

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

2,987,520

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,143,700

Revenue,

2020

D,

5%,

4/01/50

........................................

4,000,000

4,384,320

St.

Charles

Parish

School

Board

,

Revenue

,

2019

,

4

%

,

8/01/38

.................

805,000

844,707

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

5,822,772

State

of

Louisiana

,

GO,

2014

C,

Refunding,

5%,

8/01/27

...................................

7,200,000

7,620,934

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

5,476,570

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,391,704

Revenue,

2019

A,

5%,

9/01/30

........................................

2,000,000

2,280,767

Revenue,

2019

A,

5%,

9/01/31

........................................

4,750,000

5,402,398

Revenue,

2021,

5%,

9/01/33

.........................................

1,200,000

1,400,036

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

State

of

Louisiana,

(continued)

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Pre-Refunded,

5%,

5/01/41

...

$

3,000,000

$

3,240,955

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

5,519,681

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

10,916,677

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue,

2021,

Refunding,

4%,

2/01/35

.................................

2,250,000

2,252,378

Revenue,

2021,

Refunding,

4%,

2/01/38

.................................

2,000,000

2,003,859

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

1,000,000

1,028,198

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

3,065,830

308,148,716

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

587,940

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

587,308

1,175,248

Texas

0.5%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

900,000

763,165

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

1,062,174

1,825,339

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

700,000

587,487

Wisconsin

1.0%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

666,974

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

1,800,000

1,788,420

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,225,000

1,023,458

3,478,852

U.S.

Territories

2.3%

Puerto

Rico

2.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

521,532

b

Revenue,

WW-RSA-1,

5.25%,

7/01/33

..................................

855,000

799,425

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

.............................................

6,230,000

6,481,208

7,802,165

Total

U.S.

Territories

....................................................................

7,802,165

Total

Municipal

Bonds

(Cost

$336,657,988)

.....................................

324,417,775

a

a

a

a

a

Total

Investments

(Cost

$336,657,988)

96.9%

...................................

$324,417,775

Other

Assets,

less

Liabilities

3.1%

.............................................

10,290,932

Net

Assets

100.0%

...........................................................

$334,708,707

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$24,454,671,

representing

7.3%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Maryland

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.3%

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

$

1,325,000

$

1,109,617

Maryland

90.5%

City

of

Baltimore

,

Revenue,

2020

A,

4%,

7/01/45

........................................

4,500,000

4,639,543

Revenue,

2020

A,

5%,

7/01/50

........................................

9,115,000

10,253,245

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

5,384,756

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,408,761

b

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,845,000

1,848,375

County

of

Baltimore

,

GO,

5%,

2/01/39

..................................................

2,900,000

3,141,832

GO,

5%,

2/01/41

..................................................

2,900,000

3,137,290

County

of

Harford

,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/31

.............................

150,000

160,166

Tax

Allocation,

2021,

Refunding,

4%,

7/01/36

.............................

750,000

775,110

Tax

Allocation,

2021,

Refunding,

4%,

7/01/40

.............................

675,000

695,655

County

of

Prince

George's

,

GO,

2018

A,

4%,

7/15/35

............................................

5,000,000

5,316,724

GO,

2020

A,

5%,

7/15/40

............................................

900,000

1,016,527

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

10,285,266

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

2,027,246

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,338,398

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,395,321

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

921,152

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2014

A-2,

Pre-Refunded,

5%,

6/01/34

...........................

455,000

469,795

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,334,464

Revenue,

2018

A-1,

5%,

6/01/48

......................................

1,310,000

1,441,066

Revenue,

A-2,

5%,

6/01/34

...........................................

1,245,000

1,276,070

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

3,070,236

Maryland

Economic

Development

Corp.

,

Frostburg

State

University

Project,

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

.......................................................

5,000,000

5,037,587

Morgan

State

University,

Revenue,

2020,

4%,

7/01/40

......................

1,000,000

940,918

Morgan

State

University,

Revenue,

2020,

5%,

7/01/50

......................

1,250,000

1,291,989

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/27

............................................

4,750,000

4,764,804

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/34

............................................

2,150,000

2,156,701

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/47

...........

5,000,000

5,307,559

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/52

...........

5,000,000

5,289,849

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

........................................................

4,225,000

4,563,962

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

........................................................

3,305,000

3,539,243

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,053,594

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/27

.....

1,500,000

1,501,474

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/33

.....

2,495,000

2,496,492

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

1,145,000

1,145,946

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

$

9,750,000

$

10,385,323

Adventist

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

1/01/38

...

865,000

872,941

Adventist

Healthcare

Obligated

Group,

Revenue,

2021

B,

4%,

1/01/51

..........

2,000,000

1,948,743

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,445,883

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

..

1,715,000

1,641,968

Goucher

College,

Revenue,

2012

A,

5%,

7/01/34

..........................

1,500,000

1,502,035

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

7,902,696

Johns

Hopkins

Health

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/15/37

........................................................

10,000,000

10,432,054

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

660,376

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,040,999

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2004

B,

AMBAC

Insured,

5%,

7/01/38

..............................................

6,200,000

6,200,000

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,165,272

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,107,331

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,337,346

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,203,507

Luminis

Health

Obligated

Group,

Revenue,

2014,

Pre-Refunded,

5%,

7/01/39

....

7,000,000

7,427,649

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,001,071

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

5,335,035

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

8,175,000

8,791,616

MedStar

Health

Obligated

Group,

Revenue,

2013

A,

5%,

8/15/38

..............

5,000,000

5,090,510

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

5,255,841

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

.

8,535,000

8,741,296

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/28

..........

630,000

686,578

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/30

..........

1,125,000

1,236,035

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/32

..........

800,000

877,772

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/34

..........

350,000

348,305

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

..........

1,125,000

1,114,481

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/40

..........

1,850,000

1,805,758

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

..........

1,000,000

948,078

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/55

..........

3,250,000

2,989,432

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

MD,

5%,

12/01/46

........

1,680,000

1,780,325

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/35

....................................................

2,100,000

2,184,134

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

10,597,660

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

4,923,565

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,116,144

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

615,154

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

10,085,000

11,197,277

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

12,225,000

14,220,631

Maryland

Stadium

Authority

Built

to

Learn

,

Revenue

,

2022

A

,

4

%

,

6/01/47

.........

5,000,000

5,039,337

Maryland

State

Transportation

Authority

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

7/01/46

..

4,900,000

5,639,860

State

of

Maryland

,

GO,

2020

A,

5%,

8/01/35

............................................

2,000,000

2,353,466

Department

of

Transportation,

Revenue,

2020,

5%,

10/01/33

.................

3,000,000

3,538,264

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

124

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration,

Revenue,

2021

B,

5%,

8/01/46

..............

$

3,000,000

$

3,295,546

Maryland

Aviation

Administration,

Revenue,

2021

B,

4%,

8/01/51

..............

3,500,000

3,473,699

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/36

...............

3,700,000

3,783,754

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/37

...............

2,095,000

2,143,424

University

System

of

Maryland

,

Revenue,

2021

A,

Refunding,

5%,

4/01/31

...............................

8,685,000

10,300,762

Revenue,

2021

A,

Refunding,

4%,

4/01/32

...............................

5,855,000

6,342,470

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series,

2016,

5%,

6/01/37

.............................

5,000,000

5,481,110

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

5,000,000

5,129,875

323,079,504

South

Carolina

0.3%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

587,940

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

587,308

1,175,248

Texas

0.6%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,000,000

847,961

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

1,104,662

1,952,623

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

700,000

587,487

Wisconsin

0.7%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

666,973

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

2,000,000

1,987,134

2,654,107

U.S.

Territories

5.7%

District

of

Columbia

3.0%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

5,463,294

Revenue,

2020

A,

5%,

7/15/45

........................................

3,000,000

3,395,988

Revenue,

2021

A,

4%,

7/15/43

........................................

1,750,000

1,813,463

10,672,745

Puerto

Rico

2.7%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

2,000,000

2,086,127

c

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,975,000

1,854,031

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,805,000

1,912,718

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,040,322

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,550,000

1,665,638

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

125

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority,

(continued)

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

$

1,000,000

$

1,061,447

9,620,283

Total

U.S.

Territories

....................................................................

20,293,028

Total

Municipal

Bonds

(Cost

$364,659,001)

.....................................

350,851,614

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Maryland

0.4%

d

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008

D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.61

%

,

7/01/41

.............................................

1,500,000

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

$366,159,001)

98.7%

...................................

$352,351,614

Other

Assets,

less

Liabilities

1.3%

.............................................

4,470,864

Net

Assets

100.0%

...........................................................

$356,822,478

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$6,891,774,

representing

1.9%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Massachusetts

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

126

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

91.9%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,200,000

$

1,078,529

Florida

0.6%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

561,144

a

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,000,000

1,699,000

2,260,144

Illinois

0.8%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,750,000

1,709,259

State

of

Illinois

,

GO,

2017

D,

5%,

11/01/26

...........................................

1,000,000

1,086,456

GO,

2017

D,

5%,

11/01/27

...........................................

140,000

153,233

2,948,948

Massachusetts

84.4%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

2,095,000

2,426,305

GO,

3%,

3/01/34

..................................................

1,485,000

1,491,847

GO,

3%,

3/01/35

..................................................

2,130,000

2,128,473

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

Pre-Refunded

,

4

%

,

11/01/28

.....................................................

4,400,000

4,615,365

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,154,607

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,130,503

GO,

2020,

Refunding,

3%,

9/01/34

.....................................

1,000,000

975,232

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,625,450

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,521,939

Commonwealth

of

Massachusetts

,

GO,

2018

A,

5%,

1/01/47

............................................

5,000,000

5,522,602

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

5,557,193

GO,

F,

4%,

11/01/29

................................................

6,000,000

6,041,596

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

14,510,974

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

7,175,000

7,306,455

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

.......................

5,000,000

5,511,076

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

5,569,593

Transportation

Fund,

Revenue,

2019

A,

5%,

6/01/49

.......................

1,925,000

2,175,673

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax,

Revenue,

A,

5%,

7/01/40

....................................

5,000,000

5,349,793

Sales

Tax,

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

.......................

4,000,000

4,818,140

Sales

Tax,

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

.................

2,500,000

2,686,963

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999

A,

5.75%,

8/01/29

.....................................

250,000

250,706

Revenue,

2000-6,

5.5%,

8/01/30

......................................

130,000

130,324

Revenue,

7,

5.125%,

2/01/31

.........................................

130,000

130,293

Massachusetts

Development

Finance

Agency

,

Babson

College,

Revenue,

2022,

Refunding,

4%,

10/01/44

...................

700,000

702,971

Bentley

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/37

................

1,000,000

1,015,380

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,125,029

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,242,819

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,590,505

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

2,697,248

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

5,122,573

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

7,205,428

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

C,

4%,

11/01/46

.......................................................

$

1,250,000

$

1,249,818

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/41

......................

435,000

432,167

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/51

......................

300,000

285,740

a,b

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

1,000,000

1,013,523

a,b

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/31

........

870,000

855,003

a,b

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/41

........

485,000

449,339

a,b

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/51

........

520,000

453,131

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

5,284,107

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,030,342

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

7,566,632

Mass

General

Brigham,

Inc.,

Revenue,

2020

A-2,

Refunding,

4%,

7/01/41

.......

1,000,000

1,011,646

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/42

........................

475,000

463,537

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/50

........................

3,650,000

3,448,840

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,097,184

President

&

Trustees

of

Williams

College

(The),

Revenue,

2017

S,

4%,

7/01/46

...

9,550,000

9,667,764

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

5,522,351

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/34

.

735,000

748,637

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/39

.

750,000

749,035

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/41

.

500,000

492,708

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/48

.

1,750,000

1,665,137

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

5,795,000

5,653,995

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

6,590,000

7,035,011

Springfield

College,

Revenue,

2021

B,

Refunding,

4%,

6/01/50

................

2,695,000

2,536,184

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

4,150,000

3,987,922

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

7,250,000

6,851,813

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

4,097,470

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

5,043,203

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

6,267,396

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

3,165,391

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,344,001

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,119,019

Worcester

Polytechnic

Institute,

Revenue,

2012,

4%,

9/01/49

.................

4,825,000

4,700,954

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,164,004

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,336,782

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

2,500,000

2,534,286

Revenue,

2021

C,

3%,

7/01/51

........................................

3,000,000

2,268,532

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M2

,

5.5

%

,

6/01/35

.........................................

8,600,000

10,700,740

Massachusetts

Housing

Finance

Agency

,

Revenue,

2009

C,

5.125%,

12/01/39

...................................

1,045,000

1,045,988

Revenue,

2009

C,

5.35%,

12/01/49

....................................

2,770,000

2,772,804

Revenue,

2012

F,

3.15%,

12/01/32

.....................................

105,000

105,001

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

45,005

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

909,115

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

2,860,000

2,565,501

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

4,003,938

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,808,637

Massachusetts

Port

Authority

,

Revenue,

2019

B,

5%,

7/01/44

........................................

5,000,000

5,570,425

Revenue,

2021

B,

Refunding,

5%,

7/01/40

...............................

1,215,000

1,353,639

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

$

2,315,000

$

2,559,746

Revenue,

2019

A,

5%,

2/15/44

........................................

1,000,000

1,109,236

Revenue,

Senior

Lien,

2016

C,

Refunding,

5%,

11/15/34

....................

5,000,000

5,446,355

Massachusetts

State

College

Building

Authority

,

Revenue

,

2017

D

,

Refunding

,

4

%

,

5/01/38

.........................................................

4,350,000

4,518,720

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,138,746

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

3,094,025

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Pre-Refunded,

5%,

8/01/40

............................

5,000,000

5,583,988

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

4,482,608

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

6,409,896

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,264,360

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,480,410

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

1,260,000

1,376,451

Town

of

Belmont

,

GO

,

2019

,

4

%

,

3/15/45

.................................

3,020,000

3,097,585

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,265,499

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,744,073

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,212,853

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

5,079,255

University

of

Massachusetts

Building

Authority

,

Revenue,

2022-1,

4%,

11/01/46

.......................................

4,000,000

4,071,840

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

3,240,000

3,471,474

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

760,000

815,042

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

5,579,746

326,608,360

New

Jersey

0.5%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

250,000

245,390

Revenue,

2020

AA,

4%,

6/15/35

.......................................

250,000

253,936

Revenue,

2020

AA,

5%,

6/15/35

.......................................

1,000,000

1,106,193

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

388,131

1,993,650

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue,

2020

D,

4%,

11/15/47

.......................................

500,000

486,417

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

800,000

776,350

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

1,400,000

1,390,392

2,653,159

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

800,000

671,932

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

800,000

671,209

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

827,506

2,170,647

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Tennessee

0.1%

c

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

$

500,000

$

550,141

Texas

0.6%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,100,000

932,757

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

258,782

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,189,635

2,381,174

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

800,000

671,414

Wisconsin

0.7%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

666,974

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

2,100,000

2,086,490

2,753,464

U.S.

Territories

2.5%

Puerto

Rico

2.5%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

5,000,000

5,309,058

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

2,700,000

2,808,870

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

250,000

268,651

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/31

..

440,000

503,571

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/39

..

200,000

200,476

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

660,000

672,682

9,763,308

Total

U.S.

Territories

....................................................................

9,763,308

Total

Municipal

Bonds

(Cost

$367,581,062)

.....................................

355,832,938

a

a

a

a

Short

Term

Investments

3.3%

Municipal

Bonds

3.3%

Massachusetts

3.3%

d

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.32

%

,

11/01/49

...........

12,800,000

12,800,000

Total

Municipal

Bonds

(Cost

$12,800,000)

......................................

12,800,000

Total

Short

Term

Investments

(Cost

$12,800,000

)

................................

12,800,000

a

Total

Investments

(Cost

$380,381,062)

95.2%

...................................

$368,632,938

Other

Assets,

less

Liabilities

4.8%

.............................................

18,370,475

Net

Assets

100.0%

...........................................................

$387,003,413

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

See

Abbreviations

on

page

203

.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$12,077,848,

representing

3.1%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Michigan

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.3%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

2,650,000

$

2,381,752

Florida

1.1%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

5,256,000

4,792,316

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

900,000

673,372

a

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

4,100,000

3,482,950

8,948,638

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

..

2,500,000

2,350,773

State

of

Illinois

,

GO

,

2021

A

,

4

%

,

3/01/40

.................................

1,860,000

1,766,709

4,117,482

Kentucky

0.8%

a,b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn

.,

5/01/52

....................................

8,625,000

6,771,574

Michigan

88.9%

Ann

Arbor

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/29

..................

1,235,000

1,332,012

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

3,045,433

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,105,698

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,120,977

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

717,502

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,632,204

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,465,168

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,519,934

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,464,785

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,516,733

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,108,302

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

2,017,147

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,111,729

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,680,471

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,090,441

Revenue,

2021,

Refunding,

3%,

10/01/46

................................

1,325,000

1,113,174

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

520,342

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,104,337

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,520,592

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,426,680

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003

B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,078

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGMC

Insured,

5%,

7/01/34

........................................

30,000

30,095

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/39

...........

880,000

924,513

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,154,711

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,099,291

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/48

.......................

5,000,000

5,468,324

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,359,708

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,704,612

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

City

of

Grand

Rapids,

(continued)

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

$

1,500,000

$

1,648,936

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,187,330

Water

Supply

System,

Revenue,

2020,

5%,

1/01/45

........................

2,425,000

2,705,497

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,443,709

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,408,977

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,480,146

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

1,881,732

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

9,225,000

10,590,355

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

561,518

GO,

2017,

5%,

5/01/33

.............................................

815,000

910,717

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,115,453

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,113,440

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,112,607

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

576,799

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,803,168

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,686,389

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,342,242

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,670,161

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,223,284

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

3,869,993

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,082,678

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,160,637

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,336,572

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

3,115,894

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,221,584

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,072,984

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

7,618,469

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/51

.........

2,000,000

2,224,472

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

...........

2,000,000

2,046,429

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/47

...........

2,500,000

2,554,658

Munson

Healthcare

Obligated

Group,

Revenue,

2019

A,

5%,

7/01/44

...........

1,110,000

1,180,008

Munson

Healthcare

Obligated

Group,

Revenue,

2019

B,

5%,

7/01/39

...........

1,625,000

1,739,205

Munson

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

7/01/51

....

10,000,000

8,152,924

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

4,295,000

4,669,101

Revenue,

2018,

5%,

12/01/38

........................................

900,000

996,421

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

1,983,053

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

808,694

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,075,325

GO,

II,

AGMC

Insured,

5%,

5/01/31

....................................

1,150,000

1,236,623

GO,

II,

AGMC

Insured,

5%,

5/01/32

....................................

1,165,000

1,252,412

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,412,512

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,314,406

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

3,125,196

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

6,643,238

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

133

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/48

.................

$

5,000,000

$

5,573,713

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,103,343

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,097,863

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,723,719

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

2,771,615

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

2,770,031

Kelloggsville

Public

Schools

,

GO

,

2015

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

5/01/35

.

1,150,000

1,245,759

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

4,651,625

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group,

Revenue,

2021,

4%,

11/15/45

................

1,655,000

1,438,236

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/31

.......

2,000,000

1,938,638

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/43

.......

8,820,000

7,837,780

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,319,343

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,319,815

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,321,033

GO,

2016,

5%,

5/01/41

.............................................

1,120,000

1,216,239

GO,

2016,

5%,

5/01/44

.............................................

1,800,000

1,945,620

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/48

.................

10,000,000

11,161,792

Lansing

Community

College

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/32

................

2,000,000

2,242,421

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/37

.............................................

1,490,000

1,629,638

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,315,854

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,393,311

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

7,500,000

8,300,124

Madison

District

Public

Schools

,

GO

,

2022

,

4

%

,

5/01/46

......................

