Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FTFT-Q3PH

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

12

Franklin

Connecticut

Tax-Free

Income

Fund

18

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

21

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

42

Franklin

Georgia

Tax-Free

Income

Fund

56

Franklin

High

Yield

Tax-Free

Income

Fund

61

Franklin

Louisiana

Tax-Free

Income

Fund

112

Franklin

Maryland

Tax-Free

Income

Fund

117

Franklin

Massachusetts

Tax-Free

Income

Fund

121

Franklin

Michigan

Tax-Free

Income

Fund

126

Franklin

Minnesota

Tax-Free

Income

Fund

134

Franklin

Missouri

Tax-Free

Income

Fund

141

Franklin

New

Jersey

Tax-Free

Income

Fund

147

Franklin

North

Carolina

Tax-Free

Income

Fund

153

Franklin

Ohio

Tax-Free

Income

Fund

160

Franklin

Oregon

Tax-Free

Income

Fund

170

Franklin

Pennsylvania

Tax-Free

Income

Fund

177

Franklin

Virginia

Tax-Free

Income

Fund

185

Notes

to

Schedules

of

Investments

190

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

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

$

400,000

$

400,000

Total

Corporate

Bonds

(Cost

$400,000)

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

400,000

Municipal

Bonds

96.6%

Alabama

89.1%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

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

2,000,000

1,909,958

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,057,209

Alabama

State

University

,

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/36

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

1,500,000

1,635,890

Revenue,

2022,

Refunding,

BAM

Insured,

5%,

9/01/40

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

1,500,000

1,613,677

Alabaster

Board

of

Education

,

Special

Tax,

2022,

BAM

Insured,

5%,

9/01/47

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

1,500,000

1,565,984

Special

Tax,

2022,

BAM

Insured,

5%,

9/01/52

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

1,500,000

1,553,101

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

2,862,843

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

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

2,500,000

2,610,791

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

6,000,000

6,405,803

Birmingham

Airport

Authority

,

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/32

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

300,000

330,386

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/33

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

325,000

356,621

Revenue,

2020,

Refunding,

BAM

Insured,

5%,

7/01/34

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

400,000

436,329

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/35

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

350,000

351,432

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/36

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

500,000

499,577

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/37

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

545,000

541,255

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/38

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

400,000

394,495

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/39

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

2,540,000

2,484,901

Revenue,

2020,

Refunding,

BAM

Insured,

4%,

7/01/40

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

705,000

684,140

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,719,678

b

Black

Belt

Energy

Gas

District

,

Revenue,

2021

A,

Refunding,

Mandatory

Put,

4%,

12/01/31

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

2,000,000

1,964,476

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

1,000,000

957,774

Board

of

Water

&

Sewer

Commissioners

of

the

City

of

Mobile

,

Revenue

,

2014

,

Refunding

,

5

%

,

1/01/36

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

10,000,000

10,019,823

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

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

3,000,000

3,210,759

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

2,716,535

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

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

2,500,000

2,381,773

City

of

Boaz

,

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/46

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

1,000,000

963,092

Water

&

Sewer,

Revenue,

2021,

AGMC

Insured,

4%,

9/01/50

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

1,500,000

1,435,687

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

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

3,000,000

2,857,420

City

of

Huntsville

,

GO

,

2018

B

,

5

%

,

5/01/38

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

4,775,000

5,155,986

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

2,500,000

2,525,077

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

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

2,590,000

2,729,787

City

of

Trussville

,

GO

,

2018

A

,

4

%

,

8/01/41

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

3,000,000

3,011,564

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

4,448,816

County

of

Mobile

,

GO,

2020

A,

Refunding,

4%,

8/01/38

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

1,000,000

1,021,810

c

Revenue,

144A,

2020,

4%,

11/01/45

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

2,400,000

1,801,470

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)

DCH

Healthcare

Authority

,

Revenue,

2015,

Refunding,

5%,

6/01/36

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

$

2,000,000

$

2,041,672

Revenue,

2021

A,

4%,

6/01/46

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

2,310,000

2,153,267

East

Alabama

Health

Care

Authority

(The)

,

Revenue,

2018

A,

4%,

9/01/30

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

1,000,000

1,023,790

Revenue,

2018

A,

5%,

9/01/41

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

3,000,000

3,068,843

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

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

3,000,000

2,899,257

Florence

Public

Building

Authority

,

City

of

Florence

,

Revenue

,

2021

,

4

%

,

9/01/35

....

500,000

501,856

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

9,529,119

Homewood

Educational

Building

Authority

,

Samford

University,

Revenue,

2019

A,

Refunding,

4%,

12/01/49

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

2,500,000

2,208,044

Samford

University,

Revenue,

2021

A,

4%,

12/01/51

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

1,470,000

1,287,301

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

3,037,188

Infirmary

Health

System

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/46

3,000,000

2,623,320

Jacksonville

State

University

,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/36

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

5,000,000

5,388,629

Revenue,

2020,

Refunding,

4%,

12/01/50

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

5,000,000

4,451,923

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

6,067,669

b

Lower

Alabama

Gas

District

(The)

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/25

...

2,000,000

1,993,590

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

2,928,658

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

4,853,094

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGMC

Insured

,

4

%

,

3/01/41

1,000,000

966,878

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25

%

,

3/01/52

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

2,000,000

1,984,816

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

1,981,260

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,381,889

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

Mandatory

Put,

4%,

10/01/28

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

5,000,000

4,887,951

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

2,000,000

2,126,731

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

3,859,864

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,108,051

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

295,370

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,306,604

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

5,357,521

University

of

Alabama

(The)

,

Revenue,

2013

D-2,

Pre-Refunded,

5%,

10/01/37

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

2,000,000

2,037,107

Revenue,

2018

B2,

5%,

9/01/48

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

5,000,000

5,342,550

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,660,565

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,068,867

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

5

%

,

1/01/43

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

5,000,000

5,440,480

182,079,643

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

700,000

579,352

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)

Florida

0.6%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

$

500,000

$

329,283

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

1,150,000

937,250

1,266,533

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,000,000

900,498

Kentucky

0.5%

c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn

.,

5/01/52

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

1,500,000

958,778

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/46

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

275,000

232,992

Revenue,

2021

A-2,

4%,

11/15/42

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

2,700,000

2,352,250

2,585,242

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

500,000

388,172

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

387,772

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn

.,

6/01/37

1,485,000

953,726

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

568,985

2,298,655

Texas

0.5%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

600,000

439,933

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

800,000

597,272

1,037,205

Washington

0.2%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

500,000

387,728

Wisconsin

0.8%

c

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

500,000

393,436

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

1,300,000

1,300,000

1,693,436

U.S.

Territories

1.8%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,004,674

Puerto

Rico

1.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

500,000

499,492

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

993,959

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

196

.

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

$

525,550

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

711,608

2,730,609

Total

U.S.

Territories

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

3,735,283

Total

Municipal

Bonds

(Cost

$211,416,166)

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

197,522,353

Total

Long

Term

Investments

(Cost

$211,816,166)

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

197,922,353

a

a

a

a

a

a

Total

Investments

(Cost

$211,816,166)

96.8%

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

$197,922,353

Other

Assets,

less

Liabilities

3.2%

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

6,474,840

Net

Assets

100.0%

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

$204,397,193

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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

November

30,

2022,

the

aggregate

value

of

these

securities

was

$9,056,033,

representing

4.4%

of

net

assets.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

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

98.8%

Arizona

92.0%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/36

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

$

8,680,000

$

9,219,110

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/39

......

17,820,000

18,072,476

HonorHealth

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

12/01/42

......

6,715,000

6,797,726

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

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

2,045,000

2,073,369

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/51

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

1,080,000

1,085,680

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,604,830

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

2.65%,

7/01/26

740,000

705,985

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/31

...

550,000

549,694

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/41

...

2,000,000

1,779,191

Ball

Charter

Schools

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/51

...

2,340,000

1,958,109

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,422,926

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/40

865,000

839,221

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/34

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

1,000,000

1,053,495

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

1,235,000

1,291,771

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/39

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

1,000,000

1,038,689

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

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

6,645,000

6,857,389

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

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

2,200,000

1,999,773

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/50

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

7,055,000

6,246,530

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

A,

4%,

11/01/51

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

1,400,000

1,233,884

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4%,

11/01/42

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

1,650,000

1,532,076

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

5%,

11/01/47

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

7,900,000

8,252,502

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4.25%,

11/01/52

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

3,500,000

3,208,601

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/38

.....

1,175,000

839,414

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019

A,

5%,

1/01/54

.....

1,250,000

793,401

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/36

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

1,105,000

740,768

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5%,

1/01/49

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

3,500,000

2,043,992

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

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

2,000,000

1,127,578

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/31

..........

315,000

307,224

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/41

..........

405,000

353,555

GreatHearts

Arizona

Obligated

Group,

Revenue,

2021

B,

4%,

7/01/52

..........

840,000

680,404

KIPP

Nashville

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/47

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

1,400,000

1,406,231

KIPP

Nashville

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/62

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

2,400,000

2,317,546

KIPP

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

3.25%,

7/01/31

.........

1,550,000

1,337,280

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/32

..........

660,000

679,528

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/34

..........

660,000

615,781

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/36

..........

315,000

286,883

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/41

..........

2,800,000

2,398,915

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/51

..........

8,000,000

6,329,514

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

4%,

7/01/61

..........

15,580,000

11,743,849

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

Industrial

Development

Authority,

(continued)

Leman

Academy

of

Excellence

Obligated

Group,

Revenue,

2022

A,

Refunding,

4.5%,

7/01/54

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

$

3,000,000

$

2,635,716

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

4%,

2/01/50

.....

2,540,000

2,260,489

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

2/01/41

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

885,000

706,590

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019

A,

BAM

Insured,

5%,

6/01/58

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

6,250,000

6,565,998

Arizona

State

University

,

Revenue,

2015

B,

Refunding,

5%,

7/01/41

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

14,070,000

14,588,501

Revenue,

2015

D,

5%,

7/01/46

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

5,000,000

5,161,788

Revenue,

2016

C,

5%,

7/01/46

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

10,000,000

10,421,263

Revenue,

2017

B,

Refunding,

5%,

7/01/43

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

4,005,000

4,249,638

Revenue,

2019

A,

5%,

7/01/40

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

1,000,000

1,080,120

Carefree

Utilities

Community

Facilities

District

,

Town

of

Carefree

Water

System

,

Revenue

,

2021

,

4

%

,

7/01/51

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

2,000,000

1,876,062

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,054,607

City

of

Bullhead

,

Excise

Taxes

,

Revenue

,

2022

,

4

%

,

7/01/52

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

2,885,000

2,708,782

City

of

Goodyear

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

AGMC

Insured,

4%,

7/01/39

600,000

607,215

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGMC

Insured,

4%,

7/01/45

.........

1,500,000

1,478,310

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/40

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

650,000

655,083

Water

&

Sewer,

Revenue,

Sub.

Lien,

Second

Series,

2020,

AGMC

Insured,

4%,

7/01/45

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

3,500,000

3,449,391

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/40

...

15,000,000

15,646,997

Wastewater

System,

Revenue,

2015

B,

Refunding,

AGMC

Insured,

5%,

7/01/43

...

9,155,000

9,506,138

City

of

Mesa

,

Utility

System,

Revenue,

2018,

5%,

7/01/34

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

1,265,000

1,389,387

Utility

System,

Revenue,

2018,

4%,

7/01/38

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

1,425,000

1,440,990

Utility

System,

Revenue,

2018,

4%,

7/01/39

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

6,135,000

6,183,310

Utility

System,

Revenue,

2018,

5%,

7/01/42

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

6,700,000

7,187,992

Utility

System,

Revenue,

2019

A,

5%,

7/01/43

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

2,500,000

2,698,380

Utility

System,

Revenue,

2022

C,

Refunding,

5%,

7/01/36

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

5,000,000

5,794,528

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

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

2,155,000

2,203,618

Airport,

Revenue,

2017

A,

5%,

7/01/47

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

12,935,000

13,146,941

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

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

20,570,000

20,186,481

Airport,

Revenue,

Junior

Lien,

2019

A,

5%,

7/01/44

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

8,500,000

8,892,161

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

5,000,000

5,093,322

Excise

Tax,

Revenue,

2022,

5%,

7/01/46

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

8,300,000

9,129,770

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/34

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

2,500,000

2,705,075

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/37

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

1,500,000

1,601,846

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/38

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

8,420,000

8,967,668

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

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

2,500,000

2,239,977

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

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

3,945,000

4,380,369

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

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

2,000,000

2,258,241

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

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

2,000,000

2,285,478

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)

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

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

$

5,000,000

$

6,032,485

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

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

7,000,000

8,469,270

Wastewater,

Revenue,

Junior

Lien,

2018

A,

5%,

7/01/37

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

1,000,000

1,089,556

Wastewater,

Revenue,

Junior

Lien,

2018

A,

4%,

7/01/39

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

5,000,000

5,079,588

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

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

5,000,000

5,281,027

Water

System,

Revenue,

Junior

Lien,

2020

B,

5%,

7/01/44

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

7,500,000

8,154,704

County

of

Yuma

,

Sales

Tax

,

Revenue

,

2022

,

BAM

Insured

,

4.25

%

,

7/15/42

........

3,250,000

3,262,537

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/39

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

10,000,000

10,246,766

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/56

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

5,500,000

4,845,927

Glendale

Municipal

Property

Corp.

,

City

of

Glendale

Excise

Tax

,

Revenue

,

2012

C

,

Refunding

,

5

%

,

7/01/38

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

18,530,000

18,557,289

Glendale

Municipal

Property

Corp.

,

City

of

Glendale

Excise

Tax,

Revenue,

2012

C,

Refunding,

5%,

7/01/38

.........

18,530,000

18,557,289

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

979,277

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

1,995,000

1,918,347

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/54

......

2,665,000

2,539,027

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/25

1,015,000

1,039,619

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/27

425,000

440,273

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/30

700,000

723,356

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/32

250,000

256,595

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/33

600,000

613,153

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/37

2,750,000

2,773,859

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018

A,

Refunding,

5%,

7/01/42

9,550,000

9,443,844

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

.

4,065,000

4,117,022

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

.

1,225,000

1,233,709

GreatHearts

Arizona

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

.

1,335,000

1,340,778

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/34

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

1,355,000

1,356,573

JMF-Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/39

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

5,610,000

5,616,004

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018

A,

5%,

7/01/48

......

1,000,000

1,036,577

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

4,072,959

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

12/15/32

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

1,765,000

1,872,076

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

6/15/37

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

2,240,000

2,375,893

a

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

B-3,

5.125%,

11/15/29

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

3,000,000

3,005,048

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

....

2,390,000

2,255,308

TMC

HealthCare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

4/01/51

....

12,000,000

8,559,719

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

4,420,034

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

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

1,310,000

1,354,060

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

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

1,510,000

1,482,272

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

8/01/39

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

1,350,000

1,399,227

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

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

3,000,000

2,884,258

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

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

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

$

1,000,000

$

1,008,110

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

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

1,000,000

991,995

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/23

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

110,000

110,271

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/25

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

90,000

91,563

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/26

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

95,000

97,107

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/27

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

75,000

76,978

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/28

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

80,000

82,523

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/29

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

110,000

113,656

Harmony

Public

Schools,

Revenue,

2021

A,

5%,

2/15/30

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

100,000

103,453

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/41

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

430,000

368,240

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/46

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

345,000

283,975

Harmony

Public

Schools,

Revenue,

2021

A,

4%,

2/15/51

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

580,000

461,670

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,075,723

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

2019

F,

3%,

1/01/49

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

5,000,000

3,668,394

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

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

9,630,000

9,396,281

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

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

37,590,000

38,842,965

Creighton

University,

Revenue,

2020,

5%,

7/01/47

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

13,000,000

13,640,368

Creighton

University,

Revenue,

2020,

4%,

7/01/50

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

6,695,000

6,038,945

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.

1,000,000

1,038,785

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/52

.

1,000,000

1,024,381

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/43

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

2,275,000

2,348,404

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/36

.......

2,100,000

2,191,753

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/37

.......

3,175,000

3,299,576

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/42

.......

2,750,000

2,820,272

HonorHealth

Obligated

Group,

Revenue,

2021

A,

3%,

9/01/51

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

5,600,000

3,989,221

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

3,920,000

4,032,587

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/36

.........

1,120,000

1,137,256

Reid

Traditional

Schools

Obligated

Group,

Revenue,

2016,

5%,

7/01/47

.........

3,325,000

3,340,182

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

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

13,500,000

11,795,683

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

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

10,000,000

9,999,488

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

A,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

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

4,500,000

3,975,753

b

Public

Service

Co.

of

New

Mexico,

Revenue,

2010

B,

Refunding,

Mandatory

Put,

0.875%,

10/01/26

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

2,150,000

1,899,526

Southern

California

Edison

Co.,

Revenue,

2000

A,

Refunding,

2.4%,

6/01/35

.....

10,000,000

7,620,420

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO,

2013,

5%,

7/01/31

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

5,100,000

5,166,617

GO,

2018,

BAM

Insured,

5%,

7/01/33

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

1,000,000

1,076,165

Maricopa

County

Unified

School

District

No.

95

Queen

Creek

,

GO,

2018,

5%,

7/01/33

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

500,000

535,419

GO,

2018,

5%,

7/01/37

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

1,200,000

1,275,081

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

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

2,000,000

2,126,002

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

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

2,000,000

2,094,566

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

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

1,000,000

1,045,156

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,075,282

Northern

Arizona

University

,

Revenue,

2013,

5%,

8/01/26

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

2,380,000

2,416,737

Revenue,

2014,

5%,

6/01/40

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

4,545,000

4,635,750

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.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

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

$

3,305,000

$

3,503,370

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

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

2,665,000

2,867,980

GO,

2017,

BAM

Insured,

5%,

7/01/34

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

2,800,000

3,014,499

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017

C,

BAM

Insured,

5%,

7/01/36

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

2,385,000

2,562,444

GO,

2018

D,

AGMC

Insured,

5%,

7/01/38

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

2,500,000

2,678,299

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,129,663

Pinal

County

Electric

District

No.

3

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/35

.......

1,195,000

1,265,065

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2016

A,

Refunding,

5%,

1/01/38

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

9,745,000

10,378,270

Revenue,

2017

A,

Refunding,

5%,

1/01/37

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

10,000,000

10,821,678

Revenue,

2017

A,

Refunding,

5%,

1/01/38

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

5,435,000

5,868,979

Revenue,

2017

A,

Refunding,

5%,

1/01/39

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

2,105,000

2,266,735

Revenue,

2019

A,

5%,

1/01/47

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

5,000,000

5,402,050

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

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

10,000,000

10,501,830

Revenue,

2007-1,

5%,

12/01/37

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

5,000,000

5,175,047

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

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

1,000,000

1,027,472

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

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

1,400,000

1,435,566

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

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

3,155,000

3,225,399

Town

of

Gilbert

,

Pledged

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

10,000,000

10,423,768

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

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

2,500,000

2,684,498

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

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

5,000,000

5,329,607

Excise

Tax,

Revenue,

2020,

4%,

8/01/50

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

8,740,000

8,330,038

University

of

Arizona

(The)

,

Revenue,

2013,

5%,

8/01/38

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

5,790,000

5,835,788

Revenue,

2014,

5%,

8/01/39

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

10,000,000

10,203,405

Revenue,

2016,

Refunding,

5%,

6/01/39

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

2,750,000

2,887,566

Revenue,

2016

B,

Refunding,

5%,

6/01/42

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

2,000,000

2,083,977

Revenue,

2018

A,

5%,

6/01/43

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

5,000,000

5,353,287

Revenue,

2019

A,

5%,

6/01/42

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

1,000,000

1,082,920

733,142,607

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

800,000

526,853

Georgia

0.3%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

3,290,000

2,544,735

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

1,900,000

1,475,052

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,473,535

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

3,275,000

2,003,669

4,952,256

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

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.8%

c

City

of

Dallas

,

Housing

Finance

Corp.

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.

$

2,000,000

$

1,979,041

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

1,906,376

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

3,300,000

2,463,747

6,349,164

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

1,473,368

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

1,900,000

1,495,055

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,300,000

2,545,197

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

5,000,000

5,000,000

9,040,252

U.S.

Territories

3.7%

Guam

1.5%

Guam

Power

Authority

,

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/39

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

6,490,000

6,680,350

Revenue,

2014

A,

AGMC

Insured,

5%,

10/01/44

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

5,325,000

5,469,961

12,150,311

Puerto

Rico

2.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

3,700,000

3,696,245

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

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

770,000

789,539

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

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

750,000

743,790

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

2,790,000

2,843,346

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

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

1,970,000

1,969,909

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

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

5,050,000

5,007,598

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

2,290,000

2,266,858

17,317,285

Total

U.S.

Territories

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

29,467,596

Total

Municipal

Bonds

(Cost

$828,916,364)

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

787,496,831

a

a

a

a

a

Total

Investments

(Cost

$828,916,364)

98.8%

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

$787,496,831

Other

Assets,

less

Liabilities

1.2%

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

9,705,725

Net

Assets

100.0%

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

$797,202,556

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$24,439,100,

representing

3.1%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Colorado

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

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

$

1,150,000

$

1,150,000

Total

Corporate

Bonds

(Cost

$1,150,000)

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

1,150,000

Municipal

Bonds

98.0%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,000,000

1,655,291

Colorado

91.0%

Adams

&

Weld

Counties

School

District

No.

27J

Brighton

,

GO

,

2015

,

5

%

,

12/01/40

..

2,500,000

2,607,748

Adams

12

Five

Star

Schools

,

GO

,

2016

B

,

Refunding

,

5

%

,

12/15/36

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

5,000,000

5,339,294

Adams

State

University

,

Revenue,

2012,

5%,

5/15/37

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

630,000

630,535

Revenue,

2019

A,

Refunding,

4%,

5/15/42

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

1,515,000

1,461,033

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,158,131

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

7,384,774

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

12,980,000

14,415,726

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,010,168

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013

A,

Refunding,

5%,

3/01/43

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

5,000,000

5,630,008

Revenue,

2015

A,

5%,

3/01/40

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

3,010,000

3,102,343

Revenue,

2015

A,

Pre-Refunded,

5%,

3/01/40

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

3,990,000

4,198,032

Revenue,

2017

E,

Refunding,

4%,

3/01/43

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

4,500,000

4,437,313

Revenue,

2019

A,

Refunding,

5%,

3/01/49

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

4,000,000

4,332,881

Revenue,

A,

Refunding,

4%,

3/01/40

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

5,000,000

4,995,837

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

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

10,000,000

10,578,292

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

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

4,380,000

3,851,422

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/45

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

1,140,000

1,092,181

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

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

3,000,000

3,244,422

Revenue,

2019,

5.25%,

12/01/48

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

6,760,000

7,324,231

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/45

........

2,250,000

2,197,782

City

&

County

of

Denver

,

Airport

System,

Revenue,

2013

B,

5%,

11/15/43

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

5,000,000

5,039,061

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

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

5,000,000

5,222,818

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

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

4,440,000

4,598,965

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

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

3,000,000

3,288,371

Airport

System,

Revenue,

2022

A,

5%,

11/15/37

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

4,250,000

4,530,342

Airport

System,

Revenue,

2022

D,

5%,

11/15/53

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

5,000,000

5,111,844

Dedicated

Excise

Tax,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

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

3,500,000

3,380,341

Dedicated

Excise

Tax,

Revenue,

2018

A-1,

5%,

8/01/48

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

5,000,000

5,192,093

Dedicated

Excise

Tax,

Revenue,

2021

A,

4%,

8/01/34

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

1,000,000

1,053,702

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2013

B-1,

5%,

11/15/38

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

4,000,000

4,069,465

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/40

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

3,000,000

3,142,979

Utilities

System,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

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

2,665,000

2,778,275

Utilities

System,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/47

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

6,000,000

6,369,026

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

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

5,000,000

5,353,722

Utilities

System,

Revenue,

2020

C,

5%,

11/15/50

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

3,000,000

3,267,659

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

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

$

13,500,000

$

14,561,235

City

of

Grand

Junction

,

COP,

2021,

4%,

12/01/45

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

2,005,000

1,945,956

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/49

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

3,775,000

3,574,513

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The),

Revenue,

2010,

5%,

2/15/40

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

5,280,000

5,290,206

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/36

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

425,000

385,400

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/41

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

150,000

129,108

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/51

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

370,000

296,557

Aspen

View

Academy,

Inc.,

Revenue,

2021,

4%,

5/01/61

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

550,000

420,376

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/41

......

1,460,000

1,131,852

Denver

School

of

Science

&

Technology,

Inc.,

Revenue,

2021,

3%,

8/01/51

......

3,635,000

2,500,070

Eagle

Ridge

Academy,

Revenue,

2022

A,

Refunding,

5%,

11/01/37

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

1,000,000

1,056,589

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/26

.......

195,000

193,179

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/32

.......

280,000

269,465

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/52

.......

1,355,000

1,084,056

Golden

View

Classical

Academy,

Revenue,

2022,

Refunding,

4%,

1/01/62

.......

1,600,000

1,223,079

James

Irwin

Educational

Foundation

Obligated

Group,

Revenue,

2022,

5%,

9/01/52

750,000

757,120

James

Irwin

Educational

Foundation

Obligated

Group,

Revenue,

2022,

5%,

9/01/57

1,765,000

1,757,505

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/46

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

345,000

288,462

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/56

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

1,000,000

795,728

Lighthouse

Building

Corp.,

Revenue,

2021,

4%,

10/01/61

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

2,210,000

1,707,670

Pinnacle

Charter

School,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

12/01/50

.......

5,820,000

5,160,520

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

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

715,000

725,099

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

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

3,950,000

4,134,344

West

Ridge

Academy

Charter

School,

Revenue,

2019

A,

Refunding,

5%,

6/01/49

..

400,000

402,517

Westgate

Community

School,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

........

2,370,000

2,261,294

Windsor

Charter

Academy

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

2,400,000

2,142,713

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

11/15/41

......

3,000,000

2,963,570

AdventHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

......

5,000,000

5,410,262

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/35

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

1,575,000

1,566,364

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/37

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

850,000

830,173

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/38

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

705,000

683,990

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/39

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

835,000

805,904

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

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

725,000

694,563

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

2,829,797

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

4.75%,

9/15/53

.........

1,500,000

1,282,643

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

5,000,000

5,083,310

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/38

3,000,000

3,106,261

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,063,590

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

7,000,000

7,094,558

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

9,990,000

8,345,833

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5.25%,

11/01/52

......

3,000,000

3,089,743

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013

A,

Pre-

Refunded,

5.75%,

12/01/36

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

5,000,000

5,157,199

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

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

7,150,000

7,240,822

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

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

5,000,000

4,988,440

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)

Colorado

Health

Facilities

Authority,

(continued)

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

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

$

5,700,000

$

4,664,723

Craig

Hospital

Obligated

Group,

Revenue,

2022

A,

5%,

12/01/52

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

3,535,000

3,657,185

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.5%,

6/01/33

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

1,000,000

1,013,517

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.625%,

6/01/43

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

4,000,000

4,056,521

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/40

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

4,000,000

4,225,601

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015

A,

Pre-

Refunded,

5%,

6/01/45

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

2,750,000

2,905,101

Intermountain

Healthcare

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

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

3,660,000

3,695,837

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,050,981

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

6,275,000

5,139,443

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/01/39

..........

1,000,000

962,723

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/44

..........

2,405,000

2,438,579

Sanford

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/01/49

..........

8,050,000

8,096,207

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

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

2,000,000

2,015,070

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

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

1,000,000

1,005,479

Colorado

High

Performance

Transportation

Enterprise

,

C-470

Express

Lanes

System

,

Revenue

,

2017

,

5

%

,

12/31/47

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

2,555,000

2,560,993

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

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

1,000,000

808,708

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

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

1,000,000

789,139

Colorado

Mesa

University

,

Revenue,

2019

B,

5%,

5/15/44

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

1,000,000

1,077,574

Revenue,

2019

B,

5%,

5/15/49

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

1,565,000

1,677,990

Colorado

School

of

Mines

,

Revenue,

2012

B,

5%,

12/01/32

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

110,000

110,000

Revenue,

2017

A,

5%,

12/01/42

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

2,450,000

2,598,779

Revenue,

2017

A,

5%,

12/01/47

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

3,000,000

3,161,295

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

2,255,444

Denver

City

&

County

School

District

No.

1

,

COP,

2020

A,

5%,

12/01/42

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

2,000,000

2,204,873

GO,

2017,

5%,

12/01/41

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

12,440,000

13,152,333

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

9,717,381

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

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

5,255,000

5,269,563

Revenue,

2014

A,

5.25%,

12/01/45

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

9,250,000

9,305,287

Revenue,

2019

A,

Refunding,

5%,

12/01/30

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

1,000,000

1,063,559

Revenue,

2019

A,

Refunding,

5%,

12/01/31

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

1,400,000

1,482,444

Revenue,

2019

A,

Refunding,

5%,

12/01/33

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

3,300,000

3,451,508

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

350,000

311,236

Eagle

River

Water

and

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

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

1,360,000

1,428,541

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/39

1,200,000

1,206,971

Erie

Farm

Metropolitan

District

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/41

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

575,000

623,853

GO,

2021,

Refunding,

AGMC

Insured,

5%,

12/01/46

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

700,000

753,667

GO,

2021,

Refunding,

AGMC

Insured,

4%,

12/01/51

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

1,200,000

1,114,677

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)

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

$

3,500,000

$

3,505,937

Flying

Horse

Metropolitan

District

No.

2

,

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/44

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

520,000

505,961

GO,

2020

A,

Refunding,

AGMC

Insured,

4%,

12/01/50

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

875,000

825,227

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

5,000,000

5,416,090

Park

70

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/36

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

1,000,000

1,019,568

GO,

2016,

Refunding,

5%,

12/01/46

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

1,500,000

1,510,904

Park

Creek

Metropolitan

District

,

Revenue,

2017

A,

5%,

12/01/41

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

3,000,000

3,124,956

Revenue,

2017

A,

5%,

12/01/46

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

2,500,000

2,596,914

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

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

7,000,000

7,187,231

Revenue,

Senior

Lien,

2018

A,

5%,

12/01/46

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

2,875,000

3,061,971

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

6,909,441

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

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

550,000

413,658

Prairiestar

Metropolitan

District

No.

2

,

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/36

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

500,000

549,759

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/41

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

500,000

542,481

GO,

2021

A,

Refunding,

BAM

Insured,

5%,

12/01/46

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

500,000

538,334

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

11,921,166

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

1/15/33

........

550,000

538,166

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,000,000

953,182

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/36

........

750,000

707,704

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/38

........

700,000

647,618

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/41

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

10,000,000

10,457,652

Sales

Tax,

Revenue,

2016

A,

5%,

11/01/46

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

11,000,000

11,401,974

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

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

2,665,000

2,658,914

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

850,011

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

5,803,603

State

of

Colorado

,

COP,

2013

I,

Pre-Refunded,

5%,

3/15/36

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

3,000,000

3,088,543

COP,

2017

J,

5.25%,

3/15/42

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

5,000,000

5,313,203

COP,

2020,

Refunding,

4%,

6/15/40

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

1,315,000

1,318,454

COP,

2020

A,

4%,

12/15/38

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

3,555,000

3,596,341

COP,

2020

R,

4%,

3/15/45

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

5,000,000

4,856,005

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,182,131

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

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

500,000

395,808

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

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

1,250,000

969,055

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

4,500,000

4,723,373

Town

of

Firestone

,

Water

Enterprise

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/49

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

1,400,000

1,337,785

Town

of

Monument

,

COP,

2020,

AGMC

Insured,

4%,

12/01/40

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

1,000,000

1,001,023

COP,

2020,

AGMC

Insured,

4%,

12/01/45

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

1,000,000

967,684

University

of

Colorado

,

Revenue

,

2019

B

,

5

%

,

6/01/44

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

1,930,000

2,073,736

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/27

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

380,000

407,387

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)

Vauxmont

Metropolitan

District,

(continued)

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/15/32

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

$

480,000

$

513,847

Weld

County

School

District

No.

RE-4

,

GO

,

2016

,

5.25

%

,

12/01/41

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

5,000,000

5,369,311

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/39

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

630,000

675,170

GO,

2019,

Refunding,

AGMC

Insured,

5%,

12/01/44

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

500,000

532,140

507,844,651

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

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

4,104,000

3,513,763

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

800,000

526,853

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

3,215,000

2,620,225

6,660,841

Georgia

0.3%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

2,400,000

1,856,342

Illinois

1.0%

State

of

Illinois

,

GO,

2003,

5.1%,

6/01/33

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

3,000,000

2,895,172

GO,

2019

B,

4%,

11/01/33

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

1,250,000

1,197,881

GO,

2021

A,

5%,

3/01/31

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

650,000

691,555

GO,

2021

A,

5%,

3/01/32

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

500,000

530,465

GO,

2021

A,

4%,

3/01/39

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

500,000

454,922

5,769,995

New

York

0.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

D

,

4

%

,

11/15/47

...........

900,000

758,415

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

1,400,000

1,086,881

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,400,000

1,085,762

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn

.,

6/01/37

2,100,000

1,348,703

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

568,985

4,090,331

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,900,000

1,393,121

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

2,400,000

1,791,816

3,184,937

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

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

1,400,000

1,085,640

Wisconsin

1.2%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

1,400,000

1,101,619

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

2,400,000

1,851,053

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

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

b

Public

Finance

Authority,

(continued)

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

$

3,700,000

$

3,700,000

6,652,672

U.S.

Territories

1.4%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,507,011

Puerto

Rico

1.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

1,200,000

1,198,782

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

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

1,000,000

993,959

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

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

1,670,000

1,701,931

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

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

1,485,000

1,469,993

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

711,608

6,076,273

Total

U.S.

Territories

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

7,583,284

Total

Municipal

Bonds

(Cost

$581,351,658)

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

547,142,399

Total

Long

Term

Investments

(Cost

$582,501,658)

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

548,292,399

a

a

a

a

a

Short

Term

Investments

0.4%

Municipal

Bonds

0.4%

Colorado

0.4%

c

City

&

County

of

Denver

,

COP

,

2008

A-3

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.05

%

,

12/01/31

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

2,200,000

2,200,000

Total

Municipal

Bonds

(Cost

$2,200,000)

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

2,200,000

Total

Short

Term

Investments

(Cost

$2,200,000

)

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

2,200,000

a

Total

Investments

(Cost

$584,701,658)

98.6%

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

$550,492,399

Other

Assets,

less

Liabilities

1.4%

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

7,746,413

Net

Assets

100.0%

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

$558,238,812

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$26,288,597,

representing

4.7%

of

net

assets.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Connecticut

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.4%

Connecticut

90.7%

City

of

Ansonia

,

GO

,

2021

A

,

AGMC

Insured

,

3

%

,

2/15/37

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

$

500,000

$

438,327

City

of

Bridgeport

,

GO,

2021

A,

4%,

8/01/40

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

765,000

736,617

GO,

2021

A,

4%,

8/01/46

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

375,000

339,643

GO,

2021

A,

4%,

8/01/51

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

575,000

508,817

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,055,834

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

4

%

,

8/01/40

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

2,000,000

1,882,997

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

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

1,000,000

1,012,871

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

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

565,000

541,423

Connecticut

Housing

Finance

Authority

,

Revenue,

2019

E-E1,

3.05%,

11/15/44

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

5,000,000

3,895,077

Revenue,

2019

E-E1,

3.1%,

11/15/49

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

2,000,000

1,493,723

Revenue,

2020

C-1,

Refunding,

2.05%,

5/15/37

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

1,000,000

770,421

Revenue,

2020

C-2,

Refunding,

2.2%,

11/15/34

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

960,000

812,710

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group,

Revenue,

D-1,

Refunding,

4%,

7/01/46

..

1,000,000

918,427

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/34

345,000

359,872

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/35

310,000

321,362

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

494,584

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

600,000

614,818

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

321,756

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

386,426

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

854,415

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

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

5,000,000

4,582,281

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

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

4,000,000

4,055,770

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

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

9,000,000

9,270,544

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

..........

6,000,000

5,502,862

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/41

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

735,000

624,911

Jerome

Home,

Revenue,

2021

E,

Refunding,

4%,

7/01/51

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

1,250,000

982,103

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

912,454

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

6,310,000

5,603,594

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

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

8,250,000

8,389,423

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

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

4,375,000

4,510,263

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/35

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

550,000

593,978

Sacred

Heart

University,

Inc.,

Revenue,

K,

4%,

7/01/45

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

1,200,000

1,104,905

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/37

...

2,550,000

2,395,756

Taft

School

Corp.

(The),

Revenue,

L,

Refunding,

3%,

7/01/46

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

2,210,000

1,644,816

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

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

5,000,000

5,123,515

Trustees

of

Trinity

College

(The),

Revenue,

R,

Refunding,

4%,

6/01/45

..........

2,500,000

2,313,689

Trustees

of

Trinity

College

(The),

Revenue,

S,

Refunding,

4%,

6/01/51

..........

4,000,000

3,672,500

University

of

Hartford

(The),

Revenue,

2022

P,

5.375%,

7/01/52

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

2,000,000

1,990,949

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

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

5,000,000

5,031,593

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue,

2020

B,

3.25%,

11/15/36

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

1,640,000

1,418,777

Revenue,

2020

D,

Pre-Refunded,

3%,

11/15/35

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

1,145,000

1,157,724

Revenue,

2021

B,

2.25%,

11/15/37

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

2,500,000

1,943,082

Hartford

County

Metropolitan

District

,

Clean

Water

Project

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

11/01/42

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

2,500,000

2,612,451

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

Second

Series

,

B-Thirty

Second

,

Refunding

,

5

%

,

8/01/38

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

1,720,000

1,808,502

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/38

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

7,250,000

7,332,415

GO,

2020

C,

4%,

6/01/39

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

600,000

604,178

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

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

State

of

Connecticut,

(continued)

Special

Tax,

2016

A,

5%,

9/01/33

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

$

1,000,000

$

1,072,641

Special

Tax,

2018

A,

5%,

1/01/36

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

1,000,000

1,084,188

Special

Tax,

2020

A,

5%,

5/01/35

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

4,500,000

5,048,209

Special

Tax,

2020

A,

4%,

5/01/39

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

1,000,000

1,000,441

Special

Tax,

2020

A,

5%,

5/01/40

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

2,000,000

2,199,806

Special

Tax,

2021

A,

4%,

5/01/40

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

1,100,000

1,092,454

Special

Tax,

2021

A,

5%,

5/01/41

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

1,500,000

1,654,370

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

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

1,400,000

1,393,744

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/34

.......

5,000,000

5,222,766

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015

A,

5%,

3/01/35

.......

1,000,000

1,042,778

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017

A,

5%,

5/01/37

.......

3,000,000

3,227,897

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

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

500,000

493,395

Town

of

Stafford

,

GO,

2021,

Refunding,

3%,

2/01/36

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

250,000

223,298

GO,

2021,

Refunding,

3%,

2/01/38

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

310,000

265,910

GO,

2021,

Refunding,

3%,

2/01/41

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

300,000

247,056

Town

of

Stratford

,

GO,

2017,

AGMC

Insured,

5%,

7/01/33

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

1,000,000

1,049,902

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/36

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

300,000

302,943

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/38

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

300,000

299,547

GO,

2020

A,

Refunding,

BAM

Insured,

4%,

7/01/40

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

300,000

294,274

University

of

Connecticut

,

Revenue,

2013

A,

5%,

8/15/28

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

3,000,000

3,041,208

Revenue,

2014

A,

5%,

2/15/31

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

2,000,000

2,048,591

Revenue,

2017

A,

5%,

1/15/37

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

1,000,000

1,059,694

136,308,267

Florida

0.2%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

329,283

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

483,422

Illinois

0.6%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

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

1,000,000

880,202

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/35

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

300,000

296,972

Revenue,

2021

QQQ,

4%,

6/15/36

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

100,000

98,095

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

...

230,000

166,777

561,844

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

500,000

388,172

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

500,000

387,772

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

750,000

481,680

1,257,624

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.

20

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.9%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

$

500,000

$

366,611

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

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

780,000

545,291

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

615,000

459,153

1,371,055

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

387,728

Wisconsin

0.9%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

400,000

314,749

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

1,000,000

1,000,000

1,314,749

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

1,508,298

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

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

2,010,000

1,995,200

3,503,498

Total

U.S.