1,080,000

1,104,785

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,192,571

Mattawan

Consolidated

School

District

,

GO,

2015

I,

Pre-Refunded,

5%,

5/01/30

.................................

1,000,000

1,083,269

GO,

2015

I,

Pre-Refunded,

5%,

5/01/32

.................................

1,110,000

1,202,428

GO,

2015

I,

Pre-Refunded,

5%,

5/01/34

.................................

2,325,000

2,518,600

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

735,000

795,769

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

836,334

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

1,130,000

1,218,100

Michigan

Finance

Authority

,

Albion

College,

Revenue,

2022,

Refunding,

5%,

12/01/36

....................

3,270,000

3,553,715

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/46

....................

5,365,000

5,090,917

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/51

....................

3,415,000

3,183,133

BHSH

System

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/32

.......................................................

10,005,000

10,154,469

BHSH

System

Obligated

Group,

Revenue,

2012,

Refunding,

AGMC

Insured,

5%,

11/01/42

.......................................................

12,000,000

12,179,273

BHSH

System

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/28

.....

5,585,000

5,809,987

BHSH

System

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/29

.....

5,865,000

6,101,266

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/46

......

1,750,000

1,728,283

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

9/01/50

......

895,000

699,400

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/50

......

1,300,000

1,271,629

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

2,910,304

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/38

.......

8,055,000

9,154,838

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

BAM

Insured,

4%,

11/01/55

.......................................................

$

4,000,000

$

4,015,008

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

.......................................................

2,725,000

2,898,668

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/37

.......................................................

4,235,000

4,468,320

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

22,015,000

23,141,578

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,610,859

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

407,574

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

565,000

575,032

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

648,584

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

682,920

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

651,476

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

3,777,100

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

2,959,167

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/42

........................................................

745,000

711,828

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

6,757,640

Sparrow

Health

Obligated

Group,

Revenue,

2012,

AGMC

Insured,

5%,

11/15/42

..

8,000,000

8,100,652

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A-2,

Refunding,

5%,

6/01/40

....

1,000,000

1,080,239

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

17,170,000

16,672,608

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

2,750,000

2,879,827

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

20,702,729

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

321,411

Michigan

State

Building

Authority

,

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,145,096

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,125,636

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

14,061,750

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

10,614,609

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,060,087

Revenue,

2019

I,

Refunding,

4%,

4/15/54

................................

2,000,000

2,005,405

Revenue,

2021,

3%,

10/15/51

........................................

1,500,000

1,304,086

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/32

.............

5,000,000

5,162,146

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

.............

5,370,000

5,520,387

Ascension

Health

Credit

Group,

Revenue,

2010

F-7,

Refunding,

5%,

11/15/47

....

10,000,000

10,539,849

Ascension

Health

Credit

Group,

Revenue,

2010

F-8,

Refunding,

5%,

11/15/46

....

5,000,000

5,279,056

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/26

........................................................

2,065,000

2,074,043

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/27

........................................................

2,285,000

2,294,761

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/28

........................................................

2,615,000

2,625,890

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/35

........................................................

2,250,000

2,259,128

Michigan

State

Housing

Development

Authority

,

Revenue,

2019

B,

3.1%,

12/01/44

.....................................

15,000,000

13,261,080

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

3,615,318

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

5,150,000

4,171,911

Revenue,

2021

A,

2.5%,

6/01/52

......................................

3,000,000

2,172,972

Revenue,

2021

A,

2.7%,

10/01/56

.....................................

5,000,000

3,616,222

Revenue,

2021

A,

2.73%,

10/01/59

....................................

5,000,000

3,593,404

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

$

8,500,000

$

9,001,120

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/30

....

2,000,000

2,106,975

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

12/31/43

...

7,000,000

7,148,798

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

..............

2,400,000

2,576,238

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,644,099

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,101,153

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,311,812

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,039,551

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,335,153

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,038,334

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,103,035

Revenue,

2016,

5%,

3/01/47

.........................................

7,230,000

7,648,283

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

3,067,888

Roseville

Community

Schools

,

GO,

2014,

Pre-Refunded,

5%,

5/01/28

..................................

3,040,000

3,288,649

GO,

2014,

Pre-Refunded,

5%,

5/01/29

..................................

3,300,000

3,569,915

GO,

2014,

Pre-Refunded,

5%,

5/01/30

..................................

1,620,000

1,752,503

GO,

2014,

Pre-Refunded,

5%,

5/01/31

..................................

1,585,000

1,714,641

Royal

Oak

Hospital

Finance

Authority

,

BHSH

System

Obligated

Group,

Revenue,

2014

D,

Pre-Refunded,

5%,

9/01/27

...

3,350,000

3,533,738

BHSH

System

Obligated

Group,

Revenue,

2014

D,

Pre-Refunded,

5%,

9/01/28

...

2,500,000

2,637,118

BHSH

System

Obligated

Group,

Revenue,

2014

D,

Pre-Refunded,

5%,

9/01/39

...

17,500,000

18,459,826

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

1,926,356

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,388,681

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,361,921

Saline

Area

Schools

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

3,018,499

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,232,239

South

Haven

Public

Schools

,

GO,

2015

B,

AGMC

Insured,

5%,

5/01/33

................................

350,000

376,159

GO,

2015

B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,689,950

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

5,750,000

6,360,339

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

5,427,447

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

12,607,894

Universal

Academy

,

Revenue,

2021,

Refunding,

2%,

12/01/26

................................

500,000

461,744

Revenue,

2021,

Refunding,

4%,

12/01/31

................................

500,000

496,099

Revenue,

2021,

Refunding,

4%,

12/01/40

................................

1,100,000

1,058,191

University

of

Michigan

,

Revenue,

2015,

Pre-Refunded,

5%,

4/01/46

..............................

2,000,000

2,216,411

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/37

............................

2,700,000

3,056,348

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/42

............................

26,635,000

30,150,306

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/47

............................

5,000,000

5,659,904

Walled

Lake

Consolidated

School

District

,

GO

,

2022

,

5

%

,

5/01/49

...............

4,000,000

4,531,717

Wayne

County

Airport

Authority

,

Revenue,

2021

A,

5%,

12/01/41

.......................................

3,330,000

3,802,561

Revenue,

2021

A,

5%,

12/01/46

.......................................

4,670,000

5,279,916

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2017

B,

5%,

12/01/42

......

1,045,000

1,116,918

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Wayne

County

Airport

Authority,

(continued)

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018

A,

5%,

12/01/43

......

$

7,750,000

$

8,523,851

Wayne

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/33

..............................

1,500,000

1,580,250

Revenue,

2018

A,

5%,

11/15/43

.......................................

4,500,000

4,968,522

Revenue,

2018

A,

4%,

11/15/48

.......................................

10,000,000

10,087,237

Wayne-Westland

Community

Schools

,

GO,

2022,

3%,

11/01/44

.............................................

2,830,000

2,449,771

GO,

2022,

3%,

11/01/46

.............................................

1,475,000

1,264,111

Western

Michigan

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/28

..............................

1,635,000

1,753,247

Revenue,

2015

A,

Refunding,

5%,

11/15/29

..............................

2,000,000

2,141,692

Revenue,

2015

A,

Refunding,

5%,

11/15/30

..............................

2,500,000

2,671,959

Revenue,

2015

A,

Refunding,

5%,

11/15/40

..............................

1,560,000

1,644,991

Revenue,

2015

A,

Refunding,

5%,

11/15/45

..............................

2,000,000

2,094,547

Revenue,

2019

A,

Refunding,

5%,

11/15/49

..............................

5,100,000

5,708,556

Zeeland

Public

Schools

,

GO,

2015

A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,640,326

GO,

2015

A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,140,718

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

....................

2,000,000

2,169,496

730,546,282

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

490,780

Revenue,

2020

AA,

3%,

6/15/50

.......................................

600,000

465,758

956,538

New

York

1.1%

Metropolitan

Transportation

Authority

,

Revenue,

2020

D,

4%,

11/15/47

.......................................

1,000,000

972,835

Revenue,

2020

E,

Refunding,

4%,

11/15/45

..............................

1,595,000

1,574,694

Revenue,

2021

A-1,

4%,

11/15/44

.....................................

6,700,000

6,624,514

9,172,043

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,800,000

1,511,846

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,800,000

1,510,220

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

827,506

3,849,572

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,400,000

2,035,107

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/39

325,000

274,492

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/40

300,000

251,841

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

550,000

430,846

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,500,000

2,974,088

5,966,374

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

$

1,800,000

$

1,510,681

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,800,000

1,500,690

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

4,600,000

4,570,407

6,071,097

U.S.

Territories

2.3%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

1,922,813

Puerto

Rico

2.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

7,420,000

7,878,642

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

531,639

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,100,000

2,220,161

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

1,515,000

1,610,979

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,020,000

1,061,129

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,100,000

3,331,275

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

800,000

849,158

17,482,983

Total

U.S.

Territories

....................................................................

19,405,796

Total

Municipal

Bonds

(Cost

$816,117,442)

.....................................

799,697,829

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Michigan

0.4%

c

Michigan

Strategic

Fund

,

Edison

Institute

(The)

,

Revenue

,

2002

,

LOC

Comerica

Bank

,

Daily

VRDN

and

Put

,

0.67

%

,

12/01/33

..................................

1,800,000

1,800,000

c

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

0.55

%

,

12/01/24

..

1,700,000

1,700,000

3,500,000

Total

Municipal

Bonds

(Cost

$3,500,000)

.......................................

3,500,000

Total

Short

Term

Investments

(Cost

$3,500,000

)

.................................

3,500,000

a

Total

Investments

(Cost

$819,617,442)

97.7%

...................................

$803,197,829

Other

Assets,

less

Liabilities

2.3%

.............................................

18,783,692

Net

Assets

100.0%

...........................................................

$821,981,521

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$25,858,221,

representing

3.1%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

138

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Minnesota

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

139

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.8%

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

$

6,192,000

$

5,645,742

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,100,000

1,571,202

7,216,944

Minnesota

92.3%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

29,259,836

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018

A,

3.25%,

2/01/37

..........................................

5,355,000

5,424,891

GO,

2018

A,

3.375%,

2/01/43

.........................................

6,020,000

6,026,005

Becker

Independent

School

District

No.

726

,

GO,

2022

A,

Zero

Cpn.,

2/01/41

.......................................

1,000,000

514,628

GO,

2022

A,

Zero

Cpn.,

2/01/42

.......................................

1,000,000

491,162

GO,

2022

A,

Zero

Cpn.,

2/01/43

.......................................

1,700,000

800,040

Blooming

Prairie

Independent

School

District

No.

756

,

GO

,

2022

A

,

Refunding

,

2.25

%

,

2/01/45

.........................................................

1,500,000

1,108,097

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,242,936

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

10,918,784

GO,

2018

A,

4%,

2/01/42

............................................

1,900,000

1,931,590

GO,

2018

C,

Refunding,

5%,

2/01/28

...................................

3,735,000

4,126,308

Centennial

Independent

School

District

No.

12

,

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/32

..............................

1,450,000

1,049,723

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/34

..............................

1,600,000

1,061,219

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/35

..............................

350,000

222,320

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

976,197

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

1,052,571

City

of

Fridley

,

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

............................................

9,590,615

9,646,723

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,166,094

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,604,459

GO,

2019,

3%,

12/01/40

.............................................

5,000,000

4,867,663

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

10,000,000

8,801,286

Allina

Health

Obligated

Group,

Revenue,

2021,

4%,

11/15/40

.................

6,750,000

6,813,189

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

10,408,691

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

.............................................

6,000,000

6,578,055

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

2,000,000

2,214,161

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,222,276

City

of

Rochester

,

Electric

Utility,

Revenue,

2013

B,

Pre-Refunded,

5%,

12/01/43

................

1,000,000

1,048,382

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/42

...................

2,000,000

2,209,682

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

9,210,000

10,101,615

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/33

....................

4,425,000

5,313,104

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/34

....................

10,235,000

12,407,488

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/35

....................

5,000,000

6,119,269

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/36

....................

4,200,000

5,186,238

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

6,106,288

Mayo

Clinic,

Revenue,

2022,

Refunding,

3.25%,

11/15/41

...................

4,000,000

3,875,560

Mayo

Clinic,

Revenue,

2022,

Refunding,

5%,

11/15/57

......................

2,000,000

2,261,305

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

5/01/37

........................................................

$

12,310,000

$

12,408,319

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

4,837,145

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/31

.........................

1,000,000

1,066,069

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/32

.........................

1,000,000

1,065,826

City

of

Virginia

,

GO,

2020

A,

AGMC

Insured,

4%,

2/01/36

................................

1,000,000

1,052,618

GO,

2020

A,

AGMC

Insured,

4%,

2/01/40

................................

1,160,000

1,212,549

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

3,881,901

County

of

Carlton

,

GO

,

2022

A

,

4

%

,

2/01/47

...............................

2,000,000

2,054,166

County

of

Hennepin

,

GO,

2019

B,

5%,

12/15/34

...........................................

1,055,000

1,207,492

GO,

2021

A,

5%,

12/01/32

...........................................

4,640,000

5,518,141

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,800,972

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

440,000

440,328

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,946,764

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/37

............................................

1,000,000

1,001,775

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

987,271

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,200,682

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

15,900,000

16,939,610

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/58

...

13,035,000

13,887,284

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/38

........................................................

150,000

150,192

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/39

........................................................

155,000

154,843

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

6/15/44

........................................................

850,000

683,333

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/29

........................................................

400,000

442,755

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/30

........................................................

425,000

473,010

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/31

........................................................

450,000

502,794

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/32

........................................................

500,000

561,202

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/33

........................................................

600,000

666,898

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/34

........................................................

520,000

525,477

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/35

........................................................

425,000

427,712

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/36

........................................................

400,000

401,995

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/37

........................................................

375,000

376,295

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/38

........................................................

400,000

400,557

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/39

........................................................

250,000

249,746

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Duluth

Economic

Development

Authority,

(continued)

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

B,

5.25%,

6/15/52

..

$

5,000,000

$

5,343,093

Duluth

Independent

School

District

No.

709

,

COP,

2016

A,

Refunding,

5%,

2/01/25

..................................

1,015,000

1,088,028

COP,

2016

A,

Refunding,

5%,

2/01/26

..................................

2,740,000

3,000,632

COP,

2016

A,

Refunding,

4%,

2/01/27

..................................

3,750,000

3,972,639

COP,

2016

A,

Refunding,

4%,

2/01/28

..................................

1,500,000

1,585,408

GO,

2015

B,

Refunding,

4%,

2/01/25

...................................

3,450,000

3,609,459

GO,

2015

B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

2,842,987

GO,

2021

C,

Zero

Cpn.,

2/01/29

.......................................

1,870,000

1,472,305

GO,

2021

C,

Zero

Cpn.,

2/01/30

.......................................

1,275,000

960,664

GO,

2021

C,

Zero

Cpn.,

2/01/31

.......................................

1,325,000

953,307

GO,

2021

C,

Zero

Cpn.,

2/01/32

.......................................

1,080,000

740,940

GO,

2021

C,

Zero

Cpn.,

2/01/33

.......................................

1,075,000

703,919

Edina

Independent

School

District

No.

273

,

GO

,

2019

A

,

3

%

,

2/01/36

............

1,630,000

1,635,411

Elk

River

Independent

School

District

No.

728

,

GO

,

2015

A

,

4

%

,

2/01/32

..........

6,130,000

6,312,486

Farmington

Independent

School

District

No.

192

,

GO

,

2016

A

,

4

%

,

2/01/28

........

3,830,000

4,077,206

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,357,415

Hastings

Independent

School

District

No.

200

,

GO,

2018

A,

Zero

Cpn.,

2/01/38

.......................................

4,685,000

2,618,091

GO,

2018

A,

Zero

Cpn.,

2/01/39

.......................................

4,685,000

2,503,039

GO,

2018

A,

Zero

Cpn.,

2/01/40

.......................................

4,685,000

2,393,439

Hennepin

County

Regional

Railroad

Authority

,

GO,

2019

A,

5%,

12/01/35

...........................................

4,480,000

5,150,724

GO,

2019

A,

5%,

12/01/36

...........................................

5,220,000

5,985,282

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Pre-Refunded

,

4

%

,

2/01/29

.........................................................

2,310,000

2,389,492

Hopkins

Independent

School

District

No.

270

,

GO,

2019

A,

3%,

2/01/33

............................................

5,640,000

5,652,106

GO,

2019

A,

3%,

2/01/34

............................................

2,450,000

2,452,609

Jordan

Independent

School

District

No.

717

,

GO,

2014

A,

Refunding,

5%,

2/01/31

...................................

1,460,000

1,491,829

GO,

2014

A,

Refunding,

5%,

2/01/32

...................................

2,000,000

2,043,601

GO,

2014

A,

Refunding,

5%,

2/01/33

...................................

1,700,000

1,737,061

GO,

2014

A,

Refunding,

5%,

2/01/34

...................................

1,805,000

1,844,350

GO,

2014

A,

Refunding,

5%,

2/01/35

...................................

1,000,000

1,021,800

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

824,636

Lakeville

Independent

School

District

No.

194

,

GO

,

2021

B

,

2.125

%

,

2/01/42

.......

4,085,000

3,085,718

Mankato

Independent

School

District

No.

77

,

COP,

2022

A,

3%,

2/01/42

...........................................

2,730,000

2,459,124

GO,

2020

A,

4%,

2/01/41

............................................

1,385,000

1,455,969

Maple

River

Independent

School

District

No.

2135

,

GO

,

2020

A

,

4

%

,

2/01/50

.......

10,000,000

10,421,128

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,326,682

GO,

2019

A,

3%,

3/01/29

............................................

6,400,000

6,459,590

GO,

2020

B,

2.125%,

3/01/36

.........................................

4,500,000

3,685,431

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

3,227,125

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

3,176,707

Minneapolis

Special

School

District

No.

1

,

GO

,

2017

B

,

5

%

,

2/01/30

.............

2,590,000

2,941,913

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

2019

A,

Refunding,

5%,

1/01/44

...............................

4,750,000

5,169,378

Revenue,

2019

B,

Refunding,

5%,

1/01/39

...............................

1,235,000

1,329,532

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,097,465

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

(continued)

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

$

4,025,000

$

4,339,642

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

19,655,000

21,071,778

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

15,500,000

16,522,482

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

3,575,000

3,614,274

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

3,009,125

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

916,780

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/36

.................

125,000

132,826

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/37

.................

125,000

132,104

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/40

.................

365,000

337,065

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/43

.................

330,000

295,404

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/30

...............

320,000

339,581

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/31

...............

270,000

282,540

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/32

...............

255,000

264,331

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/33

...............

240,000

247,352

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/34

...............

355,000

363,377

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/37

...............

250,000

221,341

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/38

...............

250,000

219,406

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/41

...........................

2,600,000

2,336,417

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/33

.................

1,500,000

1,538,879

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/35

.................

500,000

511,012

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,337,643

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

1,843,007

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/36

..........

750,000

756,608

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/37

..........

750,000

756,142

b

University

of

St.

Thomas,

Revenue,

2022

A,

5%,

10/01/52

...................

10,000,000

10,719,030

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,682,003

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,232,209

Revenue,

2019

C,

4%,

8/01/39

........................................

1,000,000

1,021,965

Revenue,

2020

B,

4%,

8/01/39

........................................

2,055,000

2,120,233

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

3,015,000

2,958,330

Revenue,

2020

D,

4%,

8/01/41

........................................

1,000,000

1,019,433

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

1,910,000

1,698,204

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

2,680,000

2,312,117

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,155,000

1,902,020

Revenue,

2021

B,

GNMA

Insured,

2.1%,

7/01/36

..........................

950,000

822,425

Revenue,

2021

B,

GNMA

Insured,

2.3%,

7/01/41

..........................

3,360,000

2,869,298

Revenue,

2021

B,

GNMA

Insured,

2.45%,

7/01/46

.........................

3,335,000

2,777,577

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2.45%,

1/01/52

................

11,440,000

9,134,654

Revenue,

2021

H,

2.55%,

1/01/46

.....................................

3,970,000

3,378,857

Revenue,

2022

A,

GNMA

Insured,

2.75%,

7/01/42

.........................

2,680,000

2,363,837

Revenue,

2022

A,

GNMA

Insured,

2.9%,

1/01/45

..........................

1,290,000

1,130,274

Revenue,

2022

C,

GNMA

Insured,

3%,

7/01/43

...........................

1,750,000

1,543,264

c

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

5,000,000

5,239,564

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,303,724

Revenue,

2014

A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,234,438

Revenue,

2014

A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,027,977

Revenue,

2014

A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,067,118

Revenue,

2014

A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,071,979

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

4,841,389

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

5,082,425

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010

A

,

5

%

,

3/01/24

.............

$

17,010,000

$

17,945,968

Minnesota

State

Colleges

And

Universities

Foundation

,

Minnesota

State

Colleges

And

Universities

Revenue

Fund

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

10/01/22

.........

1,410,000

1,427,290

Minnetonka

Independent

School

District

No.

276

,

COP

,

2022

A

,

4

%

,

2/01/52

.......

1,850,000

1,881,698

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

9,295,000

8,163,717

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

5,020,000

5,253,520

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

5,428,833

GO,

2019

A,

3%,

2/01/46

............................................

23,965,000

21,082,650

Northern

Municipal

Power

Agency

,

Revenue,

2013

A,

5%,

1/01/30

........................................

1,190,000

1,212,435

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

872,591

Norwood

Young

America

Independent

School

District

No.

108

,

GO

,

2022

A

,

2.25

%

,

2/01/45

.........................................................

1,700,000

1,250,975

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018

B,

Zero

Cpn.,

2/01/27

.......................................

10,545,000

9,395,431

GO,

2018

B,

Zero

Cpn.,

2/01/28

.......................................

13,055,000

11,254,343

GO,

2018

B,

Zero

Cpn.,

2/01/30

.......................................

9,010,000

7,216,151

GO,

2018

B,

Zero

Cpn.,

2/01/31

.......................................

5,310,000

4,093,312

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

3,000,000

2,245,365

Robbinsdale

Independent

School

District

No.

281

,

GO

,

2021

A

,

5

%

,

2/01/31

.......

1,910,000

2,222,798

Roseville

Independent

School

District

No.

623

,

GO,

2018

A,

5%,

2/01/30

............................................

3,700,000

4,110,221

GO,

2018

A,

4%,

2/01/34

............................................

9,535,000

9,980,155

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016

B,

Zero

Cpn.,

2/01/36

.......................................

3,000,000

1,802,629

GO,

2016

B,

Zero

Cpn.,

2/01/37

.......................................

2,820,000

1,614,935

GO,

2016

B,

Zero

Cpn.,

2/01/38

.......................................

5,220,000

2,844,847

GO,

2016

B,

Zero

Cpn.,

2/01/39

.......................................

3,020,000

1,563,945

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/23

.......................

4,000,000

3,961,113

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/26

.......................

5,395,000

4,924,707

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/27

.......................

6,600,000

5,843,649

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

10,102,356

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,460,708

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

803,770

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

641,653

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

697,550

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

1,009,962

GO,

2015

A,

4%,

2/01/28

............................................

2,080,000

2,172,586

GO,

2017

B,

4%,

2/01/30

............................................

4,060,000

4,332,304

GO,

2017

B,

4%,

2/01/36

............................................

2,500,000

2,667,675

GO,

2017

B,

4%,

2/01/37

............................................

2,250,000

2,400,907

St.

Francis

Independent

School

District

No.

15

,

GO,

2018

A,

4%,

2/01/37

............................................

1,025,000

1,032,006

GO,

2018

A,

3.5%,

2/01/41

...........................................

6,350,000

6,364,405

St.

Paul

Independent

School

District

No.

625

,

GO

,

2013

B

,

Refunding

,

5

%

,

2/01/24

..

2,925,000

2,991,370

St.

Paul

Port

Authority

,

Revenue,

2021-2,

4%,

10/01/40

.......................................

1,100,000

1,123,239

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

3%,

10/01/34

300,000

288,000

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

4%,

10/01/41

675,000

692,871

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

$

3,615,000

$

3,821,353

GO,

2013

F,

Refunding,

4%,

10/01/25

..................................

15,000,000

15,467,893

GO,

2016

A,

5%,

8/01/28

............................................

4,215,000

4,698,379

GO,

2018

A,

5%,

8/01/31

............................................

5,000,000

5,718,986

Revenue,

2012

B,

Refunding,

4%,

3/01/26

...............................

3,000,000

3,007,270

Revenue,

2012

B,

Refunding,

3%,

3/01/30

...............................

5,000,000

5,002,642

Revenue,

2014

A,

5%,

6/01/38

........................................

8,500,000

8,759,257

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

1,105,000

841,314

University

of

Minnesota

,

Revenue,

2014

B,

5%,

1/01/38

........................................

4,500,000

4,652,582

Revenue,

2015

A,

Refunding,

5%,

8/01/25

...............................

5,000,000

5,446,282

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

7,793,811

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,383,955

Revenue,

2017

A,

5%,

9/01/42

........................................

4,410,000

4,855,653

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

6,266,184

Revenue,

2019

A,

5%,

4/01/39

........................................

3,055,000

3,438,111

Revenue,

2019

A,

5%,

4/01/44

........................................

8,505,000

9,499,766

Revenue,

2020

A,

5%,

11/01/42

.......................................

5,230,000

6,011,579

Virginia

Independent

School

District

No.

706

,

Rock

Ridge

Independent

School

District

No.

2909

,

GO

,

2019

A

,

3

%

,

2/01/40

....................................

3,295,000

3,167,440

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn.,

2/01/33

.......................................

2,470,000

1,756,908

GO,

2020

A,

Zero

Cpn.,

2/01/34

.......................................

2,470,000

1,685,919

GO,

2020

A,

Zero

Cpn.,

2/01/36

.......................................

1,470,000

920,815

GO,

2020

A,

Zero

Cpn.,

2/01/37

.......................................

2,470,000

1,481,200

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

2,002,101

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,795,544

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2012

A,

Refunding,

5%,

1/01/24

...............................

5,000,000

5,098,056

Revenue,

2012

A,

Refunding,

5%,

1/01/25

...............................

3,370,000

3,438,480

Revenue,

2012

A,

Refunding,

5%,

1/01/29

...............................

1,200,000

1,223,539

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/40

............................

8,075,000

8,483,456

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/46

............................

11,870,000

12,470,418

Revenue,

2015

A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,284,008

Revenue,

2015

A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,225,448

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

5,593,711

Zumbro

Education

District

,

COP,

2021

A,

4%,

2/01/32

...........................................

200,000

207,452

COP,

2021

A,

4%,

2/01/33

...........................................

150,000

155,329

COP,

2021

A,

4%,

2/01/34

...........................................

125,000

129,147

COP,

2021

A,

2.125%,

2/01/35

........................................

325,000

265,338

COP,

2021

A,

4%,

2/01/38

...........................................

390,000

398,216

COP,

2021

A,

4%,

2/01/41

...........................................

635,000

643,749

865,692,667

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,100,000

1,763,820

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,100,000

1,761,923

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

145

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

$

3,500,000

$

2,896,272

6,422,015

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,800,000

2,374,291

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/34

200,000

179,198

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/35

225,000

227,493

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/36

250,000

252,431

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,000,000

3,398,958

6,432,371

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,100,000

1,762,461

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,100,000

1,750,805

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

5,600,000

5,563,974

7,314,779

U.S.

Territories

1.4%

Puerto

Rico

1.4%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

1,800,000

1,877,514

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

775,000

824,041

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,500,000

1,611,297

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,890,000

3,055,364

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,675,000

1,742,540

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,575,000

1,692,503

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,000,000

2,122,894

12,926,153

Total

U.S.

Territories

....................................................................

12,926,153

Total

Municipal

Bonds

(Cost

$931,667,571)

.....................................

907,767,390

a

a

a

a

Short

Term

Investments

1.2%

Municipal

Bonds

1.2%

Minnesota

1.2%

d

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2009

B-1,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.6%,

11/15/35

..................................

3,300,000

3,300,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

See

Abbreviations

on

page

203

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Minnesota

(continued)

d

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority,

(continued)

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.62%,

11/15/35

.....................................

$

8,000,000

$

8,000,000

11,300,000

Total

Municipal

Bonds

(Cost

$11,300,000)

......................................

11,300,000

Total

Short

Term

Investments

(Cost

$11,300,000

)

................................

11,300,000

a

Total

Investments

(Cost

$942,967,571)

98.0%

...................................

$919,067,390

Other

Assets,

less

Liabilities

2.0%

.............................................

18,928,577

Net

Assets

100.0%

...........................................................

$937,995,967

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$21,081,783,

representing

2.2%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Missouri

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

147

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.2%

California

0.1%

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

8/01/40

....

$

1,790,000

$

877,444

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

5,544,000

5,054,908

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

635,963

5,690,871

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

3,250,000

2,721,703

Missouri

90.8%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

1,500,000

1,671,795

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,775,196

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

1,889,570

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

2,009,884

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,135,884

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2013

A,

Pre-Refunded,

5%,

10/01/44

...........................

10,000,000

10,124,307

Revenue,

2019,

Refunding,

4%,

10/01/48

................................

4,000,000

4,061,931

Revenue,

2020

A,

Refunding,

4%,

10/01/44

..............................

6,000,000

6,137,756

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

7,227,946

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/41

.............

6,510,000

6,424,075

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

3%,

3/01/46

.............

3,000,000

2,347,000

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/46

.............

5,230,000

4,937,579

St.

Francis

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

6/01/33

.........

5,000,000

5,000,000

St.

Francis

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

6/01/37

.........

11,000,000

11,000,000

St.

Francis

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/39

..........

5,110,000

5,355,086

Cape

Girardeau

County

School

District

No.

R-2

,

GO,

2018,

4%,

3/01/32

.............................................

1,000,000

1,067,637

GO,

2018,

4%,

3/01/33

.............................................

1,000,000

1,065,841

GO,

2018,

5%,

3/01/38

.............................................

2,195,000

2,465,375

Cape

Girardeau

School

District

No.

63

,

GO,

2019,

Refunding,

4%,

3/01/38

.....................................

650,000

672,045

GO,

2019,

Refunding,

4%,

3/01/39

.....................................

500,000

514,175

City

of

Bridgeton

,

Sales

Tax,

Revenue,

2021

A,

Refunding,

2%,

12/01/32

......................

500,000

414,588

Sales

Tax,

Revenue,

2021

A,

Refunding,

2.125%,

12/01/33

..................

1,170,000

970,762

City

of

Kansas

City

,

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,584,171

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/42

.....................

5,000,000

5,115,799

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

5,059,886

City

of

Marshfield

,

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/43

....

1,305,000

1,441,330

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGMC

Insured,

5%,

2/01/50

....

1,585,000

1,713,622

City

of

Peculiar

,

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/39

.................

1,000,000

1,060,479

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/42

.................

2,405,000

2,555,038

City

of

Republic

,

Revenue

,

2022

,

3

%

,

5/01/47

..............................

5,000,000

4,229,718

City

of

Sikeston

,

Electric

System

,

Revenue

,

2012

,

Refunding

,

5

%

,

6/01/22

........

12,570,000

12,570,000

City

of

St.

Charles

,

COP,

2020

B,

Refunding,

3%,

2/01/38

..................................

1,200,000

1,129,961

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

148

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

St.

Charles,

(continued)

COP,

2020

B,

Refunding,

3%,

2/01/39

..................................

$

1,500,000

$

1,403,331

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

15,177,451

Airport,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,392,164

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/42

.............

3,930,000

4,230,801

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/47

.............

10,670,000

11,421,985

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/33

.............

1,000,000

1,070,993

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/34

.............

1,415,000

1,513,442

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

1,125,000

1,201,270

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/37

.............

1,000,000

1,066,942

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

2,500,000

2,733,596

Airport,

Revenue,

2019

C,

Refunding,

5%,

7/01/27

.........................

1,705,000

1,894,981

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,470,433

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,788,250

Community

College

District

of

Central

Southwest

Missouri

,

COP,

2021,

3%,

3/01/40

.............................................

575,000

530,992

COP,

2021,

3%,

3/01/41

.............................................

400,000

367,106

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,066,749

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,509,324

Fort

Osage

School

District

No.

R-1

,

GO

,

2018

,

Refunding

,

5.5

%

,

3/01/38

.........

3,010,000

3,502,255

Greene

County

Reorganized

School

District

No.

R-2

Willard

,

GO

,

2018

,

4

%

,

3/01/30

.

1,000,000

1,061,029

Hanley

Road

Corridor

Transportation

Development

District

,

Revenue,

2020,

Refunding,

1.625%,

10/01/33

............................

775,000

765,063

Revenue,

2020,

Refunding,

2%,

10/01/39

................................

900,000

869,307

Hannibal

Board

of

Public

Works

,

COP,

2022,

3.625%,

4/01/44

.........................................

1,000,000

951,732

COP,

2022,

3.75%,

4/01/47

..........................................

1,000,000

961,723

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

1,304,722

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,701,766

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,330,688

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/36

........................................................

2,075,000

2,100,357

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

........................................................

2,240,000

2,236,926

BJC

Healthcare

Obligated

Group,

Revenue,

2014,

5%,

1/01/44

...............

8,175,000

8,528,908

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.....

5,000,000

4,084,670

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/38

.................

11,680,000

12,146,780

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/44

.................

2,760,000

2,865,064

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

17,000,000

17,993,536

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

5,021,951

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/42

......................

2,800,000

3,099,371

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/47

......................

4,875,000

5,347,070

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/40

........................................................

2,060,000

1,740,151

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/41

........................................................

2,120,000

1,775,039

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/46

........................................................

5,590,000

4,374,238

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

2/15/51

........................................................

2,125,000

2,015,702

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/46

.......

4,000,000

4,085,590

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

149

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

$

11,575,000

$

11,822,675

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,105,540

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,750,000

1,816,246

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/48

........................................................

485,000

445,516

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/30

........

2,035,000

2,050,969

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/42

........

9,900,000

9,394,472

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,163,644

Maryville

University

of

St.

Louis,

Revenue,

2019

A,

5%,

6/15/45

...............

4,000,000

4,233,955

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/34

......

4,345,000

4,379,993

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/38

......

4,885,000

4,887,312

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.125%,

6/15/38

...

2,300,000

2,035,115

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.375%,

6/15/45

...

1,000,000

866,294

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

8,006,918

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

............................

25,000,000

25,888,678

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

7,081,222

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/47

...................

12,500,000

13,267,535

Mosaic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

2/15/54

4,000,000

4,005,231

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

............

5,000,000

5,290,011

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

10,803,988

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

15,000,000

16,202,988

St.

Louis

University,

Revenue,

2019

A,

5%,

10/01/46

.......................

5,775,000

6,396,526

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,149,119

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,126,641

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,449,418

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,145,278

Howard

Bend

Levee

District

,

Special

Tax,

2021,

2.75%,

3/01/31

.....................................

400,000

355,721

Special

Tax,

2021,

3%,

3/01/36

.......................................

500,000

430,687

Special

Tax,

2021,

3.125%,

3/01/41

....................................

1,000,000

832,355

Special

Tax,

2022,

3.375%,

3/01/32

....................................

75,000

69,097

Special

Tax,

2022,

3.5%,

3/01/37

......................................

175,000

156,277

Special

Tax,

2022,

3.625%,

3/01/42

....................................

200,000

174,277

Jackson

County

School

District

No.

R-IV

Blue

Springs

,

GO,

2018

A,

5.5%,

3/01/36

...........................................

3,000,000

3,530,183

GO,

2018

A,

5.5%,

3/01/37

...........................................

2,000,000

2,350,260

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

6,070,000

6,701,315

Jefferson

County

School

District

No.

R-VI

,

Festus,

COP,

2021

B,

4%,

4/01/39

.....................................

350,000

367,303

Festus,

COP,

2021

B,

4%,

4/01/40

.....................................

575,000

597,962

Festus,

COP,

2021

B,

4%,

4/01/41

.....................................

500,000

515,331

Festus,

COP,

2021

B,

3%,

4/01/42

.....................................

750,000

671,187

Festus,

COP,

2021

B,

3%,

4/01/44

.....................................

1,500,000

1,317,607

Festus,

COP,

2021

B,

2.375%,

4/01/46

..................................

2,000,000

1,497,901

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/15/35

.................................

4,000,000

4,091,095

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011

A,

Refunding,

5.5%,

9/01/29

..............................

5,000,000

5,017,627

Revenue,

2011

A,

Refunding,

5.5%,

9/01/30

..............................

12,000,000

12,042,899

Revenue,

2011

A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,009,795

City

of

Kansas

City,

Revenue,

2019

A,

5%,

3/01/44

........................

5,000,000

5,360,950

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

4,000,000

4,275,536

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,208,954

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

150

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Kansas

City

Industrial

Development

Authority,

(continued)

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

$

20,515,000

$

21,708,005

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

10,900,000

10,704,898

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

5%,

3/01/57

.......

100,000

106,897

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

4,618,338

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2015

B,

Pre-Refunded,

5%,

5/01/45

............................

1,610,000

1,741,685

Revenue,

2015

B,

Refunding,

5%,

5/01/45

...............................

3,390,000

3,603,934

Revenue,

2016

C,

Refunding,

5%,

5/01/46

...............................

24,700,000

26,841,572

Revenue,

2017

A,

Refunding,

5%,

5/01/42

...............................

5,000,000

5,466,146

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

10,000,000

10,909,984

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2012

A,

Refunding,

5%,

6/01/37

..............

5,000,000

5,000,000

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/36

...............

1,140,000

1,131,108

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/37

...............

500,000

493,511

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/41

...............

515,000

500,318

City

of

Independence,

Revenue,

2021,

Refunding,

3%,

3/01/46

...............

2,640,000

2,021,464

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/51

...............

9,445,000

8,796,786

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,430,312

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

860,000

888,846

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,265,000

3,183,665

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

2,075,000

1,681,910

Revenue,

2020

D,

GNMA

Insured,

2.55%,

11/01/50

........................

4,835,000

4,231,242

Revenue,

2021

A,

GNMA

Insured,

2.4%,

11/01/51

.........................

2,625,000

2,247,744

Revenue,

2021

B,

GNMA

Insured,

2.2%,

11/01/46

.........................

1,185,000

871,032

Revenue,

2021

B,

GNMA

Insured,

2.3%,

11/01/51

.........................

7,400,000

5,283,041

Revenue,

2021

C,

GNMA

Insured,

2.625%,

11/01/51

.......................

2,500,000

1,910,864

Revenue,

2022

A,

GNMA

Insured,

3%,

11/01/37

...........................

1,325,000

1,239,362

Revenue,

2022

A,

GNMA

Insured,

3.125%,

11/01/42

.......................

3,500,000

3,228,254

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014

A,

Refunding,

5%,

1/01/31

...............................

2,000,000

2,081,703

Revenue,

2014

A,

Refunding,

5%,

1/01/32

...............................

1,500,000

1,560,564

Revenue,

2014

A,

Refunding,

5%,

1/01/32

...............................

10,000,000

10,591,556

Revenue,

2014

A,

Refunding,

5%,

1/01/33

...............................

7,500,000

7,937,887

Revenue,

2014

A,

Refunding,

5%,

1/01/34

...............................

2,000,000

2,078,852

Revenue,

2015

A,

Refunding,

5%,

12/01/30

..............................

4,000,000

4,283,382

Revenue,

2015

A,

Refunding,

5%,

12/01/31

..............................