Territories

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

3,503,498

Total

Municipal

Bonds

(Cost

$159,432,740)

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

146,397,672

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Connecticut

1.0%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

0.7

%

,

7/01/36

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

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

$160,932,740)

98.4%

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

$147,897,672

Other

Assets,

less

Liabilities

1.6%

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

2,386,018

Net

Assets

100.0%

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

$150,283,690

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$4,210,798,

representing

2.8%

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),

November

30,

2022

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Shares

a

Value

a

Management

Investment

Companies

1.9%

Capital

Markets

1.9%

a

Franklin

Municipal

Green

Bond

ETF

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

2,115,000

$

49,512,150

Total

Management

Investment

Companies

(Cost

$57,603,312)

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

49,512,150

Principal

Amount

a

a

a

a

Municipal

Bonds

97.7%

Alabama

2.7%

b

Black

Belt

Energy

Gas

District

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

$

7,000,000

6,704,417

Revenue,

2022

E,

Mandatory

Put,

5%,

6/01/28

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

7,000,000

7,301,840

Revenue,

2022

F,

Mandatory

Put,

5.5%,

12/01/28

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

6,970,000

7,314,634

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/28

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

500,000

549,721

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/29

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

485,000

540,472

PowerSouth

Energy

Cooperative,

Revenue,

2020,

Refunding,

AGMC

Insured,

5%,

8/01/30

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

425,000

478,207

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

2,198,799

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

5,126,207

Infirmary

Health

System

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/28

.......

5,000,000

5,205,101

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

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

2,855,000

2,965,508

Special

Tax,

2019,

4%,

2/01/34

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

2,970,000

3,071,192

Special

Tax,

2019,

4%,

2/01/35

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

3,095,000

3,171,994

Special

Tax,

2019,

4%,

2/01/37

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

3,350,000

3,392,395

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

4,585,000

4,875,531

Revenue,

2022

B-2,

Mandatory

Put,

4.343%,

8/01/28

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

15,000,000

14,580,066

67,476,084

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2020,

Refunding,

4%,

12/01/35

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

1,710,000

1,752,750

Revenue,

2020,

Refunding,

4%,

12/01/37

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

1,305,000

1,320,001

3,072,751

Arizona

4.0%

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/29

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

10,920,000

11,310,766

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

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

1,100,000

1,184,346

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

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

600,000

644,022

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

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

630,000

673,050

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

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

1,000,000

1,063,997

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

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

1,115,000

1,170,124

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

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

1,250,000

1,307,461

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

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

1,050,000

1,095,074

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.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/37

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

$

1,105,000

$

1,070,801

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/38

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

600,000

577,359

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2022

A,

4%,

11/01/41

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

6,000,000

5,604,059

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/27

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

160,000

163,682

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/28

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

170,000

173,613

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/29

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

160,000

163,110

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/30

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

185,000

188,344

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/31

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

195,000

198,136

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/27

..........

55,000

56,587

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/28

..........

60,000

61,907

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/29

..........

60,000

62,014

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/30

..........

65,000

67,288

KIPP

New

York,

Inc.

Macombs

Facility,

Revenue,

2021

A,

5%,

7/01/31

..........

70,000

72,429

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/35

.....

500,000

537,086

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/36

.....

750,000

802,269

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/37

.....

600,000

636,535

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

5%,

2/01/38

.....

1,000,000

1,051,502

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2020

A,

3%,

2/01/39

.....

1,200,000

995,044

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,686,858

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

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

10,000,000

10,828,717

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

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

7,500,000

7,904,786

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

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

6,225,000

6,538,512

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/35

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

3,340,000

3,592,124

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/36

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

6,380,000

6,834,187

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

5%,

7/01/39

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

6,365,000

6,755,402

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

592,928

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

477,107

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

587,076

c

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-3

,

5.125

%

,

11/15/29

......

3,000,000

3,005,048

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/30

.......

850,000

907,649

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

.......

1,000,000

1,065,906

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/32

.......

1,000,000

1,063,230

HonorHealth

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/33

.......

800,000

846,672

Pima

County

Regional

Transportation

Authority

,

Excise

Tax,

Revenue,

2014,

5%,

6/01/24

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

3,385,000

3,426,255

Excise

Tax,

Revenue,

2014,

5%,

6/01/26

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

7,180,000

7,264,790

Scottsdale

Municipal

Property

Corp.

,

City

of

Scottsdale

Excise

Tax,

Revenue,

2015,

Refunding,

5%,

7/01/26

..........

2,580,000

2,728,027

City

of

Scottsdale

Excise

Tax,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/28

.......

3,325,000

3,522,601

101,558,480

Arkansas

0.5%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

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

4,630,000

4,795,403

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

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arkansas

(continued)

Arkansas

Development

Finance

Authority,

(continued)

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

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

$

3,625,000

$

3,728,639

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

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

1,250,000

1,272,996

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

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

1,000,000

1,013,364

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

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

1,000,000

1,010,645

11,821,047

California

5.0%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

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

7,000,000

7,369,022

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

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

5,000,000

5,215,708

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

12/01/27

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

2,000,000

2,010,309

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

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

6,900,000

5,519,129

b

California

Infrastructure

&

Economic

Development

Bank

,

California

Academy

of

Sciences

,

Revenue

,

2018

B

,

Refunding

,

Mandatory

Put

,

2.25

%

,

(

SIFMA

Municipal

Swap

Index

+

0.35

%

),

8/01/24

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

2,000,000

1,970,628

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

5%,

4/01/35

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

1,300,000

1,393,038

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/37

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

700,000

687,771

Emanate

Health

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/38

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

1,350,000

1,318,102

Southern

California

Edison

Co.,

Revenue,

2010

A,

Refunding,

1.75%,

9/01/29

....

7,000,000

5,854,430

City

of

Riverside

,

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/34

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

10,605,000

11,149,839

Sewer,

Revenue,

2015

A,

Refunding,

5%,

8/01/35

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

11,000,000

11,526,334

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

5,500,000

4,185,743

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

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

4,690,000

3,564,878

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2021

B-1,

Refunding,

1.85%,

6/01/31

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

725,000

713,583

Revenue,

2021

B-1,

Refunding,

3.85%,

6/01/50

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

5,000,000

4,516,236

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

8,220,000

8,986,481

Power

System,

Revenue,

2017

C,

5%,

7/01/32

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

4,615,000

5,086,394

Power

System,

Revenue,

2017

C,

5%,

7/01/33

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

3,960,000

4,357,821

Power

System,

Revenue,

2017

C,

5%,

7/01/34

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

4,080,000

4,465,321

Los

Angeles

Unified

School

District

,

GO

,

2018

B-1

,

5

%

,

7/01/32

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

8,000,000

8,868,471

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

4

%

,

8/01/37

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

1,250,000

1,277,973

State

of

California

,

GO,

Refunding,

5%,

10/01/25

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

15,000,000

15,127,362

GO,

Refunding,

5%,

8/01/30

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

10,000,000

10,616,661

125,781,234

Colorado

4.3%

City

&

County

of

Denver

,

Airport

System,

Revenue,

2022

D,

5.75%,

11/15/41

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

5,325,000

5,934,410

Airport

System,

Revenue,

B,

5.25%,

11/15/26

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

5,000,000

5,111,802

Airport

System,

Revenue,

B,

5.25%,

11/15/27

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

4,250,000

4,340,641

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.

24

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/29

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

$

650,000

$

704,255

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/30

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

700,000

764,340

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/32

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

750,000

812,629

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/33

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

1,000,000

1,077,535

Boulder

Community

Health

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

10/01/34

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

1,100,000

1,179,671

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

2,000,000

2,116,892

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

8,854,932

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,099,599

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,141,154

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,124,069

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

3,000,000

3,175,339

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

4,714,389

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/38

2,000,000

2,070,841

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

5,500,000

5,674,872

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5%,

11/01/40

.........

3,000,000

3,099,328

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,004,092

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

31,965,000

35,249,084

Regional

Transportation

District

,

COP,

2013

A,

Refunding,

5%,

6/01/26

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

14,000,000

14,159,072

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/33

........

1,000,000

974,724

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

4%,

7/15/35

........

1,400,000

1,334,455

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

434,057

108,152,182

Connecticut

2.2%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

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

3,025,000

2,772,760

GO,

2019,

3%,

6/01/36

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

3,025,000

2,717,243

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/38

..........

2,500,000

2,398,832

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

5,208,560

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

235,485

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

4,426,889

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/32

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

700,000

770,901

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/33

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

625,000

682,767

Sacred

Heart

University,

Inc.,

Revenue,

K,

5%,

7/01/34

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

725,000

787,342

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/26

...

200,000

209,519

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/27

...

250,000

264,342

State

of

Connecticut

,

GO,

2020

C,

4%,

6/01/34

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

1,500,000

1,558,143

GO,

2021

A,

3%,

1/15/33

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

3,500,000

3,322,355

GO,

2021

B,

3%,

6/01/37

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

8,620,000

7,579,485

Special

Tax,

2020

A,

4%,

5/01/36

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

3,500,000

3,582,774

Special

Tax,

A,

Refunding,

5%,

1/01/28

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

10,000,000

10,020,646

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

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

3,075,000

3,278,640

Revenue,

2016

A,

5%,

3/15/31

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

5,025,000

5,346,402

55,163,085

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)

Florida

7.1%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

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

$

5,000,000

$

5,389,221

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

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

1,600,000

1,720,573

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

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

3,445,000

3,667,523

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

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

2,350,000

2,469,240

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

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

1,000,000

1,018,744

c

Capital

Trust

Agency,

Inc.

,

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

5,345,000

4,571,472

Revenue,

144A,

2021

A-2,

5.1%,

12/01/31

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

1,850,000

1,570,039

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1

T,

5.05%,

7/01/34

..........

855,000

737,690

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

216,177

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

5,932,095

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,633,230

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/39

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

1,650,000

1,569,037

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/40

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

2,500,000

2,134,123

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2021

B-1,

2%,

1/01/29

4,300,000

3,630,686

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

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

1,500,000

1,567,373

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

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

1,635,000

1,703,699

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,060,154

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/38

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

700,000

687,207

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/39

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

500,000

488,569

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

5%,

7/01/40

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

1,000,000

1,034,359

County

of

Miami-Dade

,

Transit

System

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/35

....

13,890,000

14,284,863

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,040,866

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/33

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

10,500,000

11,255,685

Revenue,

2019

A,

4%,

10/01/35

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

5,000,000

4,908,762

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/32

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

185,000

177,893

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/33

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

300,000

282,015

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/34

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

245,000

227,351

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/35

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

255,000

232,416

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

5/01/36

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

260,000

233,665

JEA

Water

&

Sewer

System

,

Revenue,

2014

A,

5%,

10/01/26

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

1,455,000

1,499,149

Revenue,

2014

A,

5%,

10/01/27

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

5,130,000

5,282,255

Revenue,

2014

A,

5%,

10/01/29

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

1,205,000

1,239,805

Revenue,

2017

A,

Refunding,

5%,

10/01/31

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

17,435,000

19,066,611

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group,

Revenue,

A-1,

Refunding,

4%,

4/01/37

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

5,000,000

4,939,229

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)

Florida

(continued)

Lee

Memorial

Health

System,

(continued)

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

4/01/49

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

$

12,000,000

$

10,702,529

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

5/01/57

6,965,000

5,780,950

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

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

6,040,000

6,151,173

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

5.45

%

,

5/01/32

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

1,000,000

1,015,389

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,054,186

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,022,973

Orlando

Utilities

Commission

,

Revenue,

2012

A,

Refunding,

5%,

10/01/24

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

2,405,000

2,506,060

Revenue,

2012

A,

Refunding,

5%,

10/01/25

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

2,000,000

2,128,454

Revenue,

2018

A,

5%,

10/01/33

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

1,755,000

1,916,367

Palm

Beach

County

School

District

,

COP

,

2014

B

,

5

%

,

8/01/25

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

4,000,000

4,217,370

River

Hall

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

426,451

State

of

Florida

,

GO,

2015

E,

Refunding,

4%,

6/01/33

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

11,855,000

12,083,777

GO,

2017

C,

Refunding,

4%,

6/01/32

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

7,855,000

8,161,237

GO,

2017

C,

Refunding,

4%,

6/01/33

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

5,000,000

5,176,943

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

2,995,676

179,811,311

Georgia

2.8%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/27

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

7,000,000

7,159,270

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/28

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

5,100,000

5,213,922

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

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

5,165,000

5,445,469

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

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

6,750,000

7,378,819

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

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

3,000,000

3,264,242

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/32

900,000

916,068

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/33

565,000

573,297

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/34

450,000

455,650

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/35

865,000

870,512

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

4/01/36

1,400,000

1,403,068

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/32

250,000

254,463

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/33

250,000

253,672

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/34

275,000

278,453

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/35

275,000

276,752

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/36

275,000

275,603

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

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

3,785,000

3,962,019

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

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

4,385,000

4,585,775

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

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

4,805,000

5,023,827

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,084,553

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

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

1,750,000

1,847,778

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

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

2,100,000

2,216,520

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

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

2,000,000

2,109,708

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)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

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

$

1,000,000

$

1,053,954

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2021

C,

4%,

12/01/25

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

1,000,000

996,274

b

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

5,000,000

4,889,001

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

5%,

1/01/30

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

1,000,000

1,086,377

Revenue,

2019

A,

5%,

1/01/31

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

600,000

651,422

Revenue,

2019

A,

5%,

1/01/32

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

500,000

541,684

Revenue,

2019

A,

5%,

1/01/33

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

1,000,000

1,073,281

Revenue,

2019

B,

5%,

1/01/29

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

500,000

536,936

Revenue,

2019

B,

5%,

1/01/30

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

480,000

512,625

Revenue,

2019

B,

5%,

1/01/31

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

700,000

743,485

Revenue,

2019

B,

5%,

1/01/32

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

750,000

792,953

Revenue,

2019

B,

5%,

1/01/33

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

1,045,000

1,099,937

Revenue,

2019

B,

5%,

1/01/34

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

700,000

732,395

70,559,764

Hawaii

1.2%

State

of

Hawaii

,

GO,

EO,

5%,

8/01/28

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

21,695,000

22,517,052

GO,

EO,

Pre-Refunded,

5%,

8/01/28

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

3,305,000

3,429,683

Airports

System,

Revenue,

2020

A,

4%,

7/01/35

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

4,420,000

4,339,822

30,286,557

Illinois

7.0%

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2020

C,

Refunding,

4%,

1/01/35

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

4,000,000

3,999,731

Revenue,

Senior

Lien,

2020

E,

Refunding,

4%,

1/01/35

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

1,560,000

1,559,895

Revenue,

Senior

Lien,

2022

A,

5%,

1/01/55

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

5,000,000

5,023,170

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/32

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

1,500,000

1,625,391

GO,

2020

F-2,

Refunding,

5%,

1/01/33

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

3,000,000

3,242,698

GO,

2020

F-2,

Refunding,

4%,

1/01/34

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

1,100,000

1,088,893

GO,

2020

F-2,

Refunding,

5%,

1/01/35

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

2,375,000

2,539,689

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

1,878,418

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/41

...........

6,000,000

5,885,142

City

of

Chicago

,

GO,

1999,

NATL

Insured,

Zero

Cpn.,

1/01/31

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

4,000,000

2,855,452

GO,

2003

B,

Refunding,

5%,

1/01/26

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

1,795,000

1,819,927

GO,

2020

A,

Refunding,

5%,

1/01/29

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

2,500,000

2,555,800

GO,

2021

A,

Refunding,

5%,

1/01/33

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

9,500,000

9,559,667

GO,

2021

B,

Refunding,

4%,

1/01/35

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

4,295,000

3,919,093

GO,

2021

B,

Refunding,

4%,

1/01/38

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

5,150,000

4,548,665

City

of

Galesburg

,

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/36

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

1,125,000

1,089,898

Knox

College,

Revenue,

2021

A,

Refunding,

4%,

10/01/41

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

1,475,000

1,365,542

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/15/40

...........

5,250,000

5,206,074

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

8/15/40

12,645,000

12,238,179

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/28

.........

1,065,000

984,904

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/29

.........

1,100,000

1,000,181

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/30

.........

1,310,000

1,171,113

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/31

.........

1,095,000

960,050

Northwestern

University,

Revenue,

2015,

5%,

12/01/28

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

1,675,000

1,880,256

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)

Illinois

(continued)

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/25

..

$

1,000,000

$

986,012

Northern

Illinois

University

,

Revenue,

2021,

BAM

Insured,

4%,

10/01/41

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

400,000

375,202

Revenue,

2021,

BAM

Insured,

4%,

10/01/43

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

2,075,000

1,930,642

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

3,500,000

3,724,927

State

of

Illinois

,

GO,

2013

A,

AGMC

Insured,

5%,

4/01/25

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

18,000,000

18,097,220

GO,

2014,

AGMC

Insured,

5%,

2/01/26

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

5,650,000

5,744,273

GO,

2016,

Refunding,

5%,

2/01/26

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

1,000,000

1,033,746

GO,

2016,

Refunding,

5%,

2/01/29

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

2,250,000

2,333,182

GO,

2017

D,

3.25%,

11/01/26

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

750,000

732,939

GO,

2018

A,

Refunding,

5%,

10/01/29

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

1,125,000

1,180,872

GO,

2018

B,

Refunding,

5%,

10/01/31

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

1,500,000

1,569,071

GO,

2018

B,

Refunding,

5%,

10/01/32

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

1,120,000

1,169,132

GO,

2019

B,

5%,

11/01/30

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

1,125,000

1,189,061

GO,

2019

B,

4%,

11/01/38

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

1,030,000

945,071

GO,

2020,

5.5%,

5/01/30

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

6,550,000

7,152,073

GO,

2020

C,

4%,

10/01/37

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

8,170,000

7,570,322

GO,

2021

A,

5%,

3/01/46

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

2,000,000

2,007,279

GO,

2021

B,

4%,

12/01/39

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

2,500,000

2,267,979

GO,

2022

A,

5%,

3/01/29

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

6,385,000

6,724,935

GO,

2022

B,

5%,

10/01/30

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

10,000,000

10,634,242

GO,

2022

C,

5.5%,

10/01/40

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

3,700,000

3,938,364

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/26

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

2,500,000

2,610,287

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/27

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

6,000,000

6,331,472

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/28

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

5,000,000

5,317,044

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

5,444,203

179,007,378

Indiana

1.4%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,476,290

Indiana

Finance

Authority

,

d

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/26

..

1,065,000

1,013,189

d

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/27

..

1,150,000

1,072,606

d

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/28

..

1,235,000

1,127,247

d

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/29

..

1,330,000

1,190,487

d

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/30

..

1,425,000

1,250,990

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

3,000,000

2,547,436

State

Revolving

Fund,

Revenue,

2018

A,

5%,

2/01/35

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

9,795,000

10,692,737

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/37

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

15,000,000

15,143,988

35,514,970

Iowa

0.9%

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/31

.

1,800,000

1,935,114

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/32

.

1,920,000

2,054,774

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/33

.

2,030,000

2,160,552

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/34

.

2,135,000

2,260,093

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/35

.

1,250,000

1,312,263

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/36

.

2,470,000

2,573,571

Des

Moines

University

Osteopathic

Medical

Center,

Revenue,

2020,

5%,

10/01/37

.

2,595,000

2,693,092

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

8,500,000

7,171,194

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)

Iowa

(continued)

Iowa

Tobacco

Settlement

Authority,

(continued)

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

$

1,415,000

$

1,407,212

23,567,865

Kansas

0.3%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

8,316,067

Kentucky

1.2%

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

4%,

10/01/29

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

1,355,000

1,416,691

Revenue,

2021

A,

Refunding,

4%,

10/01/30

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

1,410,000

1,480,869

Revenue,

2021

A,

Refunding,

4%,

10/01/31

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

1,470,000

1,551,268

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

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

1,000,000

1,052,678

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

1,500,000

1,608,465

Revenue,

2019

A,

Refunding,

5%,

9/01/31

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

1,500,000

1,629,582

Revenue,

2019

A,

Refunding,

5%,

9/01/32

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

1,600,000

1,734,712

Revenue,

2019

A,

Refunding,

5%,

9/01/33

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

1,000,000

1,080,814

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,182,573

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

2,753,025

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,262,773

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/29

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

5,500,000

5,959,531

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

5,500,000

5,938,707

31,651,688

Louisiana

3.4%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

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

1,310,000

1,340,014

Revenue,

2019

A,

Refunding,

4%,

2/01/36

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

2,000,000

2,036,210

Revenue,

2019

B,

Refunding,

5%,

2/01/32

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

2,000,000

2,323,140

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

6,000,000

6,062,126

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/25

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

2,400,000

2,543,155

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/27

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

3,500,000

3,692,697

Revenue,

2015,

Refunding,

AGMC

Insured,

5%,

11/01/29

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

4,685,000

4,928,215

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

9,900,000

7,202,374

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

3.5%,

12/01/32

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

1,960,000

1,667,287

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

3.75%,

10/01/38

4,592,712

3,554,173

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

B,

5.25%,

10/01/32

5,350,000

4,570,018

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/29

.......

1,240,000

1,297,331

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

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

10,000

10,693

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/30

.......

995,000

1,037,333

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

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

5,000

5,347

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

5%,

5/15/32

.......

1,485,000

1,542,435

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

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

15,000

16,040

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/28

1,000,000

1,063,481

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)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/29

$

2,000,000

$

2,121,449

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/30

2,250,000

2,385,521

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/31

1,745,000

1,848,208

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/32

1,750,000

1,850,405

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/33

2,000,000

2,106,066

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/36

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

4,750,000

5,066,200

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/37

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

2,000,000

2,122,921

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/38

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

3,120,000

3,298,026

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

2,308,884

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/35

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

1,000,000

1,035,379

Revenue,

2020

E,

5%,

4/01/36

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

1,495,000

1,543,542

Revenue,

2020

E,

5%,

4/01/37

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

1,065,000

1,097,023

Revenue,

2020

E,

5%,

4/01/38

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

1,000,000

1,027,701

Revenue,

2020

E,

5%,

4/01/39

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

2,750,000

2,820,637

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

10,383,891

85,907,922

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group,

Revenue,

2020

A,

5%,

7/01/35

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

1,000,000

1,075,864

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/36

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

1,000,000

992,943

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

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

1,150,000

1,127,209

MaineHealth

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/38

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

2,690,000

2,604,818

5,800,834

Maryland

3.3%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,000,000

1,080,802

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

2,940,000

3,170,364

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

2,085,000

2,245,867

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

3,240,000

3,471,790

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

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

6,450,000

6,981,203

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

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

5,905,000

6,350,898

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

2,914,799

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

6,094,242

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

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

1,320,000

1,426,658

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

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

1,785,000

1,924,864

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

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

3,765,000

4,055,486

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

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

4,000,000

4,286,160

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

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

7,495,000

7,910,680

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

5,000,000

4,606,996

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

3.25%,

7/01/39

500,000

400,484

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/40

..

300,000

279,473

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

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

8,520,000

9,001,894

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

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

7,415,000

7,821,557

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/28

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

1,000,000

1,072,473

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/29

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

1,340,000

1,448,590

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/30

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

2,810,000

3,058,081

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/31

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

1,480,000

1,621,932

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)

Maryland

(continued)

Town

of

Chestertown,

(continued)

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/32

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

$

1,550,000

$

1,691,364

82,916,657

Massachusetts

3.5%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

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

7,500,000

7,942,160

GO,

A,

Refunding,

5%,

7/01/29

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

6,000,000

6,351,475

Massachusetts

Clean

Energy

Cooperative

Corp.

,

Revenue

,

2021

,

Refunding

,

2.235

%

,

7/01/30

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

6,420,000

5,312,480

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

17

A,

5%,

2/01/24

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

9,380,000

9,417,412

Revenue,

17

A,

5%,

2/01/25

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

9,750,000

9,788,424

Massachusetts

Development

Finance

Agency

,

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/30

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

150,000

167,467

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/31

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

475,000

522,096

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/32

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

450,000

490,125

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/33

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

525,000

567,550

Wellforce

Obligated

Group,

Revenue,

2020

C,

Refunding,

AGMC

Insured,

5%,

10/01/34

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

450,000

483,221

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

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

4,220,000

4,561,097

Revenue,

2019

C,

5%,

7/01/33

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

4,430,000

4,772,710

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue,

Senior

Lien

,

2019

A

,

Refunding

,

5

%

,

1/01/34

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

7,000,000

7,725,995

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

15,203,963

University

of

Massachusetts

Building

Authority

,

Revenue,

2017-3,

Refunding,

5%,

11/01/31

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

10,035,000

10,968,313

Revenue,

2017-3,

Refunding,

5%,

11/01/32

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

5,000,000

5,441,312

89,715,800

Michigan

1.5%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,046,154

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

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

1,860,000

1,987,533

GO,

2016

I,

5%,

5/01/31

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

2,010,000

2,147,818

GO,

2016

I,

5%,

5/01/32

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

2,310,000

2,467,611

Michigan

Finance

Authority

,

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/35

...

1,000,000

943,449

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

8,639,027

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

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

5,100,000

5,207,212

Michigan

Finance

Authority,

Revenue,

2008

C,

5%,

12/01/32

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

1,115,000

1,203,540

Michigan

Finance

Authority,

Revenue,

2008

C,

Pre-Refunded,

5%,

12/01/32

......

135,000

149,013

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008

C,

Refunding,

5%,

12/01/31

.

2,700,000

2,935,032

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

2,869,444

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,546,505

38,142,338

Mississippi

0.3%

Mississippi

Home

Corp.

,

c

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4%,

6/01/46

..

8,143,623

5,671,502

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)

Mississippi

(continued)

Mississippi

Home

Corp.,

(continued)

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

3.65%,

6/01/33

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

$

101,412

$

83,024

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.15%,

6/01/46

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

400,000

285,773

c

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

144A,

2021

E-8,

5.5%,

6/01/36

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

2,540,000

2,106,995

8,147,294

Missouri

1.5%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

13,645,077

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/27

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

3,250,000

3,372,708

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/28

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

4,500,000

4,649,683

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/29

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

4,045,000

4,177,900

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/33

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

2,745,000

2,788,833

Revenue,

2020,

Refunding,

4%,

4/01/34

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

2,180,000

2,196,256

Revenue,

2020,

Refunding,

4%,

4/01/35

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

1,575,000

1,563,034

Revenue,

2020,

Refunding,

4%,

4/01/36

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

3,205,000

3,125,676

Revenue,

2020,

Refunding,

4%,

4/01/37

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

2,000,000

1,931,499

37,450,666

Nebraska

0.2%

b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

5

%

,

10/01/29

.....

5,000,000

5,128,898

New

Jersey

2.7%

Hudson

County

Improvement

Authority

,

County

of

Hudson,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/23

.

5,375,000

5,490,707

County

of

Hudson,

Revenue,

2010,

Refunding,

AGMC

Insured,

5.375%,

10/01/24

.

2,050,000

2,149,412

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/39

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

16,000,000

16,839,626

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

5%,

6/15/39

1,000,000

1,039,481

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,225,473

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

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

5,000,000

5,158,605

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/33

.

680,000

726,557

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/34

.

545,000

578,896

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/35

.

565,000

596,821

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/30

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

900,000

952,072

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/31

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

1,080,000

1,139,681

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

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

3,630,000

3,420,385

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

2,000,000

1,936,791

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2021

A,

Refunding,

4%,

6/15/36

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

6,200,000

6,081,875

Revenue,

2022

A,

4%,

6/15/41

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

7,500,000

7,017,715

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

1,780,728

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/26

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

275,000

293,795

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/27

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

330,000

356,650

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/28

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

325,000

354,647

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/29

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

320,000

352,968

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/31

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

400,000

450,027

GO,

2021,

Refunding,

BAM

Insured,

5%,

7/15/32

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

430,000

482,032

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)

New

Jersey

(continued)

State

of

New

Jersey

,

GO

,

2020

A

,

4

%

,

6/01/32

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

$

7,000,000

$

7,410,693

69,835,637

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

10,903,186

New

York

9.5%

City

of

New

York

,

GO,

2013

D,

5%,

8/01/27

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

10,000,000

10,036,242

GO,

2013

I,

5%,

8/01/24

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

10,200,000

10,364,157

GO,

2014

G,

5%,

8/01/23

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

6,860,000

6,972,687

GO,

2015

C,

Refunding,

5%,

8/01/25

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

2,000,000

2,093,721

GO,

2015

C,

Refunding,

5%,

8/01/27

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

7,500,000

7,845,009

GO,

2019

E,

Refunding,

5%,

8/01/32

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

2,000,000

2,219,715

GO,

2019

E,

Refunding,

5%,

8/01/34

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

3,500,000

3,835,803

GO,

2021

C,

4%,

8/01/37

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

5,000,000

5,025,433

GO,

2023

A-1,

4%,

9/01/46

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

5,000,000

4,790,788

GO,

A-1

2017

A,

5%,

8/01/29

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

10,000,000

10,716,015

County

of

Nassau

,

GO,

2021

A,

AGMC

Insured,

4%,

4/01/48

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

7,140,000

6,956,072

GO,

2021

A,

AGMC

Insured,

4%,

4/01/49

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

7,960,000

7,692,858

Metropolitan

Transportation

Authority

,

Revenue,

2012

F,

Refunding,

5%,

11/15/25

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

25,000,000

25,025,920

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

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

7,000,000

7,410,311

Revenue,

2016

A-2,

Refunding,

5%,

11/15/25

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

21,090,000

21,791,839

Revenue,

2016

B,

Refunding,

5%,

11/15/34

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

3,265,000

3,326,032

Revenue,

2017

B,

Refunding,

5%,

11/15/26

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

2,140,000

2,248,479

Revenue,

2017

C-1,

Refunding,

5%,

11/15/31

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

1,870,000

1,930,791

Revenue,

2017

C-1,

Refunding,

4%,

11/15/37

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

2,500,000

2,284,035

Revenue,

2020

A-1,

AGMC

Insured,

4%,

11/15/41

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

5,545,000

5,225,439

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/27

1,000,000

1,073,284

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/28

1,000,000

1,088,005

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

3%,

1/01/46

10,000,000

7,466,415

Yankee

Stadium

LLC,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

3/01/36

..

2,500,000

2,193,740

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/27

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

8,740,000

8,957,937

Future

Tax

Secured,

Revenue,

2014

D-1,

5%,

2/01/28

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

5,000,000

5,118,888

Future

Tax

Secured,

Revenue,

2020

C,

4%,

5/01/37

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

1,400,000

1,407,266

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

1,972,957

New

York

State

Dormitory

Authority

,

Revenue,

2009

A,

AGMC

Insured,

5%,

10/01/24

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

155,000

155,300

Northwell

Health

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

5/01/29

....

10,000,000

10,343,118

State

of

New

York

Personal

Income

Tax,

Revenue,

2014

E,

Refunding,

5%,

2/15/30

5,000,000

5,228,418

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

A,

Refunding,

5%,

3/15/28

7,185,000

7,531,456

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

5%,

3/15/32

.........

9,995,000

11,146,285

State

of

New

York

Personal

Income

Tax,

Revenue,

2018

A,

Pre-Refunded,

5%,

3/15/32

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

5,000

5,608

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/32

........

10,000,000

11,129,276

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/34

...

450,000

459,985

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

...

400,000

406,408

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/36

...

200,000

202,497

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2018,

5%,

11/01/39

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

3,000,000

3,111,174

Revenue,

221,

4%,

7/15/36

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

2,180,000

2,155,092

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)

New

York

(continued)

Port

Authority

of

New

York

&

New

Jersey,

(continued)

Revenue,

234,

Refunding,

5.25%,

8/01/42

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

$

2,500,000

$

2,692,347

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/28

......

1,300,000

1,403,169

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/30

......

2,900,000

3,190,962

Rensselaer

Polytechnic

Institute,

Revenue,

2020

A,

Refunding,

5%,

9/01/34

......

4,175,000

4,465,709

240,696,642

North

Carolina

0.7%

County

of

Buncombe

,

Revenue

,

A

,

Pre-Refunded

,

5

%

,

6/01/28

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

5,000,000

5,178,246

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

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

125,000

130,142

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

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

300,000

316,119

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

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

450,000

479,446

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

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

500,000

537,208

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

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

350,000

378,901

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

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

560,000

513,334

State

of

North

Carolina

,

Revenue

,

2014

C

,

Refunding

,

5

%

,

5/01/26

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

10,000,000

10,327,143

17,860,539

North

Dakota

0.2%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/29

..

1,600,000

1,721,925

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/30

..

1,600,000

1,735,777

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/31

..

1,300,000

1,417,331

4,875,033

Ohio

1.5%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-1,

1,

Refunding,

2%,

6/01/27

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

1,475,000

1,279,246

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

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

11,765,000

10,250,790

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

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

6,845,000

6,986,429

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/36

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

5,650,000

6,305,546

Water

Pollution

Control

Loan

Fund,

Revenue,

2017

A,

5%,

12/01/31

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

10,000,000

10,959,941

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/15/35

1,000,000

1,049,192

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/36

905,000

847,051

37,678,195

Oregon

2.9%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

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

5,000,000

5,041,120

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,058,810

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,551,143

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/35

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

1,250,000

1,290,768

GO,

2020,

4%,

6/15/36

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

2,605,000

2,670,500

GO,

2020,

4%,

6/15/37

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

4,370,000

4,460,484

GO,

2020,

4%,

6/15/38

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

4,575,000

4,655,348

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/34

1,100,000

1,192,540

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/35

800,000

862,678

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

1,300,000

1,396,567

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)

Oregon

(continued)

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/25

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

$

425,000

$

443,192

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/26

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

150,000

158,385

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/28

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

325,000

346,862

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/29

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

600,000

644,070

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/35

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

275,000

288,511

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

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

2,000,000

1,685,588

Port

of

Portland

,

Airport

,

Revenue

,

Twenty-Seven

A

,

5

%

,

7/01/34

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

9,110,000

9,750,271

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

10,145,932

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,054,111

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

9,614,112

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

B

,

Pre-

Refunded

,

5

%

,

6/15/28

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

5,000,000

5,182,737

73,493,729

Pennsylvania

4.0%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

5,371,269

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/28

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

600,000

628,668

Revenue,

2022,

Refunding,

5%,

5/01/29

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

600,000

629,341

Revenue,

2022,

Refunding,

5%,

5/01/30

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

700,000

733,714

Revenue,

2022,

Refunding,

5%,

5/01/31

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

675,000

707,070

City

of

Philadelphia

,

Water

&

Wastewater,

Revenue,

2017

B,

Refunding,

5%,

11/01/31

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

5,750,000

6,265,552

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/36

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

1,000,000

1,103,921

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/37

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

1,500,000

1,648,584

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/38

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

2,000,000

2,181,156

Water

&

Wastewater,

Revenue,

2022

C,

5%,

6/01/39

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

1,860,000

2,039,275

Water

&

Wastewater,

Revenue,

2022

C,

5%,

6/01/40

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

3,260,000

3,561,221

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

13,641,153

Lancaster

County

Solid

Waste

Management

Authority

,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

12/15/25

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

5,345,000

5,489,528

Revenue,

2013

A,

Pre-Refunded,

5.25%,

12/15/26

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

5,835,000

5,992,778

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

.....................

2,100,000

2,280,080

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

.....................

1,750,000

1,890,102

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

.....................

1,450,000

1,556,856

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/38

.....................

3,245,000

3,157,458

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/39

.....................

3,685,000

3,542,262

b

Waste

Management

Obligated

Group,

Revenue,

2009,

Mandatory

Put,

0.95%,

12/01/26

.......................................................

3,000,000

2,612,325

b

Waste

Management,

Inc.,

Revenue,

2017

A,

Mandatory

Put,

0.58%,

8/01/24

.....

5,500,000

5,168,908

b

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

6,750,000

5,929,733

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

5%,

5/01/38

.....

6,950,000

7,526,104

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/34

....................................................

5,895,000

5,969,826

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)

Pennsylvania

(continued)

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

.................

$

4,000,000

$

4,379,362

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

100,000

103,288

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

302,446

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

.................................

2,000,000

2,143,263

Revenue,

15th,

Refunding,

5%,

8/01/31

.................................

4,030,000

4,312,739

Redevelopment

Authority

of

the

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

...................................................

2,425,000

1,997,008

102,864,990

Rhode

Island

0.3%

State

of

Rhode

Island

,

GO,

2019

C,

5%,

1/15/32

............................................

4,500,000

5,010,051

GO,

2019

C,

4%,

1/15/34

............................................

1,520,000

1,575,930

GO,

2019

C,

4%,

1/15/35

............................................

600,000

612,543

7,198,524

South

Carolina

2.6%

County

of

Richland

,

International

Paper

Co.,

Revenue,

2014

A,

Refunding,

3.875%,

4/01/23

.........

10,000,000

10,001,607

c

Village

at

Sandhill

Improvement

District,

Special

Assessment,

144A,

2021,

Refunding,

3.625%,

11/01/31

.......................................

1,000,000

830,486

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

6,600,000

5,123,865

c

Revenue,

144A,

2021

A-2,

5.3%,

12/01/29

...............................

1,805,000

1,556,683

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

7,400,000

5,739,029

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

11,000,000

7,064,637

Prisma

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/33

......

6,000,000

6,341,909

South

Carolina

Public

Service

Authority

,

Revenue,

2020

A,

Refunding,

5%,

12/01/31

..............................

2,355,000

2,571,076

Revenue,

2020

A,

Refunding,

5%,

12/01/43

..............................

20,280,000

20,882,111

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

1,000,000

1,050,663

Revenue,

2021

A,

Refunding,

5%,

12/01/26

..............................

750,000

797,844

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

3,300,000

3,153,690

65,113,600

South

Dakota

0.1%

County

of

Lincoln

,

Augustana

College

Association

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/01/51

......................................................

1,500,000

1,191,864

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

..................

1,150,000

877,752

2,069,616

Tennessee

2.2%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/31

1,500,000

1,597,646

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/34

1,000,000

1,052,678

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,250,000

1,309,552

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/36

1,000,000

942,268

b,e

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

11,645,000

12,170,053

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2018,

Mandatory

Put,

4%,

11/01/25

............................

25,935,000

25,821,200

Revenue,

2021

A,

Mandatory

Put,

5%,

11/01/31

...........................

4,000,000

4,125,953

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)

Tennessee

(continued)

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

$

8,180,000

$

8,679,698

55,699,048

Texas

6.0%

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

924,091

Central

Texas

Regional

Mobility

Authority

,

Revenue,

Senior

Lien

,

2021

B

,

5

%

,

1/01/46

3,500,000

3,649,136

City

of

Austin

,

Water

&

Wastewater

System,

Revenue,

2012,

5%,

11/15/27

..................

2,405,000

2,409,807

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/28

.......

5,000,000

5,056,231

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/30

........

1,500,000

1,654,516

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/31

........

2,500,000

2,749,342

Waterworks

&

Sewer

System,

Revenue,

2017,

Refunding,

5%,

10/01/32

........

1,000,000

1,097,847

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/35

...................................

1,000,000

1,023,000

GO,

2020

A,

Refunding,

4%,

8/15/36

...................................

1,000,000

1,016,358

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,175,295

Combined

Utility

System,

Revenue,

First

Lien,

2016

B,

Refunding,

5%,

11/15/36

..

7,800,000

8,297,068

City

of

San

Antonio

,

Electric

&

Gas

Systems,

Revenue,

2015,

Refunding,

5%,

2/01/27

..............

10,415,000

11,121,598

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2019,

Refunding,

5%,

2/01/35

....

4,400,000

4,833,382

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2021

A,

Refunding,

5%,

2/01/46

...

7,500,000

7,922,362

Clifton

Higher

Education

Finance

Corp.

,

Southwestern

University

,

Revenue

,

2022

,

4

%

,

8/15/42

.........................................................

10,535,000

9,535,108

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

First

Lien,

2021

A,

2.5%,

10/01/31

....

500,000

416,762

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/30

....

100,000

112,526

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/31

....

60,000

67,861

Dallas

Fort

Worth

International

Airport

,

Revenue,

2013

D,

Refunding,

5.25%,

11/01/27

............................

5,000,000

5,102,300

Revenue,

2013

D,

Refunding,

5.25%,

11/01/28

............................

2,100,000

2,142,665

Ector

County

Hospital

District

,

GO,

2020,

Refunding,

5%,

9/15/29

.....................................

800,000

842,768

GO,

2020,

Refunding,

5%,

9/15/30

.....................................

745,000

789,300

GO,

2020,

Refunding,

5%,

9/15/31

.....................................

450,000

472,857

GO,

2020,

Refunding,

5%,

9/15/32

.....................................

600,000

628,851

GO,

2020,

Refunding,

5%,

9/15/33

.....................................

650,000

678,471

GO,

2020,

Refunding,

4%,

9/15/34

.....................................

650,000

617,671

GO,

2020,

Refunding,

4%,

9/15/35

.....................................

700,000

656,918

Harris

County

Toll

Road

Authority

(The)

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

.....................

2,500,000

2,739,922

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

.....................

2,500,000

2,732,240

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/28

.............................................

155,000

133,090

GO,

2021,

2%,

9/01/29

.............................................

155,000

130,294

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/34

200,000

169,776

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/35

225,000

212,309

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/36

250,000

233,694

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

........................................................

3,975,000

2,946,303

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/27

.....

2,000,000

2,168,354

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/28

.....

2,200,000

2,419,849

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)

Texas

(continued)

Lower

Colorado

River

Authority,

(continued)

LCRA

Transmission

Services

Corp.,

Revenue,

2021,

Refunding,

5%,

5/15/29

.....