6,000,000

6,416,110

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..............................

7,335,000

7,819,654

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............................

27,950,000

30,241,137

Revenue,

2018,

5%,

12/01/43

........................................

2,000,000

2,187,164

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,599,578

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,000,000

5,044,498

Normandy

Schools

Collaborative

,

GO,

2021

B,

2%,

3/01/40

............................................

2,050,000

1,551,218

GO,

2021

B,

2%,

3/01/41

............................................

1,700,000

1,270,688

Pattonville

R-3

School

District

,

GO,

2018

A,

5%,

3/01/37

............................................

2,750,000

2,998,168

GO,

2018

A,

5%,

3/01/38

............................................

1,000,000

1,089,494

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment,

2017,

Refunding,

5%,

3/01/26

........................

1,000,000

1,060,025

Special

Assessment,

2017,

Refunding,

5%,

3/01/29

........................

2,585,000

2,738,112

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/40

.................................

5,075,000

5,135,924

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

151

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Southeast

Missouri

State

University,

(continued)

Revenue,

2020,

Refunding,

4%,

4/01/43

.................................

$

2,580,000

$

2,596,981

Springfield

School

District

No.

R-12

,

GO

,

2013

,

Refunding

,

5

%

,

3/01/33

..........

1,000,000

1,025,721

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,922,311

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County,

Revenue,

2012,

Pre-Refunded,

5%,

9/01/42

...

3,165,000

3,194,428

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013

A,

5.875%,

9/01/43

..

7,000,000

7,088,599

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

6,813,984

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue,

2021,

2.125%,

7/15/39

......................................

3,680,000

2,766,499

Revenue,

2021,

2.25%,

7/15/41

.......................................

3,845,000

2,879,898

Revenue,

2021

A,

Refunding,

2.125%,

4/01/39

............................

6,705,000

5,042,122

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

.....................................................

5,000,000

5,616,506

St.

Louis

Municipal

Library

District

,

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/44

.........................

1,450,000

1,481,401

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/48

.........................

4,800,000

4,907,606

Washington

Industrial

Development

Authority

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

11/01/29

........................................................

480,000

425,636

Washington

School

District

,

GO

,

2019

,

4

%

,

3/01/39

..........................

1,500,000

1,542,524

770,852,335

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,900,000

1,595,837

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,594,121

3,189,958

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,500,000

2,119,903

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

2.5%,

9/01/41

........................................................

525,000

391,002

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/44

700,000

564,104

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,719,167

5,794,176

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,900,000

1,594,608

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,584,062

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

4,900,000

4,868,477

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,250,000

2,715,297

9,167,836

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

152

See

Abbreviations

on

page

203

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

3.9%

Guam

1.4%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

$

5,790,000

$

6,361,763

Guam

Power

Authority

,

Revenue

,

2012

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/25

.

5,420,000

5,482,824

11,844,587

Puerto

Rico

2.5%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,750,000

1,825,361

b

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

4,690,000

4,402,737

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

531,639

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,000,000

1,059,678

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

6,200,000

6,592,786

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,765,000

1,836,169

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,800,000

3,008,894

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,405,000

2,552,780

21,810,044

Total

U.S.

Territories

....................................................................

33,654,631

Total

Municipal

Bonds

(Cost

$856,659,039)

.....................................

833,543,562

a

a

a

a

a

Total

Investments

(Cost

$856,659,039)

98.2%

...................................

$833,543,562

Other

Assets,

less

Liabilities

1.8%

.............................................

15,306,511

Net

Assets

100.0%

...........................................................

$848,850,073

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$20,555,017,

representing

2.4%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

New

Jersey

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

153

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.7%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,300,000

$

1,168,407

Delaware

1.9%

Delaware

River

&

Bay

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/44

.........

13,500,000

13,919,862

Florida

1.1%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

4,536,000

4,135,834

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

635,963

a

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,650,000

3,100,675

7,872,472

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

2,650,000

2,219,234

New

Jersey

76.2%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

1,004,200

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

5,366,076

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

3,788,160

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

3,909,435

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,106,826

a

Camden

County

Improvement

Authority

(The)

,

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/52

.................................................

3,000,000

3,081,052

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn.,

6/15/24

.............

1,000,000

956,381

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,135,434

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,059,736

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,105,529

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,123,473

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,174,177

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

6,212,030

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/38

........................................................

1,645,000

1,621,034

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/51

........................................................

2,700,000

2,528,642

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/56

........................................................

4,925,000

4,496,779

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University,

Revenue,

2015

C,

AGMC

Insured,

4%,

7/01/42

.............

2,500,000

2,531,144

Rowan

University,

Revenue,

2015

C,

5%,

7/01/44

.........................

3,500,000

3,744,167

Rowan

University,

Revenue,

2019,

4%,

7/01/37

...........................

750,000

785,412

Rowan

University,

Revenue,

2019,

4%,

7/01/38

...........................

700,000

731,922

Rowan

University,

Revenue,

2019,

4%,

7/01/39

...........................

600,000

624,459

Rowan

University,

Revenue,

2019,

5%,

7/01/44

...........................

4,925,000

5,523,340

Rowan

University,

Revenue,

2019,

4%,

7/01/48

...........................

5,250,000

5,384,805

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

1,024,965

County

of

Hudson,

Revenue,

2016,

5%,

5/01/46

...........................

6,000,000

6,432,826

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,670,940

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,596,212

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

154

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

A,

4%,

8/01/32

........................................

$

300,000

$

326,584

Revenue,

2019

A,

4%,

8/01/33

........................................

350,000

379,067

Revenue,

2019

A,

4%,

8/01/34

........................................

525,000

564,043

Revenue,

2019

A,

4%,

8/01/35

........................................

525,000

559,843

Revenue,

2019

A,

4%,

8/01/36

........................................

500,000

529,299

Revenue,

2019

A,

4%,

8/01/37

........................................

275,000

289,015

Revenue,

2019

A,

4%,

8/01/38

........................................

225,000

234,634

Revenue,

2019

A,

4%,

8/01/39

........................................

400,000

413,891

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

807,775

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

795,459

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

526,550

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

783,458

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

621,710

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,396,145

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/39

.....................................

2,500,000

2,516,099

Revenue,

2021

QQQ,

4%,

6/15/46

.....................................

1,250,000

1,238,396

Revenue,

2021

QQQ,

4%,

6/15/50

.....................................

1,250,000

1,226,952

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/34

........................................................

1,500,000

1,593,262

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/39

........................................................

1,250,000

1,317,218

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/49

........................................................

3,000,000

3,122,637

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

6,254,865

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

3,750,000

4,089,438

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

649,913

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

607,564

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,502,978

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

6,533,117

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

6,841,219

Rutgers

State

University

of

New

Jersey

(The),

Revenue,

2013,

Pre-Refunded,

5%,

6/15/38

........................................................

5,000,000

5,166,209

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N-1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

9,807,266

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

5%,

6/15/37

4,760,000

4,952,610

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,361,118

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,349,416

Kean

University,

Revenue,

2017

D,

Refunding,

BAM

Insured,

4%,

9/01/38

.......

1,150,000

1,181,583

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,174,712

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

16,852,840

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,373,207

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,278,114

Montclair

State

University,

Inc.,

Revenue,

2016

B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,423,238

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/37

......

1,000,000

1,003,117

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/42

......

1,000,000

1,003,117

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

3,955,000

4,283,765

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/34

..............

400,000

415,315

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/37

..............

1,300,000

1,346,522

Seton

Hall

University,

Revenue,

2017

D,

Refunding,

5%,

7/01/42

..............

3,945,000

4,143,401

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

1,054,866

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

155

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

$

1,850,000

$

1,876,608

Stevens

Institute

of

Technology,

Revenue,

1998-1,

ETM,

5%,

7/01/28

...........

540,000

585,143

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

......

1,600,000

1,703,111

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

......

9,310,000

9,800,140

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

......

4,085,000

4,274,026

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/45

...............

4,000,000

4,292,368

Stevens

Institute

of

Technology,

Revenue,

2020

A,

4%,

7/01/50

...............

11,640,000

10,962,453

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

15,672,304

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008

A,

5%,

7/01/27

........................

220,000

220,727

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

10,070,044

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

4%,

7/01/37

.......

750,000

774,935

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

3%,

7/01/46

.......

1,000,000

853,706

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2011,

Refunding,

5%,

7/01/27

........................................................

2,500,000

2,507,194

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,215,236

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,211,620

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

5,346,616

Hunterdon

Medical

Center

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

7/01/45

........................................................

2,650,000

2,811,896

Inspira

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

......

18,500,000

19,344,969

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

...............

7,000,000

7,428,228

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

4%,

7/01/47

...............

8,700,000

8,725,909

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013

A,

5.5%,

7/01/43

.......

4,000,000

4,116,857

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/43

.........

3,650,000

3,781,802

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

15,530,000

16,085,727

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

10,000,000

10,580,711

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/31

..

2,935,000

3,049,650

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/34

..

1,500,000

1,558,595

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6%,

7/01/26

........................................................

1,000,000

1,002,059

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6.25%,

7/01/35

........................................................

3,400,000

3,407,729

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

1,017,077

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/36

...........

1,750,000

1,778,031

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/38

...........

2,000,000

2,026,704

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/39

...........

2,200,000

2,225,921

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

11,000,000

10,972,566

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

10,000,000

9,930,098

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,715,593

Revenue,

2021

B,

Refunding,

5%,

12/01/28

..............................

1,450,000

1,609,268

Revenue,

2021

B,

Refunding,

5%,

12/01/29

..............................

1,415,000

1,578,915

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

7,000,000

6,927,755

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

1,116,538

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

472,338

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

3,955,000

3,959,538

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

4,295,000

3,788,593

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

8,600,000

7,463,641

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

3,440,000

2,987,584

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

2,575,000

2,243,702

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

156

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Institute

of

Technology

,

Revenue

,

2015

A

,

5

%

,

7/01/45

..............

$

6,000,000

$

6,295,338

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AGMC

Insured,

Zero

Cpn.,

12/15/33

.....................

10,000,000

6,749,138

Revenue,

2009

A,

Zero

Cpn.,

12/15/32

..................................

10,000,000

6,947,953

Revenue,

2010

A,

Zero

Cpn.,

12/15/29

..................................

5,000,000

3,945,032

Revenue,

2013

AA,

5.25%,

6/15/31

....................................

10,000,000

10,260,697

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

5,975,611

Revenue,

2020

AA,

4%,

6/15/45

.......................................

9,700,000

9,649,580

Revenue,

2020

AA,

4%,

6/15/50

.......................................

3,670,000

3,602,329

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

2,000,000

2,027,390

New

Jersey

Turnpike

Authority

,

Revenue,

2017

A,

5%,

1/01/34

........................................

6,505,000

7,113,530

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

3,818,101

Revenue,

2017

B,

Refunding,

5%,

1/01/40

...............................

15,245,000

16,742,652

Revenue,

2017

G,

Refunding,

4%,

1/01/43

...............................

5,000,000

5,120,269

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

17,089,429

Revenue,

2021

A,

4%,

1/01/51

........................................

3,000,000

3,055,877

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/39

..........................

700,000

619,291

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/40

..........................

750,000

658,296

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/41

..........................

750,000

653,288

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/42

..........................

700,000

604,401

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

21,225,595

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

...........

5,750,000

6,167,897

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

4,500,000

4,858,312

GO,

2020

A,

3%,

6/01/32

............................................

3,400,000

3,362,670

557,227,604

New

York

4.9%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

15,603,277

Revenue,

2014,

4%,

9/01/43

.........................................

3,000,000

3,009,040

Revenue,

Two

Hundred

Sixteenth,

4%,

9/01/45

...........................

5,000,000

5,157,050

Revenue,

First

Series,

171st,

5%,

7/15/30

...............................

12,200,000

12,237,720

36,007,087

Pennsylvania

7.9%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

21,297,239

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

114,707

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

171,649

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

171,442

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

171,059

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

170,669

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

170,513

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

170,150

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

856,453

Revenue,

2019

B,

Refunding,

5%,

7/01/31

...............................

850,000

973,610

Revenue,

2019

B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,152,779

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

10,255,124

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

3,603,083

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

157

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Delaware

River

Port

Authority,

(continued)

Revenue,

2018

A,

5%,

1/01/38

........................................

$

5,050,000

$

5,531,165

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,502,820

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

10,336,986

57,649,448

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,500,000

1,259,871

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,500,000

1,258,517

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

827,506

3,345,894

Texas

0.5%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,780,718

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

2,294,297

4,075,015

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,500,000

1,258,901

Wisconsin

0.7%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,500,000

1,250,575

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

4,100,000

4,073,624

5,324,199

U.S.

Territories

1.4%

Puerto

Rico

1.4%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,200,000

1,251,676

b

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

3,950,000

3,708,063

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

318,983

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,040,322

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,700,000

1,826,829

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,000,000

1,061,447

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

850,000

866,333

10,073,653

Total

U.S.

Territories

....................................................................

10,073,653

Total

Municipal

Bonds

(Cost

$714,121,000)

.....................................

700,141,776

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

158

See

Abbreviations

on

page

203

.

Short

Term

Investments

1.6%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.6%

New

Jersey

1.6%

c

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.55

%

,

7/01/43

.........................................................

$

11,650,000

$

11,650,000

Total

Municipal

Bonds

(Cost

$11,650,000)

......................................

11,650,000

Total

Short

Term

Investments

(Cost

$11,650,000

)

................................

11,650,000

a

Total

Investments

(Cost

$725,771,000)

97.3%

...................................

$711,791,776

Other

Assets,

less

Liabilities

2.7%

.............................................

19,464,966

Net

Assets

100.0%

...........................................................

$731,256,742

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$21,782,416,

representing

3.0%

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

North

Carolina

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

159

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.1%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

2,300,000

$

2,067,181

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

4,680,000

4,267,130

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,500,000

1,122,288

a

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,750,000

3,185,625

8,575,043

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

524,725

State

of

Illinois

,

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,098,906

GO,

2021

A,

5%,

3/01/34

............................................

2,000,000

2,128,043

3,751,674

Kentucky

0.6%

a,b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

5,600,000

4,396,616

New

Jersey

1.0%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

1,003,389

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

490,781

Revenue,

2020

AA,

5%,

6/15/35

.......................................

2,000,000

2,212,385

Revenue,

2020

AA,

5%,

6/15/39

.......................................

2,000,000

2,199,497

Revenue,

2020

AA,

4%,

6/15/45

.......................................

1,000,000

994,802

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

388,131

7,288,985

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

7,675,000

7,486,657

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,200,000

2,182,181

9,668,838

North

Carolina

89.8%

Cape

Fear

Public

Utility

Authority

,

Revenue,

2014

A,

Pre-Refunded,

5%,

6/01/40

............................

2,250,000

2,387,078

Revenue,

2019

A,

Refunding,

4%,

8/01/44

...............................

8,000,000

8,237,422

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

21,066,092

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

5,432,746

Atrium

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

1/15/43

.......

2,000,000

2,015,685

City

of

Charlotte

,

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

9,352,938

COP,

2021

A,

Refunding,

5%,

6/01/24

..................................

1,025,000

1,086,824

Airport,

Revenue,

2019

A,

4%,

7/01/44

..................................

3,550,000

3,643,123

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

4,460,000

4,914,944

Airport,

Revenue,

2019

B,

4%,

7/01/44

..................................

5,515,000

5,556,524

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/36

.........................

1,790,000

1,876,117

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/38

.........................

2,500,000

2,611,741

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

.........................

3,000,000

3,128,060

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

.........................

4,500,000

4,684,115

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

.........................

2,200,000

2,286,417

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

City

of

Charlotte,

(continued)

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

$

7,970,000

$

8,433,928

Water

&

Sewer

System,

Revenue,

2015,

Refunding,

5%,

7/01/40

..............

10,000,000

10,699,586

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

5,290,810

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

372,632

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,130,921

City

of

Greensboro

,

GO

,

2018

B

,

5

%

,

10/01/29

.............................

5,000,000

5,789,179

City

of

Raleigh

,

GO,

2016

A,

Refunding,

5%,

9/01/26

...................................

5,000,000

5,598,318

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

5,101,505

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,058,269

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,128,337

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2014

A,

Pre-Refunded,

5%,

6/01/33

..........

2,350,000

2,493,170

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,408,710

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/37

............

5,000,000

5,197,004

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

10,207,070

County

of

Buncombe

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/34

.................

3,000,000

3,216,058

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

364,617

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

566,151

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

239,209

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

419,933

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

533,678

GO,

2019,

4%,

6/01/37

.............................................

450,000

479,740

GO,

2019,

4%,

6/01/39

.............................................

700,000

737,185

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

905,988

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

753,060

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,330,799

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

374,418

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

440,039

County

of

Mecklenburg

,

GO,

2015

A,

5%,

4/01/28

............................................

5,000,000

5,386,782

GO,

2017

A,

4%,

4/01/30

............................................

5,000,000

5,355,816

GO,

2019,

5%,

3/01/30

.............................................

5,745,000

6,696,000

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

840,406

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

674,020

Revenue,

2021,

Refunding,

5%,

8/01/29

.................................

3,620,000

4,237,463

Revenue,

2021,

Refunding,

5%,

8/01/31

.................................

1,145,000

1,372,910

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

5,668,142

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

15,377,671

County

of

Union

,

Enterprise

System,

Revenue,

2015,

5%,

6/01/34

..........................

1,000,000

1,083,522

Enterprise

System,

Revenue,

2019,

4%,

6/01/41

..........................

3,200,000

3,340,729

Enterprise

System,

Revenue,

2021,

4%,

6/01/32

..........................

1,050,000

1,160,266

County

of

Wake

,

GO,

2018

A,

5%,

3/01/30

............................................

8,000,000

9,131,566

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

9,110,719

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

161

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

County

of

Wake,

(continued)

Revenue,

2021,

3%,

3/01/35

.........................................

$

5,535,000

$

5,484,674

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

5,897,279

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

4,750,000

5,398,475

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/27

..........

400,000

439,237

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/28

..........

500,000

553,520

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/29

..........

550,000

614,579

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

..........

500,000

560,937

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

..........

1,855,000

2,090,408

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/33

..........

2,670,000

2,989,479

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/34

..........

740,000

754,533

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/35

..........

360,000

366,243

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

14,882,510

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

10,000,000

10,848,990

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,150,004

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

11,901,276

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

1,000,000

1,049,247

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

1,000,000

1,046,704

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

2,270,000

2,352,895

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,170,525

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

5,651,487

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,379,394

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

20,243,368

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

14,764,475

North

Carolina

Central

University

,

Revenue

,

2019

,

4

%

,

4/01/49

.................

1,000,000

996,975

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

4,735,000

4,554,281

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

7,265,000

6,934,584

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

830,000

752,941

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

3,360,000

2,945,396

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

2,940,000

2,524,304

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

5,225,000

4,639,484

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,405,000

2,109,962

Revenue,

44,

3%,

7/01/46

...........................................

2,870,000

2,484,863

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,840,000

1,484,716

Revenue,

46-A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,150,000

1,945,161

Revenue,

46-A,

GNMA

Insured,

1.75%,

1/01/31

...........................

1,000,000

897,421

North

Carolina

Medical

Care

Commission

,

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

1,727,853

Duke

University

Health

System,

Inc.,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/42

10,000,000

10,000,000

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

6,963,216

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/47

..........

2,935,000

2,693,989

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/51

..........

960,000

869,272

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

183,905

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

188,577

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

912,630

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

1,665,000

1,619,511

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,603,094

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

2,605,699

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

20,205,254

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

5,115,000

5,148,090

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

7,640,000

7,670,591

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

5,229,887

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/41

1,020,000

987,437

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/52

3,510,000

3,240,645

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

162

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

$

5,000,000

$

5,243,467

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

920,035

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

3,600,000

3,790,132

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/50

.........

1,350,000

1,214,495

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,465,931

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

4,018,552

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/37

........................................

200,000

214,070

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/42

........................................

2,250,000

2,408,288

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/47

........................................

2,540,000

2,718,689

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,179,854

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/32

.........

1,000,000

1,105,158

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

.........

1,000,000

1,100,150

WakeMed

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

10/01/38

......

5,000,000

5,062,153

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,488,308

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

133,296

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

324,828

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

493,623

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

552,049

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

389,145

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

2,150,000

1,991,663

North

Carolina

State

University

at

Raleigh

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

10/01/42

.....................................................

8,980,000

9,373,125

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,578,535

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

9,875,000

10,367,671

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

10,214,105

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,537,841

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

2,067,543

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

2,088,393

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,466,621

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

1,756,628

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,484,802

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,334,674

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,097,464

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/39

...........

1,200,000

1,302,070

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

15,430,000

17,265,898

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

375,083

Revenue,

2015

A,

Refunding,

5%,

5/01/29

...............................

1,000,000

1,066,403

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

585,449

Revenue,

2020

A,

Refunding,

5%,

5/01/35

...............................

2,250,000

2,496,255

State

of

North

Carolina

,

GO,

2016

A,

Refunding,

5%,

6/01/25

...................................

4,000,000

4,350,998

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

2,938,720

GO,

2020

A,

5%,

6/01/31

............................................

2,500,000

2,971,557

Revenue,

2021,

5%,

3/01/31

.........................................

2,100,000

2,477,414

Highway

Trust

Fund,

Revenue,

2020

B,

4%,

5/01/35

.......................

2,750,000

2,940,406

Town

of

Cary

,

Combined

Utility

Systems,

Revenue,

2017,

Pre-Refunded,

5%,

12/01/41

........

1,710,000

1,922,568

Combined

Utility

Systems,

Revenue,

2017

B,

Refunding,

4%,

12/01/42

.........

8,000,000

8,292,253

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

163

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

$

1,000,000

$

1,098,947

University

of

North

Carolina

at

Chapel

Hill

,

Revenue,

2021

B,

Refunding,

5%,

12/01/34

..............................

1,225,000

1,456,087

Revenue,

2021

B,

Refunding,

5%,

12/01/36

..............................

1,500,000

1,773,786

Hospitals

at

Chapel

Hill,

Revenue,

2016,

5%,

2/01/46

.......................

4,265,000

4,463,393

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

6,860,000

8,234,242

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2014,

Pre-Refunded,

5%,

4/01/43

..............................

5,000,000

5,284,563

Revenue,

2015,

Pre-Refunded,

5%,

4/01/45

..............................

9,450,000

10,231,059

Revenue,

2017,

5%,

10/01/47

........................................

10,000,000

10,903,849

Revenue,

2017

A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,288,777

Revenue,

2020

A,

Refunding,

5%,

10/01/38

..............................

1,145,000

1,292,003

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

296,642

University

of

North

Carolina

at

Greensboro

,

Revenue,

2014,

Refunding,

5%,

4/01/39

.................................

3,500,000

3,688,477

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,261,861

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,043,532

Revenue,

2018,

5%,

4/01/30

.........................................

1,085,000

1,228,816

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

2,765,392

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,188,672

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

160,308

Western

Carolina

University

,

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

947,043

Revenue,

2020

B,

4%,

4/01/45

........................................

5,000,000

5,102,748

661,572,688

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,600,000

1,343,863

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,600,000

1,342,418

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

2,068,765

4,755,046

Texas

0.6%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,780,718

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

200,000

202,667

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

200,000

202,952

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,379,271

4,565,608

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,600,000

1,342,827

Wisconsin

0.7%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,600,000

1,333,947

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

4,200,000

4,172,980

5,506,927

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

164

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

2.3%

Puerto

Rico

2.3%

Commonwealth

of

Puerto

Rico

,

c

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

$

116,367

$

60,365

GO,

2022

A-1,

5.25%,

7/01/23

........................................

26,160

26,510

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

26,087

27,472

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

25,850

28,232

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

25,431

28,140

GO,

2022

A-1,

5.75%,

7/01/31

........................................

24,701

27,985

GO,

2022

A-1,

4%,

7/01/33

..........................................

23,423

22,970

GO,

2022

A-1,

4%,

7/01/35

..........................................

21,054

20,365

GO,

2022

A-1,

4%,

7/01/37

..........................................

18,070

17,478

GO,

2022

A-1,

4%,

7/01/41

..........................................

24,568

23,338

GO,

2022

A-1,

4%,

7/01/46

..........................................

25,551

23,905

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

12,049

11,079

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

30,143

17,890

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,564,595

d

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

4,120,000

3,852,200

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

990,000

1,032,356

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

318,984

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

5,350,000

5,565,724

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,000,000

1,074,605

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,000,000

1,061,447

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

498,140

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

..

220,000

219,959

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,190,000

1,212,867

16,736,606

Total

U.S.

Territories

....................................................................

16,736,606

Total

Municipal

Bonds

(Cost

$756,414,984)

.....................................

730,228,039

a

a

a

a

Short

Term

Investments

0.2%

Municipal

Bonds

0.2%

North

Carolina

0.2%

e

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.62

%

,

1/15/48

.........................................................

1,300,000

1,300,000

Total

Municipal

Bonds

(Cost

$1,300,000)

.......................................

1,300,000

Total

Short

Term

Investments

(Cost

$1,300,000

)

.................................

1,300,000

a

Total

Investments

(Cost

$757,714,984)

99.3%

...................................

$731,528,039

Other

Assets,

less

Liabilities

0.7%

.............................................

5,240,263

Net

Assets

100.0%

...........................................................

$736,768,302

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

165

See

Abbreviations

on

page

203

.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$23,126,900,

representing

3.1%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Ohio

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

166

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.3%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

2,800,000

$

2,516,568

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

9,144,000

8,337,316

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,200,000

1,646,022

9,983,338

Illinois

0.1%

State

of

Illinois

,

GO,

2017

C,

5%,

11/01/29

...........................................

1,500,000

1,612,834

GO,

2021

A,

4%,

3/01/39

............................................

500,000

477,590

2,090,424

Kentucky

0.8%

a,b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

15,210,000

11,941,523

New

Jersey

0.6%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/35

.......................................

1,500,000

1,523,615

Revenue,

2020

AA,

5%,

6/15/37

.......................................

4,000,000

4,414,220

Revenue,

2022

A,

4%,

6/15/38

........................................

2,000,000

2,018,849

7,956,684

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

4

%

,

11/15/40

..........

7,500,000

7,450,942

Ohio

92.4%

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

5,400,000

4,653,239

American

Municipal

Power,

Inc.

,

Revenue,

2015

A,

Refunding,

5%,

2/15/28

...............................

5,000,000

5,213,543

Revenue,

2016

A,

4%,

2/15/36

........................................

1,000,000

1,019,848

Revenue,

2016

A,

5%,

2/15/46

........................................

5,000,000

5,273,952

Revenue,

2016

A,

Refunding,

5%,

2/15/46

...............................

7,500,000

7,910,927

Revenue,

2017

A,

Refunding,

5%,

2/15/37

...............................

3,700,000

4,075,323

Revenue,

2017

A,

Refunding,

5%,

2/15/38

...............................

3,500,000

3,831,044

Revenue,

2019

A,

5%,

2/15/44

........................................

3,345,000

3,678,591

Revenue,

2019

C,

Refunding,

4%,

2/15/39

...............................

18,795,000

19,045,428

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,089,017

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,883,001

Beaver

Local

School

District

,

GO

,

2012

,

4

%

,

12/01/40

........................

3,000,000

3,000,000

Berkshire

Local

School

District

,

GO

,

2021

,

Refunding

,

3

%

,

10/01/56

.............

735,000

603,268

Bethel

Local

School

District

,

COP,

2020,

BAM

Insured,

3%,

12/01/45

.................................

4,095,000

3,705,688

COP,

2020,

BAM

Insured,

2.75%,

12/01/49

..............................

4,000,000

3,254,356

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

10,096,732

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

7,792,859

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,546,640

Brecksville-Broadview

Heights

City

School

District

,

GO

,

2018

,

Pre-Refunded

,

5.25

%

,

12/01/54

........................................................

7,390,000

7,774,737

Brooklyn

City

School

District

,

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

2,113,997

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

167

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

$

9,819,955

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

33,215,000

25,838,978

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

3,245,000

3,142,918

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/32

........................................................

100,000

106,446

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/33

........................................................

135,000

143,569

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/34

........................................................

185,000

196,143

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/35

........................................................

195,000

206,113

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/36

........................................................

205,000

216,406

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/37

........................................................

210,000

221,181

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/38

........................................................

220,000

231,452

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/39

........................................................

225,000

236,084

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/40

........................................................

240,000

251,210

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/41

........................................................

245,000

256,045

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

........................................................

900,000

930,763

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/51

........................................................

1,000,000

1,026,214

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/32

............................

3,955,000

2,850,314

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,387,429

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/22

...................

1,905,000

1,889,378

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/23

...................

1,905,000

1,844,614

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/24

...................

1,905,000

1,793,306

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

17,191,949

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

9,602,072

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.....................................................

5,000,000

5,334,019

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

7,081,751

City

of

Cleveland

,

GO,

2012,

5%,

12/01/30

.............................................

35,000

35,560

GO,

2012,

Pre-Refunded,

5%,

12/01/30

.................................

2,965,000

3,019,003

GO,

2020

A,

4%,

12/01/35

...........................................

1,000,000

1,053,018

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

985,537

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,114,314

City

of

Columbus

,

GO,

2014

A,

5%,

2/15/25

............................................

5,000,000

5,263,331

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

5,000,000

5,652,349

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

8,024,568

GO,

2021

A,

5%,

4/01/38

............................................

2,000,000

2,337,327

GO,

2021

A,

5%,

4/01/40

............................................

1,900,000

2,205,453

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

City

of

Columbus,

(continued)

GO,

2021

A,

5%,

4/01/41

............................................

$

1,325,000

$

1,535,811

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

15,561,969

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/29

........................

5,000,000

5,523,381

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

3,060,087

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,317,313

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

9,513,456

City

of

Middleburg

Heights

,

Southwest

General

Health

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/47

...............................

4,425,000

4,366,572

City

of

Mount

Vernon

,

Mount

Vernon

Nazarene

University,

Revenue,

2022,

Refunding,

4%,

2/01/37

.....

995,000

988,077

Mount

Vernon

Nazarene

University,

Revenue,

2022,

Refunding,

4%,

2/01/52

.....

1,675,000

1,571,843

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

3,901,626

City

of

Toledo

,

Water

System

,

Revenue

,

2013

,

Refunding

,

5

%

,

11/15/38

..........

19,395,000

19,825,831

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

2,919,489

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

620,603

Revenue,

B-2,

NATL

Insured,

Zero

Cpn.,

11/15/38

.........................

10,000,000

5,258,168

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,159,338

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,156,878

Cleveland

Municipal

School

District

,

GO,

2013,

Refunding,

5%,

12/01/25

....................................

3,600,000

3,662,673

GO,

2013,

Refunding,

5%,

12/01/27

....................................

1,000,000

1,017,208

Cleveland

Public

Library

,

Revenue

,

2019

A

,

4

%

,

12/01/45

.....................

5,000,000

5,162,012

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

5%,

7/01/35

.......

600,000

691,507

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/37

.......

700,000

738,285

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/38

.......

100,000

104,868

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/39

.......

700,000

729,881

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/40

.......

100,000

103,697

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/41

.......

800,000

825,131

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/46

.......

500,000

504,513

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/51

.......

2,000,000

2,005,415

Columbus-Franklin

County

Finance

Authority

,

Revenue,

2021

C,

2.5%,

11/15/41

.....................................

900,000

717,939

Revenue,

2021

C,

3%,

5/15/51

........................................

2,180,000

1,783,236

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

7,741,810

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

21,211,108

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

4,140,000

4,195,176

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,517,737

County

of

Cuyahoga

,

GO,

2020

A,

Refunding,

4%,

12/01/34

..................................

750,000

802,894

GO,

2020

A,

Refunding,

3%,

12/01/36

..................................

1,100,000

1,038,101

Excise

Tax,

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

....................

500,000

524,191

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

2,780,673

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

5,059,851

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

169

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Franklin,

(continued)

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2017

A,

Refunding,

4%,

11/01/44

..

$

5,550,000

$

5,572,136

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/33

..........

5,270,000

5,163,506

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/34

..........

2,240,000

2,175,074

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/35

..........

2,900,000

2,802,289

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/36

..........

2,640,000

2,538,009

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/40

..........

2,590,000

2,433,915

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

6,617,458

Sales

Tax,

Revenue,

2018,

5%,

6/01/48

.................................

6,000,000

6,634,825

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

7,500,000

7,933,843

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/44

..........

1,575,000

1,592,617

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/49

..........

3,500,000

3,518,428

County

of

Hamilton

,

Sewer

System,

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..................

6,965,000

8,032,337

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/32

..................

1,000,000

1,159,207

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/33

..................

1,500,000

1,734,977

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

..................

2,200,000

2,538,308

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

..................

1,000,000

1,152,273

TriHealth

Obligated

Group,

Revenue,

2017

A,

5%,

8/15/42

...................

5,000,000

5,288,166

County

of

Mahoning

,

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

...............................................

2,210,000

2,347,954

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/49

.............................................

12,000,000

12,798,866

County

of

Montgomery

,

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

1,000,000

1,013,779

Premier

Health

Partners

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/15/39

.......................................................

5,000,000

4,836,081

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

.....................................................

5,000,000

5,348,438

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,467,664

Cuyahoga

Community

College

District

,

Revenue

,

2012

D

,

Refunding

,

5

%

,

8/01/32

..

2,310,000

2,324,439

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,937,721

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2%,

11/15/31

..........

430,000

364,588

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2.5%,

11/15/41

........

1,615,000

1,265,913

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

3%,

5/15/51

..........

1,000,000

764,578

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,191,169

Delaware

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.75

%

,

12/01/49

.........

6,000,000

6,248,542

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

10,301,841

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

5,976,558

Fairborn

City

School

District

,

GO

,

2021

A

,

3

%

,

12/01/50

......................

8,065,000

7,036,586

Franklin

City

School

District

,

GO

,

2021

A

,

3

%

,

11/01/57

.......................

8,000,000

6,927,654

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

21,487,772

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

14,844,174

Grandview

Heights

City

School

District

,

GO,

2019,

4%,

12/01/51

.............................................

1,980,000

2,029,361

GO,

2019,

5%,

12/01/53

.............................................

2,150,000

2,404,222

Great

Oaks

Career

Campuses

Board

of

Education

,

COP

,

2021

,

3

%

,

12/01/44

......

1,455,000

1,326,626

Highland

Local

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5.25

%

,

12/01/54

.......

12,000,000

12,437,938

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

10,193,545

Hillsdale

Local

School

District

,

COP,

2020,

BAM

Insured,

4%,

12/01/38

.................................

2,465,000

2,625,952

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

170

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Hillsdale

Local

School

District,

(continued)

COP,

2020,

BAM

Insured,

4%,

12/01/40

.................................

$

1,435,000

$

1,497,859

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

19,215,721

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,273,216

GO,

2018

B,

BAM

Insured,

5%,

11/01/55

................................

3,910,000

4,254,345

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2013

A

,

Pre-Refunded

,

5

%

,

1/01/38

.........................................................

26,010,000

26,547,713

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,261,711

GO,

2014

C,

Pre-Refunded,

5%,

12/01/30

...............................

4,035,000

4,335,158

Lancaster

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

10/01/49

...........

460,000

465,641

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,075,042

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,636,292

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

11,438,920

Miami

University

,

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,440,376

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

3,669,863

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

5,382,657

Revenue,

2021

A,

Refunding,

5%,

9/01/32

...............................

1,070,000

1,261,830

Revenue,

2021

A,

Refunding,

5%,

9/01/33

...............................

1,055,000

1,241,154

Revenue,

2021

A,

Refunding,

5%,

9/01/34

...............................

1,035,000

1,215,059

Revenue,

2021

A,

Refunding,

5%,

9/01/36

...............................

1,370,000

1,603,862

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

22,207,266

Middletown

City

School

District

,

GO,

2014,

Pre-Refunded,

5.25%,

12/01/40

...............................

2,625,000

2,676,052

GO,

2014,

Pre-Refunded,

5.25%,

12/01/48

...............................

15,000,000

15,291,724

Milford

Exempt

Village

School

District

,

GO,

2022,

4%,

12/01/47

.............................................

1,200,000

1,239,830

GO,

2022,

4%,

12/01/51

.............................................

1,350,000

1,389,842

New

Albany

Community

Authority

,

Revenue,

2012

C,

Refunding,

5%,

10/01/23

..............................

1,100,000

1,111,777

Revenue,

2012

C,

Refunding,

5%,

10/01/24

..............................

1,250,000

1,264,908

New

Albany

Plain

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/49

....

10,000,000

10,132,736

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/23

..............................

75,000

75,743

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

125,000

133,271

Revenue,

2021

A,

Refunding,

5%,

12/01/27

..............................

100,000

109,098

Revenue,

2021

A,

Refunding,

5%,

12/01/29

..............................

110,000

121,171

Revenue,

2021

A,

Refunding,

3%,

12/01/40

..............................

500,000

421,315

Revenue,

2021

A,

Refunding,

4%,

12/01/45

..............................

450,000

442,577

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2014,

Pre-Refunded,

5%,

11/15/32

.............................

5,500,000

5,903,264

Revenue,

2014,

4%,

11/15/49

........................................

2,445,000

2,449,591

Revenue,

2014,

Pre-Refunded,

4%,

11/15/49

.............................

2,260,000

2,369,043

Revenue,

2014,

Pre-Refunded,

4%,

11/15/49

.............................

1,295,000

1,355,895

Revenue,

2017,

Refunding,

4%,

11/15/43

................................

10,000,000

10,185,064

Revenue,

2019,

Refunding,

3%,

11/15/35

................................

4,500,000

4,368,907

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

5,420,000

6,133,417

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

5,112,975

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

171

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Northwest

Local

School

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

12/01/45

..........

$

3,760,000

$

3,939,060

Norwood

City

School

District

,

GO,

2017

A,

Pre-Refunded,

5%,

11/01/46

...............................

5,000,000

5,541,508

GO,

2017

A,

Pre-Refunded,

5.25%,

11/01/51

.............................

7,645,000

8,544,408

Oakwood

City

School

District

,

GO

,

2019

,

4

%

,

12/01/48

.......................

6,340,000

6,502,108

c

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.,

Revenue,

2009

B,

Mandatory

Put,

1.375%,

11/01/24

...

1,875,000

1,789,177

Ohio

Valley

Electric

Corp.,

Revenue,

2009

C,

Mandatory

Put,

1.5%,

11/04/25

.....

2,000,000

1,871,115

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

AGMC

Insured

,

5.25

%

,

12/01/23

............................................

235,000

235,706

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5.25%,

1/01/47

3,000,000

3,267,451

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5.25%,

1/01/52

2,250,000

2,438,981

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

6,488,334

d

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5%,

12/01/32

..............

300,000

314,087

d

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.125%,

12/01/42

...........

3,390,000

3,483,096

d

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.375%,

12/01/52

...........

3,100,000

3,204,955

Denison

University,

Revenue,

2021,

3%,

11/01/50

.........................

4,250,000

3,487,883

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/42

..............

10,000,000

9,803,138

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/47

..............

10,960,000

10,504,328

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,603,810

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,407,577

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,900,000

2,984,937

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

5,320,000

5,590,144

Kenyon

College,

Revenue,

2016,

Refunding,

4%,

7/01/44

...................