$

2,000,000

$

2,231,265

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

.............................................

5,000,000

5,135,192

Northwest

Independent

School

District

,

GO

,

2015

A

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/28

.........................................................

4,815,000

5,056,158

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

12,000,000

9,682,747

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/37

......

635,000

573,409

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/39

......

2,435,000

2,154,674

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/40

......

2,000,000

1,746,596

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

......................

1,500,000

1,533,699

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

......................

2,200,000

2,249,260

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

......................

2,000,000

2,044,020

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

......................

1,000,000

1,021,630

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/27

................................

1,000,000

1,033,091

Revenue,

2021,

Refunding,

5%,

12/15/30

................................

10,000,000

10,455,187

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2017

A

,

5

%

,

10/15/31

.................................

12,585,000

13,860,674

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

..............................................

281,000

228,872

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/29

.....................................

290,000

251,189

GO,

Sub.

Lien,

2021,

2.25%,

8/15/31

...................................

300,000

252,907

GO,

Sub.

Lien,

2021,

3%,

8/15/33

.....................................

315,000

276,347

GO,

Sub.

Lien,

2021,

3%,

8/15/35

.....................................

335,000

281,672

GO,

Sub.

Lien,

2021,

3%,

8/15/37

.....................................

355,000

286,605

153,235,116

Utah

0.6%

City

of

Lehi

,

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

.............

3,000,000

2,902,638

City

of

Salt

Lake

City

,

Public

Utilities

,

Revenue

,

2022

,

4.375

%

,

2/01/52

...........

13,000,000

13,096,568

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

361,726

16,360,932

Virginia

1.9%

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

10,662,605

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

3

%

,

5/15/36

.......

9,460,000

8,452,513

Virginia

Public

Building

Authority

,

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

................................

1,075,000

1,121,353

Revenue,

B,

Refunding,

4%,

8/01/29

...................................

12,060,000

12,612,884

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

5

%

,

8/01/27

.................

4,460,000

4,630,475

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/32

........................................................

2,500,000

2,479,427

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/32

........................................................

2,000,000

1,979,765

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

1/01/35

....................................................

3,000,000

3,192,309

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/36

....................................................

3,000,000

2,852,462

47,983,793

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)

Washington

4.6%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

..............

$

5,230,000

$

5,408,611

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

..............

2,995,000

3,093,899

Drainage

&

Wastewater,

Revenue,

2014,

Pre-Refunded,

5%,

5/01/27

...........

3,150,000

3,256,241

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

............

5,300,000

5,428,473

County

of

King

,

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/25

.........................

1,200,000

1,244,265

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/26

.........................

1,200,000

1,243,887

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/27

.........................

1,900,000

1,968,889

Sewer,

Revenue,

2014

B,

Refunding,

5%,

7/01/28

.........................

3,050,000

3,160,103

Sewer,

Revenue,

2014

B,

Pre-Refunded,

5%,

7/01/29

......................

2,600,000

2,697,549

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/35

......

7,000,000

7,739,245

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/23

..........

3,500,000

3,550,596

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,296,701

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

..............

9,420,000

8,985,442

Port

of

Seattle

,

Revenue

,

2018

A

,

5

%

,

5/01/38

.............................

5,000,000

5,141,749

Seattle

Housing

Authority

,

Yesler

Block

7.3

LLLP

,

Revenue

,

2021

,

1

%

,

6/01/25

.....

7,225,000

6,869,623

State

of

Washington

,

GO,

2017

D,

5%,

2/01/31

............................................

5,480,000

5,967,349

GO,

2017

D,

5%,

2/01/32

............................................

10,000,000

10,852,372

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,370,000

1,435,269

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

2,992,956

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

3,940,859

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,593,052

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,476,532

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,289,531

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

1,250,000

1,309,552

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

5,339,003

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/38

........................................................

1,000,000

1,049,655

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/39

........................................................

1,000,000

1,045,478

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/40

........................................................

1,000,000

1,040,946

c

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/35

.......................................................

440,000

381,170

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

........................................................

1,000,000

1,060,761

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

........................................................

1,925,000

2,039,209

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

........................................................

2,250,000

2,354,013

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

........................................................

1,605,000

1,674,253

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

........................................................

2,400,000

2,472,173

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

...................................

6,848,940

6,143,779

c

Madison

at

Rivers

Edge

Apartments

LLC,

Revenue,

144A,

2021

B,

5.3%,

1/01/30

.

1,300,000

1,137,979

117,681,164

Wisconsin

2.2%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

3,516,667

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

3.5%,

12/01/32

....................

1,405,000

1,195,173

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)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

11/15/37

.......................................................

$

600,000

$

534,997

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

........................................................

1,100,000

919,416

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/29

..........

285,000

274,184

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/30

..........

200,000

190,939

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/31

..........

200,000

189,154

EMU

Campus

Living

LLC,

Revenue,

2022

A-1,

BAM

Insured,

5.375%,

7/01/47

....

7,000,000

7,339,764

c

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

13,400,000

13,400,000

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

A,

3.8%,

12/01/37

5,600,000

4,502,710

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

B,

5.75%,

12/01/27

.......................................................

1,920,000

1,826,976

Renown

Regional

Medical

Center,

Revenue,

2020

A,

Refunding,

4%,

6/01/35

.....

2,100,000

2,097,822

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/27

...........................................

195,000

191,463

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/28

...........................................

250,000

243,389

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/29

...........................................

320,000

309,750

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/30

...........................................

265,000

252,950

b,c

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

9,700,000

7,736,248

Wisconsin

Department

of

Transportation

,

Revenue

,

2017-2

,

Refunding

,

5

%

,

7/01/31

.

5,000,000

5,486,078

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/34

........................................

600,000

604,906

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/35

........................................

1,000,000

1,000,592

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/36

........................................

600,000

595,836

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

2/15/37

........................................

600,000

590,216

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/28

....................................................

375,000

355,441

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/29

....................................................

390,000

364,695

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/30

....................................................

405,000

374,011

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/37

....................................................

1,460,000

1,220,605

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/41

......

1,650,000

1,425,591

56,739,573

U.S.

Territories

0.7%

District

of

Columbia

0.6%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2019

A

,

5

%

,

3/01/33

................

3,000,000

3,410,526

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/31

........................................

5,000,000

5,454,554

Revenue,

2017

B,

5%,

7/01/32

........................................

5,750,000

6,238,981

15,104,061

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

s

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

0.1%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

CC

,

Refunding

,

AGMC

Insured

,

5.5

%

,

7/01/29

..............................................

$

1,000,000

$

1,025,376

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

478,355

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/30

..

550,000

600,013

2,103,744

Total

U.S.

Territories

....................................................................

17,207,805

Total

Municipal

Bonds

(Cost

$2,611,998,083)

...................................

2,482,447,994

Total

Long

Term

Investments

(Cost

$2,669,601,395)

.............................

2,531,960,144

a

a

a

a

a

a

Total

Investments

(Cost

$2,669,601,395)

99.6%

..................................

$2,531,960,144

Other

Assets,

less

Liabilities

0.4%

.............................................

8,978,687

Net

Assets

100.0%

...........................................................

$2,540,938,831

a

See

Note

4

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

November

30,

2022,

the

aggregate

value

of

these

securities

was

$121,204,249,

representing

4.8%

of

net

assets.

d

Security

purchased

on

a

when-issued

basis.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

42

a

a

Shares

a

Value

a

Management

Investment

Companies

3.3%

Capital

Markets

3.3%

a

Franklin

Municipal

Green

Bond

ETF

.....................................

1,550,000

$

36,285,500

Total

Management

Investment

Companies

(Cost

$39,888,825)

....................

36,285,500

Principal

Amount

a

a

a

a

Senior

Floating

Rate

Interests

3.7%

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

b,c

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

4.58

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/08/24

...................................................

$

10,901,352

10,901,352

Real

Estate

Management

&

Development

2.7%

c

Baytown

Leased

Housing

Associates

II

LP

,

Project

Term

Loan

,

4.763

%

,

(

1-month

SOFR

),

8/01/40

...................................................

25,110,000

25,576,102

b,c

TBG

Hillcrest

Senior

II

LP

,

Delayed

Draw

Term

Loan

,

4.58

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/01/38

...................................................

3,965,574

3,965,574

29,541,676

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$39,976,925)

..........................

40,443,028

Municipal

Bonds

88.9%

Alabama

6.4%

Black

Belt

Energy

Gas

District

,

d

Revenue,

2019

A-1,

Mandatory

Put,

4%,

12/01/25

.........................

11,675,000

11,632,485

Revenue,

2021

A,

Refunding,

4%,

12/01/22

..............................

490,000

490,000

Revenue,

2021

A,

Refunding,

4%,

6/01/23

...............................

400,000

400,793

Revenue,

2021

A,

Refunding,

4%,

6/01/24

...............................

400,000

401,513

d

Revenue,

2021

C-1,

Mandatory

Put,

4%,

12/01/26

.........................

10,000,000

9,903,360

d

Revenue,

2022

E,

Mandatory

Put,

5%,

6/01/28

............................

4,000,000

4,172,480

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

3,788,317

Alabama

Power

Co.,

Revenue,

2008,

Mandatory

Put,

2.9%,

12/12/23

...........

7,550,000

7,516,021

d

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2018

A

,

Mandatory

Put

,

4

%

,

6/01/24

.........................................................

10,895,000

10,877,698

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

A,

4%,

10/01/23

.......................................

450,000

450,487

Revenue,

2021

A,

4%,

10/01/24

.......................................

725,000

724,820

d

Revenue,

2022

B-1,

Mandatory

Put,

5%,

8/01/28

..........................

14,560,000

14,951,187

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

1,445,000

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/24

...........

1,500,000

1,540,456

Noland

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

12/01/26

...........

1,030,000

1,080,346

69,374,963

Alaska

1.0%

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

..............................

10,000,000

10,573,129

Arizona

1.8%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/24

.......................................................

1,000,000

1,014,807

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/25

.......................................................

1,000,000

1,008,979

KIPP

New

York,

Inc.

Gerard

Facility,

Revenue,

2021

C,

1.8%,

7/01/24

..........

450,000

421,208

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

43

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

d

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

2.7

%

,

(

SIFMA

Municipal

Swap

Index

+

0.8

%

),

9/01/24

.........................................................

$

17,000,000

$

16,952,240

19,397,234

California

3.5%

California

Community

Choice

Financing

Authority

,

Revenue,

2021

B-1,

4%,

8/01/25

......................................

535,000

539,622

Revenue,

2021

B-1,

4%,

2/01/26

......................................

850,000

857,298

Revenue,

2021

B-1,

4%,

8/01/26

......................................

325,000

327,813

Revenue,

2021

B-1,

4%,

8/01/27

......................................

400,000

403,387

Revenue,

2021

B-1,

4%,

2/01/28

......................................

375,000

378,040

Revenue,

2021

B-1,

4%,

8/01/28

......................................

470,000

472,994

e

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..............................................

3,090,000

2,471,610

California

County

Tobacco

Securitization

Agency

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

4

%

,

6/01/23

.............................................

400,000

401,959

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

13,044,468

d,e

California

Municipal

Finance

Authority

,

Farmdale

NOHO

LP

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

4.5

%

,

6/30/23

........................................

13,060,000

13,074,338

California

Statewide

Communities

Development

Authority

,

d

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

.......................................................

3,000,000

2,968,500

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

........................................................

3,500,000

3,503,210

38,443,239

Colorado

2.3%

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/29

...............................................

900,000

968,468

Denver

City

&

County

School

District

No.

1

,

GO

,

2012

B

,

Refunding

,

4

%

,

12/01/27

..

7,480,000

7,480,000

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

13,710,000

15,118,565

Regional

Transportation

District

,

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/24

........

400,000

408,230

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/24

........

300,000

304,773

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/15/25

........

325,000

333,113

Denver

Transit

Partners

LLC,

Revenue,

2020

A,

Refunding,

5%,

7/15/25

........

400,000

412,005

25,025,154

Connecticut

0.1%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/23

...

175,000

176,659

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/24

...

175,000

179,102

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

5%,

7/01/25

...

170,000

176,222

531,983

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

4,523,081

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.

44

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

1.9%

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/24

.........................................................

$

215,000

$

209,096

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-2

,

1.45

%

,

1/01/27

............................................

2,000,000

1,752,987

County

of

Escambia

,

Florida

Power

&

Light

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

.........................................................

5,000,000

4,996,851

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......................................

1,000,000

1,059,732

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien,

2020,

5%,

8/01/23

................................

1,720,000

1,746,082

Revenue,

Senior

Lien,

2020,

5%,

8/01/24

................................

1,805,000

1,870,403

Revenue,

Senior

Lien,

2020,

5%,

8/01/25

................................

1,800,000

1,901,612

Revenue,

Senior

Lien,

2020,

5%,

8/01/26

................................

1,940,000

2,086,599

d,e

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-2

,

Mandatory

Put

,

6.5

%

,

5/01/25

....................................................

3,375,000

3,259,763

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/27

.........................................................

500,000

502,729

River

Hall

Community

Development

District

,

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/23

.....................

175,000

173,823

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/24

.....................

230,000

224,324

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/25

.....................

180,000

172,469

Special

Assessment,

2021

A-1,

Refunding,

3%,

5/01/26

.....................

220,000

207,189

20,163,659

Georgia

4.9%

d

Atlanta

Urban

Residential

Finance

Authority

,

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

2021

A,

Mandatory

Put,

0.24%,

1/01/23

........................................................

1,250,000

1,246,871

e

Hollywood

Shawnee

Housing

Partners

LP,

Revenue,

144A,

2021

B,

Mandatory

Put,

1.35%,

1/01/23

..................................................

2,600,000

2,596,513

City

of

Atlanta

,

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/24

.............

2,500,000

2,591,431

Department

of

Aviation,

Revenue,

2020

A,

Refunding,

5%,

7/01/25

.............

1,500,000

1,582,988

d

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

......................

2,000,000

1,755,413

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

1,987,909

Main

Street

Natural

Gas,

Inc.

,

d

Revenue,

2018

A,

Mandatory

Put,

4%,

9/01/23

............................

10,025,000

10,062,987

d

Revenue,

2021

A,

Mandatory

Put,

4%,

9/01/27

............................

3,250,000

3,257,442

Revenue,

2021

C,

4%,

12/01/22

.......................................

500,000

500,000

Revenue,

2021

C,

4%,

12/01/23

.......................................

725,000

725,230

Revenue,

2021

C,

4%,

12/01/24

.......................................

735,000

734,182

d,e

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

15,000,000

14,274,240

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2018

A

,

Refunding

,

3

%

,

7/01/23

11,000,000

11,021,694

Private

Colleges

&

Universities

Authority

,

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/23

.................

300,000

305,144

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/24

.................

400,000

414,335

Mercer

University,

Revenue,

2021,

Refunding,

5%,

10/01/25

.................

425,000

446,949

53,503,328

Hawaii

1.6%

University

of

Hawaii

,

Revenue,

2020

B,

Refunding,

5%,

10/01/24

..............................

3,440,000

3,580,786

Revenue,

2020

B,

Refunding,

5%,

10/01/25

..............................

3,440,000

3,652,234

Revenue,

2020

B,

Refunding,

5%,

10/01/26

..............................

2,865,000

3,097,860

Revenue,

2020

D,

Refunding,

5%,

10/01/24

..............................

600,000

624,556

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

45

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Hawaii

(continued)

University

of

Hawaii,

(continued)

Revenue,

2020

D,

Refunding,

5%,

10/01/25

..............................

$

1,725,000

$

1,831,425

Revenue,

2020

D,

Refunding,

5%,

10/01/26

..............................

4,360,000

4,714,369

17,501,230

Illinois

8.4%

Chicago

Board

of

Education

,

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

.

1,000,000

1,019,434

Chicago

Park

District

,

GO,

2020

F-2,

Refunding,

5%,

1/01/25

..................................

350,000

360,788

GO,

2020

F-2,

Refunding,

5%,

1/01/26

..................................

500,000

523,406

GO,

2020

F-2,

Refunding,

5%,

1/01/27

..................................

550,000

582,936

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

.........................................................

1,425,000

1,466,890

City

of

Chicago

,

GO,

2008

C,

Refunding,

Zero

Cpn.,

1/01/23

..............................

2,500,000

2,492,867

GO,

2015

C,

Refunding,

5%,

1/01/25

...................................

1,900,000

1,926,435

GO,

2020

A,

Refunding,

5%,

1/01/28

...................................

3,100,000

3,167,949

City

of

Moline

,

GO,

2021

C,

AGMC

Insured,

0.542%,

12/01/22

...........................

500,000

500,000

GO,

2021

C,

AGMC

Insured,

0.702%,

12/01/23

...........................

1,175,000

1,129,114

GO,

2021

C,

AGMC

Insured,

1.151%,

12/01/24

...........................

580,000

540,356

GO,

2021

C,

AGMC

Insured,

1.439%,

12/01/25

...........................

925,000

838,640

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/29

...........

845,000

936,292

Illinois

Finance

Authority

,

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/27

.........

2,810,000

2,643,337

d

Field

Museum

of

Natural

History,

Revenue,

2019,

Refunding,

Mandatory

Put,

3.867%,

9/01/25

.................................................

3,695,000

3,677,977

d

OSF

Healthcare

System

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

Mandatory

Put,

5%,

11/15/24

.......................................

1,250,000

1,282,279

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

2,500,000

2,480,049

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2017

,

5

%

,

6/01/26

...........

2,000,000

2,128,530

State

of

Illinois

,

GO,

2010-4,

AGMC

Insured,

6.875%,

7/01/25

............................

750,000

772,507

GO,

2016,

Refunding,

5%,

2/01/25

.....................................

10,000,000

10,283,678

GO,

2016,

Refunding,

5%,

2/01/29

.....................................

750,000

777,727

GO,

2017

C,

5%,

11/01/29

...........................................

2,000,000

2,085,123

GO,

2017

D,

5%,

11/01/27

...........................................

5,025,000

5,249,000

GO,

2018

A,

6%,

5/01/25

............................................

6,000,000

6,317,497

GO,

2018

A,

Refunding,

5%,

10/01/29

..................................

375,000

393,624

GO,

2018

B,

Refunding,

5%,

10/01/31

..................................

625,000

653,780

GO,

2019

B,

5%,

11/01/30

...........................................

375,000

396,354

GO,

2020,

5.5%,

5/01/30

............................................

1,710,000

1,867,183

GO,

2021

A,

5%,

3/01/25

............................................

5,300,000

5,453,660

GO,

2022

B,

Refunding,

5%,

3/01/24

...................................

2,500,000

2,547,051

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/24

...............................

5,000,000

5,035,595

Sales

Tax,

Revenue,

2021

A,

4%,

6/15/27

...............................

1,500,000

1,520,710

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/23

.............

3,000,000

3,024,466

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/24

.............

3,300,000

3,372,911

Sales

Tax,

Revenue,

Junior

Lien,

2021

C,

Refunding,

5%,

6/15/25

.............

2,000,000

2,063,316

University

of

Illinois

,

Auxiliary

Facilities

System

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/25

.........................................................

11,660,000

11,537,655

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

......

145,000

144,700

91,193,816

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.

46

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Indiana

0.8%

e

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

$

1,560,000

$

1,476,290

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

B,

Refunding,

3.25%,

11/15/23

195,000

188,351

f

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/23

..

1,000,000

996,708

f

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/24

..

1,000,000

983,182

f

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/25

..

1,000,000

968,458

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

B,

Refunding,

0.65%,

8/01/25

....

4,500,000

4,107,080

8,720,069

Iowa

0.9%

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

.............................

9,300,000

9,203,560

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,722,104

Kentucky

3.1%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

...................................................

3,375,000

2,997,038

Eastern

Kentucky

University

,

Revenue,

2021

A,

Refunding,

3.25%,

10/01/23

............................

1,080,000

1,083,308

Revenue,

2021

A,

Refunding,

3.5%,

10/01/24

.............................

1,120,000

1,129,175

Revenue,

2021

A,

Refunding,

3.5%,

10/01/25

.............................

1,155,000

1,156,999

Revenue,

2021

A,

Refunding,

4%,

10/01/26

..............................

1,205,000

1,244,133

Revenue,

2021

A,

Refunding,

4%,

10/01/27

..............................

1,255,000

1,303,914

Revenue,

2021

A,

Refunding,

4%,

10/01/28

..............................

1,305,000

1,359,680

d

Kentucky

Economic

Development

Finance

Authority

,

Republic

Services,

Inc.

,

Revenue

,

2010

B

,

Refunding

,

Mandatory

Put

,

2.75

%

,

12/01/22

.......................

3,000,000

3,000,000

d

Kentucky

Public

Energy

Authority

,

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

............................

10,000,000

9,930,846

Revenue,

2022

A-2,

Mandatory

Put,

3.753%,

8/01/30

.......................

9,375,000

8,609,493

e

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

B

,

6.75

%

,

5/01/25

................................

1,950,000

1,886,914

33,701,500

Louisiana

4.3%

City

of

New

Orleans

,

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/26

.........................

450,000

479,073

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/27

.........................

600,000

648,352

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/28

.........................

550,000

601,861

d

Lake

Charles

Harbor

&

Terminal

District

,

Big

Lake

Fuels

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

1

%

,

12/01/24

.........................................

10,000,000

9,406,098

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

...................................

731,000

690,628

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

5%,

10/01/25

.......

250,000

258,311

d

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

B,

Refunding,

Mandatory

Put,

5%,

5/15/25

........................................

7,500,000

7,781,800

Louisiana

Stadium

&

Exposition

District

,

Revenue,

2020,

5%,

7/03/23

.........................................

4,650,000

4,657,677

e

Revenue,

144A,

2022

A,

1.872%,

7/03/23

...............................

3,000,000

2,939,527

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)

Louisiana

(continued)

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

$

16,547,367

d

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

Mandatory

Put

,

3.167

%

,

(

SOFR

+

0.5

%

),

5/01/26

..........................

2,975,000

2,888,166

46,898,860

Maryland

3.5%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

......................

5,000,000

5,328,124

City

of

Cumberland

,

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/24

.........................

395,000

408,668

GO,

2021,

Refunding,

AGMC

Insured,

5%,

6/01/25

.........................

455,000

478,971

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

...............................................

10,000,000

10,480,967

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

5,428,017

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

......................

12,330,000

13,364,660

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/26

...............

1,035,000

1,089,000

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/27

...............

1,215,000

1,291,418

37,869,825

Massachusetts

1.5%

d

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-4,

Refunding,

Mandatory

Put,

5%,

1/25/24

........................................................

5,000,000

5,107,009

President

&

Trustees

of

Williams

College

(The),

Revenue,

2011

N,

Mandatory

Put,

0.45%,

7/01/25

..................................................

1,000,000

898,446

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2022

C-3

,

FHA

Insured

,

4

%

,

6/01/26

.........................................................

10,000,000

10,193,256

16,198,711

Michigan

0.9%

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/27

.......................................

2,000,000

2,128,700

d

Michigan

Strategic

Fund

,

Consumers

Energy

Co.,

Revenue,

2005,

Mandatory

Put,

0.875%,

10/08/26

......

4,350,000

3,955,460

Waste

Management

of

Michigan,

Inc.,

Revenue,

2001,

Mandatory

Put,

0.58%,

8/01/24

........................................................

3,300,000

3,101,345

9,185,505

Minnesota

2.9%

d

City

of

Columbia

Heights

,

42

Central

LP

,

Revenue

,

2022

A

,

Mandatory

Put

,

2.7

%

,

7/01/24

.........................................................

1,000,000

988,827

d

Dakota

County

Community

Development

Agency

,

Eagan

AH

I

LLLP

,

Revenue

,

2020

,

Mandatory

Put

,

0.35

%

,

6/01/23

.......................................

6,000,000

5,897,141

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,229,612

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

.....................

1,000,000

1,068,127

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

.....................

1,000,000

1,081,766

d

Minnesota

Municipal

Gas

Agency

,

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/27

...........................

8,785,000

8,802,562

Revenue,

2022

B,

Mandatory

Put,

3.553%,

12/01/27

.......................

8,000,000

7,599,236

31,667,271

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)

Mississippi

0.2%

d

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

........................................

$

2,500,000

$

2,174,147

Mississippi

Home

Corp.

,

e

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

2.75%,

6/01/26

288,007

263,909

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

2.9%,

6/01/26

...................................................

72,598

66,870

2,504,926

Missouri

0.5%

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/23

...............

280,000

281,413

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/24

...............

300,000

306,509

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/25

...............

500,000

511,860

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/26

...............

405,000

417,056

City

of

Independence,

Revenue,

2021,

Refunding,

5%,

3/01/27

...............

660,000

683,264

d

St.

Charles

County

Industrial

Development

Authority

,

Hidden

Valley

Housing

Partners

LP

,

Revenue

,

2021

,

Mandatory

Put

,

0.27

%

,

10/01/23

.......................

3,500,000

3,411,828

5,611,930

Nebraska

0.4%

Nebraska

Public

Power

District

,

Revenue,

2021

C,

Refunding,

5%,

1/01/23

...............................

1,500,000

1,503,159

Revenue,

2021

C,

Refunding,

5%,

1/01/24

...............................

2,500,000

2,565,884

4,069,043

Nevada

0.4%

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

...................................

1,745,000

1,806,686

GO,

2020

D,

Refunding,

5%,

6/01/25

...................................

2,750,000

2,905,101

4,711,787

New

Hampshire

0.4%

d

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

2.275

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

.........................................................

5,000,000

4,799,802

New

Jersey

9.3%

City

of

Newark

,

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/23

......................

1,000,000

1,017,559

GO,

2020

A,

Refunding,

AGMC

Insured,

5%,

10/01/24

......................

1,000,000

1,037,289

County

of

Atlantic

,

GO,

2020,

0.375%,

6/01/23

..........................................

1,730,000

1,705,664

GO,

2020,

0.375%,

6/01/24

..........................................

1,765,000

1,687,585

GO,

2020,

0.375%,

6/01/25

..........................................

1,800,000

1,655,118

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

.................................

4,215,000

4,051,588

County

of

Union

,

GO,

2020,

0.5%,

3/01/23

............................................

5,215,000

5,180,542

GO,

2020,

0.5%,

3/01/24

............................................

5,290,000

5,108,460

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

27,474,900

New

Jersey

Economic

Development

Authority

,

e

Revenue,

144A,

2019,

Refunding,

5.25%,

9/01/27

.........................

6,000,000

6,548,521

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/25

...................

1,000,000

1,054,770

d

New

Jersey-American

Water

Co.,

Inc.,

Revenue,

2019

B,

Refunding,

Mandatory

Put,

2.05%,

12/03/29

.................................................

7,500,000

6,680,706

g

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

FRN,

2013

I,

Refunding,

3.5%,

(SIFMA

Municipal

Swap

Index

+

1.6%),

3/01/28

.....................

12,170,000

12,175,614

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)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AMBAC

Insured,

Zero

Cpn.,

12/15/26

....................

$

10,000,000

$

8,592,404

Revenue,

2006

C,

BHAC

Insured,

Zero

Cpn.,

12/15/27

......................

11,110,000

9,453,201

Newark

Board

of

Education

,

GO,

2021,

Refunding,

5%,

7/15/23

.....................................

300,000

304,436

GO,

2021,

Refunding,

5%,

7/15/24

.....................................

400,000

413,164

State

of

New

Jersey

,

GO,

3%,

6/01/25

..................................................

2,000,000

1,997,061

GO,

2020

A,

4%,

6/01/30

............................................

5,000,000

5,270,644

101,409,226

New

Mexico

0.4%

d

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

.....................................

4,250,000

3,756,265

New

York

4.3%

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

..................

4,205,000

4,349,104

Metropolitan

Transportation

Authority

,

Revenue,

2017

A-2,

Refunding,

5%,

11/15/25

.............................

3,980,000

4,142,937

Revenue,

2020

A-1,

5%,

2/01/23

......................................

8,250,000

8,273,482

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/24

1,000,000

1,021,292

Queens

Ballpark

Co.

LLC,

Revenue,

2021

A,

Refunding,

AGMC

Insured,

5%,

1/01/25

1,000,000

1,041,245

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

657,652

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/26

......................................................

5,000,000

5,423,468

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

2,953,393

d

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

........................................................

10,000,000

9,989,251

New

York

State

Housing

Finance

Agency

,

Revenue,

2020

F,

1.1%,

11/01/26

......................................

2,860,000

2,605,885

d

Revenue,

2022

A-2,

Mandatory

Put,

2.5%,

5/01/27

.........................

3,000,000

2,859,621

New

York

Transportation

Development

Corp.

,

JFK

International

Air

Terminal

LLC,

Revenue,

2020

A,

Refunding,

5%,

12/01/25

...

500,000

516,940

JFK

International

Air

Terminal

LLC,

Revenue,

2020

C,

Refunding,

5%,

12/01/25

...

2,200,000

2,306,964

State

of

New

York

Mortgage

Agency

,

Revenue

,

212

,

2.95

%

,

4/01/25

.............

895,000

885,297

47,026,531

North

Carolina

0.7%

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/24

..........

1,200,000

1,233,491

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,000,000

1,037,328

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/26

..........

850,000

891,597

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

................................

3,000,000

3,243,832

Revenue,

2018,

Refunding,

5%,

10/01/27

................................

1,500,000

1,650,173

8,056,421

North

Dakota

1.1%

Cass

County

Joint

Water

Resource

District

,

GO

,

2021

A

,

Refunding

,

0.48

%

,

5/01/24

.

5,000,000

4,757,198

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/27

..

1,125,000

1,195,290

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/28

..

1,680,000

1,797,593

City

of

Horace

,

GO,

2021

B,

Refunding,

0.6%,

10/01/23

.................................

1,600,000

1,554,880

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)

North

Dakota

(continued)

City

of

Horace,

(continued)

GO,

2022

A,

Refunding,

3.25%,

8/01/24

.................................

$

3,000,000

$

2,986,220

12,291,181

Ohio

2.5%

American

Municipal

Power,

Inc.

,

Revenue

,

2009

B

,

5.355

%

,

2/15/24

.............

4,465,000

4,476,349

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-1

,

1

,

Refunding

,

1.809

%

,

6/01/25

..........................................

1,850,000

1,704,068

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/22

...........

1,200,000

1,200,000

d

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

...............................

7,500,000

7,470,290

Ohio

Water

Development

Authority

,

Revenue

,

2018

,

5

%

,

6/01/28

................

7,000,000

7,811,492

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

.............

2,560,000

2,596,139

Youngstown

State

University

,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/24

...................

645,000

660,708

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/25

...................

580,000

600,024

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

12/15/26

...................

850,000

886,564

27,405,634

Oklahoma

0.2%

Oklahoma

State

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

9/01/23

...........

705,000

717,238

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso

,

Revenue

,

2018

,

5

%

,

9/01/23

..................................

1,170,000

1,189,524

1,906,762

Oregon

0.6%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

.........................................................

850,000

857,204

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,113,922

State

of

Oregon

,

GO

,

2015

B

,

Refunding

,

5

%

,

8/01/27

........................

2,785,000

2,953,267

5,924,393

Pennsylvania

3.9%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/24

.................................

150,000

153,168

Revenue,

2022,

Refunding,

5%,

5/01/25

.................................

500,000

515,693

Revenue,

2022,

Refunding,

5%,

5/01/26

.................................

500,000

519,412

Revenue,

2022,

Refunding,

5%,

5/01/27

.................................

590,000

616,131

d

Bethlehem

Area

School

District

Authority

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

2.896

%

,

(

SOFR

+

0.35

%

),

11/01/25

................................

1,995,000

1,929,528

d

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014

B

,

Refunding

,

Mandatory

Put

,

3.77

%

,

(

1-month

USD

LIBOR

+

1.07

%

),

6/01/24

......

10,000,000

10,050,457

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625

%

,

2/15/27

...................................

8,500,000

8,208,313

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/29

...........

1,230,000

1,322,412

d

Waste

Management,

Inc.,

Revenue,

2021

A,

Mandatory

Put,

2.3%,

6/03/24

......

6,000,000

5,775,414

d

Waste

Management,

Inc.,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

1.1%,

11/02/26

.......................................................

4,000,000

3,513,916

Philadelphia

Gas

Works

Co.

,

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/25

........................

500,000

527,171

Revenue,

Sixteenth

A,

AGMC

Insured,

5%,

8/01/26

........................

600,000

642,530

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)

Pennsylvania

(continued)

g

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2019

,

2.26

%

,

(

SIFMA

Municipal

Swap

Index

+

0.36

%

),

2/15/24

...........

$

7,750,000

$

7,748,224

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/23

.........................

375,000

376,203

41,898,572

Rhode

Island

0.2%

City

of

Providence

,

GO,

2021

A,

Refunding,

5%,

1/15/23

...................................

475,000

476,157

GO,

2021

A,

Refunding,

5%,

1/15/24

...................................

500,000

510,510

GO,

2021

A,

Refunding,

5%,

1/15/25

...................................

500,000

520,354

GO,

2021

A,

Refunding,

5%,

1/15/26

...................................

500,000

528,066

2,035,087

South

Carolina

1.7%

d

Columbia

Housing

Authority

,

Columbia

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2022

,

Mandatory

Put

,

2.25

%

,

10/01/25

..................................

9,000,000

8,741,867

e

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

710,000

645,012

e

South

Carolina

Jobs-Economic

Development

Authority

,

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-3

,

6

%

,

6/01/23

............................

1,775,000

1,755,920

South

Carolina

Public

Service

Authority

,

Revenue,

2021

B,

5%,

12/01/22

.......................................

1,500,000

1,500,000

Revenue,

2021

B,

5%,

12/01/24

.......................................

1,750,000

1,815,687

e

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

1,500,000

1,433,495

d

Spartanburg

Housing

Authority

,

CV

Housing

Partners

LP

,

Revenue

,

2022

,

Mandatory

Put

,

1.05

%

,

8/01/23

................................................

2,000,000

1,973,185

17,865,166

South

Dakota

0.1%

South

Dakota

Health

&

Educational

Facilities

Authority

,

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

0.744%,

11/01/23

........

710,000

682,400

Sanford

Obligated

Group,

Revenue,

2021,

Refunding,

1.225%,

11/01/24

........

450,000

418,171

1,100,571

Tennessee

2.7%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

7,159,447

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

7,682,102

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

8,222,727

d,h

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

5,400,000

5,643,477

Tennessee

Energy

Acquisition

Corp.

,

Revenue,

2021

A,

5%,

11/01/23

.......................................

250,000

252,548

Revenue,

2021

A,

5%,

11/01/24

.......................................

250,000

254,807

Revenue,

2021

A,

5%,

11/01/25

.......................................

350,000

359,318

29,574,426

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)

Texas

4.4%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

$

3,280,000

$

2,819,942

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

5,321,135

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,084,391

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

5,406,681

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2022

,

Refunding

,

5

%

,

2/01/23

4,000,000

4,016,696

Grand

Prairie

Independent

School

District

,

GO

,

2016

B

,

Refunding

,

4

%

,

2/15/31

....

10,505,000

10,817,074

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2%,

9/01/24

.............................................

140,000

134,101

GO,

2021,

2%,

9/01/25

.............................................

145,000

135,368

GO,

2021,

2%,

9/01/26

.............................................

150,000

136,043

GO,

2021,

2%,

9/01/27

.............................................

155,000

136,897

State

of

Texas

,

GO,

2018

B-3,

Refunding,

5%,

8/01/24

..................................

4,750,000

4,939,451

GO,

2018

B-3,

Refunding,

5%,

8/01/25

..................................

2,000,000

2,121,899

GO,

2018

B-3,

Refunding,

5%,

8/01/26

..................................

2,000,000

2,162,731

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

4,200,000

4,634,225

d

THF

Public

Facility

Corp.

,

THF

Little

Elm

Leased

Housing

Associates

II

LP

,

Revenue

,

2022

,

Mandatory

Put

,

3.25

%

,

9/01/25

...................................

3,500,000

3,464,225

e

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

..............................................

140,000

124,856

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

2%,

8/15/23

.....................................

255,000

252,321

GO,

Sub.

Lien,

2021,

2%,

8/15/25

.....................................

265,000

250,983

GO,

Sub.

Lien,

2021,

2%,

8/15/27

.....................................

280,000

253,349

48,212,368

Utah

0.6%

City

of

Salt

Lake

City

,

Airport,

Revenue,

2021

A,

5%,

7/01/24

..................................

1,000,000

1,027,014

Airport,

Revenue,

2021

A,

5%,

7/01/26

..................................

3,900,000

4,086,953

South

Valley

Water

Reclamation

Facility

,

Revenue

,

2018

,

AGMC

Insured

,

5

%

,

2/15/23

1,225,000

1,231,035

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

3

%

,

10/15/23

.....................

475,000

470,146

6,815,148

Virginia

0.3%

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/29

........................................................

180,000

179,712

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

7/01/29

........................................................

1,750,000

1,746,336

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/22

...

240,000

240,000

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/23

...

300,000

295,917

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/24

...

220,000

213,927

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/25

...

230,000

220,364

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

12/01/26

...

235,000

221,741

3,117,997

Washington

2.0%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

1,700,000

1,883,159

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

3,652,290

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)

Washington

(continued)

Clark

County

School

District

No.

37

Vancouver

,

GO

,

2021

,

4

%

,

12/01/22

..........

$

3,575,000

$

3,575,000

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/23

.........................................................

5,000,000

5,072,280

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,205,951

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,627,249

State

of

Washington

,

GO

,

R-2015

D

,

Refunding

,

5

%

,

7/01/28

..................

3,985,000

4,172,394

e

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

302,867

21,491,190

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

893,413

Wisconsin

0.4%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

2.75%,

12/01/25

...................

512,757

484,438

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/26

..........

150,000

147,486

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/25

...........................................

285,000

283,330

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/26

...........................................

300,000

296,629

e

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

B,

4.25%,

6/01/25

1,834,000

1,751,408

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/23

....................................................

250,000

249,848

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/24

....................................................

160,000

158,696

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/26

....................................................

345,000

336,402

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/27

....................................................

360,000

347,104

4,055,341

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/23

.....

800,000

804,219

Cheyenne

Regional

Medical

Center,

Revenue,

2021,

Refunding,

4%,

5/01/27

.....

550,000

570,555

1,374,774

U.S.

Territories

1.0%

District

of

Columbia

0.9%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

12/01/27

......

9,150,000

10,167,490

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/23

..

100,000

101,080

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/25

..

195,000

202,479

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)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority,

(continued)

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/27

..

$

450,000

$

478,355

781,914

Total

U.S.

Territories

....................................................................

10,949,404

Total

Municipal

Bonds

(Cost

$996,878,462)

.....................................

964,255,579

Total

Long

Term

Investments

(Cost

$1,076,744,212)

.............................

1,040,984,107

a

a

a

a

a

Short

Term

Investments

4.8%

Municipal

Bonds

4.8%

Colorado

0.1%

i

City

&

County

of

Denver

,

COP

,

2008

A-3

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.05

%

,

12/01/31

...............................

600,000

600,000

Georgia

0.1%

i

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

1.1

%

,

9/01/37

......................

600,000

600,000

Maryland

0.5%

i

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.05

%

,

11/01/37

........................................................

5,100,000

5,100,000

Michigan

0.5%

i

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

0.95

%

,

12/01/24

..

6,000,000

6,000,000

Minnesota

0.9%

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

,

1

%

,

11/15/35

.................................................

10,300,000

10,300,000

New

York

0.4%

i

Nassau

County

Industrial

Development

Agency

,

Cold

Spring

Harbor

Laboratory

,

Revenue

,

1999

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.95

%

,

1/01/34

3,800,000

3,800,000

North

Carolina

0.7%

i

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1

%

,

1/15/48

.........................................................

7,400,000

7,400,000

Ohio

0.1%

i

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

1.02

%

,

6/01/34

.................

1,000,000

1,000,000

Oregon

0.1%

i

State

of

Oregon

,

GO

,

2020

J

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.06

%

,

6/01/39

...................................................

1,300,000

1,300,000

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

55

See

Abbreviations

on

page

196

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Tennessee

1.4%

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

,

1.03

%

,

6/01/42

...................................

$

15,600,000

$

15,600,000

Total

Municipal

Bonds

(Cost

$51,700,000)

......................................

51,700,000

Total

Short

Term

Investments

(Cost

$51,700,000

)

................................

51,700,000

a

Total

Investments

(Cost

$1,128,444,212)

100.7%

................................

$1,092,684,107

Other

Assets,

less

Liabilities

(0.7)%

...........................................

(7,453,472)

Net

Assets

100.0%

...........................................................

$1,085,230,635

a

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

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

November

30,

2022,

the

aggregate

value

of

these

securities

was

$57,628,420,

representing

5.3%

of

net

assets.

f

Security

purchased

on

a

when-issued

basis.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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),

November

30,

2022

Franklin

Georgia

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

900,000

$

900,000

Total

Corporate

Bonds

(Cost

$900,000)

........................................