5,180,000

5,184,317

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,327,660

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

4,000,000

3,972,202

Otterbein

Homes

Obligated

Group,

Revenue,

2021

B,

Refunding,

4%,

7/01/46

....

1,085,000

1,098,112

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/37

..............

1,050,000

1,058,866

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/38

..............

1,055,000

1,060,981

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/39

..............

1,105,000

1,109,055

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/40

..............

1,225,000

1,227,335

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/41

..............

1,275,000

1,275,358

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/46

..............

1,975,000

1,933,829

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

11,947,368

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/28

................

150,000

165,780

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/29

................

415,000

463,437

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/30

................

400,000

450,952

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/31

................

550,000

616,141

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/32

................

340,000

378,666

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/33

................

130,000

144,478

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/34

................

500,000

554,577

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/35

................

1,000,000

1,105,340

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/36

................

900,000

917,671

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/37

................

1,335,000

1,194,620

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/39

................

480,000

487,008

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/40

................

500,000

432,695

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/41

................

250,000

252,604

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/42

................

325,000

276,394

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

....

535,000

457,893

Ohio

State

University

(The)

,

Revenue

,

2014

A

,

4

%

,

12/01/30

...................

4,325,000

4,390,006

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

36,819,010

Revenue,

Junior

Lien,

2013

A-1,

Refunding,

5.25%,

2/15/33

..................

4,200,000

4,303,593

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn.,

2/15/38

.............

3,665,000

2,079,120

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

172

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Turnpike

&

Infrastructure

Commission,

(continued)

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn.,

2/15/43

........................

$

10,485,000

$

4,524,525

d

Revenue,

Junior

Lien,

2022

A,

Refunding,

5%,

2/15/39

......................

5,000,000

5,734,387

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

7,678,587

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/38

........................................

7,000,000

8,038,577

Revenue,

2021

A,

5%,

12/01/36

.......................................

2,000,000

2,358,590

Revenue,

2021

A,

5%,

12/01/37

.......................................

1,750,000

2,054,666

Revenue,

2021

A,

5%,

12/01/38

.......................................

2,750,000

3,222,784

Revenue,

2021

A,

5%,

12/01/39

.......................................

1,500,000

1,754,594

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

5%,

12/01/44

...

15,000,000

17,025,636

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

5,764,633

Olentangy

Local

School

District

,

GO,

2016,

4%,

12/01/46

.............................................

15,235,000

15,470,905

GO,

2020

A,

3%,

12/01/38

...........................................

500,000

474,427

Perrysburg

Exempted

Village

School

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

12/01/38

3,225,000

3,456,736

Princeton

City

School

District

,

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

12,892,663

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/40

...............................

6,000,000

3,209,845

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/41

...............................

6,000,000

3,084,927

Reading

Community

City

School

District

,

GO

,

2016

A

,

5

%

,

11/01/46

.............

2,000,000

2,110,365

Riverside

Local

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

10/01/47

........................................................

5,000,000

5,278,525

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

5,879,296

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,303,446

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,216,034

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

10,842,629

GO,

2019

A,

5%,

5/01/36

............................................

11,000,000

12,212,090

GO,

2019

A,

5%,

6/15/37

............................................

6,500,000

7,453,100

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,136,139

GO,

V,

5%,

5/01/34

................................................

4,000,000

4,537,358

GO,

W,

5%,

5/01/32

................................................

1,035,000

1,217,620

GO,

W,

5%,

5/01/33

................................................

1,600,000

1,878,254

GO,

W,

5%,

5/01/35

................................................

1,125,000

1,316,107

Revenue,

2021

A,

5%,

2/01/31

........................................

2,900,000

3,430,197

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

9,694,394

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/29

........................................................

4,850,000

5,519,931

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/38

..........

1,000,000

1,156,383

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/39

..........

1,000,000

1,150,908

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/40

..........

1,110,000

1,275,434

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/41

..........

750,000

860,488

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

1,001,562

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

876,969

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

4,126,479

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

173

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

......................................................

$

5,585,000

$

5,449,585

Switzerland

of

Ohio

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/37

...

5,500,000

5,630,190

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

10,401,713

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

6,251,634

Toledo-Lucas

County

Port

Authority

,

Revenue,

2021

A,

2%,

11/15/31

.......................................

430,000

367,481

Revenue,

2021

A,

3%,

5/15/51

........................................

1,160,000

911,646

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/46

...........................

1,625,000

1,503,164

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/51

...........................

2,840,000

2,583,058

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/57

...........................

6,000,000

5,360,561

University

of

Akron

(The)

,

Revenue,

2015

A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,627,704

Revenue,

2016

A,

Refunding,

BAM

Insured,

5%,

1/01/34

....................

6,000,000

6,516,970

Revenue,

2016

A,

Refunding,

5%,

1/01/36

...............................

11,065,000

11,956,184

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

13,225,000

14,258,433

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

6,300,618

University

of

Cincinnati

,

Revenue,

2013

C,

Pre-Refunded,

5%,

6/01/39

............................

6,255,000

6,557,629

Revenue,

2018

A,

Refunding,

4%,

6/01/48

...............................

10,000,000

10,081,899

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

14,890,438

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,689,726

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

1,935,557

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/41

..........

2,075,000

1,910,525

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/55

..........

3,500,000

3,011,460

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

D,

5%,

12/01/46

..........

3,895,000

3,458,710

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/41

..........

570,000

516,710

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/53

..........

1,375,000

1,161,884

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

3%,

12/01/30

.......................................

525,000

467,494

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/40

.......................................

1,390,000

1,211,324

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/52

.......................................

1,930,000

1,545,225

Warrensville

Heights

City

School

District

,

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

190,000

201,410

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5%,

12/01/44

.....................

460,000

493,636

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

1,877,778

West

Carrollton

City

School

District

,

GO,

2020

A,

3%,

12/01/44

...........................................

2,540,000

2,315,898

GO,

2020

A,

3%,

12/01/49

...........................................

1,645,000

1,457,237

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,286,541

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

4,060,398

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

10,980,417

Winton

Woods

City

School

District

,

GO,

2017,

Refunding,

4%,

11/01/43

....................................

7,000,000

7,188,133

GO,

2022,

Refunding,

BAM

Insured,

4%,

11/01/53

.........................

2,000,000

2,062,256

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

174

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Wright

State

University

,

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/31

...

$

1,000,000

$

1,173,335

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

7,826,921

1,310,339,064

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

3,200,000

2,687,726

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

3,200,000

2,684,835

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,200,000

2,648,020

8,020,581

Tennessee

0.1%

c

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,500,000

1,650,423

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

4,300,000

3,646,233

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/38

300,000

255,878

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

1,000,000

783,356

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

5,098,437

9,783,904

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

3,200,000

2,685,655

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

3,100,000

2,584,522

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

8,200,000

8,147,248

10,731,770

U.S.

Territories

0.6%

Puerto

Rico

0.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,000,000

1,043,064

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,042,483

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

800,000

850,623

Revenue,

2007

N,

Refunding,

AGMC,

FGIC

Insured,

5.25%,

7/01/39

...........

540,000

573,894

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,870,000

2,008,749

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

800,000

849,449

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

940,000

1,010,129

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

498,140

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/35

..

235,000

264,294

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,100,000

1,121,137

9,261,962

Total

U.S.

Territories

....................................................................

9,261,962

Total

Municipal

Bonds

(Cost

$1,420,008,454)

...................................

1,394,412,838

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

See

Abbreviations

on

page

203

.

Short

Term

Investments

0.6%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.6%

Ohio

0.6%

e

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.67

%

,

6/01/34

...........................

$

8,000,000

$

8,000,000

Total

Municipal

Bonds

(Cost

$8,000,000)

.......................................

8,000,000

Total

Short

Term

Investments

(Cost

$8,000,000

)

.................................

8,000,000

a

Total

Investments

(Cost

$1,428,008,454)

98.9%

..................................

$1,402,412,838

Other

Assets,

less

Liabilities

1.1%

.............................................

15,875,764

Net

Assets

100.0%

...........................................................

$1,418,288,602

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$41,085,386,

representing

2.9%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

purchased

on

a

when-issued

basis.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Oregon

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

176

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.6%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

3,500,000

$

3,145,710

Florida

0.5%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

1,500,000

1,122,288

a

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

5,600,000

4,757,200

5,879,488

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

5,000,000

4,883,599

Kentucky

0.6%

a,b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn

.,

5/01/52

....................................

8,300,000

6,516,413

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

490,781

Revenue,

2020

AA,

4%,

6/15/35

.......................................

1,000,000

1,015,743

Revenue,

2020

AA,

5%,

6/15/38

.......................................

1,000,000

1,101,663

Revenue,

2020

AA,

5%,

6/15/40

.......................................

1,250,000

1,372,572

Revenue,

2020

AA,

4%,

6/15/45

.......................................

2,000,000

1,989,604

Revenue,

2020

AA,

3%,

6/15/50

.......................................

1,000,000

776,263

Revenue,

2022

A,

4%,

6/15/38

........................................

2,165,000

2,185,404

8,932,030

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

5,350,590

Oregon

90.6%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

8/01/28

........................................................

1,325,000

1,332,706

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,454,300

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,730,991

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn

.,

6/15/31

...........

1,000,000

769,158

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

3,114,256

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/35

....................................

1,675,000

1,937,764

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

2,033,773

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,134,642

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,234,801

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,346,083

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,457,467

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,934,237

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

3,500,000

3,442,345

Pacific

University,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

.................

2,500,000

2,607,395

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/26

.................

335,000

360,298

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/27

.................

1,195,000

1,300,762

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/29

.................

1,315,000

1,454,083

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/30

.................

1,385,000

1,538,119

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/31

.................

1,450,000

1,615,289

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/32

.................

1,525,000

1,694,396

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/33

.................

1,600,000

1,773,549

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/34

.................

500,000

507,532

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

177

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

City

of

Forest

Grove,

(continued)

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/35

.................

$

490,000

$

496,600

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/37

.................

1,270,000

1,282,521

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/38

.................

3,960,000

3,988,617

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/39

.................

1,750,000

1,759,328

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,390,000

1,394,348

City

of

Portland

,

Tax

Allocation,

2012

B,

Refunding,

5%,

6/15/22

...........................

1,035,000

1,036,442

Tax

Allocation,

2012

C,

5%,

6/15/28

....................................

1,000,000

1,001,398

Tax

Allocation,

2012

C,

5%,

6/15/30

....................................

1,000,000

1,001,398

Water

System,

Revenue,

Second

Lien,

2019

A,

5%,

5/01/44

..................

5,500,000

6,196,231

City

of

Tigard

,

Water

,

Revenue

,

2015

,

5

%

,

8/01/45

..........................

23,545,000

25,205,384

Clackamas

Community

College

District

,

GO,

2017

A,

5%,

6/15/38

............................................

760,000

845,695

GO,

2017

A,

5%,

6/15/39

............................................

1,000,000

1,112,757

GO,

2017

A,

5%,

6/15/40

............................................

1,250,000

1,389,698

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017

A,

Zero

Cpn

.,

6/15/40

.......................................

10,000,000

4,757,688

GO,

2017

A,

Zero

Cpn

.,

6/15/41

.......................................

17,030,000

7,724,561

GO,

2017

A,

Zero

Cpn

.,

6/15/42

.......................................

16,625,000

7,187,854

GO,

2017

B,

5%,

6/15/34

............................................

8,000,000

8,902,053

GO,

2017

B,

5%,

6/15/37

............................................

10,000,000

11,062,856

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

1,945,119

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn

.,

6/15/37

.............................................

12,130,000

7,362,991

GO,

Zero

Cpn

.,

6/15/38

.............................................

12,495,000

7,273,457

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,362,397

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,092,615

Coos

County

School

District

No.

13

North

Bend

,

GO

,

2002

,

AGMC

Insured

,

5

%

,

6/15/22

.........................................................

55,000

55,077

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

5,568,171

County

of

Crook

,

GO

,

2022

,

Zero

Cpn

.,

12/01/46

............................

15,000,000

13,247,627

County

of

Yamhill

,

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/24

..............

750,000

777,731

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/28

..............

875,000

926,877

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/31

..............

990,000

1,045,152

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/41

..............

3,005,000

3,042,671

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/46

..............

1,005,000

1,006,516

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/51

..............

2,830,000

2,808,729

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

................

7,010,000

7,600,024

Crook

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/34

..................................

4,475,000

4,630,799

GO,

2013,

Pre-Refunded,

5%,

6/15/37

..................................

8,090,000

8,371,658

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

1/01/38

......

1,000,000

1,017,227

St.

Charles

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

1/01/49

......

5,160,000

5,070,021

St.

Charles

Health

System,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/48

......

8,440,000

8,901,383

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,690,000

3,705,089

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

6,694,666

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

7,269,243

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

6,704,801

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

178

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn

.,

6/15/40

.......................................

$

705,000

$

390,824

GO,

2019

B,

Zero

Cpn

.,

6/15/41

.......................................

710,000

377,839

GO,

2019

B,

Zero

Cpn

.,

6/15/42

.......................................

610,000

311,852

GO,

2019

B,

Zero

Cpn

.,

6/15/43

.......................................

820,000

402,894

GO,

2019

B,

Zero

Cpn

.,

6/15/44

.......................................

1,115,000

525,768

GO,

2019

B,

Zero

Cpn

.,

6/15/45

.......................................

985,000

447,150

GO,

2019

B,

Zero

Cpn

.,

6/15/46

.......................................

1,190,000

517,076

GO,

2019

B,

Zero

Cpn

.,

6/15/47

.......................................

1,170,000

489,243

GO,

2019

B,

Zero

Cpn

.,

6/15/48

.......................................

1,320,000

531,146

GO,

2019

B,

Zero

Cpn

.,

6/15/49

.......................................

1,270,000

491,623

Jefferson

County

School

District

No.

509J

,

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,000,000

1,034,815

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,410,000

1,459,090

GO,

2013

B,

Pre-Refunded,

5%,

6/15/30

................................

2,000,000

2,069,631

Klamath

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/29

..................................

1,155,000

1,195,212

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,095,000

1,133,123

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,000,000

1,034,815

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

1,000,000

1,043,379

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO,

2014

A,

Refunding,

5%,

6/15/30

...................................

3,175,000

3,497,162

GO,

2014

A,

Pre-Refunded,

5%,

6/15/33

................................

2,115,000

2,350,525

GO,

2014

A,

Pre-Refunded,

5%,

6/15/36

................................

2,000,000

2,222,719

Lebanon

Rural

Fire

Protection

District

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/15/45

.......

5,000,000

5,113,352

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,498,491

Marion

County

School

District

No.

103

Woodburn

,

GO,

2015,

Pre-Refunded,

5%,

6/15/33

..................................

2,930,000

3,178,586

GO,

2015,

Pre-Refunded,

5%,

6/15/34

..................................

3,200,000

3,471,493

GO,

2015,

Pre-Refunded,

5%,

6/15/35

..................................

2,075,000

2,251,047

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/45

3,375,000

3,644,418

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/50

3,000,000

3,220,591

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,535,205

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/42

..............

9,420,000

9,610,495

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

8,315,770

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

10,950,000

11,968,202

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017

B,

5%,

6/15/37

............................................

7,885,000

8,758,350

GO,

2019

A,

Zero

Cpn

.,

6/15/39

.......................................

9,500,000

5,198,349

Multnomah

County

School

District

No.

40

,

GO,

2012

B,

Zero

Cpn

.,

6/15/24

.......................................

1,640,000

1,572,579

GO,

2012

B,

Zero

Cpn

.,

6/15/25

.......................................

1,325,000

1,237,500

GO,

2012

B,

Zero

Cpn

.,

6/15/26

.......................................

2,585,000

2,350,519

GO,

2012

B,

Zero

Cpn

.,

6/15/27

.......................................

2,655,000

2,344,289

GO,

2012

B,

Zero

Cpn

.,

6/15/28

.......................................

2,495,000

2,128,657

GO,

2012

B,

Zero

Cpn

.,

6/15/29

.......................................

2,595,000

2,141,907

GO,

2012

B,

Zero

Cpn

.,

6/15/30

.......................................

1,885,000

1,502,456

GO,

2012

B,

Zero

Cpn

.,

6/15/31

.......................................

2,030,000

1,558,611

GO,

2012

B,

Zero

Cpn

.,

6/15/32

.......................................

2,000,000

1,481,867

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO,

2020,

Refunding,

4%,

6/15/38

.....................................

1,050,000

1,111,170

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

179

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT,

(continued)

GO,

2020,

Refunding,

4%,

6/15/39

.....................................

$

2,250,000

$

2,376,936

Oregon

City

School

District

No.

62

,

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

440,000

466,361

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/29

......................

560,000

594,117

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

780,000

826,731

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/34

......................

990,000

1,050,314

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

550,000

582,951

GO,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

6/01/39

......................

700,000

742,646

GO,

2018

B,

Refunding,

5%,

6/15/49

...................................

20,000,000

22,113,852

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

..................................

10,000,000

10,901,983

Oregon

State

Facilities

Authority

,

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,405,000

1,395,561

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,673,105

a

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

3,953,540

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

8,000,000

8,388,974

Legacy

Health

Obligated

Group,

Revenue,

2022

A,

4.125%,

6/01/52

...........

3,000,000

2,988,846

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,141,691

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

8,188,797

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

10/01/46

.

3,280,000

3,424,873

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...................................................

220,000

244,548

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

8,125,000

8,863,396

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

2,059,230

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

37,620,000

36,332,440

Oregon

State

Lottery

,

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/28

............................

5,800,000

5,967,917

Revenue,

2013

A,

Pre-Refunded,

5%,

4/01/32

............................

5,000,000

5,144,756

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

13,068,556

Port

of

Portland

,

Airport,

Revenue,

Twenty-Eight,

5%,

7/01/29

.............................

6,455,000

7,194,995

Airport,

Revenue,

Twenty-Eight,

4%,

7/01/47

.............................

5,000,000

5,002,261

Airport,

Revenue,

Twenty-Five

A,

5%,

7/01/49

............................

12,425,000

13,774,966

Airport,

Revenue,

Twenty-Five

B,

5%,

7/01/44

............................

3,800,000

4,105,882

Airport,

Revenue,

Twenty-Four

A,

5%,

7/01/47

............................

4,700,000

5,027,852

Airport,

Revenue,

Twenty-Four

B,

5%,

7/01/47

............................

9,395,000

9,911,407

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/45

...........................

23,000,000

25,013,013

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/50

...........................

5,000,000

5,402,639

Airport,

Revenue,

Twenty-Six

A,

Refunding,

5%,

7/01/33

....................

500,000

574,620

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/37

....................

600,000

618,476

Airport,

Revenue,

Twenty-Six

A,

Refunding,

4%,

7/01/40

....................

500,000

513,178

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/33

....................

650,000

747,007

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/37

....................

800,000

914,171

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/40

....................

675,000

767,558

Airport,

Revenue,

Twenty-Six

C,

Refunding,

5%,

7/01/28

....................

1,300,000

1,435,062

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

545,000

577,556

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

526,785

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,352,328

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

2,700,000

2,805,461

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/53

.............

1,000,000

1,036,399

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/23

....

105,000

106,808

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/24

....

110,000

113,191

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

180

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Salem

Hospital

Facility

Authority,

(continued)

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/25

....

$

130,000

$

134,979

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/26

....

135,000

140,992

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/27

....

260,000

272,405

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/28

....

310,000

325,936

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/29

....

515,000

511,595

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/30

....

385,000

380,602

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/31

....

400,000

393,195

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/32

....

370,000

361,668

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/40

....

1,540,000

1,458,561

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/47

....

1,000,000

915,646

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/57

....

1,500,000

1,311,335

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

40,500,000

42,145,539

Salem-Keizer

School

District

No.

24J

,

GO,

2009

B,

Zero

Cpn

.,

6/15/30

.......................................

8,500,000

6,657,986

GO,

2020

C,

4%,

6/15/38

............................................

6,000,000

6,349,541

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,136,312

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,627,216

Seaside

School

District

No.

10

,

GO,

2017

B,

5%,

6/15/35

............................................

2,000,000

2,225,513

GO,

2017

B,

5%,

6/15/36

............................................

2,500,000

2,781,892

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

3,054,286

GO,

2015

M,

Pre-Refunded,

5%,

8/01/45

................................

3,315,000

3,617,275

GO,

2015

O,

Pre-Refunded,

5%,

8/01/40

................................

7,005,000

7,643,744

GO,

2017

A,

5%,

5/01/42

............................................

10,000,000

10,995,250

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

16,559,927

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

5,644,407

GO,

2019

G,

5%,

8/01/44

............................................

25,370,000

28,745,747

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

3,610,064

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/37

12,500,000

14,340,043

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/42

30,000,000

34,047,405

Housing

&

Community

Services

Department,

Revenue,

2018

B,

2.9%,

7/01/43

....

19,150,000

17,443,907

Housing

&

Community

Services

Department,

Revenue,

2019

A,

2.9%,

7/01/43

....

13,820,000

12,588,762

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,233,341

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

2,826,224

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2015

A,

Pre-Refunded,

5%,

9/01/40

............................

6,000,000

6,560,098

Revenue,

2018

A,

5%,

10/01/32

.......................................

6,865,000

7,762,914

Revenue,

2018

A,

4%,

9/01/48

........................................

7,850,000

8,015,247

Revenue,

2018

A,

Pre-Refunded,

5%,

9/01/48

............................

18,505,000

21,107,775

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

9/01/41

...................

18,650,000

20,857,533

Umatilla

County

School

District

No.

16R

Pendleton

,

GO

,

2014

A

,

Pre-Refunded

,

5

%

,

6/15/37

.........................................................

4,970,000

5,278,538

University

of

Oregon

,

Revenue,

2015

A,

5%,

4/01/45

........................................

20,000,000

20,909,690

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

12,391,413

Revenue,

2020

A,

5%,

4/01/50

........................................

20,000,000

22,502,824

a

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

281,776

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

300,000

337,608

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/36

.........................

1,150,000

1,292,124

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

1,200,000

1,341,023

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

$

9,400,000

$

10,459,913

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

6,676,540

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2014

B,

Pre-Refunded,

5%,

6/15/33

................................

8,000,000

8,499,948

GO,

2014

B,

Pre-Refunded,

5%,

6/15/34

................................

11,000,000

11,687,429

GO,

2017

D,

5%,

6/15/35

............................................

10,000,000

11,127,567

GO,

2017

D,

5%,

6/15/36

............................................

10,000,000

11,127,567

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn

.,

6/15/38

.......................................

2,350,000

1,261,007

GO,

2018

A,

Zero

Cpn

.,

6/15/39

.......................................

3,275,000

1,680,190

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012

B,

Zero

Cpn

.,

6/15/29

.......................................

2,545,000

2,080,331

GO,

2012

B,

Zero

Cpn

.,

6/15/30

.......................................

2,490,000

1,959,684

GO,

2012

B,

Zero

Cpn

.,

6/15/31

.......................................

3,140,000

2,376,764

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,752,112

1,016,141,852

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,500,000

2,099,785

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,500,000

2,097,528

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,482,519

6,679,832

Texas

0.6%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

3,300,000

2,798,272

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

250,000

275,072

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

250,000

276,213

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,200,000

3,568,906

6,918,463

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,500,000

2,098,168

Wisconsin

0.7%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,400,000

2,000,920

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

6,300,000

6,259,471

8,260,391

U.S.

Territories

1.8%

Puerto

Rico

1.8%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,109,463

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,300,000

1,355,983

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,042,483

c

Revenue,

WW-RSA-1,

5.25%,

7/01/33

..................................

7,040,000

6,582,400

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

1,100,000

1,169,607

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

1,040,322

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

182

See

Abbreviations

on

page

203

.

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

$

429,842

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,820,000

1,854,972

19,585,072

Total

U.S.

Territories

....................................................................

19,585,072

Total

Municipal

Bonds

(Cost

$1,103,932,057)

...................................

1,094,391,608

a

a

a

a

Short

Term

Investments

0.6%

Municipal

Bonds

0.6%

Oregon

0.6%

d

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group,

Revenue,

2018

A,

Refunding,

LOC

US

Bank

NA,

Daily

VRDN

and

Put,

0.67%,

8/01/34

.................................

3,000,000

3,000,000

PeaceHealth

Obligated

Group,

Revenue,

2018

B,

Refunding,

LOC

TD

Bank

NA,

Daily

VRDN

and

Put,

0.6%,

8/01/34

..................................

2,300,000

2,300,000

d

State

of

Oregon

,

GO

,

2020

J

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.67

%

,

6/01/39

...................................................

1,100,000

1,100,000

6,400,000

Total

Municipal

Bonds

(Cost

$6,400,000)

.......................................

6,400,000

Total

Short

Term

Investments

(Cost

$6,400,000

)

.................................

6,400,000

a

Total

Investments

(Cost

$1,110,332,057)

98.2%

..................................

$1,100,791,608

Other

Assets,

less

Liabilities

1.8%

.............................................

21,023,031

Net

Assets

100.0%

...........................................................

$1,121,814,639

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$43,978,679,

representing

3.9%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Pennsylvania

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

183

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

94.1%

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

$

5,688,000

$

5,186,204

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,000,000

748,192

5,934,396

Illinois

0.7%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2022

A,

Refunding,

4%,

12/15/42

..............................

2,750,000

2,685,979

Revenue,

2022

A,

Refunding,

4%,

6/15/52

...............................

2,000,000

1,880,619

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/32

............................................

1,500,000

1,624,759

GO,

2021

A,

4%,

3/01/39

............................................

500,000

477,591

6,668,948

New

Jersey

0.7%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

...

1,000,000

990,717

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2020

AA,

4%,

6/15/37

.......................................

1,000,000

1,011,697

Revenue,

2021

A,

Refunding,

5%,

6/15/31

...............................

4,030,000

4,516,553

6,518,967

New

York

1.4%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

5,750,000

5,580,016

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

7,000,000

6,943,303

12,523,319

Pennsylvania

87.1%

Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/33

........................................

10,290,000

11,467,605

Revenue,

2021

A,

5%,

1/01/51

........................................

8,500,000

9,167,123

Revenue,

2021

B,

5%,

1/01/36

........................................

2,735,000

3,064,419

Allegheny

County

Higher

Education

Building

Authority

,

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/40

.

2,115,000

2,140,942

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/41

.

3,000,000

3,031,981

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

1,042,934

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,333,730

Allegheny

County

Sanitary

Authority

,

Revenue

,

2018

,

5

%

,

6/01/43

...............

7,000,000

7,726,410

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/32

.................................

760,000

849,654

Revenue,

2022,

Refunding,

5%,

5/01/33

.................................

800,000

889,966

Revenue,

2022,

Refunding,

5%,

5/01/34

.................................

1,050,000

1,166,179

Revenue,

2022,

Refunding,

5%,

5/01/35

.................................

1,400,000

1,552,313

Revenue,

2022,

Refunding,

5%,

5/01/36

.................................

1,500,000

1,660,952

Revenue,

2022,

Refunding,

5%,

5/01/42

.................................

8,875,000

9,725,697

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

1,025,524

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

611,572

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,293,607

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/38

1,030,000

1,066,480

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/48

1,000,000

1,023,738

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

184

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Blue

Mountain

School

District

,

GO,

2021

B,

AGMC

Insured,

4%,

8/01/32

................................

$

1,000,000

$

1,065,058

GO,

2021

B,

AGMC

Insured,

4%,

8/01/35

................................

1,000,000

1,052,497

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,220,341

Bucks

County

Industrial

Development

Authority

,

b

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/37

.........

1,000,000

1,024,119

c

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/42

.........

1,080,000

1,095,853

b

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/52

.........

2,500,000

2,485,611

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,461,757

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2021,

3%,

8/15/53

.............

12,000,000

9,325,901

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/39

.......................................

1,625,000

1,671,693

Canon

Mcmillan

School

District

,

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/44

..........................

6,075,000

6,208,404

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/50

..........................

6,000,000

6,092,028

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,886,522

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,288,106

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

1,815,596

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/35

...............

500,000

503,225

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

...............

1,500,000

1,503,760

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/36

......................

400,000

398,848

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/41

......................

1,000,000

980,292

Gannon

University,

Revenue,

2021

TT-1,

5%,

5/01/47

......................

480,000

511,813

City

of

Philadelphia

,

GO,

2019

B,

5%,

2/01/36

............................................

3,300,000

3,733,217

GO,

2019

B,

5%,

2/01/37

............................................

4,950,000

5,594,696

GO,

2019

B,

5%,

2/01/38

............................................

2,500,000

2,821,296

GO,

2019

B,

5%,

2/01/39

............................................

2,500,000

2,816,949

GO,

2021

A,

4%,

5/01/37

............................................

5,000,000

5,102,279

GO,

2021

A,

4%,

5/01/38

............................................

5,000,000

5,088,955

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/42

.........................

10,000,000

10,611,755

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

2,725,000

2,706,732

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/50

.........................

3,225,000

3,160,171

Airport,

Revenue,

2021,

Refunding,

5%,

7/01/51

...........................

3,100,000

3,355,144

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

............

10,000,000

10,632,022

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

............

5,000,000

5,316,011

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

5,493,124

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

5,569,356

Water

&

Wastewater,

Revenue,

2021

C,

5%,

10/01/46

......................

5,000,000

5,647,298

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

1,650,000

1,549,454

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

10,750,413

Commonwealth

of

Pennsylvania

,

GO

,

2019

,

Refunding

,

5

%

,

7/15/29

.............

10,000,000

11,619,938

Conestoga

Valley

School

District

,

GO,

2021

A,

4%,

2/01/36

............................................

1,100,000

1,147,105

Revenue,

2021

B,

4%,

2/01/36

........................................

1,020,000

1,063,017

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

185

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

County

of

Beaver

,

GO

,

2017

,

BAM

Insured

,

4

%

,

4/15/29

......................

$

1,660,000

$

1,798,448

County

of

Jefferson

,

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/35

........................

650,000

637,354

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/37

........................

770,000

744,337

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/39

........................

520,000

487,830

County

of

Montgomery

,

GO

,

2021

A

,

5

%

,

1/01/38

...........................

6,825,000

7,933,211

County

of

York

,

GO

,

2020

B

,

4

%

,

6/01/38

.................................

860,000

892,637

Cumberland

County

Municipal

Authority

,

Dickinson

College

,

Revenue

,

2012

,

5

%

,

11/01/42

........................................................

4,500,000

4,567,227

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,548,309

Dauphin

County

General

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

6/01/42

.............................................

15,590,000

15,590,000

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

2,800,000

2,892,379

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,640,701

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,138,439

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,059,964

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

11/01/38

....

1,250,000

1,306,731

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/41

........................................................

1,000,000

1,007,485

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/51

........................................................

4,000,000

3,870,169

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/45

............

3,250,000

3,365,180

Student

Services,

Inc.,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/47

............

3,750,000

4,072,081

Easton

Area

School

District

,

GO

,

2021

,

4

%

,

4/01/32

.........................

1,450,000

1,550,351

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,718,475

Fairview

School

District

,

GO,

2021,

BAM

Insured,

3%,

9/15/37

...................................

1,195,000

1,153,693

GO,

2021,

BAM

Insured,

3%,

9/15/38

...................................

1,000,000

943,483

GO,

2021,

BAM

Insured,

3%,

9/15/39

...................................

1,000,000

937,620

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

2/15/45

.............................................

19,055,000

20,279,451

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

11,955,000

12,683,339

Governor

Mifflin

School

District

,

GO,

2020

A,

4%,

4/01/40

............................................

680,000

701,060

GO,

2021,

3%,

4/01/35

.............................................

810,000

801,598

GO,

2021,

3%,

4/01/36

.............................................

625,000

615,585

GO,

2021,

3%,

4/01/37

.............................................

1,000,000

976,188

GO,

2021,

3%,

4/01/38

.............................................

1,000,000

968,707

GO,

2021,

3%,

4/01/39

.............................................

1,015,000

962,776

Greater

Johnstown

Water

Authority

,

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/38

.......................

1,740,000

1,792,677

Sewer,

Revenue,

2020,

AGMC

Insured,

4%,

8/15/41

.......................

2,650,000

2,724,505

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

186

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

$

2,520,000

$

2,645,588

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,405,194

Lancaster

Higher

Education

Authority

,

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/46

............

5,000,000

5,168,915

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/51

............

5,000,000

5,144,733

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/51

........

2,780,000

2,378,896

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/56

........

520,000

436,049

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

1,990,589

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,466,758

Lancaster

School

District

,

GO,

2020,

AGMC

Insured,

4%,

6/01/34

.................................

1,000,000

1,053,116

GO,

2020,

AGMC

Insured,

4%,

6/01/35

.................................

1,850,000

1,939,345

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/46

................

750,000

660,561

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/51

................

800,000

686,926

St.

Vincent

College

Corp.,

Revenue,

2013,

Pre-Refunded,

5%,

5/01/43

.........

4,120,000

4,240,114

Lehigh

County

Authority

,

Revenue,

2013

A,

5%,

12/01/43

.......................................

2,435,000

2,539,902

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/43

...........................

2,805,000

2,940,711

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

11/01/41

4,345,000

4,385,262

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/42

....

14,390,000

13,854,947

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/57

....

5,000,000

4,507,240

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/38

...................

1,400,000

1,466,595

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/43

...................

1,495,000

1,564,398

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University,

Revenue,

2022,

Refunding,

5.25%,

5/01/37

.........

2,665,000

2,828,192

Gwynedd

Mercy

University,

Revenue,

2022,

Refunding,

5%,

5/01/42

...........

3,700,000

3,766,876

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

9/01/43

........................................................

3,000,000

3,208,512

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

10,045,198

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

5/01/52

........................................................

4,000,000

3,933,490

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

5/01/52

........................................................

5,000,000

5,424,164

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

590,640

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

2,142,596

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,632,774

Public

School

of

Germantown

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

..

2,450,000

2,253,758

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,145,007

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

482,126

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

10,000,000

10,429,625

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/43

...

2,285,000

2,435,001

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

...

2,500,000

2,649,261

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

187

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

$

1,000,000

$

1,036,183

Northeastern

School

District

,

GO,

2021

A,

BAM

Insured,

3%,

3/01/38

.................................

850,000

804,459

GO,

2021

A,

BAM

Insured,

3%,

3/01/41

.................................

775,000

711,216

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,856,979

Pennsylvania

Economic

Development

Financing

Authority

,

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/29

.

500,000

518,595

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/32

.

1,300,000

1,333,892

UPMC

Obligated

Group,

Revenue,

2014

A,

5%,

2/01/45

.....................

5,000,000

5,171,153

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

5,039,298

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

8,861,463

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/37

...........

1,375,000

1,403,227

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/39

...........

1,325,000

1,350,062

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/40

...........

1,200,000

1,218,676

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

6,635,663

Foundation

for

Indiana

University

of

Pennsylvania

(The),

Revenue,

2012

A,

Pre-

Refunded,

5%,

7/01/41

............................................

1,250,000

1,253,896

Gwynedd

Mercy

University,

Revenue,

2012

KK-1,

Refunding,

5.375%,

5/01/42

....

1,800,000

1,800,212

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/35

.......................................................

1,400,000

1,417,168

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/44

.......................................................

2,000,000

2,024,525

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

9/01/45

........................................................

7,465,000

7,705,071

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/36

..

2,750,000

3,042,538

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/46

..

14,000,000

15,340,786

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

5%,

2/15/48

..

5,000,000

5,518,777

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

6,800,500

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/42

....................................................

5,000,000

5,056,348

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

9,699,390

University

of

Sciences,

Revenue,

2012,

5%,

11/01/42

.......................

5,000,000

5,033,208

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/51

................

11,030,000

10,582,372

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

5,471,569

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

9,511,968

Pennsylvania

State

University

(The)

,

Revenue,

2015

A,

Refunding,

5%,

9/01/40

...............................

10,490,000

11,223,127

Revenue,

2016

A,

Refunding,

5%,

9/01/41

...............................

10,000,000

10,844,151

Revenue,

2017

A,

5%,

9/01/42

........................................

15,750,000

17,309,428

Revenue,

2017

A,

5%,

9/01/47

........................................

10,000,000

10,926,206

Revenue,

2018,

5%,

9/01/48

.........................................

5,955,000

6,573,007

Pennsylvania

Turnpike

Commission

,

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,462,088

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

7,950,929

Revenue,

2021

A,

Refunding,

4%,

12/01/39

..............................

2,655,000

2,730,202

Revenue,

2021

B,

4%,

12/01/37

.......................................

1,500,000

1,525,188

Revenue,

2021

B,

4%,

12/01/46

.......................................

10,950,000

10,747,238

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010

A,

5.625%,

6/15/42

.................

4,000,000

4,002,721

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

188

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Philadelphia

Authority

for

Industrial

Development,

(continued)

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

Pre-

Refunded,

5%,

7/01/42

............................................

$

5,000,000

$

5,305,464

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

209,341

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

314,091

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/50

............

2,515,000

2,598,006

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,262,014

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

11,150,000

11,718,533

Philadelphia

Gas

Works

Co.

,

Revenue,

14th,

Refunding,

5%,

10/01/32

................................

1,000,000

1,087,873

Revenue,

15th,

Refunding,

5%,

8/01/42

.................................

5,000,000

5,467,740

Revenue,

15th,

Refunding,

5%,

8/01/47

.................................

6,000,000

6,502,863

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

5,000,000

5,162,781

Radnor

Township

School

District

,

GO,

2021,

3%,

8/15/35

.............................................

1,400,000

1,375,178

GO,

2021,

4%,

8/15/36

.............................................

1,600,000

1,668,878

GO,

2021,

4%,

8/15/37

.............................................

3,445,000

3,585,364

GO,

2021,

4%,

8/15/38

.............................................

1,430,000

1,479,459

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/37

.................

4,000,000

4,150,953

Scranton

School

District

,

GO,

2020,

4%,

12/01/40

.............................................

1,535,000

1,577,410

GO,

2020,

4%,

12/01/42

.............................................

2,835,000

2,905,373

GO,

2020,

4%,

12/01/45

.............................................

3,670,000

3,742,684

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,225,388

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

17,488,425

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,219,734

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

3,934,370

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

7,816,627

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

3,000,000

3,302,450

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

1,000,000

1,031,485

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,545,595

Township

of

Upper

St.

Clair

,

GO,

2021,

4%,

5/15/37

.............................................

535,000

556,139

GO,

2021,

4%,

5/15/39

.............................................

1,000,000

1,033,843

Upper

Merion

Area

School

District

,

GO,

2021

A,

3%,

1/15/39

............................................

1,000,000

962,063

GO,

2021

A,

3%,

1/15/40

............................................

1,500,000

1,408,863

GO,

2021

A,

3%,

1/15/41

............................................

1,275,000

1,190,750

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/29

......

725,000

808,113

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/30

......

1,270,000

1,427,292

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/37

......

2,400,000

2,403,774

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

2,246,919

Wilson

School

District

,

GO,

2021

C,

4%,

5/15/30

............................................

2,500,000

2,715,069

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

189

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Wilson

School

District,

(continued)

GO,

2021

C,

4%,

5/15/31

............................................

$

2,100,000

$

2,259,281

GO,

2021

C,

4%,

5/15/32

............................................

1,850,000

1,975,208

775,175,103

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,000,000

1,679,829

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,000,000

1,678,022

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

827,506

4,185,357

Texas

0.6%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

2,204,699

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,804,141

5,008,840

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,000,000

1,678,534

Wisconsin

0.7%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,584,062

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

5,100,000

5,067,190

6,651,252

U.S.