900,000

Municipal

Bonds

97.4%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,075,939

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

2,592,000

2,219,219

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

750,000

493,925

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,030,000

1,654,450

4,367,594

Georgia

88.1%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

5%,

6/15/36

........................................................

2,390,000

2,532,375

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

4%,

6/15/40

........................................................

5,000,000

4,919,253

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/40

............

7,750,000

8,013,813

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

............

3,000,000

3,090,240

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,641,312

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

970,825

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

952,362

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

4,000,000

3,943,570

c

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

2,241,026

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

3,000,000

2,880,973

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

..........

2,000,000

2,038,059

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

2,950,000

2,828,612

Carrollton

Payroll

Development

Authority

,

UWG

Athletic

Complex

LLC

,

Revenue

,

2014

,

Refunding

,

AGMC

Insured

,

5

%

,

6/15/37

.................................

3,140,000

3,260,121

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014

A,

Refunding,

5%,

1/01/34

........................................................

3,250,000

3,311,072

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

4,394,740

BeltLineTAD,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

.................

1,780,000

1,897,740

Department

of

Aviation,

Revenue,

2021

C,

Refunding,

5%,

7/01/37

.............

1,500,000

1,587,578

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

5,000,000

5,371,742

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

5,269,166

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

1,835,000

1,467,771

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,244,607

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,234,892

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

57

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

$

3,000,000

$

3,172,108

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,459,384

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

972,459

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC,

Revenue,

2022

A,

5%,

6/15/32

..........

1,295,000

1,502,929

USG

Real

Estate

Foundation

XIII

LLC,

Revenue,

2022

A,

5%,

6/15/33

..........

1,210,000

1,412,588

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

394,456

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

425,000

416,857

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

400,000

413,350

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

363,008

WellStar

Health

System

Obligated

Group,

Revenue,

2022

A,

4%,

4/01/52

........

3,100,000

2,814,493

County

of

DeKalb

,

Water

&

Sewerage,

Revenue,

2006

B,

Refunding,

AGMC

Insured,

5%,

10/01/35

..

5,655,000

6,024,280

Water

&

Sewerage,

Revenue,

2011

A,

5.25%,

10/01/41

.....................

4,225,000

4,230,217

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

4,045,144

County

of

Rockdale

,

Stormwater

System,

Revenue,

2021,

4%,

7/01/36

.........................

500,000

510,269

Stormwater

System,

Revenue,

2021,

4%,

7/01/41

.........................

500,000

496,577

Coweta

County

Water

&

Sewage

Authority

,

Revenue,

2021

B,

3%,

6/01/43

........................................

820,000

680,030

Revenue,

2021

B,

3%,

6/01/46

........................................

1,000,000

803,802

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

2,948,388

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

2,500,000

2,503,147

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

1,977,211

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

........................................................

4,160,000

4,179,898

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

........................................................

5,840,000

5,891,544

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

4,592,109

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/29

.............

1,000,000

1,114,297

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/30

.............

1,030,000

1,163,901

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/31

.............

1,235,000

1,407,954

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/32

.............

1,350,000

1,548,981

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,007,738

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

4,000,000

3,660,794

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

5,448,674

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,583,064

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,055,181

KSU

2020

Housing

Real

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

5,311,306

KSU

University

II

Real

Estate

Foundation

LLC,

Revenue,

2021,

Refunding,

4%,

7/15/34

........................................................

1,000,000

1,006,988

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

1,891,791

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District

,

COP

,

2006

,

NATL

Insured

,

5.25

%

,

1/01/24

...................................

2,000,000

2,058,003

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

4,825,000

3,732,020

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

1,006,260

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.

58

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

$

6,735,000

$

7,043,224

Forsyth

County

School

District

,

GO

,

2018

,

5

%

,

2/01/38

.......................

2,650,000

2,884,444

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

5,760,875

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

7,124,363

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

4,629,227

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2021

A,

4%,

2/15/51

5,000,000

4,510,147

Gainesville

School

District

,

GO

,

2020

,

4

%

,

11/01/42

.........................

1,000,000

1,006,100

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,219,355

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

1,655,000

1,639,555

Revenue,

2018

A,

3.85%,

12/01/38

....................................

1,170,000

1,142,378

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,174,215

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

4,640,000

4,049,025

Georgia

Ports

Authority

,

Revenue,

2021,

4%,

7/01/51

.........................................

3,250,000

3,080,385

Revenue,

2022,

5%,

7/01/47

.........................................

2,500,000

2,749,860

Revenue,

2022,

5.25%,

7/01/52

.......................................

2,000,000

2,226,664

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,010,318

Gwinnett

County

School

District

,

GO

,

2019

,

5

%

,

2/01/41

......................

3,000,000

3,299,327

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,224,483

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

AGMC

Insured

,

ETM,

6

%

,

10/01/23

.....................................................

505,000

518,781

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

5,352,608

Revenue,

2019

A,

5%,

5/15/38

........................................

2,500,000

2,576,030

d

Revenue,

2022

B,

Mandatory

Put,

5%,

6/01/29

............................

5,000,000

5,160,664

b,d

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

8,000,000

7,612,928

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015

B

,

5

%

,

7/01/45

........

5,000,000

5,216,025

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

962,046

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,188,387

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

4,766,649

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

3,517,249

Revenue,

2021

A,

Refunding,

4%,

1/01/46

...............................

330,000

288,633

Revenue,

2021

A,

Refunding,

4%,

1/01/51

...............................

425,000

363,771

Revenue,

2021

A,

Refunding,

5%,

1/01/56

...............................

750,000

743,314

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

5,052,390

Emory

University,

Revenue,

2019

B,

Refunding,

5%,

9/01/48

.................

4,000,000

4,257,123

Mercer

University,

Revenue,

2021,

Refunding,

4%,

10/01/50

.................

5,400,000

4,817,525

Mercer

University,

Revenue,

2022,

Refunding,

5.25%,

10/01/51

...............

4,500,000

4,750,989

Pulaski

County

School

District

,

GO

,

2020

,

4

%

,

10/01/42

......................

1,000,000

1,006,029

Richmond

County

Hospital

Authority

,

University

Health

Services

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

8,039,461

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,628,605

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

59

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

$

2,000,000

$

2,133,117

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

5,275,668

310,895,031

Illinois

0.8%

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/37

............................................

250,000

257,647

GO,

2021

B,

4%,

12/01/38

...........................................

3,000,000

2,751,860

3,009,507

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/35

........................................................

1,200,000

1,264,497

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

100,000

81,720

Revenue,

2020

D,

4%,

11/15/47

.......................................

600,000

505,610

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,300,000

2,003,768

2,591,098

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

900,000

698,709

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

900,000

697,990

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

379,323

1,776,022

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,200,000

879,866

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,119,885

1,999,751

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

900,000

697,911

Wisconsin

1.2%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

900,000

708,184

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,500,000

1,156,908

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

2,300,000

2,300,000

4,165,092

U.S.

Territories

3.4%

Puerto

Rico

3.4%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

560,000

559,432

c

Revenue,

XX,

5.25%,

7/01/40

........................................

2,270,000

1,685,475

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

4,800,000

4,799,779

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,450,000

1,437,825

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,100,000

1,088,884

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.

60

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

$

2,480,000

$

2,353,050

11,924,445

Total

U.S.

Territories

....................................................................

11,924,445

Total

Municipal

Bonds

(Cost

$374,742,585)

.....................................

343,766,887

Total

Long

Term

Investments

(Cost

$375,642,585)

...............................

344,666,887

a

a

a

a

a

a

Total

Investments

(Cost

$375,642,585)

97.7%

...................................

$344,666,887

Other

Assets,

less

Liabilities

2.3%

.............................................

8,217,896

Net

Assets

100.0%

...........................................................

$352,884,783

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$21,434,109,

representing

6.1%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

High

Yield

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

61

a

a

Shares

a

Value

a

Management

Investment

Companies

0.7%

Capital

Markets

0.7%

a

Franklin

Dynamic

Municipal

Bond

ETF

...................................

1,605,000

$

37,653,300

Total

Management

Investment

Companies

(Cost

$41,778,738)

....................

37,653,300

Principal

Amount

a

a

a

a

Corporate

Bonds

2.3%

Commercial

Services

&

Supplies

0.4%

b

CalPlant

I

LLC

,

c

21A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

$

1,920,000

1,920,000

c

21B,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

7,205,000

7,205,000

c

22A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

..........................

3,975,000

3,975,000

d

22B,

Senior

Secured

Note,

144A,

9.5%,

12/30/22

..........................

345,000

345,000

d

22C,

Senior

Secured

Note,

144A,

9.5%,

12/30/22

..........................

2,610,000

2,610,000

c

22X,

Senior

Secured

Note,

144A,

9.5%,

1/31/23

...........................

3,910,000

3,910,000

19,965,000

Diversified

Consumer

Services

1.6%

Grand

Canyon

University

,

5.125

%

,

10/01/28

...............................

93,710,000

87,178,413

Electric

Utilities

0.3%

b,d

Mission

Rock

Utilities,

Inc.

,

144A,

7

%

,

7/01/27

..............................

15,000,000

14,845,200

Total

Corporate

Bonds

(Cost

$128,486,225)

.....................................

121,988,613

Municipal

Bonds

96.5%

Alabama

3.3%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/28

....................

7,350,000

5,213,806

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/29

....................

13,465,000

8,820,678

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/30

....................

19,050,000

11,502,592

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

13,796,630

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

15,780,208

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

16,869,092

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,190,446

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

6,013,014

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,575,659

Sewer,

Revenue,

Sub.

Lien,

2013

F,

Zero

Cpn.,

10/01/39

....................

75,000,000

76,467,727

MidCity

Improvement

District

,

Assessment

Area,

Special

Assessment,

2022,

3.875%,

11/01/27

..............

300,000

270,118

Assessment

Area,

Special

Assessment,

2022,

4.25%,

11/01/32

...............

600,000

505,169

Assessment

Area,

Special

Assessment,

2022,

4.5%,

11/01/42

................

1,090,000

858,644

Assessment

Area,

Special

Assessment,

2022,

4.75%,

11/01/49

...............

1,250,000

960,584

173,824,367

Arizona

1.8%

Arizona

Industrial

Development

Authority

,

d

Doral

Academy

of

Northern

Nevada

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/15/41

............................................

265,000

215,550

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019

B,

5.125%,

1/01/54

.................................................

3,005,000

1,694,186

d

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,095,894

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2022,

Refunding,

4%,

6/15/57

8,500,000

5,876,927

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

A,

7%,

11/15/57

.......................................................

5,000,000

5,140,333

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.

62

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

d

Industrial

Development

Authority

of

the

County

of

Pima

(The),

(continued)

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

B-1,

6.625%,

5/15/31

........................................................

$

4,000,000

$

4,020,498

d

Maricopa

County

Industrial

Development

Authority

,

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/41

........................................................

370,000

295,929

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/51

........................................................

545,000

398,612

Arizona

Autism

Charter

Schools

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

7/01/61

........................................................

2,625,000

1,818,836

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

5,000,000

5,201,164

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

10,236,942

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

6,000,000

6,210,993

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

11,950,394

d

Sierra

Vista

Industrial

Development

Authority

,

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

A,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

11,678,545

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

B,

6.25%,

10/01/36

.......................................................

3,945,000

3,207,441

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

A,

Zero

Cpn.,

10/01/56

.......................................................

2,327,000

1,813,574

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

B,

9%,

10/01/37

.......................................................

250,000

238,765

Tempe

Industrial

Development

Authority

,

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,900,000

1,737,640

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

4,850,000

4,290,942

d

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

2,800,000

2,441,476

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

3,628,341

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

6,651,898

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/01/46

.......................................................

500,000

357,207

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

B,

4%,

12/01/56

.......

4,260,000

2,803,552

93,005,639

Arkansas

0.1%

d

Arkansas

Development

Finance

Authority

,

United

States

Steel

Corp.

,

Revenue

,

144A,

2022

,

5.45

%

,

9/01/52

...............................................

8,000,000

7,952,613

California

20.5%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

12,726,038

d

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

4.25%,

7/01/32

.....

500,000

473,902

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

5.75%,

7/01/60

.....

17,500,000

16,599,849

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

C,

6.75%,

7/01/60

.....

7,000,000

6,549,890

d

California

Community

Housing

Agency

,

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

9,239,291

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

14,045,000

11,234,226

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

1,800,000

1,469,947

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

144A,

2021

A-2,

4%,

8/01/47

15,000,000

11,038,819

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

....................................................

8,500,000

6,941,416

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

5,905,000

4,539,417

K

Street

Flats,

Revenue,

144A,

2021

A-2,

4%,

8/01/50

......................

16,500,000

11,307,432

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

63

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

d

California

Community

Housing

Agency,

(continued)

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

$

30,500,000

$

22,667,765

Twin

Creek

Apartments,

Revenue,

Junior

Lien,

144A,

2022

B,

5.5%,

2/01/40

.....

4,400,000

3,961,057

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

1,795,000

1,824,646

d

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

17,596,898

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

6,691,579

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

6,759,834

d

California

Pollution

Control

Financing

Authority

,

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

12,250,000

e

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

5,000,000

e

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

10,000,000

5,800,000

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

6.75%,

12/01/28

..........

1,700,000

1,213,395

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

5,300,000

3,486,712

d

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

3,163,933

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017

A,

Refunding,

5%,

7/01/47

............................................

2,900,000

2,101,541

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/46

.......................................................

1,250,000

1,061,315

California

Statewide

Communities

Development

Authority

,

d

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

7,016,861

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014

A,

5.25%,

12/01/44

.......................................................

10,555,000

10,630,461

d

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

3,000,000

2,987,966

d

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,170,343

d

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

3,236,244

d

City

&

County

of

San

Francisco

,

District

No.

2020-1

,

Special

Tax

,

144A,

2021

B

,

5.25

%

,

9/01/49

.........................................................

5,000,000

3,568,158

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

7,136,316

d

CMFA

Special

Finance

Agency

,

Solana

at

Grand,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/45

...........

35,000,000

26,925,388

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

1,700,000

1,386,509

d

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

A-2

,

4.5

%

,

8/01/51

.........................................................

38,000,000

27,331,173

d

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The),

Revenue,

144A,

2021

A-1,

3%,

8/01/56

..........

1,750,000

1,149,198

Breakwater

Apartments

(The),

Revenue,

144A,

2021

A-2,

4%,

8/01/47

..........

34,170,000

25,146,431

d

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

11,095,000

8,443,784

d

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

17,000,000

12,501,841

d

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

............

10,000,000

6,784,766

Cameo/Garrison

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3%,

3/01/57

.

7,500,000

4,908,551

Crescent

(The),

Revenue,

144A,

2022

B,

5.5%,

7/01/59

.....................

15,935,000

13,151,514

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

.............................

7,500,000

5,113,645

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

16,000,000

10,716,589

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-2,

3.125%,

8/01/56

10,000,000

6,645,153

Park

Crossing

Apartments,

Revenue,

144A,

2021

B,

4%,

12/01/48

.............

14,235,000

10,060,131

Parrallel-Anaheim,

Revenue,

144A,

2021

A,

4%,

8/01/56

....................

8,000,000

6,119,786

Union

South

Bay,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

....................

12,500,000

9,562,355

Wood

Creek

Apartments,

Revenue,

Sub.

Lien,

144A,

2021

B,

4%,

12/01/59

......

19,800,000

12,480,479

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.

64

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

..............

$

10,000,000

$

10,712,009

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/31

..............

7,295,000

7,966,405

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

27,160,000

30,102,088

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

24,748,276

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

24,266,282

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,234,241

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

1,250,000

948,934

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

908,979

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,463,592

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/28

........

480,000

478,410

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/32

........

520,000

510,294

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

2,679,056

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

3,504,528

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,055,982

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

2,745,112

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

32,254,828

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

24,082,546

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

6%,

1/15/45

...............................

35,834,000

44,355,275

Revenue,

1997

A,

Refunding,

6%,

1/15/46

...............................

35,834,000

44,170,572

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/25

...........................

15,200,000

14,357,227

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

131,900,000

120,976,754

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

139,100,000

123,658,203

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/44

...................

20,000,000

20,335,398

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/49

...................

25,000,000

25,363,408

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

39,542,688

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

19,069,662

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,640,181

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,307,391

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

7,095,960

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

5,227,152

Southern

California

Public

Power

Authority

,

Revenue

,

2007

A

,

5.25

%

,

11/01/27

.....

9,855,000

10,493,711

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

B,

Zero

Cpn.,

6/01/46

........................................................

50,000,000

8,956,490

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

Refunding,

Zero

Cpn.,

6/01/54

......................................

18,000,000

3,230,856

1,076,315,034

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

65

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

5.5%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

$

3,775,000

$

3,381,250

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,420,000

6,526,145

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,500,000

4,681,851

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

5,250,000

4,355,228

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

4,750,000

3,819,786

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,377,085

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,297,183

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,245,000

2,125,965

Baseline

Metropolitan

District

No.

1

,

GO,

2021

A,

5%,

12/01/51

...........................................

1,500,000

1,266,108

GO,

2021

B,

7.5%,

12/15/51

.........................................

2,190,000

1,914,490

d

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,540,105

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

573,967

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,206,644

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

509,900

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,257,253

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A(3)

,

5

%

,

12/01/50

........

2,000,000

1,680,862

d

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,245,546

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,427,184

d

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

740,000

646,080

Centerra

Metropolitan

District

No.

1

,

GO

,

2020

A

,

Refunding

,

5

%

,

12/01/51

........

4,000,000

3,419,156

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

519,054

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

848,066

Colliers

Hill

Metropolitan

District

No.

2

,

GO

,

2022

B-1

,

Refunding

,

6

%

,

12/15/47

....

2,250,000

1,834,508

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/49

..........

2,235,000

1,795,067

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/58

..........

4,750,000

3,630,265

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

6,043,709

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,397,739

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,580,118

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2022

B

,

6

%

,

12/15/41

...............

1,225,000

1,151,543

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

1,926,331

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

4,837,277

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

900,000

797,800

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

4,290,000

4,202,106

d

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

1,727,053

E-470

Public

Highway

Authority

,

Revenue

,

2004

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

9/01/28

.....................................................

15,000,000

12,147,324

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021

,

5

%

,

12/01/51

........

1,600,000

1,340,901

Evan's

Place

Metropolitan

District

,

GO,

2020

A(3),

5%,

12/01/40

.........................................

550,000

508,196

GO,

2020

A(3),

5%,

12/01/50

.........................................

1,575,000

1,344,723

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.

66

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

$

595,000

$

578,190

GO,

2019

A,

5%,

8/01/49

............................................

540,000

495,946

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,082,905

d

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A

,

4.625

%

,

12/01/45

.........

1,140,000

871,467

d

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A

,

4.5

%

,

12/01/51

...........

1,675,000

1,135,548

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

...........................................

750,000

704,029

GO,

2019

A,

5%,

12/01/49

...........................................

1,000,000

889,316

d

Jacoby

Farm

Metropolitan

District

,

GO

,

144A,

2021

,

Refunding

,

5

%

,

12/15/46

......

5,000,000

4,287,036

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

894,173

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

480,175

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

914,794

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,226,169

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

8,500,000

6,743,146

d

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A(3),

5.375%,

12/01/40

.................................

645,000

593,872

GO,

144A,

2020

A(3),

5.625%,

12/01/50

.................................

1,900,000

1,715,987

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,402,725

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

443,491

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

639,623

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

1,465,000

1,310,440

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

6,530,642

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

478,259

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,357,052

d

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

2,830,306

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

500,000

434,334

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

613,698

GO,

2021,

6.375%,

6/15/46

..........................................

1,330,000

1,183,235

Pronghorn

Valley

Metropolitan

District

,

GO,

2021

A,

3.75%,

12/01/41

.........................................

515,000

392,206

GO,

2021

A,

4%,

12/01/51

...........................................

650,000

478,735

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,021,826

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

585,000

598,458

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

13,375,376

Revenue,

2008,

6.5%,

11/15/38

.......................................

60,100,000

72,369,908

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

570,251

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

3,738,061

Rampart

Range

Metropolitan

District

No.

5

,

Revenue,

2021,

4%,

12/01/36

........................................

1,250,000

1,022,064

Revenue,

2021,

4%,

12/01/41

........................................

2,730,000

2,051,363

Revenue,

2021,

4%,

12/01/51

........................................

6,670,000

4,503,450

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)

Colorado

(continued)

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

Revenue

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

..................................................

$

6,250,000

$

4,502,027

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

1,813,344

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

4,611,583

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

2,643,579

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,599,611

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,444,763

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

782,137

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

3,876,583

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

1,875,585

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

1,000,000

902,852

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,636,368

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

893,000

735,012

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,038,262

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,606,984

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

3,189,073

GO,

2022

A(3)-1,

5%,

12/01/51

.......................................

4,085,000

3,220,363

GO,

2022

A(3)-2,

Zero

Cpn.,

12/01/51

..................................

5,130,000

2,878,005

Water

Tap

Fee,

Revenue,

2022,

4.625%,

12/01/28

.........................

6,000,000

5,439,196

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

Pre-Refunded

,

5

%

,

12/01/49

.........

595,000

628,269

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

879,027

288,994,447

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

d

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

905,818

d

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

6,942,999

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

12,327,151

d

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

2,800,000

2,547,016

d

Steel

Point

Infrastructure

Improvement

District

,

Tax

Allocation,

144A,

2021,

4%,

4/01/31

.................................

100,000

93,307

Tax

Allocation,

144A,

2021,

4%,

4/01/36

.................................

605,000

540,618

Tax

Allocation,

144A,

2021,

4%,

4/01/41

.................................

575,000

490,406

Tax

Allocation,

144A,

2021,

4%,

4/01/51

.................................

1,655,000

1,318,627

25,165,942

Florida

15.4%

Abbott

Square

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

6/15/42

.............................

915,000

901,721

Special

Assessment,

2022,

5.5%,

6/15/52

...............................

1,500,000

1,473,973

Anabelle

Island

Community

Development

District

,

Special

Assessment,

2022,

2.7%,

5/01/27

...............................

655,000

593,886

Special

Assessment,

2022,

3.1%,

5/01/32

...............................

750,000

633,159

Special

Assessment,

2022,

3.5%,

5/01/42

...............................

1,945,000

1,457,609

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,840,000

2,180,085

Artisan

Lakes

East

Community

Development

District

,

Special

Assessment,

2021-1,

2.3%,

5/01/26

..............................

220,000

201,750

Special

Assessment,

2021-1,

2.75%,

5/01/31

.............................

250,000

208,483

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)

Florida

(continued)

Artisan

Lakes

East

Community

Development

District,

(continued)

Special

Assessment,

2021-1,

3.125%,

5/01/41

............................

$

470,000

$

337,825

Special

Assessment,

2021-1,

4%,

5/01/51

...............................

455,000

351,317

d

Special

Assessment,

144A,

2021-2,

2.75%,

5/01/31

........................

275,000

229,331

d

Special

Assessment,

144A,

2021-2,

3.125%,

5/01/41

.......................

515,000

370,170

d

Special

Assessment,

144A,

2021-2,

4%,

5/01/52

..........................

550,000

421,909

d

Astonia

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

540,000

462,344

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,370,000

1,061,310

Assessment

Area

2,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

...........

200,000

185,125

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............

500,000

428,921

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

...........

750,000

552,713

Assessment

Area

2,

Special

Assessment,

144A,

2021,

4%,

5/01/52

............

800,000

613,675

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

..

195,000

180,497

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/31

....

320,000

274,510

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

..

750,000

552,535

Avalon

Groves

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

360,000

258,759

Special

Assessment,

2021,

4%,

5/01/51

.................................

500,000

383,945

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/32

.................

200,000

168,837

Assessment

Area

3,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

495,000

378,463

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,495,000

1,149,733

Avalon

Park

West

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.25%,

5/01/30

......................

215,000

191,834

Special

Assessment,

2020,

Refunding,

3.75%,

5/01/40

......................

580,000

456,341

Special

Assessment,

2020,

Refunding,

4%,

5/01/51

........................

880,000

686,883

Special

Assessment,

2022,

5.5%,

5/01/42

...............................

500,000

503,148

Special

Assessment,

2022,

5.625%,

5/01/52

.............................

875,000

881,046

Ave

Maria

Stewardship

Community

District

,

Special

Assessment,

2022

A,

Refunding,

4%,

5/01/42

.......................

5,020,000

4,158,809

Maple

Ridge

Phase

5

Project

Area,

Special

Assessment,

2022,

4%,

5/01/52

......

2,640,000

2,024,851

Avenir

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021

A-1,

2.75%,

5/01/31

............

3,250,000

2,754,674

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.2%,

5/01/41

.............

5,000,000

3,772,953

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.4%,

5/01/52

.............

5,000,000

3,535,539

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3.1%,

11/01/31

...............

170,000

146,264

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

11/01/41

...............

410,000

313,970

Babcock

Ranch

Community

Independent

Special

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

465,000

391,781

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

5,250,000

3,822,644

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,910,000

1,461,169

Special

Assessment,

2022,

5%,

5/01/42

.................................

4,000,000

3,850,467

Special

Assessment,

2022,

5%,

5/01/53

.................................

5,000,000

4,702,434

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

217,023

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

655,036

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,197,462

Assessment

Area

3A,

Special

Assessment,

2020,

2.5%,

5/01/25

...............

60,000

56,749

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

217,023

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

................

1,840,000

1,578,248

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

................

1,500,000

1,185,073

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

325,405

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

687,575

Balm

Grove

Community

Development

District

,

Special

Assessment,

2022,

3.25%,

11/01/27

..............................

1,040,000

962,610

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)

Florida

(continued)

Balm

Grove

Community

Development

District,

(continued)

Special

Assessment,

2022,

3.625%,

11/01/32

.............................

$

1,290,000

$

1,124,976

Special

Assessment,

2022,

4%,

11/01/42

................................

2,500,000

2,040,644

Special

Assessment,

2022,

4.125%,

11/01/51

.............................

3,125,000

2,438,753

Bannon

Lakes

Community

Development

District

,

d

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

700,000

533,085

d

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

775,000

599,276

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

365,000

313,513

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,385,000

1,147,653

Special

Assessment,

2022,

4%,

5/01/53

.................................

2,260,000

1,729,690

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

2,309,263

Belmond

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

1,750,000

1,477,628

Special

Assessment,

2020,

4%,

5/01/51

.................................

3,635,000

2,803,773

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

282,120

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,095,564

Special

Assessment,

2020,

4%,

12/15/50

................................

1,000,000

778,101

Berry

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

200,000

185,130

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

344,536

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

963,735

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,500,000

1,155,018

Black

Creek

Community

Development

District

,

Special

Assessment,

2022,

5.125%,

6/15/32

.............................

150,000

149,326

Special

Assessment,

2022,

5.625%,

6/15/52

.............................

2,000,000

1,994,230

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

295,000

272,359

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

383,806

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,165,000

881,655

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,360,000

1,050,676

Bridgewater

North

Community

Development

District

,

Special

Assessment,

2022,

3.125%,

5/01/27

.............................

200,000

185,559

Special

Assessment,

2022,

3.5%,

5/01/32

...............................

350,000

305,784

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,000,000

828,630

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,000,000

2,300,967

Brightwater

Community

Development

District

,

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

300,000

252,202

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

750,000

541,221

Special

Assessment,

2021,

4%,

5/01/52

.................................

3,895,000

2,989,303

Brookstone

Community

Development

District

,

Assessment

Area

Two,

Special

Assessment,

2022,

4.75%,

5/01/32

.............

325,000

319,208

Assessment

Area

Two,

Special

Assessment,

2022,

5.5%,

5/01/42

..............

1,000,000

987,152

Assessment

Area

Two,

Special

Assessment,

2022,

5.625%,

5/01/52

............

1,750,000

1,718,063

Buckhead

Trails

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/32

..............................

400,000

392,133

Special

Assessment,

2022,

5.625%,

5/01/42

.............................

1,000,000

968,548

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,410,000

1,361,488

Buena

Lago

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/42

..............................

665,000

660,966

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

1,135,000

1,145,075

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)

Florida

(continued)

d

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

$

5,250,000

$

4,824,993

d

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

3%,

7/01/31

..........

100,000

81,933

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/41

..........

450,000

346,206

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/51

..........

540,000

376,866

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/56

..........

445,000

303,217

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/41

.........

750,000

577,010

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/51

.........

975,000

680,452

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

.........

750,000

511,039

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

10,330,000

5,546,743

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

5,000,000

4,451,536

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

2,567,285

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-2,

4.43%,

1/01/57

...........

10,245,000

7,029,405

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,113,286

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

3,187,905

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

29,650,190

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

3.3%,

1/01/31

..............

715,000

636,308

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,050,000

813,637

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

2,722,727

Celebration

Community

Development

District

,

Special

Assessment,

2021,

2.25%,

5/01/26

..............................

100,000

91,549

Special

Assessment,

2021,

2.75%,

5/01/31

..............................

240,000

200,144

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

590,000

424,078

Special

Assessment,

2021,

4%,

5/01/51

.................................

850,000

656,075

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

895,000

656,543

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,345,000

985,700

CFM

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

190,000

174,828

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,265,000

977,283

Chaparral

Palm

Bay

Community

Development

District

,

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,235,000

1,043,923

Special

Assessment,

2020

A-1,

4%,

5/01/50

..............................

2,015,000

1,567,382

d

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

260,000

221,754

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

875,000

658,036

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,125,000

867,672

d

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

370,000

350,187

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

695,000

613,603

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,825,000

1,452,838

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

3,010,000

2,324,099

d

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

A,

4%,

10/01/51

.......

5,500,000

4,072,214

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

B,

5%,

10/01/36

.......

2,500,000

2,140,825

d

Coco

Palms

Community

Development

District

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

6/15/39

...................................................

500,000

474,490

Coddington

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

5/01/42

..............................

615,000

626,958

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,000,000

1,006,739

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/33

...........

5,500,000

5,528,812

Ave

Maria

University,

Inc.,

Revenue,

2013

A,

Refunding,

6%,

6/01/38

...........

12,000,000

12,039,457

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)

Florida

(continued)

Coral

Bay

Lee

County

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2022,

5.5%,

5/01/42

.............

$

250,000

$

249,523

Assessment

Area

One,

Special

Assessment,

2022,

5.625%,

5/01/52

...........

500,000

497,834

Coral

Keys

Homes

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

570,000

482,432

Special

Assessment,

2020,

4%,

5/01/50

.................................

750,000

583,782

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

712,173

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

622,041

Cordova

Palms

Community

Development

District

,

d

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

345,000

317,451

d

Special

Assessment,

144A,

2021,

2.8%,

5/01/31

..........................

385,000

322,362

d

Special

Assessment,

144A,

2021,

3%,

5/01/41

............................

1,215,000

855,990

d

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

1,945,000

1,495,500

Special

Assessment,

2022-1,

5.7%,

5/01/42

..............................

330,000

329,978

Special

Assessment,

2022-1,

5.8%,

5/01/53

..............................

665,000

663,075

Special

Assessment,

2022-2,

4.5%,

5/01/27

..............................

215,000

212,706

Special

Assessment,

2022-2,

5.1%,

5/01/32

..............................

340,000

339,230

Special

Assessment,

2022-2,

5.4%,

5/01/42

..............................

1,020,000

1,006,672

Special

Assessment,

2022-2,

5.6%,

5/01/53

..............................

2,005,000

1,996,179

Creekview

Community

Development

District

,

Special

Assessment,

2022,

4.25%,

5/01/32

..............................

805,000

756,743

Special

Assessment,

2022,

4.625%,

5/01/42

.............................

2,455,000

2,191,430

Special

Assessment,

2022,

4.75%,

5/01/53

..............................

4,145,000

3,579,000

d

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

236,247

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

420,644

Cross

Creek

North

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/32

..............................

460,000

410,356

Special

Assessment,

2022,

4.25%,

5/01/42

..............................

2,340,000

2,007,779

Special

Assessment,

2022,

4.5%,

5/01/52

...............................

1,750,000

1,468,107

Crystal

Cay

Community

Development

District

,

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

200,000

166,113

Special

Assessment,

2021,

3.05%,

5/01/41

..............................

850,000

603,688

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

772,126

d

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

2,620,373

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

4,489,913

d

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

220,041

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

628,465

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,170,000

877,953

Cypress

Park

Estates

Community

Development

District

,

d

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

295,000

262,262

d

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........................

1,170,000

978,947

d

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,210,000

934,273

Special

Assessment,

2022,

4.375%,

5/01/27

.............................

150,000

146,699

Special

Assessment,

2022,

4.75%,

5/01/32

..............................

410,000

398,464

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,200,000

1,127,536

Special

Assessment,

2022,

5.125%,

5/01/52

.............................

1,250,000

1,159,055

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

100,000

94,817

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

200,000

177,187

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

315,000

249,503

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)

Florida

(continued)

d

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

.................................

$

5,310,000

$

4,939,523

DW

Bayview

Community

Development

District

,

d

2021

Assessment

Area,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

......

335,000

307,989

d

2021

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/32

.........

430,000

359,845

d

2021

Assessment

Area,

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

......

1,160,000

883,521

d

2021

Assessment

Area,

Special

Assessment,

144A,

2021,

4%,

5/01/51

.........

750,000

584,260

2022

Assessment

Area,

Special

Assessment,

2022,

4.5%,

5/01/32

.............

185,000

177,390

2022

Assessment

Area,

Special

Assessment,

2022,

5.125%,

5/01/42

...........

500,000

476,399

2022

Assessment

Area,

Special

Assessment,

2022,

5.25%,

5/01/52

............

750,000

707,278

East

547

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

130,000

120,023

Assessment

Area

1,

Special

Assessment,

2021,

3%,

5/01/31

.................

140,000

119,406

Assessment

Area

1,

Special

Assessment,

2021,

3.3%,

5/01/41

................

600,000

443,242

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,770,000

1,367,424

East

Bonita

Beach

Road

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/32

.................................

255,000

213,396

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

750,000

553,296

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

581,738

East

Nassau

Stewardship

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

305,000

280,645

Special

Assessment,

2021,

3%,

5/01/31

.................................

500,000

426,451

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,270,000

967,169

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,520,000

1,172,506

Eden

Hills

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

110,000

97,453

Special

Assessment,

2020,

4%,

5/01/40

.................................

300,000

253,584

Special

Assessment,

2020,

4.125%,

5/01/51

.............................

500,000

394,808

Special

Assessment,

2022,

3.25%,

5/01/27

..............................

455,000

424,377

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

610,000

538,553

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,645,000

1,362,959

Special

Assessment,

2022,

4.125%,

5/01/52

.............................

1,590,000

1,247,961

Edgewater

East

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2021,

2.5%,

5/01/26

.............

425,000

393,240

Assessment

Area

One,

Special

Assessment,

2021,

3.1%,

5/01/31

.............

700,000

604,410

Assessment

Area

One,

Special

Assessment,

2021,

3.6%,

5/01/41

.............

2,625,000

2,062,154

Assessment

Area

One,

Special

Assessment,

2021,

4%,

5/01/51

...............

2,825,000

2,189,123

Assessment

Area

Two,

Special

Assessment,

2022,

3.375%,

5/01/32

............

1,985,000

1,723,641

Assessment

Area

Two,

Special

Assessment,

2022,

4%,

5/01/42

...............

4,000,000

3,320,022

Assessment

Area

Two,

Special

Assessment,

2022,

4%,

5/01/52

...............

6,200,000

4,768,717

d

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

835,000

705,760

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

888,372

d

Entrada

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.125%,

5/01/26

.........................

165,000

149,939

Special

Assessment,

144A,

2021,

2.625%,

5/01/31

.........................

370,000

303,882

Special

Assessment,

144A,

2021,

3.125%,

5/01/41

.........................

935,000

677,265

Special

Assessment,

144A,

2021,

4%,

5/01/52

............................

2,300,000

1,766,406

Epperson

North

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

195,000

180,176

Special

Assessment,

2021,

3%,

5/01/31

.................................

280,000

239,141

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

1,365,000

1,029,134

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,815,000

1,386,800

Special

Assessment,

2021

A,

2.45%,

11/01/26

............................

145,000

132,106

Special

Assessment,

2021

A,

3.1%,

11/01/31

.............................

500,000

425,340

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)

Epperson

North

Community

Development

District,

(continued)

Special

Assessment,

2021

A,

4%,

11/01/51

..............................

$

2,720,000

$

2,073,761

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

405,000

390,334

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

775,000

704,341

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

2,080,000

1,804,830

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

3,600,000

2,971,975

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........................................................

1,000,000

761,656

Florida

Development

Finance

Corp.

,

d

Revenue,

144A,

2021

A,

4%,

7/01/51

...................................

1,700,000

1,292,685

d,f

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

1,827,281

d,f

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

3,601,252

d

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

12,000,000

10,700,666

d,f

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2022

A,

Refunding,

Mandatory

Put,

7.25%,

10/03/23

.................................................

15,500,000

15,404,098

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/31

........................................................

450,000

421,237

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

6/01/51

........................................................

5,500,000

4,460,013

d

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

5,000,000

4,541,599

d

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/55

............................................

3,750,000

2,551,822

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/55

..........

1,000,000

794,681

d

Forest

Lake

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

350,000

313,238

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

1,270,000

1,070,960

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,170,000

899,592

Special

Assessment,

144A,

2022,

4.75%,

5/01/27

.........................

110,000

109,133

Special

Assessment,

144A,

2022,

5%,

5/01/32

............................

175,000

172,285

Special

Assessment,

144A,

2022,

5.375%,

5/01/42

.........................

700,000

685,110

Special

Assessment,

144A,

2022,

5.5%,

5/01/52

..........................

620,000

602,376

Gracewater

Sarasota

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

250,000

230,037

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

500,000

423,707

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

3,170,000

2,359,877

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,535,000

1,180,254

Grand

Oaks

Community

Development

District

,

Special

Assessment,

2020,

4.25%,

5/01/40

..............................

1,100,000

960,577

Special

Assessment,

2020,

4.5%,

5/01/52

...............................

3,500,000

2,934,655

Assessment

Area

No.

3,

Special

Assessment,

2021,

3.2%,

11/01/31

............

215,000

184,413

Assessment

Area

No.

3,

Special

Assessment,

2021,

3.5%,

11/01/41

............

555,000

417,942

Assessment

Area

No.

3,

Special

Assessment,

2021,

4%,

11/01/51

.............

1,205,000

928,971

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

554,052

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

578,273

Greeneway

Improvement

District

,

Special

Assessment

,

2013

,

5.125

%

,

5/01/43

.....

26,745,000

26,659,911

Grove

Resort

Community

Development

District

,

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

170,000

146,020

Special

Assessment,

2022,

3.55%,

5/01/42

..............................

435,000

328,541

Special

Assessment,

2022,

4%,

5/01/52

.................................

640,000

490,873

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)

Hammock

Reserve

Community

Development

District

,

Special

Assessment,

2020,

4%,

5/01/40

.................................

$

540,000

$

457,365

Special

Assessment,

2020,

4%,

5/01/51

.................................

860,000

669,024

Special

Assessment,

2021,

3%,

5/01/31

.................................

200,000

170,580

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

520,000

391,062

Special

Assessment,

2022,

4.4%,

5/01/32

...............................

500,000

476,228

Special

Assessment,

2022,

4.7%,

5/01/42

...............................

1,500,000

1,362,842

Special

Assessment,

2022,

5%,

5/01/52

.................................

2,300,000

2,100,465

Hawkstone

Community

Development

District

,

Special

Assessment,

2021,

2.6%,

5/01/26

...............................

155,000

143,587

Special

Assessment,

2021,

3.2%,

5/01/31

...............................

440,000

380,358

Special

Assessment,

2021,

3.45%,

5/01/41

..............................

1,125,000

872,112

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

780,102

Hills

of

Minneola

Community

Development

District

,

d

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..........................

1,000,000

886,652

d

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

2,625,000

2,217,892

d

Special

Assessment,

144A,

2020,

4%,

5/01/50

............................

5,505,000

4,252,483

Special

Assessment,

2021,

2.375%,

5/01/26

.............................

100,000

91,937

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

250,000

209,326

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

500,000

363,666

Special

Assessment,

2021,

4%,

5/01/52

.................................

900,000

686,071

Hilltop

Point

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2022-1,

5.375%,

5/01/52

..........

700,000

663,875

Assessment

Area

Two,

Special

Assessment,

2022-2,

5.6%,

5/01/53

............

745,000

715,569

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

160,978

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

333,234

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

483,155

Hyde

Park

Community

Development

District

No.

1

,

Special

Assessment,

2022,

4%,

5/01/42

.................................

2,710,000

2,245,587

Special

Assessment,

2022,

4%,

5/01/52

.................................

2,545,000

1,952,056

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

475,000

475,502

Special

Assessment,

1999

C,

7%,

5/01/30

...............................

4,123,752

2,845,389

2021

Assessment

Area,

Special

Assessment,

2021,

2.2%,

5/01/26

.............

245,000

223,915

2021

Assessment

Area,

Special

Assessment,

2021,

2.7%,

5/01/31

.............

240,000

199,335

2021

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

...........

855,000

610,620

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/52

..............

1,375,000

1,055,499

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

309,443

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

429,596

Special

Assessment,

2021,

2.2%,

5/01/26

...............................

100,000

91,394

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

235,000

195,182

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

500,000

364,046

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,810,000

1,395,987

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

328,625

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

658,955

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

1,771,075

Special

Assessment,

2021,

2.5%,

6/15/26

...............................

80,000

73,656

Special

Assessment,

2021,

3.125%,

6/15/31

.............................

250,000

214,792

Special

Assessment,

2021,

3.6%,

6/15/41

...............................

750,000

586,405

Special

Assessment,

2021,

4%,

6/15/51

.................................

750,000

581,814

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)

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

$

2,175,000

$

2,176,325

Lake

Deer

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/32

.................................

500,000

481,085

Special

Assessment,

2022,

5.5%,

5/01/42

...............................

1,680,000

1,591,702

Special

Assessment,

2022,

5.625%,

5/01/53

.............................

3,000,000

2,797,266

Lakes

of

Sarasota

Community

Development

District

,

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

............................

285,000

235,111

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

............................

265,000

208,822

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

..........................

565,000

514,383

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

..........................

125,000

111,638

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

..........................

200,000

169,711

Special

Assessment,

2021

B-1,

4.3%,

5/01/51

............................

325,000

264,313

Special

Assessment,

2021

B-2,

4.125%,

5/01/31

..........................

1,000,000

926,163

Lakewood

Park

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

3.2%,

5/01/31

................

125,000

108,300

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

325,000

250,571

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

500,000

383,142

Lakewood

Ranch

Stewardship

District

,

District

Azario

Project,

Special

Assessment,

2020

A,

3.75%,

5/01/40

............

525,000

416,835

Lakewood

Ranch

Stewardship

District

Azario

Project,

Special

Assessment,

2020

A,

3.9%,

5/01/50

...................................................

770,000

587,648

d

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.......................................

250,000

219,151

d

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.......................................

1,075,000

843,788

d

Lakewood

Ranch

Stewardship

District

Lorraine

Lakes

Project,

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

.......................................

2,640,000

1,979,622

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

2020,

3%,

5/01/30

................................................

470,000

408,422

d

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

................................

440,000

388,218

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

2020,

3.5%,

5/01/40

..............................................

750,000

575,392

d

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

...............................

2,100,000

1,681,376

Lakewood

Ranch

Stewardship

District

Northeast

Sector

Project,

Special

Assessment,

2020,

4%,

5/01/50

................................................

1,270,000

987,336

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

2.3%,

5/01/26

.

185,000

170,043

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

2.7%,

5/01/31

.

105,000

87,019

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

3%,

5/01/41

..

430,000

315,015

Star

Farms

at

Lakewood

Ranch

Project,

Special

Assessment,

2021,

4%,

5/01/52

..

685,000

526,067

Laurel

Road

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.6%,

5/01/26

............................

230,000

212,460

Special

Assessment,

2021

A-1,

3%,

5/01/31

..............................

350,000

297,563

Special

Assessment,

2021

A-1,

3.25%,

5/01/41

...........................

1,195,000

894,088

Special

Assessment,

2021

A-1,

4%,

5/01/52

..............................

1,455,000

1,115,969

Special

Assessment,

2021

A-2,

3.125%,

5/01/31

..........................

2,140,000

1,836,460

Lawson

Dunes

Community

Development

District

,

Special

Assessment,

2022,

4.375%,

5/01/27

.............................

250,000

244,595

Special

Assessment,

2022,

4.75%,

5/01/32

..............................

630,000

612,732

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,000,000

940,749

Special

Assessment,

2022,

5.125%,

5/01/52

.............................

1,500,000

1,390,867

Leomas

Landing

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

335,000

308,249

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

470,000

398,285

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)

Leomas

Landing

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

$

795,000

$

588,094

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

415,000

305,058

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,645,000

1,261,697

d

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

8,000,000

6,520,000

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,424,348

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

2,439,312

g

LT

Ranch

Community

Development

District

,

Special

Assessment,

2022-2,

5%,

5/01/32

...............................

1,245,000

1,247,293

Special

Assessment,

2022-2,

5.5%,

5/01/42

..............................

3,160,000

3,173,569

Special

Assessment,

2022-2,

5.7%,

5/01/53

..............................

5,685,000

5,705,058

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.3%,

5/01/32

.........

120,000

120,588

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.75%,

5/01/42

........

380,000

381,611

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.9%,

5/01/53

.........

500,000

499,961

LTC

Ranch

West

Residential

Community

Development

District

,

Special

Assessment,

2021

B,

3.25%,

5/01/31

.............................

4,000,000

3,479,108

Assessment

Area

1,

Special

Assessment,

2021

A,

3.125%,

5/01/31

............

700,000

602,937

Assessment

Area

1,

Special

Assessment,

2021

A,

3.45%,

5/01/41

.............

1,250,000

950,787

d

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

236,280

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

595,063

d

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

5/01/53

...................................................

2,500,000

2,557,949

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District,

Special

Assessment,

2022,

4%,

5/01/32

.......

345,000

323,701

Community

Development

District,

Special

Assessment,

2022,

4.25%,

5/01/42

.....

1,130,000

984,274

Community

Development

District,

Special

Assessment,

2022,

4.375%,

5/01/52

....

1,500,000

1,251,510

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,680,000

1,681,242

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

360,000

331,253

Special

Assessment,

2021,

3%,

5/01/31

.................................

430,000

366,748

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,945,000

1,416,696

Special

Assessment,

2021,

3.75%,

5/01/52

..............................

630,000

462,853

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,000,000

767,636

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

6.2

%

,

5/01/53

.........................................................

2,250,000

2,276,466

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

2,800,000

2,394,723

Mirada

II

Community

Development

District

,

2021

Project

Area,

Special

Assessment,

2021,

2.5%,

5/01/26

.................

405,000

373,917

2021

Project

Area,

Special

Assessment,

2021,

3.125%,

5/01/31

...............

650,000

558,091

2021

Project

Area,

Special

Assessment,

2021,

3.5%,

5/01/41

.................

2,100,000

1,589,248

2021

Project

Area,

Special

Assessment,

2021,

4%,

5/01/51

..................

2,375,000

1,825,863

2022

Project

Area,

Special

Assessment,

2022,

5.125%,

5/01/32

...............

360,000

360,738

2022

Project

Area,

Special

Assessment,

2022,

5.6%,

5/01/42

.................

1,090,000

1,090,730

2022

Project

Area,

Special

Assessment,

2022,

5.75%,

5/01/53

................

2,000,000

2,002,512

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

350,000

326,065

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

500,000

441,935

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

993,130

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

1,765,544

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

145,000

134,219

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)

North

AR-1

Pasco

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

$

285,000

$

245,482

Assessment

Area

2,

Special

Assessment,

2021

A,

2.625%,

5/01/26

............

250,000

231,412

Assessment

Area

2,

Special

Assessment,

2021

A,

3.25%,

5/01/31

.............

275,000

239,189

Assessment

Area

2,

Special

Assessment,

2021

A,

3.55%,

5/01/41

.............

985,000

746,351

Assessment

Area

2,

Special

Assessment,

2021

A,

4%,

5/01/52

................

1,500,000

1,147,100

North

Park

Isle

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.45%,

11/01/26

..............

210,000

191,325

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

500,000

421,813

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

11/01/41

.............

1,500,000

1,122,286

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

2,500,000

1,927,914

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

430,368

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

1,000,000

783,028

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,495,000

1,153,571

d

Special

Assessment,

144A,

2022,

5.25%,

5/01/32

.........................

295,000

287,720

d

Special

Assessment,

144A,

2022,

5.625%,

5/01/52

.........................

2,000,000

1,911,446

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

450,000

431,172

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

769,920

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

972,045

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

1,960,000

1,581,324

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

1,670,000

1,522,878

Special

Assessment,

2020

A-3,

4.75%,

5/01/40

...........................

2,000,000

1,812,778

Northern

Palm

Beach

County

,

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5%,

8/01/34

........................................................

2,700,000

2,710,807

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5.2%,

8/01/46

........................................................

6,000,000

5,999,558

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/37

........................................................

750,000

749,177

Old

Hickory

Community

Development

District

,

Special

Assessment

,

2020

,

4

%

,

6/15/40

1,300,000

1,116,887

d

Osceola

Village

Center

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

5/01/31

.........................

180,000

151,625

Special

Assessment,

144A,

2021,

3.3%,

5/01/41

..........................

370,000

269,885

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

405,000

312,267

Palm

Coast

Park

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/42

.................................

1,000,000

959,171

Special

Assessment,

2022,

5.125%,

5/01/51

.............................

1,500,000

1,423,667

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

2.8%,

5/01/31

...........

350,000

293,056

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

3.125%,

5/01/41

.........

730,000

521,348

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

4%,

5/01/52

............

1,210,000

929,483

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15

%

,

11/01/41

........................................................

750,000

545,074

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

760,969

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

617,701

Parrish

Plantation

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2021,

2.5%,

5/01/26

.............

255,000

236,508

Assessment

Area

One,

Special

Assessment,

2021,

3.125%,

5/01/31

...........

235,000

203,835

Assessment

Area

One,

Special

Assessment,

2021,

3.5%,

5/01/41

.............

790,000

619,790

Assessment

Area

One,

Special

Assessment,

2021,

4%,

5/01/52

...............

1,370,000

1,051,404

Assessment

Area

Two,

Special

Assessment,

2022,

4.75%,

5/01/32

.............

215,000

209,561

Assessment

Area

Two,

Special

Assessment,

2022,

5.375%,

5/01/42

............

780,000

765,679

Assessment

Area

Two,

Special

Assessment,

2022,

5.5%,

5/01/52

..............

1,250,000

1,225,035

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)

d

Pine

Isle

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

12/15/26

........................

$

100,000

$

90,579

Special

Assessment,

144A,

2021,

3%,

12/15/31

...........................

225,000

189,335

Special

Assessment,

144A,

2021,

3.25%,

12/15/41

.........................

1,000,000

732,693

Special

Assessment,

144A,

2021,

4%,

12/15/51

...........................

1,200,000

925,649

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

579,600

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2017,

5%,

7/01/39

................................................

2,000,000

1,944,121

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2019,

5%,

7/01/29

................................................

800,000

811,749

Preserve

at

South

Branch

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

150,000

127,935

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

750,000

582,061

Quail

Roost

Community

Development

District

,

Expansion

Area,

Special

Assessment,

2021,

2.2%,

12/15/26

.................

200,000

179,893

Expansion

Area,

Special

Assessment,

2021,

2.7%,

12/15/31

.................

200,000

163,595

Expansion

Area,

Special

Assessment,

2021,

3.125%,

12/15/41

................

740,000

527,919

Expansion

Area,

Special

Assessment,

2021,

4%,

12/15/51

...................

2,375,000

1,830,333

Reunion

East

Community

Development

District

,

2021

Assessment

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

.............

405,000

374,466

2021

Assessment

Area,

Special

Assessment,

2021,

2.85%,

5/01/31

............

400,000

337,195

2021

Assessment

Area,

Special

Assessment,

2021,

3.15%,

5/01/41

............

1,455,000

1,096,800

2021

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/51

..............

4,535,000

3,508,238

Rhodine

Road

North

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

5/01/27

...............................

125,000

113,079

Special

Assessment,

2022,

3%,

5/01/32

.................................

190,000

159,001

Special

Assessment,

2022,

3.3%,

5/01/42

...............................

490,000

358,080

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,065,000

818,873

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

5/01/42

.............................

850,000

826,724

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

2,150,000

2,073,528

River

Glen

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

298,516

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

1,000,000

752,041

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

772,126

River

Hall

Community

Development

District

,

Special

Assessment,

2020

A,

3.25%,

5/01/31

.............................

430,000

374,004

Special

Assessment,

2020

A,

3.625%,

5/01/40

............................

1,030,000

806,519

Special

Assessment,

2020

A,

3.875%,

5/01/51

............................

2,690,000

2,040,022

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/23

.....................

150,000

148,991

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/24

.....................

250,000

243,831

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/25

.....................

150,000

143,724

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/31

.....................

1,000,000

852,902

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/36

.....................

1,000,000

768,587

River

Landing

Community

Development

District

,

Special

Assessment,

2020

A,

3%,

5/01/25

...............................

250,000

239,540

Special

Assessment,

2020

A,

3.6%,

5/01/30

..............................

475,000

430,084

Special

Assessment,

2020

A,

4.125%,

5/01/40

............................

850,000

730,351

Special

Assessment,

2020

A,

4.35%,

5/01/51

.............................

1,100,000

902,767

Special

Assessment,

2020

B,

4.25%,

11/01/35

............................

1,010,000

902,957

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

1,005,000

923,277

e

Special

Assessment,

2001

B,

7.25%,

5/01/10

.............................

35,000

1,750

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)

Rivers

Edge

II

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

$

205,000

$

174,845

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

703,026

d

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

165,000

151,824

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

255,871

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

586,508

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

905,000

699,163

Rivington

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,700,000

1,354,605

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

430,000

379,631

Special

Assessment,

2022,

4%,

5/01/52

.................................

4,365,000

3,347,907

Rolling

Hills

Community

Development

District

,

Special

Assessment,

2022

A-1,

4%,

5/01/52

..............................

945,000

724,804

Special

Assessment,

2022

A-2,

Refunding,

3.65%,

5/01/32

...................

1,000,000

880,265

d

Rolling

Oaks

Community

Development

District

,

2022

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

5/01/53

................................

1,500,000

1,521,408

Rustic

Oaks

Community

Development

District

,

Special

Assessment,

2022,

3.2%,

5/01/32

...............................

1,000,000

851,576

Special

Assessment,

2022,

3.45%,

5/01/42

..............................

2,000,000

1,549,583

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,950,000

3,038,928

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Special

Assessment,

2020,

3%,

6/15/30

.................................

250,000

217,150

Special

Assessment,

2020,

4%,

6/15/40

.................................

610,000

517,705

Special

Assessment,

2020,

4%,

6/15/50

.................................

785,000

610,412

Special

Assessment,

2022,

3.1%,

12/15/32

..............................

300,000

250,101

Special

Assessment,

2022,

3.35%,

12/15/41

.............................

485,000

358,687

Sanctuary

Cove

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/31

.............................

190,000

156,846

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

400,000

283,845

Special

Assessment,

2021,

4%,

5/01/52

.................................

770,000

591,079

Sandmine

Road

Community

Development

District

,

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........

300,000

263,491

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........

1,040,000

819,277

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

..........

2,020,000

1,506,272

Assessment

Area

2,

Special

Assessment,

2021,

2.3%,

11/01/26

...............

200,000

181,160

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

450,000

379,631

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

11/01/41

...............

1,180,000

866,948

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

750,000

578,365

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

400,000

372,646

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

659,927

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

740,000

591,552

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

566,707

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,490,000

1,321,112

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

1,911,467

Sawyers

Landing

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/31

..............................

1,400,000

1,264,938

Special

Assessment,

2021,

4.125%,

5/01/41

.............................

3,055,000

2,590,216

Special

Assessment,

2021,

4.25%,

5/01/53

..............................

6,015,000

4,812,945

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

416,389

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

968,450

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)

Scenic

Highway

Community

Development

District,

(continued)

Special

Assessment,

2020,

4%,

5/01/51

.................................

$

1,250,000

$

963,788

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/27

..............................

500,000

476,147

Special

Assessment,

2022,

4.125%,

5/01/32

.............................

750,000

704,128

Special

Assessment,

2022,

4.5%,

5/01/42

...............................

3,305,000

2,921,514

Special

Assessment,

2022,

4.625%,

5/01/53

.............................

3,385,000

2,887,130

d

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/36

.....

310,000

264,948

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/41

.....

425,000

344,642

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/51

.....

830,000

618,146

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/56

.....

705,000

506,277

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

321,548

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

1,000,000

775,230

Silver

Palms

West

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

6/15/27

...............................

410,000

369,908

Special

Assessment,

2022,

3%,

6/15/32

.................................

765,000

638,569

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

1,750,000

1,335,098

Special

Assessment,

2022,

4%,

6/15/52

.................................

2,170,000

1,667,681

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

220,000

209,712

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

505,000

448,301

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,178,650

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,305,000

1,869,100

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

2.5%,

5/01/26

.......

230,000

212,348

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.1%,

5/01/31

.......

250,000

214,913

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.4%,

5/01/41

.......

750,000

555,554

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

4%,

5/01/52

........

2,050,000

1,572,327

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

285,000

263,127

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

443,509

Assessment

Area

3,

Special

Assessment,

2021,

3.4%,

5/01/41

................

805,000

596,295

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,192,011

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/51

.................

1,200,000

925,009

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

655,000

502,378

Somerset

Community

Development

District

,

Special

Assessment,

2022,

Refunding,

4%,

5/01/32

........................

750,000

698,240

Special

Assessment,

2022,

Refunding,

4.2%,

5/01/37

.......................

1,000,000

901,938

South

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.875%,

6/15/31

..............

175,000

146,998

Assessment

Area

1,

Special

Assessment,

2021,

3.25%,

6/15/41

...............

500,000

368,369

Assessment

Area

1,

Special

Assessment,

2021,

4%,

6/15/51

.................

500,000

386,606

Southern

Groves

Community

Development

District

No.

5

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

340,000

312,851

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

410,000

343,294

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,300,000

922,495

Special

Assessment,

2021,

4%,

5/01/48

.................................

730,000

575,133

g

Special

Assessment,

2022-1,

6%,

5/01/49

...............................

1,000,000

1,007,778

d

Southshore

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/33

..................................

1,930,000

1,576,626

St.

Johns

County

Industrial

Development

Authority

,

Life

Care

Ponte

Vedra

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/15/46

........................

1,950,000

1,448,917

Stellar

North

Community

Development

District

,

Special

Assessment,

2021,

2.45%,

5/01/26

..............................

170,000

156,689

Special

Assessment,

2021,

3%,

5/01/31

.................................

250,000

213,226

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)

Stellar

North

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

$

885,000

$

639,587

Special

Assessment,

2021,

4%,

5/01/52

.................................

2,225,000

1,707,989

d

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

300,000

275,007

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

276,456

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

981,250

Special

Assessment,

144A,

2021,

4%,

6/15/51

............................

1,750,000

1,358,065

d

Stonewater

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

11/01/32

...........................

250,000

207,045

Special

Assessment,

144A,

2021,

3.3%,

11/01/41

..........................

635,000

466,536

Special

Assessment,

144A,

2021,

4%,

11/01/51

...........................

1,000,000

770,498

Stoneybrook

North

Community

Development

District

,

Assessment

Area

Two

,

Special

Assessment

,

2022

,

Refunding

,

6.375

%

,

11/01/52

..........................

1,835,000

1,880,850

d

Stoneybrook

South

Community

Development

District

,

Special

Assessment,

144A,

2020,

3%,

12/15/30

...........................

500,000

429,960

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

.........................

1,000,000

764,420

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

.........................

1,500,000

1,109,778

Storey

Creek

Community

Development

District

,

Assessment

Area

Two,

Special

Assessment,

2022,

5%,

6/15/32

...............

240,000

240,537

Assessment

Area

Two,

Special

Assessment,

2022,

5.2%,

6/15/42

..............

615,000

601,703

Assessment

Area

Two,

Special

Assessment,

2022,

5.375%,

6/15/52

............

1,000,000

976,831

Storey

Drive

Community

Development

District

,

Special

Assessment,

2022,

2.55%,

6/15/27

..............................

200,000

179,575

Special

Assessment,

2022,

3%,

6/15/32

.................................

375,000

312,203

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

900,000

664,640

Special

Assessment,

2022,

4%,

6/15/52

.................................

3,000,000

2,342,893

d

Storey

Park

Community

Development

District

,

Assessment

Area

4,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........

230,000

193,197

Assessment

Area

4,

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

...........

620,000

462,511

Summer

Woods

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

165,000

140,729

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

5/01/41

................

430,000

318,518

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

330,000

254,396

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

195,000

180,034

Assessment

Area

3,

Special

Assessment,

2021,

3.15%,

5/01/31

...............

200,000

172,605

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

725,000

541,139

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,000,000

766,480

Summerstone

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

165,000

146,179

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

700,000

564,509

Special

Assessment,

2020,

4%,

5/01/51

.................................

910,000

702,975

d

Special

Assessment,

144A,

2021,

2.75%,

5/01/31

.........................

175,000

145,938

d

Special

Assessment,

144A,

2021,

3.15%,

5/01/41

.........................

700,000

505,140

d

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

1,750,000

1,351,231

Sunbridge

Stewardship

District

,

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5%,

5/01/32

.........

350,000

350,213

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5.4%,

5/01/42

.......

925,000

919,454

Del

Webb

Project

Assessment,

Special

Assessment,

2022,

5.5%,

5/01/52

.......

1,725,000

1,705,076

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

4.2%,

5/01/27

.....

430,000

419,164

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

4.6%,

5/01/32

.....

460,000

442,622

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

5.2%,

5/01/42

.....

1,000,000

948,433

Weslyn

Park

Project

Assessment,

Special

Assessment,

2022,

5.35%,

5/01/52

....

2,000,000

1,884,322

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

157,787

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.

82

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Tamarindo

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

$

820,000

$

616,674

Special

Assessment,

2021,

4%,

5/01/51

.................................

680,000

527,576

Tern

Bay

Community

Development

District

,

Special

Assessment,

2022,

3.4%,

6/15/32

...............................

1,650,000

1,426,385

Special

Assessment,

2022,

4%,

6/15/42

.................................

3,600,000

2,980,756

Special

Assessment,

2022,

4%,

6/15/52

.................................

6,500,000

4,987,286

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.35%,

12/15/26

..............

400,000

361,956

Assessment

Area

2,

Special

Assessment,

2021,

3%,

12/15/31

................

750,000

631,116

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

12/15/41

...............

2,175,000

1,606,300

Assessment

Area

2,

Special

Assessment,

2021,

4%,

12/15/51

................

4,085,000

3,163,105

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

181,107

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

605,307

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,785,000

1,379,044

Tolomato

Community

Development

District

,

Special

Assessment,

2022

B,

Refunding,

3%,

5/01/32

......................

1,500,000

1,255,756

Special

Assessment,

2022

C,

Refunding,

3.2%,

5/01/32

.....................

1,500,000

1,270,855

Assessment

Area

One,

Special

Assessment,

2022-1,

3.3%,

5/01/32

............

515,000

440,108

Assessment

Area

One,

Special

Assessment,

2022-1,

4%,

5/01/52

.............

1,970,000

1,512,242

Assessment

Area

Two,

Special

Assessment,

2022-2,

3.3%,

5/01/32

............

195,000

166,643

Assessment

Area

Two,

Special

Assessment,

2022-2,

4%,

5/01/51

.............

665,000

513,464

d

Towne

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........................

410,000

367,924

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........................

1,075,000

893,071

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,000,000

771,116

Tradition

Community

Development

District

No.

9

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

390,000

357,647

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

445,000

369,600

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,400,000

1,074,690

d

Trevesta

Community

Development

District

,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

.........................

235,000

208,195

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

.........................

880,000

697,025

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,750,000

1,351,874

Triple

Creek

Community

Development

District

,

d

Special

Assessment,

144A,

2021,

2.375%,

11/01/26

........................

145,000

131,723

d

Special

Assessment,

144A,

2021,

2.875%,

11/01/31

........................

450,000

374,701

Special

Assessment,

2021,

3%,

11/01/31

................................

250,000

210,906

d

Special

Assessment,

144A,

2021,

3.125%,

11/01/41

........................

1,190,000

850,174

Special

Assessment,

2021,

3.5%,

11/01/41

...............................

740,000

560,822

Special

Assessment,

2021,

4%,

11/01/50

................................

750,000

582,112

d

Special

Assessment,

144A,

2021,

4%,

11/01/51

...........................

2,520,000

1,941,656

Tuckers

Pointe

Community

Development

District

,

Special

Assessment,

2022,

3%,

5/01/27

.................................

310,000

286,447

Special

Assessment,

2022,

3.375%,

5/01/32

.............................

565,000

488,422

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

4,500,000

3,952,931

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,505,000

1,247,010

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,500,000

1,150,483

Two

Rivers

North

Community

Development

District

,

Special

Assessment,

2022,

4.625%,

5/01/27

.............................

100,000

98,430

Special

Assessment,

2022,

4.875%,

5/01/32

.............................

380,000

370,827

Special

Assessment,

2022,

5.125%,

5/01/42

.............................

1,540,000

1,475,975

Special

Assessment,

2022,

5.25%,

5/01/52

..............................

2,000,000

1,885,801

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)

Two

Rivers

West

Community

Development

District

,

Special

Assessment,

2022,

3%,

1/15/23

.................................

$

2,000,000

$

1,995,258

d,g

Special

Assessment,

144A,

2022,

6%,

5/01/43

............................

1,025,000

1,027,283

d,g

Special

Assessment,

144A,

2022,

6.25%,

5/01/53

.........................

1,000,000

1,002,194

d

Union

Park

East

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

144A,

2021,

2.95%,

5/01/31

..........

105,000

88,978

Assessment

Area

3,

Special

Assessment,

144A,

2021,

3.35%,

5/01/41

..........

315,000

231,550

Assessment

Area

3,

Special

Assessment,

144A,

2021,

4%,

5/01/51

............

365,000

281,426

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

345,528

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

974,616

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,500,000

1,149,424

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

...........

375,000

333,440

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,775,000

1,506,788

d

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/51

............

3,500,000

2,698,180

d

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

340,000

313,905

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

395,000

339,563

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

990,000

760,466

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,445,000

1,113,070

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3.375%,

5/01/41

.........

750,000

560,469

Phase

2

Assessment

Area,

Special

Assessment,

2022,

6.45%,

11/01/42

.........

1,000,000

1,029,431

Phase

2

Assessment

Area,

Special

Assessment,

2022,

6.625%,

11/01/52

........

1,475,000

1,522,461

Viera

Stewardship

District

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

500,000

458,522

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

800,000

669,842

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

1,750,000

1,257,859

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,715,000

1,308,033

Village

Community

Development

District

No.

10

,

Special

Assessment,

2014,

5.75%,

5/01/31

..............................

1,515,000

1,523,476

Special

Assessment,

2014,

6%,

5/01/44

.................................

6,415,000

6,449,107

Village

Community

Development

District

No.

13

,

d

Special

Assessment,

144A,

2020,

3.5%,

5/01/51

..........................

16,615,000

10,990,841

Special

Assessment,

2021,

2.85%,

5/01/36

..............................

1,735,000

1,262,365

Special

Assessment,

2021,

3%,

5/01/41

.................................

2,500,000

1,681,348

Special

Assessment,

2021,

3.25%,

5/01/52

..............................

5,500,000

3,395,296

Village

Community

Development

District

No.

14

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

.........................................................

13,000,000

13,109,478

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

Four,

Special

Assessment,

2022

A,

4.625%,

5/01/27

..........

100,000

98,741

Assessment

Area

Four,

Special

Assessment,

2022

A,

4.875%,

5/01/32

..........

250,000

245,367

Assessment

Area

Four,

Special

Assessment,

2022

A,

5.125%,

5/01/42

..........

710,000

680,076

Assessment

Area

Four,

Special

Assessment,

2022

A,

5.25%,

5/01/53

...........

1,250,000

1,182,891

Assessment

Area

Three,

Special

Assessment,

2022,

Refunding,

2.7%,

5/01/27

...

135,000

122,404

Assessment

Area

Three,

Special

Assessment,

2022,

Refunding,

3.15%,

5/01/32

..

210,000

178,058

Assessment

Area

Three,

Special

Assessment,

2022,

Refunding,

3.45%,

5/01/42

..

550,000

406,315

Assessment

Area

Three,

Special

Assessment,

2022,

Refunding,

4%,

5/01/52

.....

1,205,000

927,065

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

211,892

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

655,000

521,922

Special

Assessment,

2020,

4%,

5/01/51

.................................

1,000,000

772,126

Phase

4

Project,

Special

Assessment,

2022,

3.25%,

5/01/27

.................

175,000

163,222

Phase

4

Project,

Special

Assessment,

2022,

3.625%,

5/01/32

................

250,000

220,374

Phase

4

Project,

Special

Assessment,

2022,

4%,

5/01/42

....................

670,000

555,126

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)

Villamar

Community

Development

District,

(continued)

Phase

4

Project,

Special

Assessment,

2022,

4.125%,

5/01/52

................

$

500,000

$

392,684

g

Waterset

South

Community

Development

District

,

Special

Assessment

,

2022

,

6.1

%

,

5/01/53

.........................................................

665,000

670,140

West

Port

Community

Development

District

,

d

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

357,375

d

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

839,655

d

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,545,000

1,184,578

Assessment

Area

One,

Special

Assessment,

2021,

2.4%,

5/01/26

.............

200,000

184,207

Assessment

Area

One,

Special

Assessment,

2021,

3%,

5/01/31

...............

570,000

487,208

Assessment

Area

One,

Special

Assessment,

2021,

3.4%,

5/01/41

.............

1,470,000

1,099,929

Assessment

Area

Three,

Special

Assessment,

2022,

5.125%,

5/01/42

..........

360,000

340,916

Assessment

Area

Three,

Special

Assessment,

2022,

5.25%,

5/01/52

...........

585,000

547,627

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

205,000

189,267

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

172,268

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

609,240

Unit

of

Development

No.

7,

Special

Assessment,

2021,

4%,

5/01/51

............

1,050,000

814,936

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

160,000

147,720

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

452,203

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,000,000

761,550

Unit

of

Development

No.

8,

Special

Assessment,

2021,

4%,

5/01/51

............

1,855,000

1,439,720

Westside

Haines

City

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

250,000

231,930

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

299,715

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,000,000

765,524

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,250,000

961,119

Westview

North

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

6/15/42

..............................

1,000,000

1,003,612

Special

Assessment,

2022,

6%,

6/15/52

.................................

1,250,000

1,257,171

Willows

Community

Development

District

,

Special

Assessment,

2022,

4.7%,

5/01/29

...............................

385,000

384,645

Special

Assessment,

2022,

5.625%,

5/01/42

.............................

1,440,000

1,456,703

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,200,000

1,211,653

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.4%,

5/01/26

................

220,000

202,433

Assessment

Area

1,

Special

Assessment,

2021,

2.95%,

5/01/31

...............

250,000

211,853

Assessment

Area

1,

Special

Assessment,

2021,

3.35%,

5/01/41

...............

940,000

695,357

Assessment

Area

1,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,500,000

1,150,483

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

25,000

23,954

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

130,000

118,346

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

550,148

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

417,371

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

1,300,000

1,201,197

Wiregrass

II

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2020,

3.125%,

5/01/30

...........

645,000

566,505

Assessment

Area

One,

Special

Assessment,

2020,

3.7%,

5/01/40

.............

1,680,000

1,337,407

Assessment

Area

One,

Special

Assessment,

2020,

3.875%,

5/01/50

...........

1,960,000

1,493,504

Assessment

Area

Two,

Special

Assessment,

2022,

5.25%,

5/01/52

.............

1,000,000

932,078

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

175,000

161,569

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

160,000

136,464

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

675,000

504,423

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)

Zephyr

Lakes

Community

Development

District,

(continued)

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

$

960,000

$

744,736

809,182,627

Georgia

1.2%

e

Baldwin

County

Hospital

Authority

,

Oconee

Regional

Medical

Center

Obligated

Group

,

Revenue

,

1998

,

5.375

%

,

12/01/28

.....................................

1,470,000

15

d

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,607,373

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

8,788,641

d

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

B

,

4.5

%

,

12/01/36

................................

10,835,000

8,524,488

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

5,375,000

6,023,019

d

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/36

2,500,000

2,339,783

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

8,323,809

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

5,000,000

5,230,727

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

4,282,087

Revenue,

2007

A,

5.5%,

9/15/28

......................................

10,000,000

10,796,863

Revenue,

2019

A,

5%,

5/15/49

........................................

6,000,000

6,007,757

61,924,562

Idaho

0.3%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,329,674

Illinois

2.6%

Chicago

Board

of

Education

,

GO,

2022

A,

4%,

12/01/47

...........................................

14,765,000

12,056,668

GO,

2022

A,

5%,

12/01/47

...........................................

4,915,000

4,590,420

GO,

2022

B,

Refunding,

4%,

12/01/40

..................................

2,500,000

2,167,277

City

of

Belleville

,

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.25%,

7/01/29

.................

775,000

677,137

Sales

Tax,

Tax

Allocation,

2021

B,

Refunding,

3.75%,

7/01/41

.................

1,000,000

783,263

Illinois

Finance

Authority

,

e

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/43

....................

3,000,000

30

e

2018

Blue

Island

LLC,

Revenue,

2018

A-1,

5%,

12/01/53

....................

3,075,000

31

d

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

11,410,819

d

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

4,190,000

4,062,673

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/25

......

1,735,000

1,772,809

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/32

......

3,750,000

3,828,024

Plymouth

Place

Obligated

Group,

Revenue,

2022

A,

6.75%,

5/15/58

...........

3,000,000

3,078,505

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

A,

Refunding,

5%,

8/01/47

........................................................

1,525,000

1,545,887

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

C,

5%,

8/01/46

...

1,900,000

1,927,640

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

4,030,000

3,244,584

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

8,357,393

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

10,810,000

9,146,316

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)

Illinois

(continued)

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

$

3,900,000

$

4,241,582

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

6/15/35

.......................

10,000,000

5,638,165

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

6,053,509

State

of

Illinois

,

GO,

2017

A,

4.25%,

12/01/40

.........................................

1,850,000

1,712,842

GO,

2019

B,

4%,

11/01/34

...........................................

2,400,000

2,279,254

GO,

2019

C,

4%,

11/01/40

...........................................

1,490,000

1,335,633

GO,

2019

C,

4%,

11/01/43

...........................................

2,515,000

2,193,937

GO,

2020,

5.75%,

5/01/45

...........................................

7,420,000

7,823,762

GO,

2020

B,

4%,

10/01/34

...........................................

2,000,000

1,899,944

GO,

2020

C,

4%,

10/01/37

...........................................

5,400,000

5,003,640

GO,

2020

C,

4%,

10/01/38

...........................................

5,250,000

4,818,536

GO,

2020

C,

4%,

10/01/39

...........................................

2,545,000

2,310,182

GO,

2022

C,

5.5%,

10/01/40

.........................................

6,250,000

6,652,641

GO,

2022

C,

5.5%,

10/01/44

.........................................

4,645,000

4,883,734

d

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

8,568,232

d

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

3,035,000

2,536,870

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,282,753

137,884,692

Indiana

0.5%

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,262,154

d

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

3,157,740

d

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

3,639,718

d

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

3,650,000

2,886,701

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group,

Revenue,

2013

A,

Refunding,

7%,

11/15/43

..

5,000,000

5,163,382

University

of

Evansville,

Revenue,

2022

B,

7%,

9/01/32

.....................

4,000,000

3,719,254

d

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

3,818,965

24,647,914

Iowa

0.3%

Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC,

Revenue,

2022,

Refunding,

5%,

12/01/50

.............

8,500,000

8,058,930

Northcrest

Obligated

Group,

Revenue,

2018

A,

5%,

3/01/48

..................

7,500,000

6,672,676

14,731,606

Kansas

0.1%

City

of

Manhattan

,

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

............................................

1,000,000

841,430

Meadowlark

Hills

Retirement

Community

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

............................................

1,150,000

863,408

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,630,000

1,461,009

3,165,847

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)

Kentucky

0.6%

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/39

...........................

$

10,000,000

$

11,055,020

Revenue,

First

Tier,

2013

C,

Zero

Cpn.,

7/01/43

...........................

5,000,000

5,517,683

d

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

19,650,000

12,559,991

29,132,694

Louisiana

1.4%

Juban

Trails

Community

Development

District

,

Special

Assessment,

2022,

3.375%,

6/01/27

.............................

100,000

93,277

Special

Assessment,

2022,

4.25%,

6/01/51

..............................

1,235,000

1,006,504

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment,

2021,

2.375%,

6/01/26

.............................

365,000

337,479

Special

Assessment,

2021,

2.875%,

6/01/31

.............................

695,000

589,439

Special

Assessment,

2021,

3.2%,

6/01/41

...............................

2,730,000

2,127,457

Special

Assessment,

2021,

4%,

6/01/51

.................................

2,035,000

1,650,824

Special

Assessment,

2022,

5.375%,

6/01/42

.............................

730,000

726,074

Special

Assessment,

2022,

5.5%,

6/01/52

...............................

1,425,000

1,410,631

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

2,230,000

2,186,685

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

2,376,502

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

4,328,299

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,650,000

2,011,034

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,316,730

3,308,405

Parish

of

St.

John

the

Baptist,

Revenue,

144A,

2019,

3.9%,

11/01/44

...........

2,260,000

1,687,694

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

5,910,000

4,891,983

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

1,825,000

1,646,241

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C,

5.5%,

10/01/61

.

6,300,000

4,579,614

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

3,044,095

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,685,000

1,668,457

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

60,000

64,159

d

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

4,839,711

d

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

4,269,481

d

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

9,527,794

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,061,083

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,201,507

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,590,361

75,224,790

Maryland

0.2%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

1,250,000

1,253,190

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

2,500,000

2,463,605

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

681,209

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,175,000

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.

88

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

County

of

Frederick,

(continued)

d

Technology

Park

Project

TIF

Development

District,

Special

Tax,

144A,

2020

B,

Refunding,

4.625%,

7/01/43

........................................

$

1,155,000

$

1,086,829

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

355,000

313,026

Maryland

Economic

Development

Corp.

,

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

4.25%,

7/01/50

500,000

436,758

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

5%,

7/01/56

.

1,000,000

977,674

8,387,291

Massachusetts

0.0%

†

d

Massachusetts

Development

Finance

Agency

,

North

Hill

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2013

A

,

Pre-Refunded

,

6.25

%

,

11/15/28

..............

1,284,000

1,324,716

Michigan

0.7%

City

of

Detroit

,

GO,

2021

A,

5%,

4/01/31

............................................

480,000

505,136

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2001

B,

NATL

Insured,

5.5%,

7/01/29

.....................................

5,000,000

5,474,679

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006

B,

NATL

Insured,

5%,

7/01/36

.......................................

15,000

15,031

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

2,215,000

2,220,769

Kalamazoo

Economic

Development

Corp.

,

d

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

900,000

849,498

d

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

3,015,000

2,456,570

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

967,698

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

7,203,192

Michigan

Finance

Authority

,

d

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

1,300,000

1,304,143

d

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

6.75%,

7/01/44

..........

3,805,000

3,815,408

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

Zero

Cpn.,

6/01/65

........................................................

100,000,000

8,484,440

d

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

710,000

670,159

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

895,000

770,767

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,380,000

1,124,400

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

2,936,145

38,798,035

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,549,881

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

915,778

Housing

&

Redevelopment

Authority

of

The

City

of

St.

Paul

Minnesota

,

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/33

...

200,000

169,586

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/35

...

350,000

288,521

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/36

...

100,000

81,306

Episcopal

Homes

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/01/42

...

1,260,000

947,747

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)

Minnesota

(continued)

d

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

8/01/37

.............................................

$

1,300,000

$

1,216,966

6,169,785

Mississippi

0.4%

d

Mississippi

Development

Bank

,

County

of

Hancock,

Revenue,

144A,

2019,

4.55%,

11/01/39

..................

2,035,000

1,805,309

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

900,000

817,932

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/35

800,000

714,956

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/36

850,000

748,561

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/41

3,000,000

2,475,528

Mississippi

Home

Corp.

,

d

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

4,638,881

d

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

5,478,839

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.65%,

6/01/62

..................................................

5,515,000

3,765,065

20,445,071

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

4,170,000

4,321,805

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

259,447

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

2,500,000

2,073,362

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

866,042

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

2,889,122

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,740,000

3,873,449

14,283,227

Montana

0.0%

†

Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

1,000,000

1,013,264

Nevada

1.2%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

905,000

823,164

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,750,000

1,627,155

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

8,130,000

8,013,519

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

170,460

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

168,365

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

166,522

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

450,000

389,554

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4.125%,

6/01/50

1,150,000

943,315

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

210,000

171,060

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

1,000,000

770,868

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/27

...

1,380,000

1,400,303

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,595,000

1,609,235

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

1,010,000

1,014,050

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

440,000

390,983

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)

Nevada

(continued)

City

of

Las

Vegas,

(continued)

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

$

740,000

$

627,491

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

995,000

950,198

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/33

.

520,000

414,286

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/36

.

830,000

625,096

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

650,000

469,542

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3.125%,

6/01/51

1,425,000

915,590

d

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

16,000,000

1,891,416

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

1,030,000

1,031,159

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

980,000

980,585

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,120,000

2,133,908

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

235,028

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3.5%,

9/01/45

..............................

750,000

536,331

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

4%,

9/01/51

...............................

500,000

387,488

d

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

9,726,661

9,958,944

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

8,047,563

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/38

................................