Territories

1.5%

Puerto

Rico

1.5%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,100,000

1,147,370

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

1,042,483

d

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

5,175,000

4,838,625

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

.................

2,500,000

2,681,708

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

950,000

1,010,115

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/28

....................

755,000

808,643

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,290,000

1,386,240

12,915,184

Total

U.S.

Territories

....................................................................

12,915,184

Total

Municipal

Bonds

(Cost

$874,545,573)

.....................................

837,259,900

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

190

See

Abbreviations

on

page

203

.

Short

Term

Investments

3.1%

a

a

Principal

Amount

a

Value

Municipal

Bonds

3.1%

Pennsylvania

3.1%

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

,

0.63

%

,

12/01/37

...............................................

$

16,400,000

$

16,400,000

e

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

0.7

%

,

9/01/45

...............

11,245,000

11,245,000

27,645,000

Total

Municipal

Bonds

(Cost

$27,645,000)

......................................

27,645,000

Total

Short

Term

Investments

(Cost

$27,645,000

)

................................

27,645,000

a

Total

Investments

(Cost

$902,190,573)

97.2%

...................................

$864,904,900

Other

Assets,

less

Liabilities

2.8%

.............................................

25,198,379

Net

Assets

100.0%

...........................................................

$890,103,279

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$16,594,153,

representing

1.9%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

Security

purchased

on

a

when-issued

basis.

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

Schedule

of

Investments

(unaudited),

May

31,

2022

Franklin

Virginia

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

191

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.2%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,000,000

$

898,774

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

....

3,456,000

3,151,112

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,100,000

823,011

3,974,123

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,574,176

State

of

Illinois

,

GO

,

2020

B

,

5

%

,

10/01/29

................................

1,000,000

1,098,906

2,673,082

New

Jersey

1.0%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

490,781

Revenue,

2020

AA,

5%,

6/15/37

.......................................

1,220,000

1,346,337

Revenue,

2020

AA,

5%,

6/15/39

.......................................

2,240,000

2,463,436

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

1,013,695

5,314,249

New

York

0.2%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

550,000

533,741

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

800,000

793,520

1,327,261

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,200,000

1,007,897

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,200,000

1,006,814

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,655,012

3,669,723

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,600,000

1,356,738

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

225,000

244,539

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

250,000

273,474

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,784,453

3,659,204

Virginia

83.5%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/30

............................................

1,120,000

1,147,758

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/31

............................................

1,165,000

1,188,854

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/32

............................................

1,105,000

1,125,082

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/33

............................................

1,260,000

1,277,651

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/42

............................................

2,725,000

2,688,053

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

192

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Albemarle

County

Economic

Development

Authority,

(continued)

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/49

............................................

$

2,800,000

$

2,683,868

b

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

6/01/54

............................................

5,215,000

4,687,734

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5%,

10/01/45

975,000

1,063,184

Protestant

Episcopal

High

School

in

Virginia,

Revenue,

2021

C,

Refunding,

4%,

1/01/46

........................................................

2,450,000

2,494,387

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

2,000,000

1,998,517

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

........................................................

10,350,000

9,779,718

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

1,018,002

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

4,046,428

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,861,959

City

of

Norfolk

,

GO,

2013

A,

Pre-Refunded,

5%,

8/01/32

................................

5,845,000

6,072,926

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

7,708,761

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

7,665,369

City

of

Richmond

,

Public

Utility,

Revenue,

2013

A,

Pre-Refunded,

5%,

1/15/43

..................

10,000,000

10,223,629

Public

Utility,

Revenue,

2016

A,

Refunding,

5%,

1/15/33

.....................

10,000,000

10,853,985

Commonwealth

of

Virginia

,

GO,

2020

A,

4%,

6/01/30

............................................

2,710,000

3,011,228

GO,

2020

A,

4%,

6/01/31

............................................

1,940,000

2,146,143

County

of

Arlington

,

GO

,

2019

,

4

%

,

6/15/34

................................

2,000,000

2,130,938

County

of

Fairfax

,

GO,

2020

A,

Refunding,

5%,

10/01/37

..................................

1,980,000

2,327,243

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

3,087,057

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

5,604,240

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/36

.......................................................

4,865,000

5,269,166

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

4%,

10/01/42

.......................................................

1,500,000

1,590,711

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

5/15/44

..................................

2,500,000

2,597,635

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

3,873,021

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

5,494,959

Farmville

Industrial

Development

Authority

,

Elwood

Place

LLC,

Revenue,

2021,

AGMC

Insured,

5.375%,

7/01/53

...........

5,000,000

5,435,275

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

5,000,000

5,123,673

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/31

............................

6,200,000

6,921,517

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

5,710,252

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

13,217,866

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

14,495,000

15,798,455

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

193

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Hampton

Roads

Transportation

Accountability

Commission,

(continued)

Revenue,

Senior

Lien,

2018

A,

Pre-Refunded,

5%,

7/01/48

...................

$

5,505,000

$

6,279,730

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

4,505,564

Revenue,

Senior

Lien,

2020

A,

5.25%,

7/01/60

............................

4,450,000

5,075,613

Henrico

County

Economic

Development

Authority

,

Revenue,

2020,

Refunding,

4%,

10/01/40

................................

500,000

489,159

Revenue,

2020,

Refunding,

4%,

10/01/45

................................

725,000

691,074

Revenue,

2020,

Refunding,

4%,

10/01/50

................................

1,500,000

1,378,248

Bon

Secours

Health

System,

Inc.

Obligated

Group,

Revenue,

2013

C,

Pre-Refunded,

5%,

11/01/30

...................................................

5,000,000

5,072,601

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/42

..

1,125,000

1,209,510

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/47

..

5,000,000

5,340,831

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/42

....................................................

2,000,000

2,100,254

b

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/38

........................................................

690,000

639,955

b

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/42

........................................................

1,120,000

1,009,519

b

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/48

........................................................

2,315,000

2,002,897

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,241,718

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,659,905

Loudoun

County

Sanitation

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/29

....

4,770,000

5,112,679

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/47

......

4,500,000

4,702,941

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

........

2,350,000

2,344,761

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

1/01/51

........

2,000,000

1,512,426

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/55

........

5,000,000

4,834,638

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/36

................

1,200,000

1,249,939

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/37

................

500,000

515,465

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/38

................

1,750,000

1,812,372

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/37

.........................................

1,000,000

1,100,050

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

877,384

Revenue,

2019,

5%,

7/01/43

.........................................

2,925,000

3,188,206

Northern

Virginia

Transportation

Authority

,

Special

Tax

,

2014

,

5

%

,

6/01/33

.........

3,000,000

3,171,852

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,170,835

Prince

William

County

Industrial

Development

Authority

,

Novant

Health

Obligated

Group

,

Revenue

,

2013

B

,

Pre-Refunded

,

5

%

,

11/01/46

.....................

10,000,000

10,151,492

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,664,141

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

989,933

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

962,043

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

6,406,494

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

1,790,374

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

2,251,653

Virginia

College

Building

Authority

,

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,365,916

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

194

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

College

Building

Authority,

(continued)

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

$

75,000

$

83,554

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

7,353,215

Revenue,

2021,

Refunding,

4%,

6/01/36

.................................

2,750,000

2,724,286

Revenue,

2021,

Refunding,

3%,

6/01/41

.................................

4,800,000

3,875,725

Revenue,

2021,

Refunding,

4%,

6/01/46

.................................

3,725,000

3,531,591

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

719,427

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

347,034

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

438,626

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

1,100,000

931,741

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,440,340

Washington

&

Lee

University

(The),

Revenue,

2015

A,

Pre-Refunded,

5%,

1/01/40

.

5,000,000

5,374,878

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,506,062

Revenue,

2016,

5%,

9/15/31

.........................................

4,000,000

4,435,509

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

3,832,092

Virginia

Public

Building

Authority

,

Revenue

,

2019

A

,

4

%

,

8/01/35

................

1,250,000

1,333,792

Virginia

Public

School

Authority

,

Revenue,

2014

B,

Refunding,

5%,

8/01/24

...............................

10,000,000

10,656,860

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

6,062,255

Revenue,

2019

A,

5%,

8/01/31

........................................

2,625,000

3,071,663

Revenue,

2020

B,

Refunding,

4%,

8/01/32

...............................

1,265,000

1,366,989

Revenue,

2020

B,

Refunding,

4%,

8/01/34

...............................

3,925,000

4,223,503

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,182,904

Virginia

Resources

Authority

,

Revenue,

5%,

11/01/38

.............................................

1,970,000

2,136,606

Revenue,

Pre-Refunded,

5%,

11/01/38

..................................

3,195,000

3,501,504

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

5,255,000

5,668,957

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

8,639,303

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/48

.....

7,000,000

6,743,528

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

5,007,380

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/47

4,770,000

5,171,985

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/52

1,230,000

1,325,668

b

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/40

........................................................

7,500,000

7,480,592

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

6,600,000

6,893,280

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/36

...

2,210,000

2,082,004

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

...

2,500,000

2,278,168

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/51

...

7,500,000

6,494,772

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/39

....................................................

2,520,000

2,570,881

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/45

....................................................

2,250,000

2,267,775

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/37

...

4,000,000

4,093,301

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

8,730,000

8,899,274

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,194,363

433,738,803

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,200,000

1,007,121

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

195

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

$

1,200,000

$

1,000,460

Affordable

Housing

Corp.

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

3,100,000

3,080,057

4,080,517

U.S.

Territories

8.6%

District

of

Columbia

6.7%

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.......................

5,000,000

5,407,665

Dulles

Toll

Road,

Revenue,

Senior

Lien,

2022

A,

Refunding,

AGMC

Insured,

4%,

10/01/52

.......................................................

10,000,000

10,048,543

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

5,463,293

Revenue,

2020

A,

5%,

7/15/36

........................................

5,000,000

5,746,491

Revenue,

2020

A,

5%,

7/15/45

........................................

7,000,000

7,923,972

34,589,964

Puerto

Rico

1.9%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,773,208

c

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

1,040,000

976,300

c

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

1,900,000

1,776,500

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

1,100,000

1,147,063

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,800,000

1,933,555

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,600,000

1,719,368

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/29

..

425,000

478,310

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

..

200,000

200,330

10,004,634

Total

U.S.

Territories

....................................................................

44,594,598

Total

Municipal

Bonds

(Cost

$524,863,918)

.....................................

504,937,455

a

a

a

a

Short

Term

Investments

5.2%

Municipal

Bonds

5.2%

Virginia

5.2%

d

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.65

%

,

10/01/48

........................................................

27,000,000

27,000,000

Total

Municipal

Bonds

(Cost

$27,000,000)

......................................

27,000,000

Total

Short

Term

Investments

(Cost

$27,000,000

)

................................

27,000,000

a

Total

Investments

(Cost

$551,863,918)

102.4%

..................................

$531,937,455

Other

Assets,

less

Liabilities

(2.4)%

...........................................

(12,371,124)

Net

Assets

100.0%

...........................................................

$519,566,331

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

196

See

Abbreviations

on

page

203

.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

May

31,

2022,

the

aggregate

value

of

these

securities

was

$11,714,749,

representing

2.3%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

197

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty

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.

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

May

31,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

198

Quarterly

Schedules

of

Investments

4. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

May

31,

2022,

in

valuing

the

Funds’

assets carried

at

fair

value,

is

as

follows:  

    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

Municipal

Green

Bond

ETF

...................

$

65,440,300

$

—

$

(10,388,947)

$

(636,053)

$

(3,147,700)

$

51,267,600

2,115,000

$

307,199

Total

Affiliated

Securities

...

$65,440,300

$—

$(10,388,947)

$(636,053)

$(3,147,700)

$51,267,600

$307,199

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$33,826,000

$

5,987,875

$

—

$

—

$

(2,241,875)

$

37,572,000

1,550,000

$

179,498

Total

Affiliated

Securities

...

$33,826,000

$5,987,875

$—

$—

$(2,241,875)

$37,572,000

$179,498

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$

46,532,900

$

—

$

(2,409,245)

$

(295,505)

$

(2,737,650)

$

41,090,500

1,705,000

$

264,210

Total

Affiliated

Securities

...

$46,532,900

$—

$(2,409,245)

$(295,505)

$(2,737,650)

$41,090,500

$264,210

3.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

199

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

216,251,008

$

—

$

216,251,008

Total

Investments

in

Securities

...........

$—

$216,251,008

$—

$216,251,008

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

855,248,180

—

855,248,180

Short

Term

Investments

...................

—

5,000,000

—

5,000,000

Total

Investments

in

Securities

...........

$—

$860,248,180

$—

$860,248,180

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

609,761,454

—

609,761,454

Short

Term

Investments

...................

—

9,500,000

—

9,500,000

Total

Investments

in

Securities

...........

$—

$619,261,454

$—

$619,261,454

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

161,254,214

—

161,254,214

Short

Term

Investments

...................

—

1,400,000

—

1,400,000

Total

Investments

in

Securities

...........

$—

$162,654,214

$—

$162,654,214

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

51,267,600

—

—

51,267,600

Municipal

Bonds

.........................

—

2,915,197,107

—

2,915,197,107

Total

Investments

in

Securities

...........

$51,267,600

$2,915,197,107

$—

$2,966,464,707

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

37,572,000

—

—

37,572,000

Senior

Floating

Rate

Interests

...............

—

—

5,763,683

5,763,683

Municipal

Bonds

.........................

—

1,157,967,098

—

1,157,967,098

Short

Term

Investments

...................

—

127,170,000

—

127,170,000

Total

Investments

in

Securities

...........

$37,572,000

$1,285,137,098

$5,763,683

$1,328,472,781

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

391,770,562

—

391,770,562

Short

Term

Investments

...................

—

400,000

—

400,000

Total

Investments

in

Securities

...........

$—

$392,170,562

$—

$392,170,562

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

41,090,500

—

—

41,090,500

Corporate

Bonds

:

United

States

..........................

—

101,758,782

3,980,887

105,739,669

Municipal

Bonds

:

—

Alabama

.............................

—

172,698,039

—

172,698,039

Arizona

..............................

—

110,159,955

—

110,159,955

California

.............................

—

1,145,104,207

—

1,145,104,207

4. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

200

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

Investments

in

Securities:

Municipal

Bonds:

Colorado

.............................

$

—

$

343,101,529

$

—

$

343,101,529

Connecticut

...........................

—

35,634,039

—

35,634,039

Florida

...............................

—

844,724,560

—

844,724,560

Georgia

..............................

—

68,358,559

—

68,358,559

Idaho

................................

—

13,335,214

—

13,335,214

Illinois

...............................

—

190,156,266

—

190,156,266

Indiana

..............................

—

26,115,958

—

26,115,958

Iowa

................................

—

19,182,240

—

19,182,240

Kansas

..............................

—

4,783,045

—

4,783,045

Kentucky

.............................

—

45,274,258

—

45,274,258

Louisiana

.............................

—

78,937,403

—

78,937,403

Maryland

.............................

—

17,769,362

—

17,769,362

Massachusetts

........................

—

12,332,991

—

12,332,991

Michigan

.............................

—

101,968,286

—

101,968,286

Minnesota

............................

—

10,872,064

—

10,872,064

Mississippi

............................

—

44,272,599

—

44,272,599

Missouri

..............................

—

15,269,524

—

15,269,524

Montana

.............................

—

6,087,351

—

6,087,351

Nevada

..............................

—

69,962,018

—

69,962,018

New

Hampshire

........................

—

10,541,795

—

10,541,795

New

Jersey

...........................

—

183,931,832

—

183,931,832

New

Mexico

...........................

—

5,500,306

—

5,500,306

New

York

.............................

—

390,311,925

—

390,311,925

North

Carolina

.........................

—

9,067,162

—

9,067,162

North

Dakota

..........................

—

15,995,677

—

15,995,677

Ohio

................................

—

166,222,565

—

166,222,565

Oklahoma

............................

—

11,805,346

—

11,805,346

Oregon

..............................

—

34,911,649

—

34,911,649

Pennsylvania

..........................

—

123,377,754

—

123,377,754

South

Carolina

.........................

—

16,195,995

—

16,195,995

South

Dakota

..........................

—

13,103,909

—

13,103,909

Tennessee

............................

—

74,089,624

—

74,089,624

Texas

...............................

—

505,523,938

—

505,523,938

Utah

................................

—

28,004,787

—

28,004,787

Vermont

..............................

—

2,432,499

—

2,432,499

Virgin

Islands

..........................

—

4,582,251

—

4,582,251

Virginia

..............................

—

30,404,963

—

30,404,963

Washington

...........................

—

66,601,707

212,000

66,813,707

West

Virginia

..........................

—

10,704,857

—

10,704,857

Wisconsin

............................

—

138,835,317

—

138,835,317

U.S.

Territories

..........................

District

of

Columbia

.....................

—

65,576,849

—

65,576,849

Pacific

Islands

.........................

—

7,837,526

—

7,837,526

Puerto

Rico

...........................

—

530,853,530

—

530,853,530

Short

Term

Investments

...................

—

48,800,000

—

48,800,000

Total

Investments

in

Securities

...........

$41,090,500

$5,973,072,012

$4,192,887

$6,018,355,399

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

324,417,775

—

324,417,775

Total

Investments

in

Securities

...........

$—

$324,417,775

$—

$324,417,775

4. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

201

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

350,851,614

$

—

$

350,851,614

Short

Term

Investments

...................

—

1,500,000

—

1,500,000

Total

Investments

in

Securities

...........

$—

$352,351,614

$—

$352,351,614

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

355,832,938

—

355,832,938

Short

Term

Investments

...................

—

12,800,000

—

12,800,000

Total

Investments

in

Securities

...........

$—

$368,632,938

$—

$368,632,938

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

799,697,829

—

799,697,829

Short

Term

Investments

...................

—

3,500,000

—

3,500,000

Total

Investments

in

Securities

...........

$—

$803,197,829

$—

$803,197,829

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

907,767,390

—

907,767,390

Short

Term

Investments

...................

—

11,300,000

—

11,300,000

Total

Investments

in

Securities

...........

$—

$919,067,390

$—

$919,067,390

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

833,543,562

—

833,543,562

Total

Investments

in

Securities

...........

$—

$833,543,562

$—

$833,543,562

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

700,141,776

—

700,141,776

Short

Term

Investments

...................

—

11,650,000

—

11,650,000

Total

Investments

in

Securities

...........

$—

$711,791,776

$—

$711,791,776

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

730,228,039

—

730,228,039

Short

Term

Investments

...................

—

1,300,000

—

1,300,000

Total

Investments

in

Securities

...........

$—

$731,528,039

$—

$731,528,039

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,394,412,838

—

1,394,412,838

Short

Term

Investments

...................

—

8,000,000

—

8,000,000

Total

Investments

in

Securities

...........

$—

$1,402,412,838

$—

$1,402,412,838

4. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

202

Quarterly

Schedules

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

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

1,094,391,608

$

—

$

1,094,391,608

Short

Term

Investments

...................

—

6,400,000

—

6,400,000

Total

Investments

in

Securities

...........

$—

$1,100,791,608

$—

$1,100,791,608

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

837,259,900

—

837,259,900

Short

Term

Investments

...................

—

27,645,000

—

27,645,000

Total

Investments

in

Securities

...........

$—

$864,904,900

$—

$864,904,900

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

504,937,455

—

504,937,455

Short

Term

Investments

...................

—

27,000,000

—

27,000,000

Total

Investments

in

Securities

...........

$—

$531,937,455

$—

$531,937,455

4. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

203

Quarterly

Schedules

of

Investments

Abbreviations

Cu

r

rency

USD

United

States

Dollar

Selected

Portfolio

AG

MC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

BHAC

Berkshire

Hathaway

Assurance

Corp.

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

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.