1,000,000

977,084

Somerset

Academy

NLV

Building

1

/

Sky

Pointe

/

Stephanie

/

Losee

Campuses,

Revenue,

144A,

2018

A,

5%,

12/15/48

................................

1,500,000

1,381,254

Tahoe-Douglas

Visitors

Authority

,

Revenue,

2020,

5%,

7/01/33

.........................................

2,690,000

2,777,978

Revenue,

2020,

5%,

7/01/40

.........................................

3,475,000

3,479,149

Revenue,

2020,

5%,

7/01/51

.........................................

7,250,000

7,077,823

62,556,466

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

92,084

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,144,402

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

2,860,000

2,333,871

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

4,835,603

9,405,960

New

Jersey

2.0%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

500,000

481,911

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

2,150,000

2,016,388

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

1,949,868

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

4,550,000

4,635,958

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

25,000,000

25,083,305

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

8,480,000

8,509,671

d

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

2,274,666

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2008

A

,

Zero

Cpn.,

12/15/38

........................................................

46,750,000

21,141,799

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5%,

6/01/46

...............................

9,500,000

9,319,751

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

7,000,000

7,053,109

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)

New

Jersey

(continued)

Tobacco

Settlement

Financing

Corp.,

(continued)

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

$

25,000,000

$

24,194,525

106,660,951

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

480,947

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

419,510

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,081,728

d

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

,

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4%,

5/01/33

..............

1,000,000

868,231

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4.25%,

5/01/40

............

2,750,000

2,257,545

5,107,961

New

York

6.0%

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

College

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/45

......................................

2,000,000

1,833,836

Metropolitan

Transportation

Authority

,

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

4,765,000

4,804,258

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

7,000,000

6,867,763

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

16,170,000

15,763,281

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

37,695,000

36,986,948

Revenue,

2020

C-1,

5.25%,

11/15/55

...................................

39,500,000

39,895,557

Revenue,

2020

D,

4%,

11/15/50

.......................................

40,000,000

33,186,964

New

York

City

Housing

Development

Corp.

,

FC

8

Spruce

Street

Residential

LLC

,

Revenue

,

2014

,

F

,

Refunding

,

4.5

%

,

2/15/48

.............................

4,825,000

4,753,171

New

York

Liberty

Development

Corp.

,

d

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

15,014,661

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

60,000,000

65,916,084

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

10,380,000

10,628,289

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

14,950,000

15,140,785

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

2.25%,

8/01/26

............

1,570,000

1,468,189

American

Airlines,

Inc.,

Revenue,

2021,

Refunding,

3%,

8/01/31

...............

4,500,000

4,025,759

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

41,785,000

41,508,897

d

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

59,000,000

15,843,736

313,638,178

North

Carolina

0.2%

North

Carolina

Medical

Care

Commission

,

Galloway

Ridge

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5.25%,

1/01/41

2,720,000

2,544,999

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/30

.......

2,790,000

2,784,443

Maryfield,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/35

.......

1,000,000

982,290

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

..............

1,000,000

931,669

Maryfield,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

..............

1,500,000

1,371,755

8,615,156

North

Dakota

0.3%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

2,800,000

2,712,787

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

3,130,000

2,861,235

d

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

1,717,912

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)

North

Dakota

(continued)

d

County

of

Grand

Forks,

(continued)

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

$

14,000,000

$

7,886,410

15,178,344

Ohio

3.1%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

25,130,000

18,022,309

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

..................

27,800,000

25,510,036

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,451,526

Cleveland-Cuyahoga

County

Port

Authority

,

d

Flats

East

Bank

TIF

District,

Tax

Allocation,

144A,

2021

B,

Refunding,

4.5%,

12/01/55

1,500,000

1,176,038

d

Flats

East

Bank

TIF

District,

Tax

Allocation,

Senior

Lien,

144A,

2021

A,

Refunding,

4%,

12/01/55

...................................................

1,250,000

978,033

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

708,248

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

711,060

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

9,733,346

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

2,711,330

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

7,720,331

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

6.625%,

12/01/42

................................................

10,000,000

9,940,604

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

6.75%,

12/01/52

.......................................................

17,000,000

16,794,286

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,292,372

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,126,908

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,360,082

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

Zero

Cpn.,

2/15/35

.....................................................

35,000,000

40,359,176

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

965,989

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

928,448

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,303,088

d

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

4,569,509

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

13,186,783

164,549,502

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

1,010,821

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

10,280,000

10,284,137

11,294,958

Oregon

0.4%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

500,000

459,506

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)

Oregon

(continued)

Clackamas

County

Hospital

Facility

Authority,

(continued)

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

$

1,250,000

$

1,109,777

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,338,532

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.4%,

10/01/44

.....

3,000,000

2,932,082

Mirabella

at

South

Waterfront,

Revenue,

2014

A,

Refunding,

5.5%,

10/01/49

.....

5,500,000

5,386,258

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

2,887,987

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/51

..

4,325,000

3,546,064

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/56

..

6,115,000

4,742,086

22,402,292

Pennsylvania

1.9%

d

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

5%,

5/01/32

....................................

11,975,000

11,654,271

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

2,946,468

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

4,682,795

Revenue,

144A,

2022,

5.25%,

5/01/42

..................................

6,275,000

5,829,504

Chester

County

Industrial

Development

Authority

,

d

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,245,000

3,463,778

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/34

..........

1,500,000

1,519,625

d

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

325,000

315,194

d

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

941,267

Dallas

Area

Municipal

Authority

,

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/39

..............

1,100,000

1,072,012

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/48

..............

4,000,000

3,771,576

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

867,420

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

1,008,644

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

3,784,360

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

2,449,880

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

795,676

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

936,939

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,267,564

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

620,589

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

1,695,296

Pennsylvania

Turnpike

Commission

,

Revenue,

2009

C,

AGMC

Insured,

6.25%,

6/01/33

.........................

5,000,000

5,572,665

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

17,891,496

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

25,075,000

22,249,918

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group,

Revenue,

A,

Refunding,

5%,

7/01/49

........................................................

3,000,000

2,478,004

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/51

........................................................

1,600,000

1,169,050

Philadelphia

Electrical

&

Technology

Charter

High

School,

Revenue,

2021

A,

4%,

6/01/56

........................................................

850,000

598,317

101,582,308

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)

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

d

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

$

14,400,000

$

9,248,252

d

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

25,550,000

15,631,679

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,439,265

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

2,927,548

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

9,379,612

38,626,356

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

7,110,000

6,261,993

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

2,650,725

8,912,718

Tennessee

1.2%

d

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

948,840

Cleveland

Forward

Phase

Two

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

948,840

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/27

...................................................

19,365,000

16,350,382

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

...................................................

19,400,000

15,731,563

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

...................................................

19,365,000

15,061,342

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

...................................................

19,370,000

14,434,855

d

Nashville

Metropolitan

Development

&

Housing

Agency

,

Fifth

+

Broadway

Redevelopment

Area

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

............

900,000

908,791

64,384,613

Texas

9.0%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

6,119,960

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

1,771,095

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,306,429

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,186,518

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,182,762

d

City

of

Anna

,

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..................................................

300,000

251,345

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.5%,

9/15/31

...................................................

157,000

142,436

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4%,

9/15/41

....................................................

867,000

716,703

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

..................................................

1,406,000

1,129,329

Sherley

Tract

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2021,

5%,

9/15/51

....................................................

503,000

439,989

d

City

of

Aubrey

,

Jackson

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/01/32

..................................................

852,000

855,921

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)

Texas

(continued)

d

City

of

Aubrey,

(continued)

Jackson

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/01/45

........................................................

$

1,803,000

$

1,823,152

City

of

Celina

,

d

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

........................................................

804,000

745,302

d

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/51

........................................................

1,120,000

1,003,890

d

Creeks

of

Legacy

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

..................................................

230,000

202,435

d

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

215,000

200,237

d

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

..................................................

500,000

426,479

d

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

350,410

d

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/50

...................................................

605,000

508,275

d

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

476,772

d

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.75%,

9/01/27

........................................................

290,000

253,778

d

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

.................................................

231,000

186,188

d

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

.................................................

866,000

630,613

Lakes

at

Mustang

Ranch

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

3%,

9/01/35

.................................

1,020,000

853,684

d

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

.............................................

145,000

134,158

d

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

..............................................

245,000

231,688

d

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

.............................................

150,000

131,284

d

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4%,

9/01/31

................................................

473,000

436,747

d

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

..............................................

1,205,000

979,015

d

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

.............................................

2,015,000

1,755,184

d

Parks

at

Wilson

Creek

Public

Improvement

District

(The),

Special

Assessment,

144A,

2021,

4.5%,

9/01/51

..............................................

2,501,000

2,115,218

d

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

..................................................

227,000

204,156

d

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.625%,

9/01/32

.................................................

336,000

287,037

d

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/43

....................................................

1,009,000

834,452

d

Sutton

Fields

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/51

.................................................

1,033,000

829,972

d

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

1,795,000

1,438,938

d

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.875%,

9/01/27

.................................................

115,000

101,616

d

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/32

..................................................

250,000

204,623

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)

Texas

(continued)

City

of

Celina,

(continued)

d

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/42

........................................................

$

1,175,000

$

870,956

d

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

7,000,000

5,534,113

d

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

425,000

343,763

d

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

498,000

399,347

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

150,000

132,821

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

350,000

301,949

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

773,490

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

158,000

134,210

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

379,000

294,855

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/01/42

........................................................

490,000

484,144

d

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/01/52

........................................................

1,314,000

1,289,676

d

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/31

........................................................

409,000

368,533

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/31

..................................................

161,000

148,059

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/41

..................................................

1,000,000

859,930

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5%,

9/15/41

........................................................

1,144,000

1,048,463

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/51

...................................................

2,000,000

1,672,159

Cartwright

Ranch

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/15/51

..................................................

750,000

684,727

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

........................................................

528,000

536,070

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/32

........................................................

306,000

310,059

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

5,000,000

5,087,773

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.75%,

9/15/52

........................................................

1,750,000

1,798,935

h

City

of

Dallas

,

Housing

Finance

Corp.

,

Revenue

,

2022

B

,

Zero

Cpn.,

12/01/62

......

173,445,000

11,277,168

d

City

of

Dayton

,

Westpointe

Public

Improvement

District,

Special

Assessment,

Junior

Lien,

144A,

5.75%,

9/01/52

..................................................

1,464,000

1,415,322

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

4.875%,

9/01/32

...........................................

269,000

261,060

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.125%,

9/01/42

...........................................

764,000

727,084

Westpointe

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.25%,

9/01/52

............................................

1,000,000

942,608

d

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.................................................

398,000

322,990

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

97

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

d

City

of

Elmendorf,

(continued)

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

$

1,205,000

$

914,220

Hickory

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

1,172,000

908,670

d

City

of

Fate

,

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

8/15/26

........................................................

400,000

362,926

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

8/15/31

........................................................

711,000

603,742

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

8/15/41

........................................................

1,871,000

1,497,740

Monterra

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

8/15/51

1,765,000

1,407,309

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.125%,

8/15/30

........................................................

665,000

611,113

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.625%,

8/15/40

........................................................

1,163,000

1,031,036

Williamsburg

East

Public

Improvement

District,

Revenue,

144A,

2020,

4.875%,

8/15/50

........................................................

1,772,000

1,548,461

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.................................................

125,000

108,520

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.................................................

691,000

557,964

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.................................................

994,000

804,855

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.875%,

8/15/42

.................................................

1,617,000

1,590,383

Williamsburg

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

8/15/52

....................................................

2,500,000

2,508,530

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.25%,

8/15/42

..................................................

1,204,000

1,061,230

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

8/15/52

.................................................

1,100,000

934,463

d

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.375%,

9/01/32

.................................................

926,000

755,647

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

..................................................

1,259,000

961,042

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

1,577,000

1,233,411

d

City

of

Fort

Worth

,

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................

1,465,000

1,443,426

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,227,118

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,567,933

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,185,000

1,167,550

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,530,000

1,474,489

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

1,975,000

1,843,031

d

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

.................................................

409,000

367,509

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)

Texas

(continued)

d

City

of

Georgetown,

(continued)

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/42

.................................................

$

1,060,000

$

918,379

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/15/47

..................................................

716,000

609,385

d

City

of

Haslet

,

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

2.625%,

9/01/26

........................................................

279,000

251,005

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

150,000

124,025

Public

Improvement

District

No.

5,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

........................................................

1,271,000

968,631

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

500,000

427,300

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

364,211

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2021

A

,

4

%

,

7/01/41

.

15,990,000

13,441,774

d

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

...................................................

239,000

214,771

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/01/31

.................................................

260,000

217,623

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...................................................

1,038,000

799,699

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..................................................

171,000

155,105

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/31

........................................................

392,000

333,846

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/41

.................................................

1,000,000

795,641

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

3,479,000

2,696,532

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..................................................

206,000

172,769

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.................................................

519,000

402,980

Emory

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

1,146,000

887,055

d

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3%,

9/01/31

....................................................

500,000

430,251

Timberbrook

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.................................................

2,812,000

2,200,072

d

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

230,000

188,494

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

429,949

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/50

.

440,000

343,415

City

of

Kyle

,

d

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

400,000

337,493

d

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

........................................................

1,310,000

1,031,856

d

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

........................................................

1,380,000

1,021,664

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)

Texas

(continued)

City

of

Kyle,

(continued)

d

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/46

$

375,000

$

304,462

d

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

........................................................

224,000

199,360

d

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

........................................................

530,000

443,118

d

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................................

1,428,000

1,106,735

d

6

Creeks

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/46

1,000,000

806,731

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

4.75%,

9/01/32

..

400,000

388,425

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

5%,

9/01/42

.....

2,105,000

1,991,671

d

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

.................................................

500,000

451,230

d

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/41

.................................................

1,185,000

1,041,939

d

Plum

Creek

North

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.625%,

9/01/41

.................................................

501,000

456,365

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

........................................

300,000

267,433

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

.........................................

1,045,000

850,785

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5%,

9/01/30

.....................................

2,000,000

1,875,336

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

..................................

2,070,000

1,856,042

d

Tessera

on

Lake

Travis

Public

Improvement

District,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

....................................

2,715,000

2,439,417

d

City

of

Lavon

,

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/15/27

600,000

549,908

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/15/27

........................................................

305,000

276,039

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

........................................................

1,000,000

866,630

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/32

........................................................

455,000

405,246

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/15/42

2,259,000

1,865,270

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/15/42

........................................................

1,000,000

847,292

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/52

........................................................

5,295,000

4,178,399

Elevon

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/15/52

1,495,000

1,227,096

h

Lakepointe

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

1,000,000

1,010,134

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

530,000

457,184

d

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.625%,

9/01/27

........................................................

550,000

500,417

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/27

........................................................

225,000

209,360

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

........................................................

750,000

643,316

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

........................................................

275,000

245,167

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

........................................................

1,771,000

1,374,799

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)

d

City

of

Liberty

Hill,

(continued)

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/01/42

........................................................

$

1,097,000

$

931,387

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/52

........................................................

2,500,000

2,011,279

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

........................................................

1,705,000

1,413,016

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

250,000

214,487

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

729,193

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,488,394

d

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/15/26

........................................................

110,000

97,158

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.................................................

210,000

186,810

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

204,881

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................................................

310,000

259,723

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

700,000

524,655

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.................................................

830,000

698,181

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

793,527

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

1,225,000

999,294

d

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/31

.................................................

350,000

306,676

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.625%,

9/01/31

.................................................

150,000

135,075

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/41

.................................................

1,000,000

849,197

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/41

.................................................

450,000

391,837

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/01/51

.................................................

1,470,000

1,209,524

Thunder

Rock

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.125%,

9/01/51

.................................................

620,000

558,360

d

City

of

Mclendon-Chisholm

,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.........................

155,000

139,609

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

.........................

620,000

477,486

Special

Assessment,

144A,

2021,

4%,

9/15/51

............................

865,000

682,704

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/15/32

........................................................

250,000

246,708

Sonoma

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

........................................................

2,700,000

2,581,354

d

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

410,000

350,713

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.................................................

230,000

209,006

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)

d

City

of

Midlothian,

(continued)

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

$

1,105,000

$

888,240

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

........................................................

420,000

365,815

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,316,881

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..................................................

610,000

517,808

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

..................................................

625,000

599,889

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

...................................................

309,000

298,101

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

..................................................

1,516,000

1,421,872

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/42

....................................................

750,000

734,623

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

.................................................

2,509,000

2,339,943

Westside

Preserve

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

.................................................

1,410,000

1,386,147

d

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/01/26

.................................................

220,000

204,166

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/01/31

..................................................

320,000

289,739

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

882,000

752,462

Solms

Landing

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/51

..................................................

1,454,000

1,218,165

d

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

263,050

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

962,031

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

845,212

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

9/01/31

..................................................

160,000

131,420

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

.................................................

643,000

473,088

Wildridge

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

987,000

789,658

d

City

of

Pilot

Point

,

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/15/32

........................................................

500,000

495,526

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/32

........................................................

200,000

197,773

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/42

........................................................

1,550,000

1,500,857

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/15/52

........................................................

2,753,000

2,663,967

Creekview

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

2,078,000

2,088,886

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

9/15/32

........................................................

500,000

494,283

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)

d

City

of

Pilot

Point,

(continued)

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.625%,

9/15/32

........................................................

$

810,000

$

812,510

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/48

........................................................

4,026,000

3,917,517

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/52

4,001,000

4,014,734

Mobberly

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

........................................................

1,600,000

1,616,893

d

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

7,750,000

6,217,101

Collin

Creek

West

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

2,343,000

1,829,428

d

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

97,000

92,128

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

159,699

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

538,321

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

930,000

764,123

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

........................................................

201,000

191,401

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

280,000

261,050

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

........................................................

752,000

664,939

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

.................................................

1,139,000

970,649

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

........................................................

84,000

76,230

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

126,000

106,086

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

246,496

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

431,000

344,932

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

........................................................

382,000

375,541

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

........................................................

850,000

816,438

Eastridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

........................................................

1,376,000

1,293,266

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

175,627

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

381,346

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

541,192

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.875%,

9/01/31

........................................................

110,000

91,881

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........................................................

518,000

383,925

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

616,000

492,755

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)

d

City

of

Princeton,

(continued)

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

$

461,000

$

453,555

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,011,000

967,938

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

..................................................

2,220,000

2,104,812

d

City

of

Red

Oak

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

150,000

134,595

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

354,000

291,661

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

........................................................

500,000

373,042

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.

665,000

529,137

d

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

............................................

200,000

175,902

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

.............................................

300,000

272,063

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

.............................................

820,000

670,325

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

............................................

600,000

516,126

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

................................................

1,172,000

932,554

Trails

at

Cottonwood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,000,000

823,438

d

City

of

Royse

City

,

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

........................................................

450,000

402,349

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

........................................................

225,000

200,091

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

........................................................

210,000

198,664

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

........................................................

1,190,000

990,978

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

........................................................

590,000

513,528

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

........................................................

375,000

345,364

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

........................................................

1,780,000

1,451,018

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

........................................................

715,000

605,175

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

........................................................

575,000

524,506

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.875%,

9/15/42

........................................................

589,000

582,155

Creekshaw

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6%,

9/15/52

........................................................

1,267,000

1,271,512

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

9/15/49

........................................................

1,495,000

1,367,705

d

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

350,166

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

850,174

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)

d

City

of

Sachse,

(continued)

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

$

1,920,000

$

1,830,149

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,187,496

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,122,399

g

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

7%,

9/15/52

.

750,000

761,006

City

of

San

Marcos

,

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.375%,

9/01/25

.

260,000

259,705

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.875%,

9/01/30

.

305,000

297,734

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.375%,

9/01/40

.

1,300,000

1,264,541

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.625%,

9/01/50

.

1,300,000

1,265,876

d

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

..................................................

300,000

282,365

d

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

425,000

389,078

d

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

..................................................

1,221,000

1,035,713

d

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/01/51

........................................................

1,621,000

1,349,428

d

City

of

Santa

Fe

,

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

.................................................

508,000

468,565

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/52

........................................................

858,000

782,511

d

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

9/01/27

.................................................

381,000

361,232

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

660,000

612,148

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,000,000

931,498

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/01/51

..................................................

1,250,000

1,144,817

d

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.........................................

330,000

294,366

d

City

of

Uhland

,

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

9/01/52

..............................................

3,000,000

3,106,280

d

City

of

Venus

,

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.................................................

234,000

210,311

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

208,977

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

.................................................

1,105,000

830,768

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

2,024,000

1,619,325

d

City

of

Waxahachie

,

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

8/15/32

........................................................

302,000

300,154

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

8/15/52

........................................................

2,395,000

2,329,911

Clifton

Higher

Education

Finance

Corp.

,

Uplift

Education

,

Revenue

,

A

,

5

%

,

12/01/45

.

2,855,000

2,866,311

d

Club

Municipal

Management

District

No.

1

,

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

.........

175,000

158,186

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3%,

9/01/31

...........

271,000

225,231

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)

d

Club

Municipal

Management

District

No.

1,

(continued)

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........

$

1,012,000

$

752,300

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

4%,

9/01/50

...........

1,420,000

1,140,899

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

3.5%,

10/01/31

.

450,000

379,275

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

2021

B,

5%,

10/01/50

..

1,200,000

990,280

d

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

85,779

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

800,000

635,555

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,200,000

952,316

d

County

of

Medina

,

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

........................................................

135,000

121,779

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

........................................................

400,000

357,352

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

........................................................

815,000

730,628

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

........................................................

1,085,000

916,845

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

........................................................

780,000

712,430

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................................................

870,000

731,778

Woodlands

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

........................................................

1,160,000

1,061,628

d

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

9,065,000

6,646,654

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Zero

Cpn.,

10/01/45

......

10,000,000

10,594,953

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/48

...................

5,000,000

4,241,261

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

2,179,293

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,342,206

d

CityScape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/39

................

500,000

483,472

d

CityScape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/51

................

1,570,000

1,447,540

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

4,661,901

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

4,187,469

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

3,379,073

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

25,500,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,346,443

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

10,486,599

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

1,993,309

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/39

.......................................................

325,000

299,444

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)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/49

.......................................................

$

120,000

$

105,066

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

14,845,000

13,256,108

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

6,505,000

5,845,247

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

2,738,433

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

828,498

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

884,808

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

3,219,883

d

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2021,

3.625%,

9/15/26

.........................

1,000,000

953,286

Special

Assessment,

144A,

2021,

4.25%,

9/15/31

.........................

1,500,000

1,421,721

Special

Assessment,

144A,

2021,

4.75%,

9/15/41

.........................

5,000,000

4,624,455

Special

Assessment,

144A,

2021,

5%,

9/15/51

............................

6,250,000

5,715,549

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/15/31

............................................

250,000

220,557

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/41

................................................

1,000,000

851,780

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,160,000

964,696

North

Texas

Tollway

Authority

,

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

3,697,440

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

6.75%,

9/01/45

......

7,500,000

9,753,567

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

10,000,000

12,521,868

d

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

765,000

753,327

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,069,870

d

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

6

%

,

12/01/52

..............

5,075,000

3,908,328

e

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25

%

,

12/15/42

......................................

11,000,000

6,710,000

Texas

Transportation

Commission

,

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/46

......

3,000,000

801,166

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/47

......

5,750,000

1,445,173

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/51

......

3,500,000

689,337

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/52

......

4,000,000

740,976

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/53

......

400,000

70,003

d

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

675,000

611,644

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

750,000

631,414

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

646,995

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

2,450,000

2,030,236

d

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

445,000

427,450

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

1,400,000

1,314,643

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

........................................................

2,400,000

2,241,481

d

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

........................................................

139,000

127,678

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)

d

Town

of

Little

Elm,

(continued)

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/32

........................................................

$

205,000

$

173,100

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

........................................................

529,000

408,341

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

509,000

396,826

Valencia

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/01/32

........................................................

712,000

732,507

Valencia

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.875%,

9/01/52

........................................................

2,700,000

2,794,551

Town

of

Ponder

,

Special

Assessment,

2017,

5%,

9/01/45

.................................

500,000

477,724

Special

Assessment,

2017,

5%,

9/01/47

.................................

865,000

822,106

d

Travis

County

Development

Authority

,

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

........................................

302,000

298,040

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.375%,

9/01/42

.......................................

868,000

851,366

County

of

Travis

Turner's

Crossing

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/01/52

.........................................

1,244,000

1,215,399

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

215,842

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

329,379

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

368,703

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

604,697

475,016,736

Utah

0.5%

Military

Installation

Development

Authority

,

Revenue,

2021

A-1,

4%,

6/01/52

......................................

3,000,000

2,214,394

Revenue,

2021

A-2,

4%,

6/01/36

......................................

2,250,000

1,896,237

Revenue,

2021

A-2,

4%,

6/01/41

......................................

7,215,000

5,717,258

Revenue,

2021

A-2,

4%,

6/01/52

......................................

21,745,000

15,787,623

d

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

445,489

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

825,000

735,124

26,796,125

Vermont

0.0%

†

Vermont

Economic

Development

Authority

,

Wake

Robin

Corp.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/01/45

.............................................

2,850,000

2,101,485

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

...............

3,000,000

3,025,265

Virginia

0.3%

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

...

500,000

485,787

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

500,000

474,647

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/40

...

1,000,000

994,281

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...

3,700,000

3,495,525

Longwood

Housing

Foundation

LLC,

Revenue,

2020

A,

Refunding,

5%,

1/01/59

...

2,000,000

1,843,761

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)

Virginia

(continued)

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

$

3,550,000

$

3,252,487

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

3,652,834

James

City

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/41

.....................................

625,000

485,878

Virginia

United

Methodist

Homes

of

Williamsburg,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/01/47

.....................................

1,000,000

726,638

15,411,838

Washington

1.1%

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

1,310,000

1,446,709

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

24,053,381

d

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/51

........

15,070,000

11,098,950

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/49

..............................................

2,750,000

2,200,002

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

1,800,000

1,402,200

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

1,842,333

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,356,152

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

6,530,988

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

6,000,000

4,429,228

57,024,743

West

Virginia

0.1%

d

Monongalia

County

Commission

Excise

Tax

District

,

Revenue,

144A,

2021

A,

Refunding,

4.125%,

6/01/43

.......................

2,250,000

1,970,468

Revenue,

144A,

2021

B,

4.875%,

6/01/43

...............................

1,635,000

1,423,170

3,393,638

Wisconsin

2.2%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

856,181

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

5,520,204

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

7,900,000

7,215,952

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

2,749,237

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,157,719

d

Coral

Academy

of

Science

Reno,

Revenue,

144A,

2022

A,

6%,

6/01/62

.........

1,565,000

1,475,307

d

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/40

........

815,000

759,948

d

Eno

River

Academy

Holdings,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/54

........

1,380,000

1,213,785

d

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/41

1,000,000

751,084

d

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4.25%,

7/01/51

........................................................

4,000,000

2,845,718

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,160,577

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

6,806,607

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)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

d

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

$

1,920,000

$

1,693,085

d

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

13,200,000

13,200,000

d

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

....

300,000

279,075

d

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

....

1,000,000

849,831

d

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

....

1,275,000

1,048,576

d

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

C,

4.6%,

12/01/37

5,460,000

4,443,766

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

576,912

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

3,482,884

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/45

..................................................

1,665,000

1,505,016

d

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

6,810,000

5,962,621

d

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

4%,

10/15/31

..........

185,000

164,997

d

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/41

..........

570,000

506,685

d

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/51

..........

1,130,000

954,047

d

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/31

.................

600,000

577,395

d

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/51

.................

2,250,000

1,882,863

d

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/56

.................

2,465,000

2,025,681

d

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

A-2,

5.35%,

7/01/40

.....

3,000,000

2,498,726

d

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

B,

5.25%,

7/01/61

.......

2,000,000

1,481,506

d

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

5,220,000

5,009,186

d

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

8,500,000

7,852,165

d

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,865,000

1,445,175

d,f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

2,000,000

1,595,103

d,f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

...................................................

18,000,000

14,458,019

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6%,

7/01/28

...................

175,000

138,948

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6.5%,

7/01/33

..................

300,000

211,778

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

640,627

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

5,750,000

3,748,833

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/41

........

850,000

658,828

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/51

........

1,000,000

703,507

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/56

........

1,000,000

677,176

115,785,330

U.S.

Territories

9.7%

District

of

Columbia

0.8%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

2,900,000

2,975,418

Tobacco

Settlement

Financing

Corp.,

Revenue,

2002,

Zero

Cpn.,

6/15/46

........

175,000,000

38,218,477

41,193,895

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

7,960,000

7,646,068

Puerto

Rico

8.8%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

.............................................

9,500,000

9,476,279

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,500,672

Commonwealth

of

Puerto

Rico

,

i

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

1

—

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)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Commonwealth

of

Puerto

Rico,

(continued)

GO,

2022

A-1,

5.25%,

7/01/23

........................................

$

872,766

$

876,591

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

1,740,691

1,765,820

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

1,724,925

1,766,724

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

1,696,941

1,739,466

GO,

2022

A-1,

5.75%,

7/01/31

........................................

1,648,225

1,693,034

GO,

2022

A-1,

4%,

7/01/33

..........................................

1,562,950

1,361,861

GO,

2022

A-1,

4%,

7/01/35

..........................................

8,466,884

7,220,644

GO,

2022

A-1,

4%,

7/01/37

..........................................

10,929,915

9,134,929

GO,

2022

A-1,

4%,

7/01/41

..........................................

1,769,144

1,421,908

GO,

2022

A-1,

4%,

7/01/46

..........................................

21,788,775

16,828,519

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

520,047

477,896

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,104,081

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

41,597,885

34,838,229

d

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/28

..........................

17,705,000

17,919,059

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/33

..........................

4,295,000

4,312,669

Revenue,

144A,

2021

B,

Refunding,

5%,

7/01/37

..........................

35,000,000

34,485,927

Revenue,

144A,

2021

B,

Refunding,

4%,

7/01/42

..........................

2,500,000

2,119,361

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

15,000,000

14,401,935

e

Puerto

Rico

Electric

Power

Authority

,

Revenue,

1,

10%,

1/01/21

...........................................

6,000,000

4,680,000

Revenue,

2013

A,

7.25%,

7/01/30

.....................................

25,000,000

19,062,500

Revenue,

2013

A,

6.75%,

7/01/36

.....................................

29,750,000

22,535,625

Revenue,

2013

A,

7%,

7/01/43

........................................

5,000,000

3,787,500

Revenue,

2016

A-4,

10%,

7/01/19

.....................................

5,500,000

4,290,000

Revenue,

2016

B-4,

10%,

7/01/19

.....................................

5,500,000

4,290,000

Revenue,

E-2,

10%,

7/01/21

.........................................

6,000,000

4,680,000

Revenue,

E-3,

10%,

1/01/22

.........................................

1,989,500

1,551,810

Revenue,

E-4,

10%,

7/01/22

.........................................

1,989,499

1,551,809

Revenue,

XX,

5.75%,

7/01/36

........................................

23,620,000

17,715,000

Revenue,

XX,

5.25%,

7/01/40

........................................

10,895,000

8,089,538

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

700,000

694,203

Revenue,

L,

Refunding,

AMBAC

Insured,

5.25%,

7/01/38

....................

9,080,000

8,762,717

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

17,439,269

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

366,013

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

62,090,000

58,911,656

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

25,400,000

6,401,438

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

241,837,000

45,504,582

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

49,093,000

44,474,355

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

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

$

26,041,000

$

23,804,268

464,037,887

Total

U.S.

Territories

....................................................................

512,877,850

Total

Municipal

Bonds

(Cost

$5,420,071,229)

...................................

5,069,252,610

Total

Long

Term

Investments

(Cost

$5,590,336,192)

.............................

5,228,894,523

a

a

a

a

a

a

Total

Investments

(Cost

$5,590,336,192)

99.5%

..................................

$5,228,894,523

Other

Assets,

less

Liabilities

0.5%

.............................................

27,515,509

Net

Assets

100.0%

...........................................................

$5,256,410,032

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

c

See

Note

3

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$1,507,756,994,

representing

28.7%

of

net

assets.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

The

maturity

date

shown

represents

the

mandatory

put

date.

g

Security

purchased

on

a

when-issued

basis.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Louisiana

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.8%

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

329,283

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

947,508

Louisiana

91.1%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

1,000,000

1,000,804

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

450,956

Calcasieu

Parish

School

District

No.

23

,

GO,

2019,

BAM

Insured,

4%,

9/01/36

...................................

670,000

687,699

GO,

2019,

BAM

Insured,

4%,

9/01/39

...................................

2,060,000

2,065,936

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,088,274

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,081,727

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,014,703

GO,

2019,

BAM

Insured,

4%,

3/01/39

...................................

750,000

751,449

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,131,713

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,189,009

City

of

Bossier

City

,

Utilities

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

10/01/37

........

1,280,000

1,335,189

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

4,698,499

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

4,899,531

City

of

New

Orleans

,

GO,

2021

A,

5%,

12/01/39

...........................................

6,000,000

6,401,926

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

1,774,511

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,185,005

City

of

Ruston

,

Sales

Tax

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...........

1,085,000

1,155,469

City

of

Shreveport

,

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,218,344

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

3,707,995

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

2,250,388

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,235,377

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

4,817,111

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

852,294

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,188,316

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

,

Revenue

,

2022

,

BAM

Insured

,

4

%

,

2/01/38

......................................................

1,000,000

1,004,533

Jefferson

Parish

Consolidated

Waterworks

District

No.

2

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

2/01/40

...........................................

5,000,000

4,995,494

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AGMC

Insured

,

5

%

,

12/01/42

.......

2,250,000

2,394,033

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

231,061

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

181,170

Livingston

Parish

School

Board

,

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

.................

500,000

534,669

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/31

.................

1,300,000

1,389,911

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/32

.................

1,500,000

1,586,761

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

875,000

887,231

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

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Correctional

Facilities

Corp.,

(continued)

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

$

1,305,000

$

1,285,331

Louisiana

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

620,000

508,378

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

1,975,000

1,476,282

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

2,000,000

1,455,025

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,092,060

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,298,756

Entergy

Louisiana

LLC,

Revenue,

2021

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

2,396,875

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

807,520

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

623,339

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

6,112,337

a

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

720,420

a

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

...................

1,225,000

901,164

a

Parish

of

St.

Charles,

Revenue,

144A,

2022,

4.5%,

11/01/47

.................

2,000,000

1,544,103

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

2,900,000

2,132,034

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

10/01/43

...

250,000

185,515

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.25%,

10/01/48

221,200

159,855

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.5%,

10/01/53

.

309,471

220,496

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

10/01/61

...

249,529

177,735

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

2,680,000

2,741,816

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

3,569,524

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,004,955

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/39

.......................................

1,060,000

1,037,123

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/41

.......................................

500,000

467,592

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/43

.......................................

500,000

459,759

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/30

....................................................

1,020,000

1,049,957

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/31

....................................................

1,065,000

1,098,009

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/32

....................................................

1,100,000

1,130,694

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/33

....................................................

1,155,000

1,177,813

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

5,104,992

Louisiana

Public

Facilities

Authority

,

Revenue,

2017

A,

4%,

12/15/50

.......................................

1,940,000

1,770,826

Revenue,

2017

A,

Pre-Refunded,

4%,

12/15/50

...........................

60,000

63,124

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

5,089,984

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,099,326

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

37,035

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

10,000,000

10,221,752

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

6/01/50

5,000,000

4,608,138

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

6,600,133

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.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

$

2,310,000

$

2,338,599

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/37

.......

2,020,000

1,875,686

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/39

.......

3,460,000

3,152,988

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/41

.......

2,850,000

2,539,146

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2002

B,

ETM,

5.75%,

5/15/23

2,500,000

2,535,362

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

32,080

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

21,386

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

12,000,000

12,284,142

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

1,897,547

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

3,375,000

Tulane

University,

Revenue,

2013

B,

5%,

10/01/37

.........................

5,540,000

5,562,537

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,095,779

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

.................

1,000,000

1,040,391

Louisiana

Stadium

&

Exposition

District

,

Revenue

,

2020

,

5

%

,

7/03/23

............

1,150,000

1,151,899

Louisiana

State

Transportation

Authority

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

8/15/38

4,500,000

4,576,623

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

7/01/40

....................................

4,500,000

4,853,876

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,566,059

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

10,000,000

10,234,273

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

4%,

8/01/44

.........................................

2,055,000

2,059,695

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

2,668,047

Parish

of

Terrebonne

,

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/35

..........................

1,015,000

1,049,083

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/41

..........................

2,660,000

2,642,099

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

2,850,483

Revenue,

2018

B,

Refunding,

AGMC

Insured,

5%,

4/01/43

...................

2,000,000

2,037,040

Revenue,

2020

D,

5%,

4/01/50

........................................

4,000,000

4,183,259

Rapides

Parish

Consolidated

School

District

No.

62

,

GO

,

2022

,

AGMC

Insured

,

5

%

,

3/01/42

.........................................................

1,100,000

1,184,332

St.

Charles

Parish

School

Board

,

Revenue

,

2019

,

4

%

,

8/01/38

.................

805,000

812,247

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

5,610,788

State

of

Louisiana

,

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

5,350,541

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,295,827

Revenue,

2021,

5%,

9/01/33

.........................................

1,200,000

1,373,020

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Pre-Refunded,

5%,

5/01/41

...

3,000,000

3,167,420

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

5,252,699

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

10,306,901

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue,

2021,

Refunding,

4%,

2/01/35

.................................

2,250,000

2,155,125

Revenue,

2021,

Refunding,

4%,

2/01/38

.................................

2,000,000

1,837,207

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

1,000,000

979,351

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

115

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

$

3,000,000

$

2,906,454

271,671,856

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

543,440

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

542,881

1,086,321

Texas

0.7%

b

City

of

Dallas

,

Housing

Finance

Corp.

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.

450,000

445,284

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

900,000

659,899

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

933,238

2,038,421

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

542,820

Wisconsin

1.1%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

629,497

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,225,000

944,808

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

1,800,000

1,800,000

3,374,305

U.S.

Territories

3.9%

Puerto

Rico

3.9%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

499,493

c

Revenue,

WW,

5.25%,

7/01/33

........................................

855,000

634,837

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

L

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/35

.............................................

6,230,000

6,177,691

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

3,500,000

3,197,965

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

1,196,000

1,134,778

11,644,764

Total

U.S.

Territories

....................................................................

11,644,764

Total

Municipal

Bonds

(Cost

$315,403,701)

.....................................

291,635,278

a

a

a

a

a

Total

Investments

(Cost

$315,403,701)

97.8%

...................................

$291,635,278

Other

Assets,

less

Liabilities

2.2%

.............................................

6,621,265

Net

Assets

100.0%

...........................................................

$298,256,543

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.

116

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$22,836,724,

representing

7.7%

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.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Maryland

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

97.0%

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

$

1,024,855

Maryland

86.4%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

3,000,000

2,956,327

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

5,209,703

Wastewater

Utility

Fund,

Revenue,

2022

A,

5%,

7/01/38

.....................

1,415,000

1,595,020

Wastewater

Utility

Fund,

Revenue,

2022

A,

5%,

7/01/39

.....................

1,495,000

1,677,133

Water

Utility

Fund,

Revenue,

2020

A,

4%,

7/01/45

.........................

4,500,000

4,505,832

Water

Utility

Fund,

Revenue,

2020

A,

5%,

7/01/50

.........................

9,115,000

9,739,678

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,296,920

b

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,830,000

1,832,663

County

of

Baltimore

,

GO

,

5

%

,

2/01/41

....................................

2,900,000

3,040,376

a

County

of

Frederick

,

Urbana

Community

Development

Authority

,

Special

Tax

,

144A,

2020

C

,

4

%

,

7/01/50

...............................................

4,000,000

3,341,806

County

of

Harford

,

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/31

........................................................

150,000

156,708

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/36

........................................................

750,000

752,031

Beechtree

Estates

Development

District,

Tax

Allocation,

2021,

Refunding,

4%,

7/01/40

........................................................

675,000

649,353

County

of

Prince

George's

,

GO,

2018

A,

4%,

7/15/35

............................................

5,000,000

5,162,584

GO,

2020

A,

5%,

7/15/40

............................................

900,000

977,848

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

10,146,299

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

1,834,674

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,195,076

Maryland

Community

Development

Administration

,

Housing,

Revenue,

2019

D,

3%,

7/01/39

................................

1,500,000

1,268,473

Housing,

Revenue,

2019

D,

3.2%,

7/01/44

...............................

1,000,000

853,887

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,265,260

Revenue,

2018

A-1,

5%,

6/01/48

......................................

1,310,000

1,386,927

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

2,923,191

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System,

Revenue,

Senior

Lien,

2022

A,

5.25%,

6/30/53

.......

5,000,000

5,188,252

Frostburg

State

University

Project,

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

.......................................................

5,000,000

5,000,460

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

4%,

7/01/40

.

1,000,000

901,281

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

5%,

7/01/50

.

1,250,000

1,233,370

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2022

A,

6%,

7/01/58

4,620,000

4,935,429

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/47

...........

5,000,000

5,218,455

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/52

...........

5,000,000

5,192,151

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/35

........................................................

4,225,000

4,368,496

University

of

Maryland

College

Park,

Revenue,

2016,

Refunding,

AGMC

Insured,

5%,

6/01/43

........................................................

3,305,000

3,362,961

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,024,164

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/27

.....

1,500,000

1,500,477

University

Village

at

Sheppard

Pratt,

Revenue,

2012,

Refunding,

5%,

7/01/33

.....

2,495,000

2,494,979

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.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Economic

Development

Corp.,

(continued)

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

$

1,145,000

$

1,145,410

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

9,750,000

9,910,269

Adventist

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

1/01/38

...

865,000

829,500

Adventist

Healthcare

Obligated

Group,

Revenue,

2021

B,

4%,

1/01/51

..........

2,000,000

1,708,908

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,313,373

Frederick

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

..

1,715,000

1,504,084

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

7,688,204

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

659,815

Johns

Hopkins

Medical

Institutions

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,037,090

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,045,762

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,051,730

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,301,213

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,120,808

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,000,865

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

4,975,727

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

7,240,000

7,646,833

MedStar

Health

Obligated

Group,

Revenue,

2013

A,

5%,

8/15/38

..............

5,000,000

5,028,015

MedStar

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

8/15/38

.......

2,100,000

2,137,950

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

5,109,941

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/40

.

8,535,000

8,612,675

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/28

..........

630,000

663,670

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/30

..........

1,125,000

1,195,271

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

6/01/32

..........

800,000

847,961

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/34

..........

350,000

334,434

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/36

..........

1,125,000

1,051,930

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/40

..........

1,850,000

1,663,884

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/46

..........

1,000,000

865,417

Stevenson

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

6/01/55

..........

3,250,000

2,669,704

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

MD,

5%,

12/01/46

........

1,680,000

1,711,942

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

10,278,477

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

4,514,929

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,051,611

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

562,238

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2016,

Pre-

Refunded,

5%,

5/01/46

............................................

5,085,000

5,476,586

Baltimore

City

Public

School

Construction

Financing

Fund,

Revenue,

2020

A,

5%,

5/01/50

........................................................

12,225,000

13,417,628

Built

to

Learn,

Revenue,

2021,

4%,

6/01/35

..............................

1,590,000

1,618,623

Built

to

Learn,

Revenue,

2022

A,

4%,

6/01/47

.............................

5,000,000

4,746,363

Maryland

State

Transportation

Authority

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

7/01/46

..

4,900,000

5,372,850

State

of

Maryland

,

GO,

2022

A,

5%,

6/01/37

............................................

10,000,000

11,568,206

Department

of

Transportation,

Revenue,

2020,

5%,

10/01/33

.................

3,000,000

3,451,257

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration,

Revenue,

2021

B,

5%,

8/01/46

..............

3,000,000

3,080,896

Maryland

Aviation

Administration,

Revenue,

2021

B,

4%,

8/01/51

..............

3,500,000

3,126,563

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

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/36

...............

$

2,700,000

$

2,664,291

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/37

...............

3,095,000

3,024,863

University

System

of

Maryland

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/32

........

5,855,000

6,266,230

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series

,

2016

,

4

%

,

6/01/43

.........................................................

5,000,000

5,025,475

284,267,715

New

Jersey

0.7%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2022

BB

,

4

%

,

6/15/39

...

2,500,000

2,399,697

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

700,000

543,440

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

542,881

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

1,350,000

825,940

1,912,261

Texas

0.7%

c

City

of

Dallas

,

Housing

Finance

Corp.

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.

550,000

544,236

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,000,000

733,222

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

970,567

2,248,025

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

542,820

Wisconsin

0.8%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

629,497

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

2,000,000

2,000,000

2,629,497

U.S.

Territories

7.3%

District

of

Columbia

3.1%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

5,243,651

Dedicated,

Revenue,

2021

A,

4%,

7/15/43

...............................

1,750,000

1,731,050

Dedicated,

Revenue,

2021

A,

5%,

7/15/46

...............................

3,000,000

3,233,114

10,207,815

Puerto

Rico

4.2%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

2,000,000

1,997,970

d

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,975,000

1,473,844

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,805,000

1,800,873

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

991,604

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,550,000

2,524,231

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

3,600,000

3,289,336

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.

120

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

$

1,900,000

$

1,802,740

13,880,598

Total

U.S.

Territories

....................................................................

24,088,413

Total

Municipal

Bonds

(Cost

$339,315,866)

.....................................

319,113,283

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Maryland

1.0%

e

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.05

%

,

11/01/37

........................................................

3,200,000

3,200,000

Total

Municipal

Bonds

(Cost

$3,200,000)

.......................................

3,200,000

Total

Short

Term

Investments

(Cost

$3,200,000

)

.................................

3,200,000

a

Total

Investments

(Cost

$342,515,866)

98.0%

...................................

$322,313,283

Other

Assets,

less

Liabilities

2.0%

.............................................

6,639,759

Net

Assets

100.0%

...........................................................

$328,953,042

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$10,612,147,

representing

3.2%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

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),

November

30,

2022

Franklin

Massachusetts

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

750,000

$

750,000

Total

Corporate

Bonds

(Cost

$750,000)

........................................

750,000

Senior

Floating

Rate

Interests

0.3%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

a,b

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

4.58

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/08/24

...................................................

1,000,000

1,000,000

Total

Senior

Floating

Rate

Interests

(Cost

$1,000,000)

...........................

1,000,000

Municipal

Bonds

93.5%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,200,000

993,175

Florida

0.6%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

493,925

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,000,000

1,630,000

2,123,925

Illinois

0.7%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,750,000

1,575,871

State

of

Illinois

,

GO,

2017

D,

5%,

11/01/26

...........................................

1,000,000

1,040,220

GO,

2017

D,

5%,

11/01/27

...........................................

140,000

146,241

2,762,332

Massachusetts

86.2%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

2,095,000

2,363,488

GO,

3%,

3/01/34

..................................................

1,485,000

1,419,053

GO,

3%,

3/01/35

..................................................

2,130,000

1,977,127

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

Pre-Refunded

,

4

%

,

11/01/28

.....................................................

4,400,000

4,514,616

City

of

Lowell

,

GO,

2020,

Refunding,

4%,

9/01/31

.....................................

2,000,000

2,104,424

GO,

2020,

Refunding,

4%,

9/01/33

.....................................

2,025,000

2,111,611

GO,

2020,

Refunding,

3%,

9/01/34

.....................................

1,000,000

930,863

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,594,189

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,403,140

Commonwealth

of

Massachusetts

,

GO,

2018

A,

5%,

1/01/47

............................................

5,000,000

5,279,833

d

GO,

2022

E,

5%,

11/01/52

...........................................

3,000,000

3,267,300

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

5,327,991

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

14,327,399

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

7,175,000

7,179,723

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

.......................

5,000,000

5,263,155

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

5,306,348

Transportation

Fund,

Revenue,

2019

A,

5%,

6/01/49

.......................

1,925,000

2,059,133

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax,

Revenue,

A,

5%,

7/01/40

....................................

5,000,000

5,194,630

Sales

Tax,

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

.......................

4,000,000

4,692,733

Sales

Tax,

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

.................

2,500,000

2,634,309

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.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999

A,

5.75%,

8/01/29

.....................................

$

250,000

$

250,613

Revenue,

2000-6,

5.5%,

8/01/30

......................................

65,000

65,146

Revenue,

7,

5.125%,

2/01/31

.........................................

130,000

130,251

Massachusetts

Development

Finance

Agency

,

Babson

College,

Revenue,

2022,

Refunding,

4%,

10/01/44

...................

700,000

652,377

Bentley

University,

Revenue,

2021

A,

Refunding,

4%,

7/01/37

................

1,000,000

980,182

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,094,172

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,174,259

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,566,895

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

2,573,995

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

4,993,772

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

6,977,553

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

C,

4%,

11/01/46

.......................................................

1,250,000

1,145,615

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/41

......................

435,000

379,842

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/51

......................

300,000

243,718

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

1,000,000

991,401

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/31

........

870,000

823,807

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/41

........

485,000

415,768

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/51

........

520,000

412,828

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

5,269,344

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,034,199

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

7,333,592

Mass

General

Brigham,

Inc.,

Revenue,

2020

A-2,

Refunding,

4%,

7/01/41

.......

1,000,000

977,812

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/42

........................

475,000

431,070

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/50

........................

3,650,000

3,153,536

c

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

.......................................................

3,000,000

3,077,452

c

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

.......................................................

5,000,000

5,101,840

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,052,188

Northeastern

University,

Revenue,

2022,

Refunding,

5%,

10/01/44

.............

2,375,000

2,542,429

President

&

Trustees

of

Williams

College

(The),

Revenue,

2017

S,

4%,

7/01/46

...

9,550,000

9,296,411

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

5,397,005

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/34

.

735,000

674,549

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/39

.

750,000

660,104

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/41

.

500,000

432,443

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/48

.

1,750,000

1,430,149

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

5,795,000

5,154,389

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

6,590,000

6,665,500

Springfield

College,

Revenue,

2021

B,

Refunding,

4%,

6/01/50

................

2,695,000

2,300,095

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

4,150,000

3,642,673

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

7,250,000

6,192,951

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

3,955,307

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

4,767,132

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

6,037,624

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

3,026,574

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,304,900

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,084,125

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,126,197

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,254,819

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

2,500,000

2,331,159

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

123

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Educational

Financing

Authority,

(continued)

Revenue,

2021

C,

3%,

7/01/51

........................................

$

3,000,000

$

2,022,506

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M2

,

5.5

%

,

6/01/35

.........................................

8,600,000

10,300,359

Massachusetts

Housing

Finance

Agency

,

Revenue,

2009

C,

5.125%,

12/01/39

...................................

1,045,000

1,045,775

Revenue,

2009

C,

5.35%,

12/01/49

....................................

2,770,000

2,772,239

Revenue,

2012

F,

3.15%,

12/01/32

.....................................

105,000

99,494

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

40,885

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

848,766

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

2,860,000

2,303,663

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

3,952,370

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,688,124

Massachusetts

Port

Authority

,

Revenue,

2019

B,

5%,

7/01/44

........................................

5,000,000

5,385,526

Revenue,

2021

B,

Refunding,

5%,

7/01/39

...............................

1,175,000

1,249,719

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,469,053

Revenue,

2019

A,

5%,

2/15/44

........................................

1,000,000

1,067,416

Revenue,

Senior

Lien,

2016

C,

Refunding,

5%,

11/15/34

....................

5,000,000

5,358,508

Massachusetts

State

College

Building

Authority

,

Revenue

,

2017

D

,

Refunding

,

4

%

,

5/01/38

.........................................................

4,350,000

4,376,391

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,107,426

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

2,992,522

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Pre-Refunded,

5%,

8/01/40

............................

5,000,000

5,410,465

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

4,288,059

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

6,225,792

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,214,952

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,339,384

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

1,260,000

1,341,027

Town

of

Belmont

,

GO

,

2019

,

4

%

,

3/15/45

.................................

3,020,000

3,029,913

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

2,000,000

2,192,845

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,622,079

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,115,725

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

4,947,337

University

of

Massachusetts

Building

Authority

,

Revenue,

2022-1,

4%,

11/01/46

.......................................

4,000,000

3,911,357

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

4,000,000

4,179,922

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

5,329,123

317,759,549

New

Jersey

0.5%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

1,000,000

1,078,276

Revenue,

2020

AA,

4%,

6/15/35

.......................................

250,000

247,477

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

362,559

1,688,312

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.

124

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

$

750,000

$

665,547

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

1,900,000

1,552,668

2,218,215

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

800,000

621,075

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

800,000

620,435

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

758,647

2,000,157

Tennessee

0.1%

e

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

500,000

515,744

Texas

0.6%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,100,000

806,544

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

240,282

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,045,226

2,092,052

Washington

0.2%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

800,000

620,365

Wisconsin

0.7%

c

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

629,497

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

2,100,000

2,100,000

2,729,497

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

4,963,182

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

2,700,000

2,677,330

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

250,000

247,474

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

482,819

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/39

..

200,000

176,862

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

660,000

626,215

9,173,882

Total

U.S.

Territories

....................................................................

9,173,882

Total

Municipal

Bonds

(Cost

$367,574,847)

.....................................

344,677,205

Total

Long

Term

Investments

(Cost

$369,324,847)

...............................

346,427,205

a

a

a

a

a

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

125

See

Abbreviations

on

page

196

.

Short

Term

Investments

4.0%

a

a

Principal

Amount

a

Value

Municipal

Bonds

4.0%

Massachusetts

4.0%

f

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.65

%

,

11/01/49

...........

$

14,900,000

$

14,900,000

Total

Municipal

Bonds

(Cost

$14,900,000)

......................................

14,900,000

Total

Short

Term

Investments

(Cost

$14,900,000

)

................................

14,900,000

a

Total

Investments

(Cost

$384,224,847)

98.0%

...................................

$361,327,205

Other

Assets,

less

Liabilities

2.0%

.............................................

7,211,307

Net

Assets

100.0%

...........................................................

$368,538,512

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

b

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$19,528,375,

representing

5.3%

of

net

assets.

d

Security

purchased

on

a

when-issued

basis.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Michigan

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,800,000

$

1,800,000

Total

Corporate

Bonds

(Cost

$1,800,000)

.......................................

1,800,000

Municipal

Bonds

98.8%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,650,000

2,193,261

Florida

1.1%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,256,000

4,500,082

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

900,000

592,710

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

4,100,000

3,341,500

8,434,292

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

..

2,500,000

2,122,803

State

of

Illinois

,

GO

,

2021

A

,

4

%

,

3/01/40

.................................

1,860,000

1,671,841

3,794,644

Kentucky

0.7%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn

.,

5/01/52

....................................

8,625,000

5,512,973

Michigan

88.4%

Ann

Arbor

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/29

..................

1,235,000

1,296,520

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

2,952,046

Belding

Area

Schools

,

GO

,

2022

,

4.25

%

,

5/01/52

...........................

7,330,000

7,035,879

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,084,209

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,073,919

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

700,313

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,589,903

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,426,064

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,452,273

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,397,961

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,392,119

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,075,652

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

1,972,238

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,087,476

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,646,377

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,051,162

Revenue,

2021,

Refunding,

3%,

10/01/46

................................

1,325,000

958,702

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

505,079

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,072,271

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,417,504

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,387,997

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003

B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,053

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

127

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

City

of

Detroit,

(continued)

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGMC

Insured,

5%,

7/01/34

........................................

$

30,000

$

30,065

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Pre-Refunded,

5%,

1/01/39

...........

80,000

82,082

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,121,410

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,068,617

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

5%,

1/01/45

..............

2,000,000

2,167,125

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,272,368

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,618,477

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

1,500,000

1,597,895

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,118,788

Water

Supply

System,

Revenue,

2020,

5%,

1/01/40

........................

2,400,000

2,619,224

Water

Supply

System,

Revenue,

2020,

5%,

1/01/50

........................

3,000,000

3,230,301

Comstock

Public

Schools

,

GO

,

2022

,

4

%

,

5/01/52

...........................

3,000,000

2,771,750

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,401,423

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,367,886

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,434,098

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

1,824,081

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

9,225,000

10,145,046

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

548,725

GO,

2017,

5%,

5/01/33

.............................................

815,000

890,214

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,088,531

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,084,468

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,081,695

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/34

....................

510,000

551,224

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/36

....................

1,600,000

1,716,149

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/38

....................

1,500,000

1,599,435

Revenue,

2018,

Refunding,

AGMC

Insured,

5%,

4/01/43

....................

3,000,000

3,161,293

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,605,521

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,168,172

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

3,692,483

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/27

.........................

1,000,000

1,051,727

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/28

.........................

2,000,000

2,102,496

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/32

.........................

4,035,000

4,228,297

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/33

.........................

2,900,000

3,038,233

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/34

.........................

3,000,000

3,145,145

GO,

2015,

Refunding,

AGMC

Insured,

5%,

5/01/35

.........................

1,000,000

1,047,667

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

7,436,603

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5

%

,

5/01/52

................

2,100,000

2,057,792

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/51

.........

2,000,000

2,119,771

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/44

...........

2,000,000

2,016,539

Munson

Healthcare

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/47

...........

2,500,000

2,517,700

Munson

Healthcare

Obligated

Group,

Revenue,

2019

A,

5%,

7/01/44

...........

1,110,000

1,139,840

Munson

Healthcare

Obligated

Group,

Revenue,

2019

B,

5%,

7/01/39

...........

1,625,000

1,706,129

Munson

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

7/01/51

....

10,000,000

7,066,853

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.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

$

4,295,000

$

4,541,768

Revenue,

2018,

5%,

12/01/38

........................................

900,000

965,398

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

1,914,583

Grandville

Public

Schools

,

GO,

II,

AGMC

Insured,

5%,

5/01/29

....................................

750,000

788,077

GO,

II,

AGMC

Insured,

5%,

5/01/30

....................................

1,000,000

1,048,382

GO,

II,

AGMC

Insured,

5%,

5/01/31

....................................

1,150,000

1,205,639

GO,

II,

AGMC

Insured,

5%,

5/01/32

....................................

1,165,000

1,221,087

GO,

II,

AGMC

Insured,

5%,

5/01/34

....................................

1,315,000

1,378,935

GO,

II,

AGMC

Insured,

5%,

5/01/35

....................................

1,225,000

1,283,392

GO,

II,

AGMC

Insured,

5%,

5/01/37

....................................

2,915,000

3,051,866

GO,

II,

AGMC

Insured,

5%,

5/01/40

....................................

6,215,000

6,496,462

Great

Lakes

Water

Authority

,

Sewage

Disposal

System,

Revenue,

Second

Lien,

2022

B,

5.5%,

7/01/52

.......

1,500,000

1,628,351

Water

Supply

System,

Revenue,

Second

Lien,

2022

B,

5.5%,

7/01/52

..........

5,000,000

5,427,835

Gull

Lake

Community

School

District

,

GO,

2018

I,

5%,

5/01/45

.............................................

4,000,000

4,220,815

GO,

2018

I,

5%,

5/01/48

.............................................

1,000,000

1,051,891

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,078,034

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

1,040,000

1,072,729

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,667,747

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

2,681,407

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

2,670,777

Kelloggsville

Public

Schools

,

GO

,

2015

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

5/01/35

.

1,150,000

1,212,796

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

4,010,951

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group,

Revenue,

2021,

4%,

11/15/45

................

1,655,000

1,315,204

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/31

.......

2,000,000

1,857,023

Holland

Home

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

11/15/43

.......

8,820,000

7,148,239

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,283,983

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,284,387

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,286,074

GO,

2016,

5%,

5/01/41

.............................................

1,120,000

1,188,920

GO,

2016,

5%,

5/01/44

.............................................

1,800,000

1,904,774

Lansing

Board

of

Water

&

Light

,

Revenue

,

2021

A

,

5

%

,

7/01/51

.................

10,000,000

10,608,407

Lansing

Community

College

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/32

................

2,000,000

2,185,064

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/37

.............................................

1,490,000

1,586,168

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,257,181

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,335,379

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

4

%

,

5/01/51

...........

7,820,000

7,361,309

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

7,500,000

8,003,873

Madison

District

Public

Schools

,

GO

,

2022

,

4

%

,

5/01/46

......................

1,080,000

1,036,655

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,161,123

Mattawan

Consolidated

School

District

,

GO,

2015

I,

Pre-Refunded,

5%,

5/01/30

.................................

1,000,000

1,055,807

GO,

2015

I,

Pre-Refunded,

5%,

5/01/32

.................................

1,110,000

1,171,945

GO,

2015

I,

Pre-Refunded,

5%,

5/01/34

.................................

2,325,000

2,454,751

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

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AGMC

Insured

,

4.375

%

,

5/01/47

...................................................

$

1,500,000

$

1,532,104

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

735,000

771,965

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

812,126

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

1,130,000

1,182,518

Michigan

Finance

Authority

,

Albion

College,

Revenue,

2022,

Refunding,

5%,

12/01/36

....................

3,270,000

3,424,365

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/46

....................

5,365,000

4,621,410

Albion

College,

Revenue,

2022,

Refunding,

4%,

12/01/51

....................

3,415,000

2,858,709

Bronson

Health

Care

Group

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/54

........................................................

10,000,000

10,089,435

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/46

......

1,750,000

1,561,096

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

9/01/50

......

895,000

593,618

Calvin

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/50

......

1,300,000

1,137,758

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

2,863,941

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/38

.......

8,055,000

8,824,621

County

of

Wayne,

Revenue,

Second

Lien,

2020,

Refunding,

BAM

Insured,

4%,

11/01/55

.......................................................

4,000,000

3,805,706

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

19,015,000

19,429,508

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2019

A,

5%,

11/15/48

.....

10,000,000

10,159,659

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,355,267

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/35

.................

400,000

391,807

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/36

.................

565,000

549,416

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/37

.................

640,000

608,396

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/38

.................

675,000

636,194

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/39

.................

645,000

603,881

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/45

.................

3,780,000

3,422,603

Kettering

University,

Revenue,

2020,

Refunding,

4%,

9/01/50

.................

3,000,000

2,648,642

Lawrence

Technological

University

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

2/01/42

........................................................

745,000

621,438

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018

B,

Refunding,

5%,

10/01/39

...........................................

6,000,000

6,552,532

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A-2,

Refunding,

5%,

6/01/40

....

1,000,000

1,016,472

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

17,170,000

14,224,385

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

2,220,000

2,217,083

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

20,013,106

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

311,829

Michigan

State

Building

Authority

,

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,083,888

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,069,849

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

13,516,663

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

10,233,569

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,029,346

Revenue,

2019

I,

Refunding,

4%,

4/15/54

................................

2,000,000

1,901,683

Revenue,

2021,

3%,

10/15/51

........................................

1,500,000

1,131,894

Revenue,

2022

I,

4%,

10/15/52

.......................................

4,250,000

4,061,137

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999

B-3,

4%,

11/15/33

.............

5,370,000

5,482,888

Ascension

Health

Credit

Group,

Revenue,

2010

F-7,

Refunding,

5%,

11/15/47

....

10,000,000

10,197,747

Ascension

Health

Credit

Group,

Revenue,

2010

F-8,

Refunding,

5%,

11/15/46

....

5,000,000

5,108,022

Michigan

State

Housing

Development

Authority

,

Revenue,

2019

B,

3.1%,

12/01/44

.....................................

15,000,000

11,960,941

Revenue,

2020

A,

2.8%,

12/01/45

.....................................

4,350,000

3,220,860

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.

130

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

State

Housing

Development

Authority,

(continued)

Revenue,

2020

A,

2.85%,

6/01/50

.....................................

$

5,150,000

$

3,659,875

Revenue,

2021

A,

2.5%,

6/01/52

......................................

3,000,000

1,943,406

Revenue,

2021

A,

2.7%,

10/01/56

.....................................

5,000,000

3,218,116

Revenue,

2021

A,

2.73%,

10/01/59

....................................

5,000,000

3,178,886

Revenue,

2022

A,

4.1%,

6/01/43

......................................

5,000,000

4,668,663

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

8,855,519

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/33

....

2,200,000

2,247,809

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/48

....

7,000,000

6,749,196

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

..............

2,400,000

2,525,278

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,599,828

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,071,547

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,287,336

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,020,955

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,310,978

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,020,094

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,054,751

Revenue,

2016,

5%,

3/01/41

.........................................

5,000,000

5,173,488

Revenue,

2019,

5%,

3/01/50

.........................................

2,230,000

2,316,473

Plainwell

Community

Schools

,

GO

,

2022

II

,

4

%

,

5/01/52

......................

7,000,000

6,576,499

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

2,939,837

Roseville

Community

Schools

,

GO,

2014,

Pre-Refunded,

5%,

5/01/28

..................................

3,040,000

3,202,350

GO,

2014,

Pre-Refunded,

5%,

5/01/29

..................................

3,300,000

3,476,235

GO,

2014,

Pre-Refunded,

5%,

5/01/30

..................................

1,620,000

1,706,515

GO,

2014,

Pre-Refunded,

5%,

5/01/31

..................................

1,585,000

1,669,646

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

1,870,936

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,319,960

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,323,082

Saline

Area

Schools

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

2,936,709

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,145,338

South

Haven

Public

Schools

,

GO,

2015

B,

AGMC

Insured,

5%,

5/01/33

................................

350,000

366,767

GO,

2015

B,

AGMC

Insured,

5%,

5/01/35

................................

1,575,000

1,650,075

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

5,750,000

6,161,303

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

5,298,757

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

12,316,608

Universal

Academy

,

Revenue,

2021,

Refunding,

2%,

12/01/26

................................

500,000

473,145

Revenue,

2021,

Refunding,

4%,

12/01/31

................................

500,000

476,325

Revenue,

2021,

Refunding,

4%,

12/01/40

................................

1,100,000

951,568

University

of

Michigan

,

Revenue,

2015,

Pre-Refunded,

5%,

4/01/46

..............................

2,000,000

2,150,559

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/37

............................

2,700,000

2,957,122

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/42

............................

26,635,000

29,171,464

Revenue,

2017

A,

Pre-Refunded,

5%,

4/01/47

............................

5,000,000

5,476,153

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

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Walled

Lake

Consolidated

School

District

,

GO,

2020,

5%,

5/01/45

.............................................

$

2,500,000

$

2,695,587

GO,

2022,

5%,

5/01/49

.............................................

1,500,000

1,612,953

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2017

B,

5%,

12/01/42

......

1,045,000

1,068,186

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2018

A,

5%,

12/01/43

......

7,750,000

8,061,987

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

A,

5%,

12/01/40

......

3,330,000

3,603,027

Detroit

Metropolitan

Wayne

County

Airport,

Revenue,

2021

A,

5%,

12/01/46

......

4,670,000

4,966,264

Wayne

State

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/31

..............................

1,860,000

1,918,341

Revenue,

2018

A,

5%,

11/15/43

.......................................

4,500,000

4,725,761

Revenue,

2018

A,

4%,

11/15/48

.......................................

10,000,000

9,331,212

Wayne-Westland

Community

Schools

,

GO,

2022,

3%,

11/01/44

.............................................

2,830,000

2,137,214

GO,

2022,

3%,

11/01/46

.............................................

1,475,000

1,090,451

Western

Michigan

University

,

Revenue,

2015

A,

Refunding,

5%,

11/15/28

..............................

1,635,000

1,707,807

Revenue,

2015

A,

Refunding,

5%,

11/15/29

..............................

2,000,000

2,083,770

Revenue,

2015

A,

Refunding,

5%,

11/15/30

..............................

2,500,000

2,600,514

Revenue,

2015

A,

Refunding,

5%,

11/15/40

..............................

1,560,000

1,609,700

Revenue,

2015

A,

Refunding,

5%,

11/15/45

..............................

2,000,000

2,061,347

Revenue,

2019

A,

Refunding,

5%,

11/15/44

..............................

2,315,000

2,480,389

Revenue,

2019

A,

Refunding,

5%,

11/15/49

..............................

2,785,000

2,961,156

Western

School

District

,

GO

,

2022

,

5.25

%

,

5/01/52

..........................

2,000,000

2,186,971

Zeeland

Public

Schools

,

GO,

2015

A,

AGMC

Insured,

5%,

5/01/31

................................

1,530,000

1,600,381

GO,

2015

A,

AGMC

Insured,

5%,

5/01/33

................................

2,000,000

2,091,050

GO,

2015

A,

Pre-Refunded,

AGMC

Insured,

5%,

5/01/35

....................

2,000,000

2,111,614

674,504,153

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

4%,

6/15/50

.......................................

500,000

451,041

Revenue,

2020

AA,

3%,

6/15/50

.......................................

600,000

435,071

886,112

New

York

1.0%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

9,300,000

7,798,722

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,800,000

1,397,418

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,800,000

1,395,980

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

6,200,000

3,793,206

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

758,646

7,345,250

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,400,000

1,759,732

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/39

325,000

251,449

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/40

300,000

227,865

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

550,000

384,501

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

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

$

3,500,000

$

2,613,065

5,236,612

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,800,000

1,395,822

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,800,000

1,416,368

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

4,600,000

4,600,000

6,016,368

U.S.

Territories

4.0%

Guam

0.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

1,758,180

Puerto

Rico

3.8%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

................

7,420,000

7,365,363

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

495,860

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,100,000

2,099,903

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

1,515,000

1,502,454

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,020,000

1,011,436

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,900,000

3,860,588

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

12,900,000

12,239,658

28,575,262

Total

U.S.

Territories

....................................................................

30,333,442

Total

Municipal

Bonds

(Cost

$798,819,621)

.....................................

753,451,651

Total

Long

Term

Investments

(Cost

$800,619,621)

...............................

755,251,651

a

a

a

a

a

Short

Term

Investments

0.0%

†

Municipal

Bonds

0.0%

†

Michigan

0.0%

†

c

University

of

Michigan

,

Revenue

,

2012

D-1

,

Daily

VRDN

and

Put

,

0.95

%

,

12/01/24

..

200,000

200,000

Total

Municipal

Bonds

(Cost

$200,000)

.........................................

200,000

Total

Short

Term

Investments

(Cost

$200,000

)

..................................

200,000

a

Total

Investments

(Cost

$800,819,621)

99.0%

...................................

$755,451,651

Other

Assets,

less

Liabilities

1.0%

.............................................

7,409,996

Net

Assets

100.0%

...........................................................

$762,861,647

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$27,181,440,

representing

3.6%

of

net

assets.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Minnesota

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

134

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.9%

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

$

6,192,000

$

5,301,467

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,100,000

1,382,990

6,684,457

Minnesota

94.9%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

26,982,955

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018

A,

3.25%,

2/01/37

..........................................

5,355,000

5,187,280

GO,

2018

A,

4%,

2/01/39

............................................

8,905,000

9,006,014

GO,

2018

A,

3.375%,

2/01/43

.........................................

6,020,000

5,383,280

Becker

Independent

School

District

No.

726

,

GO,

2022

A,

Zero

Cpn.,

2/01/41

.......................................

1,000,000

463,989

GO,

2022

A,

Zero

Cpn.,

2/01/42

.......................................

1,000,000

442,564

GO,

2022

A,

Zero

Cpn.,

2/01/43

.......................................

1,700,000

716,255

Blooming

Prairie

Independent

School

District

No.

756

,

GO

,

2022

A

,

Refunding

,

2.25

%

,

2/01/45

.........................................................

1,500,000

995,202

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,189,846

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

10,752,970

GO,

2018

A,

4%,

2/01/43

............................................

1,900,000

1,911,306

Centennial

Independent

School

District

No.

12

,

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/32

..............................

1,450,000

1,043,889

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/34

..............................

1,600,000

1,055,321

GO,

2015

A,

Refunding,

Zero

Cpn.,

2/01/35

..............................

350,000

221,084

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

896,655

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

956,726

City

of

Fridley

,

GO,

2022

A,

4%,

2/01/36

............................................

350,000

352,451

GO,

2022

A,

4%,

2/01/37

............................................

735,000

736,728

GO,

2022

A,

4%,

2/01/38

............................................

800,000

794,567

Fridley

Leased

Housing

Associates

I

LLLP,

Revenue,

2018,

FNMA

Insured,

3.75%,

11/01/34

.......................................................

9,528,385

9,331,582

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,017,807

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,504,107

GO,

2019,

3%,

12/01/40

.............................................

5,000,000

4,362,736

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

10,000,000

8,381,095

Allina

Health

Obligated

Group,

Revenue,

2021,

4%,

11/15/40

.................

6,750,000

6,572,359

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGMC

Insured,

5%,

11/15/44

.............................................

10,000,000

10,167,013

Fairview

Health

Services

Obligated

Group,

Revenue,

2018

A,

Refunding,

AGMC

Insured,

5%,

11/15/49

.............................................

6,000,000

6,199,176

City

of

Minneapolis

St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

2,000,000

2,153,225

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,170,618

City

of

Rochester

,

Electric

Utility,

Revenue,

2013

B,

Pre-Refunded,

5%,

12/01/43

................

1,000,000

1,024,100

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/42

...................

2,000,000

2,139,191

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

9,210,000

9,808,192

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/33

....................

4,425,000

5,204,310

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/34

....................

10,235,000

12,052,915

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/35

....................

1,000,000

1,176,395

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

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Rochester,

(continued)

Mayo

Clinic,

Revenue,

2016

B,

Refunding,

5%,

11/15/36

....................

$

8,400,000

$

9,916,209

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

5,815,020

Mayo

Clinic,

Revenue,

2022,

Refunding,

3.25%,

11/15/41

...................

4,000,000

3,424,087

Mayo

Clinic,

Revenue,

2022,

Refunding,

5%,

11/15/57

......................

2,000,000

2,156,793

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

12,159,950

CentraCare

Health

System

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

4,736,198

CentraCare

Health

System

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

5/01/48

........................................................

10,000,000

10,227,403

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/31

.........................

1,000,000

1,037,565

Sales

&

Use

Tax,

Revenue,

2014

G,

5%,

11/01/32

.........................

1,000,000

1,035,864

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

3,760,411

County

of

Carlton

,

GO

,

2022

A

,

4

%

,

2/01/47

...............................

2,000,000

1,975,996

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,528,457

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

430,000

430,285

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,707,940

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/37

............................................

1,000,000

938,458

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

907,290

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,092,514

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

28,935,000

29,585,528

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/38

........................................................

150,000

134,672

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

6/15/39

........................................................

155,000

137,657

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

6/15/44

........................................................

850,000

584,400

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/29

........................................................

400,000

417,061

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/30

........................................................

425,000

445,172

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/31

........................................................

450,000

472,776

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/32

........................................................

500,000

526,058

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

6/15/33

........................................................

600,000

628,602

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/34

........................................................

520,000

492,112

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/35

........................................................

425,000

396,530

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/36

........................................................

400,000

368,570

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/37

........................................................

375,000

340,826

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/38

........................................................

400,000

359,126

St.

Luke's

Hospital

of

Duluth

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/15/39

........................................................

250,000

222,028

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.

136

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

$

5,038,882

Duluth

Independent

School

District

No.

709

,

GO,

2015

B,

Refunding,

4%,

2/01/25

...................................

3,450,000

3,504,058

GO,

2015

B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

2,781,483

GO,

2021

C,

Zero

Cpn.,

2/01/29

.......................................

1,870,000

1,485,410

GO,

2021

C,

Zero

Cpn.,

2/01/30

.......................................

1,275,000

971,355

GO,

2021

C,

Zero

Cpn.,

2/01/31

.......................................

1,325,000

966,746

GO,

2021

C,

Zero

Cpn.,

2/01/32

.......................................

1,080,000

751,795

GO,

2021

C,

Zero

Cpn.,

2/01/33

.......................................

1,075,000

712,593

Edina

Independent

School

District

No.

273

,

GO

,

2019

A

,

3

%

,

2/01/36

............

1,630,000

1,552,932

Elk

River

Independent

School

District

No.

728

,

GO

,

2015

A

,

4

%

,

2/01/32

..........

6,130,000

6,214,169

Farmington

Independent

School

District

No.

192

,

GO

,

2016

A

,

4

%

,

2/01/28

........

3,830,000

3,981,218

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,307,265

Hastings

Independent

School

District

No.

200

,

GO,

2018

A,

Zero

Cpn.,

2/01/38

.......................................

4,685,000

2,483,265

GO,

2018

A,

Zero

Cpn.,

2/01/39

.......................................

4,685,000

2,350,697

GO,

2018

A,

Zero

Cpn.,

2/01/40

.......................................

4,685,000

2,215,823

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/35

...........................

1,480,000

1,637,356

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/36

...........................

5,220,000

5,758,973

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/37

...........................

1,000,000

1,100,802

County

of

Hennepin,

GO,

2019

A,

5%,

12/01/38

...........................

2,000,000

2,196,141

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Refunding

,

4

%

,

2/01/29

.........................................................

2,310,000

2,345,336

Hopkins

Independent

School

District

No.

270

,

GO,

2019

A,

3%,

2/01/33

............................................

5,640,000

5,506,631

GO,

2019

A,

3%,

2/01/34

............................................

2,450,000

2,376,687

Jordan

Independent

School

District

No.

717

,

GO,

2014

A,

Refunding,

5%,

2/01/31

...................................

1,460,000

1,465,510

GO,

2014

A,

Refunding,

5%,

2/01/32

...................................

2,000,000

2,007,548

GO,

2014

A,

Refunding,

5%,

2/01/33

...................................

1,700,000

1,706,416

GO,

2014

A,

Refunding,

5%,

2/01/34

...................................

1,805,000

1,811,813

GO,

2014

A,

Refunding,

5%,

2/01/35

...................................

1,000,000

1,003,774

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

754,401

Lakeville

Independent

School

District

No.

194

,

GO

,

2021

B

,

2.125

%

,

2/01/42

.......

4,085,000

2,787,423

Mankato

Independent

School

District

No.

77

,

COP

,

2022

A

,

3

%

,

2/01/42

..........

2,730,000

2,164,312

Maple

River

Independent

School

District

No.

2135

,

GO

,

2020

A

,

4

%

,

2/01/50

.......

10,000,000

10,033,784

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,276,383

GO,

2020

B,

2.125%,

3/01/36

.........................................

4,500,000

3,487,452

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

2,974,634

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

2,907,118

GO,

2022

C,

4%,

3/01/40

............................................

3,275,000

3,333,139

GO,

2022

C,

4%,

3/01/41

............................................

3,410,000

3,451,282

Minneapolis-St

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25

%

,

1/01/52

...................................................

2,990,000

2,843,499

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,054,307

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,257,255

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

5,180,000

5,380,473

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

29,975,000

30,957,811

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

137

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

$

3,575,000

$

3,485,756

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

2,910,328

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

892,777

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/36

.................

125,000

129,107

Macalester

College,

Revenue,

2021,

Refunding,

4%,

3/01/37

.................

125,000

128,237

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/40

.................

365,000

308,486

Macalester

College,

Revenue,

2021,

Refunding,

3%,

3/01/43

.................

330,000

263,733

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/30

...............

320,000

331,982

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/31

...............

270,000

277,516

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/32

...............

255,000

259,831

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/33

...............

240,000

241,706

St.

John's

University,

Revenue,

2021,

Refunding,

4%,

10/01/34

...............

355,000

355,074

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/37

...............

250,000

205,622

St.

John's

University,

Revenue,

2021,

Refunding,

3%,

10/01/38

...............

250,000

200,917

St.

Olaf

College,

Revenue,

2021,

3%,

10/01/41

...........................

2,600,000

2,088,148

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/33

.................

1,500,000

1,517,103

St.

Olaf

College,

Revenue,

Eight

N,

Refunding,

4%,

10/01/35

.................

500,000

501,924

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,271,109

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

1,801,548

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/36

..........

750,000

749,081

University

of

St.

Thomas,

Revenue,

2017

A,

Refunding,

4%,

10/01/37

..........

750,000

741,474

University

of

St.

Thomas,

Revenue,

2022

A,

5%,

10/01/52

...................

10,000,000

10,396,244

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,679,257

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,229,722

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

2,940,000

2,519,561

Revenue,

2020

D,

4%,

8/01/42

........................................

1,815,000

1,757,383

Revenue,

2020

E,

GNMA

Insured,

2.5%,

7/01/40

..........................

1,885,000

1,487,342

Revenue,

2020

E,

GNMA

Insured,

2.7%,

7/01/44

..........................

2,635,000

2,024,153

Revenue,

2020

G,

GNMA

Insured,

2.45%,

7/01/45

.........................

2,125,000

1,824,081

Revenue,

2021

B,

GNMA

Insured,

2.1%,

7/01/36

..........................

950,000

752,092

Revenue,

2021

B,

GNMA

Insured,

2.3%,

7/01/41

..........................

3,345,000

2,540,701

Revenue,

2021

B,

GNMA

Insured,

2.45%,

7/01/46

.........................

3,320,000

2,444,359

Revenue,

2021

D,

Refunding,

GNMA

Insured,

2.45%,

1/01/52

................

11,335,000

7,983,760

Revenue,

2021

H,

GNMA

Insured,

2.55%,

1/01/46

.........................

3,965,000

3,115,054

Revenue,

2022

A,

GNMA

Insured,

2.75%,

7/01/42

.........................

2,670,000

2,089,957

Revenue,

2022

A,

GNMA

Insured,

2.9%,

1/01/45

..........................

1,285,000

1,022,319

Revenue,

2022

C,

GNMA

Insured,

3%,

7/01/43

...........................

1,740,000

1,422,085

b

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

5,000,000

5,009,995

Minnesota

Municipal

Power

Agency

,

Revenue,

2014

A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,286,568

Revenue,

2014

A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,218,037

Revenue,

2014

A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,013,242

Revenue,

2014

A,

Refunding,

5%,

10/01/34

..............................

1,000,000

1,036,382

Revenue,

2014

A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,041,018

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

4,684,745

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

4,858,931

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010

A

,

5

%

,

3/01/24

.............

17,010,000

17,520,390

Minnetonka

Independent

School

District

No.

276

,

COP

,

2022

A

,

4

%

,

2/01/52

.......

1,850,000

1,816,911

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

9,295,000

7,518,098

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

5,020,000

4,967,882

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

4,792,956

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.

138

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622,

(continued)

GO,

2019

A,

3%,

2/01/46

............................................

$

23,965,000

$

18,105,872

Northern

Municipal

Power

Agency

,

Revenue,

2013

A,

5%,

1/01/30

........................................

1,190,000

1,192,114

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

848,284

Norwood

Young

America

Independent

School

District

No.

108

,

GO

,

2022

A

,

2.25

%

,

2/01/45

.........................................................

1,700,000

1,144,550

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018

B,

Zero

Cpn.,

2/01/27

.......................................

10,545,000

9,152,684

GO,

2018

B,

Zero

Cpn.,

2/01/28

.......................................

13,055,000

10,928,343

GO,

2018

B,

Zero

Cpn.,

2/01/30

.......................................

9,010,000

6,959,866

GO,

2018

B,

Zero

Cpn.,

2/01/31

.......................................

5,310,000

3,947,188

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

3,000,000

2,004,600

Roseville

Independent

School

District

No.

623

,

GO,

2018

A,

5%,

2/01/30

............................................

3,700,000

4,018,721

GO,

2018

A,

4%,

2/01/35

............................................

4,900,000

5,011,835

GO,

2018

A,

4%,

2/01/37

............................................

5,000,000

5,089,552

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016

B,

Zero

Cpn.,

2/01/36

.......................................

3,000,000

1,738,982

GO,

2016

B,

Zero

Cpn.,

2/01/37

.......................................

2,820,000

1,538,799

GO,

2016

B,

Zero

Cpn.,

2/01/38

.......................................

5,220,000

2,689,901

GO,

2016

B,

Zero

Cpn.,

2/01/39

.......................................

3,020,000

1,470,428

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25

%

,

8/01/37

...............................

8,000,000

7,368,259

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/23

.......................

4,000,000

3,991,601

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/26

.......................

5,395,000

4,907,824

Revenue,

1994

A,

NATL

Insured,

Zero

Cpn.,

1/01/27

.......................

6,600,000

5,792,343

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

9,732,424

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,416,243

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

790,164

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

628,650

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

682,581

St.

Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

999,996

GO,

2015

A,

4%,

2/01/28

............................................

2,080,000

2,132,920

GO,

2017

B,

Pre-Refunded,

4%,

2/01/30

................................

4,060,000

4,226,620

GO,

2017

B,

Pre-Refunded,

4%,

2/01/36

................................

2,500,000

2,602,598

GO,

2017

B,

Pre-Refunded,

4%,

2/01/37

................................

2,250,000

2,342,339

St.

Francis

Independent

School

District

No.

15

,

GO,

2018

A,

4%,

2/01/37

............................................

1,025,000

1,025,796

GO,

2018

A,

3.5%,

2/01/41

...........................................

6,350,000

5,851,232

St.

Paul

Port

Authority

,

Revenue,

2021-2,

4%,

10/01/40

.......................................

1,100,000

1,014,446

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

3%,

10/01/34

300,000

270,614

District

Energy

St.

Paul

Obligated

Group,

Revenue,

2021-1,

Refunding,

4%,

10/01/41

675,000

665,305

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

3,615,000

3,711,639

GO,

2013

F,

Refunding,

4%,

10/01/25

..................................

15,000,000

15,220,740

GO,

2019

A,

5%,

8/01/34

............................................

1,900,000

2,134,251

Revenue,

2014

A,

5%,

6/01/38

........................................

8,500,000

8,563,380

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

139

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

$

1,105,000

$

755,894

University

of

Minnesota

,

Revenue,

2014

B,

5%,

1/01/38

........................................

4,500,000

4,569,849

Revenue,

2014

B,

4%,

1/01/44

........................................

3,750,000

3,697,353

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

7,611,922

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

5,228,232

Revenue,

2017

A,

5%,

9/01/39

........................................

1,500,000

1,612,323

Revenue,

2017

A,

5%,

9/01/41

........................................

3,000,000

3,206,930

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

6,156,564

Revenue,

2019

A,

5%,

4/01/40

........................................

2,110,000

2,303,218

Revenue,

2019

A,

5%,

4/01/41

........................................

6,045,000

6,568,983

Revenue,

2019

A,

5%,

4/01/44

........................................

3,505,000

3,788,669

Revenue,

2020

A,

5%,

11/01/42

.......................................

5,230,000

5,715,401

Virginia

Independent

School

District

No.

706

,

Rock

Ridge

Independent

School

District

No.

2909

,

GO

,

2019

A

,

3

%

,

2/01/40

....................................

2,295,000

1,965,469

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn.,

2/01/33

.......................................

2,470,000

1,707,329

GO,

2020

A,

Zero

Cpn.,

2/01/34

.......................................

2,470,000

1,632,631

GO,

2020

A,

Zero

Cpn.,

2/01/36

.......................................

1,470,000

869,870

GO,

2020

A,

Zero

Cpn.,

2/01/37

.......................................

2,470,000

1,379,971

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

1,963,103

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,739,901

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2012

A,

Refunding,

5%,

1/01/29

...............................

1,200,000

1,202,428

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/40

............................

8,075,000

8,280,828

Revenue,

2014

A,

Pre-Refunded,

5%,

1/01/46

............................

9,870,000

10,121,581

Revenue,

2015

A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,169,246

Revenue,

2015

A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,139,397

Revenue,

2018

A,

5%,

1/01/49

........................................

5,000,000

5,291,179

Zumbro

Education

District

,

COP,

2021

A,

4%,

2/01/32

...........................................

200,000

197,988

COP,

2021

A,

4%,

2/01/33

...........................................

150,000

147,818

COP,

2021

A,

4%,

2/01/34

...........................................

125,000

122,859

COP,

2021

A,

2.125%,

2/01/35

........................................

325,000

247,196

COP,

2021

A,

4%,

2/01/38

...........................................

390,000

365,027

COP,

2021

A,

4%,

2/01/41

...........................................

635,000

580,878

791,181,817

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,100,000

1,630,321

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,100,000

1,628,643

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,500,000

2,655,263

5,914,227

Texas

0.4%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,000,000

2,986,360

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

1,628,459

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

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

0.9%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

$

2,100,000

$

1,652,429

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

5,600,000

5,600,000

7,252,429

U.S.

Territories

1.0%

Puerto

Rico

1.0%

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

775,000

768,582

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,500,000

1,528,680

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/32

...................

2,890,000

2,889,867

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,575,000

3,538,873

8,726,002

Total

U.S.

Territories

....................................................................

8,726,002

Total

Municipal

Bonds

(Cost

$878,572,589)

.....................................

824,373,751

a

a

a

a

a

Total

Investments

(Cost

$878,572,589)

98.9%

...................................

$824,373,751

Other

Assets,

less

Liabilities

1.1%

.............................................

9,510,274

Net

Assets

100.0%

...........................................................

$833,884,025

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$24,904,081,

representing

3.0%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Missouri

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

California

0.1%

Santa

Barbara

Secondary

High

School

District

,

GO

,

2011

A

,

Zero

Cpn

.,

8/01/40

....

$

1,790,000

$

813,556

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,544,000

4,746,662

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

559,782

5,306,444

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

2,513,796

Missouri

90.9%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

1,500,000

1,636,519

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

1,737,039

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

1,846,415

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

1,958,337

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,071,965

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/44

......................................

6,000,000

5,850,143

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

7,125,133

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/41

.............

3,010,000

2,610,745

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

3%,

3/01/46

.............

3,000,000

2,001,224

SoutheastHEALTH

Obligated

Group,

Revenue,

2021,

4%,

3/01/46

.............

8,730,000

7,355,627

Cape

Girardeau

County

School

District

No.

R-2

,

GO

,

2018

,

5

%

,

3/01/38

..........

2,195,000

2,386,525

City

of

Bridgeton

,

Sales

Tax,

Revenue,

2021

A,

Refunding,

2%,

12/01/32

......................

500,000

403,683

Sales

Tax,

Revenue,

2021

A,

Refunding,

2.125%,

12/01/33

..................

1,170,000

937,757

City

of

Kansas

City

,

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,535,321

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

5,002,393

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AGMC

Insured

,

5

%

,

2/01/47

......................................................

1,775,000

1,863,884

City

of

Peculiar

,

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/39

.................

1,000,000

1,015,953

Water

&

Sewer,

Revenue,

2017,

AGMC

Insured,

4%,

6/01/42

.................

2,405,000

2,437,702

City

of

Republic

,

Revenue

,

2022

,

3

%

,

5/01/47

..............................

5,000,000

3,669,396

City

of

St.

Charles

,

COP,

2020

B,

Refunding,

3%,

2/01/38

..................................

1,200,000

1,035,332

COP,

2020

B,

Refunding,

3%,

2/01/39

..................................

1,500,000

1,278,117

City

of

St.

Louis

,

Airport,

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

7/01/29

..............

13,070,000

14,893,861

Airport,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/25

.............

5,000,000

5,257,483

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/42

.............

3,930,000

4,068,045

Airport,

Revenue,

2017

C,

Refunding,

AGMC

Insured,

5%,

7/01/47

.............

3,170,000

3,257,508

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/33

.............

1,000,000

1,045,034

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/35

.............

1,000,000

1,036,501

Airport,

Revenue,

2017

D,

Refunding,

AGMC

Insured,

5%,

7/01/36

.............

2,125,000

2,197,075

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

2,500,000

2,587,642

Airport,

Revenue,

2019

C,

Refunding,

5%,

7/01/27

.........................

1,705,000

1,846,198

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,379,468

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.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Clay

County

Reorganized

School

District

No.

R-1,

(continued)

GO,

2017,

3.125%,

3/01/37

..........................................

$

1,855,000

$

1,661,453

Community

College

District

of

Central

Southwest

Missouri

,

COP,

2021,

3%,

3/01/40

.............................................

575,000

478,456

COP,

2021,

3%,

3/01/41

.............................................

400,000

328,903

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,036,333

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,419,227

Fort

Osage

School

District

No.

R-1

,

GO

,

2018

,

Refunding

,

5.5

%

,

3/01/38

.........

3,010,000

3,381,961

Greene

County

Reorganized

School

District

No.

R-2

Willard

,

GO

,

2018

,

4

%

,

3/01/30

.

1,000,000

1,035,761

Hannibal

Board

of

Public

Works

,

COP,

2022,

3.625%,

4/01/44

.........................................

1,000,000

832,759

COP,

2022,

3.75%,

4/01/47

..........................................

1,000,000

837,383

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

1,275,268

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,644,138

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,260,479

BJC

Healthcare

Obligated

Group,

Revenue,

2021

A,

Refunding,

3%,

7/01/51

.....

13,000,000

9,479,881

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/38

.................

11,680,000

11,741,833

CoxHealth

Obligated

Group,

Revenue,

2013

A,

5%,

11/15/44

.................

2,760,000

2,773,332

CoxHealth

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/39

........

17,000,000

17,448,457

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

4,774,525

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/42

......................

2,800,000

2,995,107

Kansas

City

University,

Revenue,

2017

A,

5%,

6/01/47

......................

4,875,000

5,187,643

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/40

........................................................

2,060,000

1,513,999

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/41

........................................................

2,120,000

1,535,202

Lake

Regional

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

2/15/46

........................................................

5,590,000

3,748,703

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

A,

5%,

2/01/46

.......

4,000,000

3,749,487

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

10,850,079

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,001,666

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,750,000

1,705,663

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/33

........................................................

1,730,000

1,548,612

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

C,

Refunding,

4%,

2/01/48

........................................................

485,000

368,058

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/30

........

2,035,000

1,907,772

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2021,

4%,

2/01/42

........

9,900,000

7,992,181

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,071,172

Maryville

University

of

St.

Louis,

Revenue,

2019

A,

5%,

6/15/45

...............

4,000,000

4,102,576

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/34

......

4,345,000

4,233,426

Maryville

University

of

St.

Louis,

Revenue,

2020

A,

Refunding,

4%,

6/15/38

......

4,885,000

4,587,796

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.125%,

6/15/38

...

2,300,000

1,908,149

Maryville

University

of

St.

Louis,

Revenue,

2022

A,

Refunding,

3.375%,

6/15/45

...

1,000,000

799,191

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

7,517,678

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

............................

25,000,000

25,184,312

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

6,973,935

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/42

...................

9,720,000

9,951,065

Mercy

Health,

Revenue,

2017

C,

Refunding,

4%,

11/15/47

...................

10,000,000

9,239,450

Mercy

Health,

Revenue,

2020,

4%,

6/01/53

..............................

2,000,000

1,790,286

Mosaic

Health

System

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

2/15/54

4,000,000

3,637,320

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

............

13,500,000

13,788,576

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

10,538,675

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

143

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/42

.......................

$

9,200,000

$

9,693,183

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

5,800,000

6,080,338

St.

Louis

University,

Revenue,

2019

A,

5%,

10/01/46

.......................

5,775,000

6,168,776

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,109,243

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,058,266

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/50

2,500,000

2,349,696

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,058,127

Howard

Bend

Levee

District

,

Special

Tax,

2021,

2.75%,

3/01/31

.....................................

400,000

339,034

Special

Tax,

2021,

3%,

3/01/36

.......................................

500,000

401,002

Special

Tax,

2021,

3.125%,

3/01/41

....................................

1,000,000

757,018

Special

Tax,

2022,

3.375%,

3/01/32

....................................

75,000

65,476

Special

Tax,

2022,

3.5%,

3/01/37

......................................

175,000

145,000

Special

Tax,

2022,

3.625%,

3/01/42

....................................

200,000

158,331

Jackson

County

School

District

No.

R-IV

Blue

Springs

,

GO,

2018

A,

5.5%,

3/01/36

...........................................

3,000,000

3,400,434

GO,

2018

A,

5.5%,

3/01/37

...........................................

2,000,000

2,256,967

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

6,070,000

6,510,286

Jefferson

County

School

District

No.

R-VI

,

Festus,

COP,

2021

B,

4%,

4/01/40

.....................................

575,000

567,522

Festus,

COP,

2021

B,

4%,

4/01/41

.....................................

500,000

489,992

Festus,

COP,

2021

B,

3%,

4/01/42

.....................................

500,000

393,676

Festus,

COP,

2021

B,

3%,

4/01/44

.....................................

1,500,000

1,151,673

Festus,

COP,

2021

B,

2.375%,

4/01/46

..................................

2,000,000

1,357,131

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/15/35

.................................

4,000,000

4,044,886

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011

A,

Refunding,

5.5%,

9/01/29

..............................

5,000,000

5,012,354

Revenue,

2011

A,

Refunding,

5.5%,

9/01/30

..............................

12,000,000

12,030,244

Revenue,

2011

A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,006,663

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/46

...................

9,000,000

9,135,325

City

of

Kansas

City

Airport,

Revenue,

2019

B,

AGMC

Insured,

5%,

3/01/49

.......

3,000,000

3,059,347

City

of

Kansas

City

Airport,

Revenue,

2019

B,

5%,

3/01/54

...................

31,770,000

31,910,512

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

4%,

3/01/57

.......

10,900,000

9,382,685

City

of

Kansas

City

Airport,

Revenue,

2020

A,

AGMC

Insured,

5%,

3/01/57

.......

100,000

100,988

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

4,549,938

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2015

B,

Pre-Refunded,

5%,

5/01/45

............................

1,610,000

1,692,125

Revenue,

2015

B,

Refunding,

5%,

5/01/45

...............................

3,390,000

3,522,660

Revenue,

2016

C,

Refunding,

5%,

5/01/46

...............................

24,700,000

25,755,468

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

15,000,000

15,800,499

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/36

...............

1,140,000

1,071,551

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/37

...............

500,000

463,297

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/41

...............

515,000

461,632

City

of

Independence,

Revenue,

2021,

Refunding,

3%,

3/01/46

...............

2,640,000

1,851,063

City

of

Independence,

Revenue,

2021,

Refunding,

4%,

3/01/51

...............

9,445,000

7,961,263

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,335,055

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis,

Revenue,

2022,

5.25%,

5/01/55

.....................................

2,500,000

2,600,537

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

840,000

816,624

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

3,045,000

2,850,516

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.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

Housing

Development

Commission,

(continued)

Revenue,

2020

C,

GNMA

Insured,

2.4%,

11/01/45

.........................

$

2,010,000

$

1,505,483

Revenue,

2020

D,

GNMA

Insured,

2.55%,

11/01/50

........................

4,715,000

3,940,246

Revenue,

2021

B,

GNMA

Insured,

2.2%,

11/01/46

.........................

1,170,000

793,207

Revenue,

2021

B,

GNMA

Insured,

2.3%,

11/01/51

.........................

7,290,000

4,737,041

Revenue,

2021

C,

GNMA

Insured,

2.625%,

11/01/51

.......................

2,500,000

1,742,970

Revenue,

2022

A,

GNMA

Insured,

3%,

11/01/37

...........................

1,300,000

1,150,607

Revenue,

2022

A,

GNMA

Insured,

3.125%,

11/01/42

.......................

3,435,000

2,952,855

Revenue,

2022

C,

GNMA

Insured,

4.3%,

11/01/47

.........................

2,000,000

1,940,879

Revenue,

2022

C,

GNMA

Insured,

4.35%,

11/01/52

........................

2,500,000

2,408,540

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Iatan

2

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/31

...................

2,000,000

2,037,657

Iatan

2

Project,

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..................

7,335,000

7,592,186

Latan

2

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/32

...................

1,500,000

1,527,281

Latan

2

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/34

...................

2,000,000

2,033,813

MoPEP

1

Pool

Fund,

Revenue,

2018,

5%,

12/01/43

........................

2,000,000

2,062,230

Plum

Point

Project,

Revenue,

2014

A,

Refunding,

5%,

1/01/33

................

7,500,000

7,705,331

Prairie

State

Project,

Revenue,

2015

A,

Refunding,

5%,

12/01/31

..............

6,000,000

6,222,015

Prairie

State

Project,

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............

27,950,000

28,799,733

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,506,652

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,000,000

4,645,711

Normandy

Schools

Collaborative

,

GO,

2021

B,

2%,

3/01/40

............................................

2,050,000

1,423,906

GO,

2021

B,

2%,

3/01/41

............................................

1,700,000

1,164,319

Pattonville

R-3

School

District

,

GO

,

2018

A

,

5

%

,

3/01/38

......................

1,000,000

1,049,970

Riverside-

Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment,

2017,

Refunding,

5%,

3/01/26

........................

1,000,000

1,032,846

Special

Assessment,

2017,

Refunding,

5%,

3/01/29

........................

2,585,000

2,681,114

Southeast

Missouri

State

University

,

Revenue,

2020,

Refunding,

4%,

4/01/40

.................................

5,075,000

4,747,204

Revenue,

2020,

Refunding,

4%,

4/01/43

.................................

2,580,000

2,383,690

Springfield

School

District

No.

R-12

,

GO

,

2013

,

Refunding

,

5

%

,

3/01/33

..........

1,000,000

1,006,123

St.

Charles

County

Public

Water

Supply

District

No.

2

,

COP

,

2022

,

4

%

,

12/01/44

....

5,000,000

4,985,544

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,585,191

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013

A,

5.875%,

9/01/43

..

7,000,000

7,007,610

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

6,022,278

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue,

2021,

2.125%,

7/15/39

......................................

3,680,000

2,561,247

Revenue,

2021,

2.25%,

7/15/41

.......................................

3,845,000

2,643,988

Revenue,

2021

A,

Refunding,

2.125%,

4/01/39

............................

6,705,000

4,672,770

City

of

St.

Louis,

Revenue,

2022

C,

5%,

6/01/36

...........................

2,025,000

2,102,736

City

of

St.

Louis,

Revenue,

2022

C,

5%,

6/01/41

...........................

2,000,000

2,047,366

City

of

St.

Louis,

Revenue,

2022

C,

5.125%,

6/01/46

.......................

2,600,000

2,667,831

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis,

Revenue,

2020,

AGMC

Insured,

5%,

10/01/45

...............

3,685,000

3,802,881

City

of

St.

Louis,

Revenue,

2020,

AGMC

Insured,

5%,

10/01/49

...............

4,175,000

4,277,885

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

3/15/48

2,800,000

2,644,489

Washington

Industrial

Development

Authority

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

11/01/29

........................................................

390,000

353,283

679,261,064

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

145

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

$

1,900,000

$

1,475,052

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,900,000

1,473,534

a

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn

.,

6/01/52

3,200,000

1,957,784

4,906,370

Texas

0.9%

b

City

of

Dallas

,

Housing

Finance

Corp.

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.

2,000,000

1,979,040

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,500,000

1,833,054

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

2.5%,

9/01/41

........................................................

525,000

358,842

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/44

700,000

508,887

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,389,088

7,068,911

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

1,473,368

Wisconsin

1.2%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,495,055

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

3,250,000

2,506,634

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

4,900,000

4,900,000

8,901,689

U.S.

Territories

3.4%

Guam

0.8%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

5,817,064

Puerto

Rico

2.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,750,000

1,748,224

c

Revenue,

WW,

5.5%,

7/01/38

.........................................

4,690,000

3,499,913

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

500,000

495,860

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/33

...................

1,000,000

997,714

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

...................

6,200,000

6,148,659

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,765,000

1,750,180

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

5,205,000

5,152,400

19,792,950

Total

U.S.

Territories

....................................................................

25,610,014

Total

Municipal

Bonds

(Cost

$787,391,528)

.....................................

735,855,212

a

a

a

a

a

Total

Investments

(Cost

$787,391,528)

98.4%

...................................

$735,855,212

Other

Assets,

less

Liabilities

1.6%

.............................................

11,678,391

Net

Assets

100.0%

...........................................................

$747,533,603

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.

146

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$21,103,613,

representing

2.8%

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.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

New

Jersey

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,600,000

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,600,000

Municipal

Bonds

93.6%

California

0.1%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,075,939

Delaware

1.7%

Delaware

River

&

Bay

Authority

,

Reven

ue

,

2019

,

Refunding

,

4

%

,

1/01/44

.........

13,500,000

13,338,235

Florida

1.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,536,000

3,883,632

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

850,000

559,782

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,650,000

2,974,750

7,418,164

Georgia

0.3%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

2,650,000

2,049,711

New

Jersey

75.5%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

927,574

Bergen

County

Improvement

Authority

(The)

,

Borough

of

Ridgefield,

Revenue,

2020,

4%,

10/15/42

.......................

5,205,000

5,240,058

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

3,668,655

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

3,810,121

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,046,313

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.,

Revenue,

144A,

2022,

5%,

7/15/52

.....................

3,000,000

2,938,303

KIPP

Cooper

Norcross

Obligated

Group,

Revenue,

2022,

6%,

6/15/47

..........

1,450,000

1,532,361

KIPP

Cooper

Norcross

Obligated

Group,

Revenue,

2022,

6%,

6/15/52

..........

2,100,000

2,202,762

City

of

Newark

,

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

5%,

11/15/42

.........

1,000,000

1,064,575

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

5.375%,

11/15/52

.....

1,500,000

1,611,120

Mass

Transit

Access

Tax,

Revenue,

2022,

AGMC

Insured,

6%,

11/15/62

.........

1,000,000

1,119,634

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn.,

6/15/24

.............

1,000,000

956,164

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

Pre-Refunded,

AGMC

Insured,

5%,

9/01/39

.................

2,000,000

2,082,503

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,031,173

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,072,974

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,094,549

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,143,944

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

6,058,053

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/38

........................................................

1,645,000

1,508,736

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/51

........................................................

2,700,000

2,281,211

Friends

of

TEAM

Academy

Charter

School

Obligated

Group,

Revenue,

2021,

4%,

6/15/56

........................................................

4,925,000

4,041,561

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University,

Revenue,

2015

C,

AGMC

Insured,

4%,

7/01/42

.............

2,500,000

2,477,088

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.

148

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Gloucester

County

Improvement

Authority

(The),

(continued)

Rowan

University,

Revenue,

2015

C,

5%,

7/01/44

.........................

$

3,500,000

$

3,652,121

Rowan

University,

Revenue,

2019,

4%,

7/01/37

...........................

750,000

758,526

Rowan

University,

Revenue,

2019,

4%,

7/01/38

...........................

700,000

706,022

Rowan

University,

Revenue,

2019,

4%,

7/01/39

...........................

600,000

603,005

Rowan

University,

Revenue,

2019,

5%,

7/01/44

...........................

4,925,000

5,298,779

Rowan

University,

Revenue,

2019,

4%,

7/01/48

...........................

5,250,000

5,089,387

Hudson

County

Improvement

Authority

,

Revenue,

2019,

Refunding,

4%,

1/01/40

.................................

1,000,000

1,000,638

County

of

Hudson,

Revenue,

2016,

5.25%,

5/01/51

........................

6,000,000

6,262,308

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,654,026

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,594,022

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

A,

4%,

8/01/32

........................................

300,000

316,655

Revenue,

2019

A,

4%,

8/01/33

........................................

350,000

365,997

Revenue,

2019

A,

4%,

8/01/34

........................................

525,000

544,322

Revenue,

2019

A,

4%,

8/01/35

........................................

525,000

541,639

Revenue,

2019

A,

4%,

8/01/36

........................................

500,000

512,562

Revenue,

2019

A,

4%,

8/01/37

........................................

275,000

280,104

Revenue,

2019

A,

4%,

8/01/38

........................................

225,000

228,808

Revenue,

2019

A,

4%,

8/01/39

........................................

400,000

406,010

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

777,132

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

768,875

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

509,708

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

763,280

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

609,434

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,244,412

New

Jersey

Economic

Development

Authority

,

Revenue,

2021

QQQ,

4%,

6/15/39

.....................................

2,500,000

2,378,852

Revenue,

2021

QQQ,

4%,

6/15/46

.....................................

1,250,000

1,139,943

Revenue,

2021

QQQ,

4%,

6/15/50

.....................................

1,250,000

1,127,604

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

5,077,211

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

7,245,000

7,315,845

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/52

...................

5,000,000

5,119,377

Port

Newark

Container

Terminal

LLC,

Revenue,

2017,

Refunding,

5%,

10/01/47

...

13,625,000

13,395,706

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

616,847

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

562,713

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,329,455

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

6/01/42

..............................................

6,000,000

6,123,545

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

6,018,628

Rutgers

State

University

of

New

Jersey

(The),

Revenue,

2013,

Pre-Refunded,

5%,

6/15/38

........................................................

5,000,000

5,062,246

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N-1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

9,566,528

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

5%,

6/15/37

4,760,000

4,849,174

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/34

......

2,205,000

2,313,176

Kean

University,

Revenue,

2015

H,

Refunding,

AGMC

Insured,

5%,

7/01/35

......

5,000,000

5,232,893

Kean

University,

Revenue,

2017

D,

Refunding,

BAM

Insured,

4%,

9/01/38

.......

1,150,000

1,147,235

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,087,008

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

16,597,854

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,311,857

Montclair

State

University,

Inc.,

Revenue,

2015

D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,243,898

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

149

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Montclair

State

University,

Inc.,

Revenue,

2016

B,

Refunding,

5%,

7/01/34

.......

$

1,325,000

$

1,381,378

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGMC

Insured,

5%,

7/01/35

........................................................

3,955,000

4,202,811

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/34

..............

400,000

411,891

Seton

Hall

University,

Revenue,

2015

C,

Refunding,

5%,

7/01/37

..............

1,300,000

1,332,087

Seton

Hall

University,

Revenue,

2017

D,

Refunding,

5%,

7/01/42

..............

3,945,000

4,071,941

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

3.25%,

7/01/49

........

1,150,000

885,053

Seton

Hall

University,

Revenue,

2020

C,

AGMC

Insured,

4%,

7/01/50

...........

1,850,000

1,766,620

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

1998-1,

ETM,

5%,

7/01/28

........................................................

475,000

505,796

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

........................................................

1,600,000

1,656,967

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

........................................................

9,310,000

9,492,986

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

........................................................

4,085,000

4,138,466

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

5%,

7/01/45

.

4,000,000

4,093,660

Stevens

Institute

of

Technology

International,

Inc.,

Revenue,

2020

A,

4%,

7/01/50

.

11,640,000

10,184,188

Trustees

of

Princeton

University

(The),

Revenue,

2014

A,

5%,

7/01/44

..........

15,000,000

15,444,990

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008

A,

5%,

7/01/27

........................

220,000

220,273

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

9,790,792

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

4%,

7/01/37

.......

750,000

753,085

AtlantiCare

Health

System

Obligated

Group,

Revenue,

2021,

3%,

7/01/46

.......

1,000,000

749,492

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,179,370

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,169,284

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

5,262,274

Hunterdon

Medical

Center

Obligated

Group,

Revenue,

2014

A,

Pre-Refunded,

5%,

7/01/45

........................................................

2,650,000

2,743,160

Inspira

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

......

18,500,000

18,736,195

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

...............

7,000,000

7,134,684

Inspira

Health

Obligated

Group,

Revenue,

2017

A,

4%,

7/01/47

...............

8,700,000

8,056,051

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013

A,

5.5%,

7/01/43

.......

4,000,000

4,038,932

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/43

.........

3,650,000

3,689,462

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/44

15,530,000

15,667,868

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

10,000,000

10,218,710

St.

Joseph's

Healthcare

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/41

........................................................

5,850,000

5,877,796

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/31

..

2,935,000

2,983,942

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Pre-Refunded,

5%,

8/15/34

..

1,500,000

1,525,013

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

1,006,499

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/37

...........

3,950,000

3,914,279

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/39

...........

2,200,000

2,136,886

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

11,000,000

10,434,850

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

10,000,000

9,012,234

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,566,761

Revenue,

2021

B,

Refunding,

5%,

12/01/29

..............................

2,830,000

3,065,572

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

5,910,000

5,568,725

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

1,025,194

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

407,773

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.

150

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Housing

&

Mortgage

Finance

Agency,

(continued)

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

$

3,955,000

$

3,664,823

Revenue,

2020

E,

Refunding,

2.05%,

10/01/35

............................

4,100,000

3,312,719

Revenue,

2020

E,

Refunding,

2.25%,

10/01/40

............................

8,210,000

6,205,758

Revenue,

2020

E,

Refunding,

2.4%,

10/01/45

.............................

3,285,000

2,544,723

Revenue,

2020

E,

Refunding,

2.45%,

10/01/50

............................

2,460,000

1,894,417

New

Jersey

Institute

of

Technology

,

Revenue

,

2015

A

,

5

%

,

7/01/45

..............

6,000,000

6,191,158

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006

C,

AGMC

Insured,

Zero

Cpn.,

12/15/33

.....................

10,000,000

6,348,768

Revenue,

2009

A,

Zero

Cpn.,

12/15/32

..................................

10,000,000

6,437,124

Revenue,

2010

A,

Zero

Cpn.,

12/15/29

..................................

5,000,000

3,741,925

Revenue,

2013

AA,

5.25%,

6/15/31

....................................

10,000,000

10,094,362

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

5,507,492

Revenue,

2020

AA,

4%,

6/15/45

.......................................

9,700,000

8,873,620

Revenue,

2020

AA,

4%,

6/15/50

.......................................

3,670,000

3,310,644

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

2,000,000

1,961,895

c

Revenue,

2022

CC,

5.5%,

6/15/50

.....................................

1,250,000

1,342,113

New

Jersey

Turnpike

Authority

,

Revenue,

2017

A,

5%,

1/01/34

........................................

6,505,000

6,987,021

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

3,735,097

Revenue,

2017

B,

Refunding,

5%,

1/01/40

...............................

15,245,000

16,212,731

Revenue,

2017

G,

Refunding,

4%,

1/01/43

...............................

5,000,000

4,908,857

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

16,366,480

Revenue,

2021

A,

4%,

1/01/51

........................................

3,000,000

2,836,680

Revenue,

2022

B,

4.5%,

1/01/48

......................................

5,000,000

5,084,692

Newark

Board

of

Education

,

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/39

..........................

700,000

571,213

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/40

..........................

750,000

592,594

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/41

..........................

750,000

583,915

GO,

2021,

Refunding,

BAM

Insured,

3%,

7/15/42

..........................

700,000

534,200

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.............................................

20,745,000

20,893,401

South

Jersey

Transportation

Authority

,

Revenue,

2020

A,

5%,

11/01/45

.......................................

5,750,000

5,927,983

Revenue,

2022

A,

4.625%,

11/01/47

....................................

5,000,000

4,960,863

Revenue,

2022

A,

5.25%,

11/01/52

.....................................

5,540,000

5,781,040

State

of

New

Jersey

,

GO,

2020

A,

4%,

6/01/31

............................................

4,500,000

4,769,528

GO,

2020

A,

3%,

6/01/32

............................................

3,400,000

3,240,280

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

..

17,000,000

17,128,979

587,065,884

New

York

3.5%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

15,281,116

Revenue,

First

Series,

171st,

5%,

7/15/30

...............................

12,200,000

12,224,887

27,506,003

Pennsylvania

7.2%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

20,300,514

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

111,131

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

166,290

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

165,373

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

164,803

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

151

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Delaware

River

Joint

Toll

Bridge

Commission,

(continued)

Revenue,

2019

A,

5%,

7/01/37

........................................

$

150,000

$

164,201

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

163,392

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

161,724

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

799,527

Revenue,

2019

B,

Refunding,

5%,

7/01/31

...............................

850,000

948,807

Revenue,

2019

B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,115,534

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

10,105,171

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

3,552,192

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

5,447,078

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,472,755

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

10,246,885

56,085,377

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,500,000

1,164,515

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,500,000

1,163,316

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

758,647

3,086,478

Texas

0.7%

d

City

of

Dallas

,

Housing

Finance

Corp.

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.

2,000,000

1,979,041

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,539,765

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

2,015,793

5,534,599

Washington

0.1%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,500,000

1,163,185

Wisconsin

0.7%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,500,000

1,180,307

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

4,100,000

4,100,000

5,280,307

U.S.

Territories

2.4%

Puerto

Rico

2.4%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,200,000

1,198,782

e

Revenue,

WW,

5.5%,

7/01/38

.........................................

3,950,000

2,947,688

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

297,516

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

991,603

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,700,000

2,672,715

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.

152

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

$

10,850,000

$

10,294,596

18,402,900

Total

U.S.

Territories

....................................................................

18,402,900

Total

Municipal

Bonds

(Cost

$764,825,561)

.....................................

728,006,782

Total

Long

Term

Investments

(Cost

$766,425,561)

...............................

729,606,782

a

a

a

a

a

Short

Term

Investments

2.9%

Municipal

Bonds

2.9%

New

Jersey

2.9%

f

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group,

Revenue,

2009

B,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.7%,

7/01/43

..................................

14,100,000

14,100,000

Virtua

Health

Obligated

Group,

Revenue,

2009

C,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.65%,

7/01/43

.................................

8,400,000

8,400,000

22,500,000

Total

Municipal

Bonds

(Cost

$22,500,000)

......................................

22,500,000

Total

Short

Term

Investments

(Cost

$22,500,000

)

................................

22,500,000

a

Total

Investments

(Cost

$788,925,561)

96.7%

...................................

$752,106,782

Other

Assets,

less

Liabilities

3.3%

.............................................

25,395,599

Net

Assets

100.0%

...........................................................

$777,502,381

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$20,444,758,

representing

2.6%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

North

Carolina

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

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,600,000

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,600,000

Municipal

Bonds

98.1%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,300,000

1,903,585

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,680,000

4,006,923

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,500,000

987,850

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,750,000

3,056,250

8,051,023

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

500,993

State

of

Illinois

,

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,057,087

GO,

2021

A,

5%,

3/01/34

............................................

2,000,000

2,096,361

3,654,441

Kentucky

0.5%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

5,600,000

3,579,438

New

Jersey

1.0%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

935,695

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

5%,

6/15/44

.......................................

2,900,000

2,963,560

Revenue,

2020

AA,

4%,

6/15/45

.......................................

1,000,000

914,806

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

362,559

Revenue,

2020

AA,

5%,

6/15/50

.......................................

1,290,000

1,315,222

6,491,842

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue,

2020

E,

Refunding,

4%,

11/15/45

..............................

1,595,000

1,358,437

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

5,325,000

4,465,398

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

3,000,000

2,631,892

8,455,727

North

Carolina

86.4%

Cape

Fear

Public

Utility

Authority

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

8/01/44

.......

12,070,000

12,076,535

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

20,550,512

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

5,340,587

Atrium

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

1/15/43

.......

2,000,000

1,955,830

City

of

Charlotte

,

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

8,879,218

Airport,

Revenue,

2019

A,

4%,

7/01/44

..................................

3,550,000

3,415,660

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

4,460,000

4,707,642

Airport,

Revenue,

2019

B,

4%,

7/01/44

..................................

5,515,000

5,151,126

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/36

.........................

1,790,000

1,807,083

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.

154

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

City

of

Charlotte,

(continued)

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/38

.........................

$

2,500,000

$

2,503,479

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

.........................

3,000,000

2,984,633

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/40

.........................

4,500,000

4,438,213

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

.........................

2,200,000

2,151,187

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

7,970,000

8,263,826

Water

&

Sewer

System,

Revenue,

2015,

Refunding,

5%,

7/01/40

..............

10,000,000

10,426,987

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

5,124,943

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

343,405

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,019,969

City

of

Raleigh

,

GO,

2016

A,

Refunding,

5%,

9/01/26

...................................

5,000,000

5,428,166

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

5,002,088

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,036,233

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,078,519

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,385,027

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/37

............

5,000,000

5,081,178

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

10,004,773

County

of

Buncombe

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/34

.................

3,000,000

3,149,990

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

326,242

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

499,035

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

210,452

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

375,912

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

516,371

GO,

2019,

4%,

6/01/37

.............................................

450,000

462,904

GO,

2019,

4%,

6/01/39

.............................................

700,000

713,145

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

881,838

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

732,703

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,223,270

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

341,001

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

393,493

County

of

Mecklenburg

,

GO

,

2017

A

,

4

%

,

4/01/30

...........................

5,000,000

5,264,906

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

820,482

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

659,187

Revenue,

2021,

Refunding,

5%,

8/01/30

.................................

3,375,000

3,891,846

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

5,526,782

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

14,994,160

County

of

Union

,

Enterprise

System,

Revenue,

2015,

5%,

6/01/34

..........................

1,000,000

1,059,581

Enterprise

System,

Revenue,

2021,

4%,

6/01/32

..........................

1,050,000

1,131,892

County

of

Wake

,

GO,

2018

A,

5%,

3/01/30

............................................

8,000,000

8,921,623

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

8,901,146

Revenue,

2021,

3%,

3/01/35

.........................................

5,535,000

5,124,390

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

5,480,355

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

4,750,000

5,120,259

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

155

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/27

..........

$

400,000

$

423,688

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/28

..........

500,000

533,904

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/29

..........

550,000

591,426

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

..........

500,000

540,999

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

..........

1,855,000

2,013,540

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/33

..........

2,670,000

2,876,492

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/34

..........

740,000

722,484

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/35

..........

360,000

348,217

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

14,480,506

Duke

University,

Revenue,

2016,

Refunding,

5%,

10/01/40

...................

2,500,000

2,651,744

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

7,500,000

7,958,006

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,088,371

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

11,643,288

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

1,000,000

1,022,069

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

1,000,000

1,016,134

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

2,270,000

2,289,237

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,088,443

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

5,541,281

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,287,305

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

19,081,598

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

14,346,802

North

Carolina

Central

University

,

Revenue

,

2019

,

4

%

,

4/01/49

.................

1,000,000

899,635

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

4,470,000

3,876,275

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

6,850,000

5,803,021

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

790,000

676,123

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

3,195,000

2,567,556

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

2,795,000

2,194,841

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

5,035,000

4,069,185

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,315,000

1,854,653

Revenue,

44,

3%,

7/01/46

...........................................

2,820,000

2,199,409

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,830,000

1,366,760

Revenue,

46-A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,140,000

1,832,348

Revenue,

46-A,

GNMA

Insured,

1.75%,

1/01/31

...........................

995,000

838,295

North

Carolina

Medical

Care

Commission

,

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

1,685,881

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

6,898,112

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/47

..........

2,935,000

2,207,575

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/51

..........

960,000

702,578

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

168,296

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

171,660

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

796,697

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

1,665,000

1,382,285

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,345,031

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

2,300,033

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

20,016,646

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

5,115,000

4,847,794

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

7,640,000

6,957,200

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/34

........

2,050,000

2,080,204

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

4,956,606

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/41

1,020,000

849,168

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/52

3,510,000

2,671,289

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,086,759

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

825,497

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

3,600,000

3,513,567

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.

156

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,

2020

A,

4%,

10/01/50

.........

$

1,350,000

$

1,074,436

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,347,011

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

3,762,325

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/37

........................................

200,000

209,748

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/42

........................................

2,250,000

2,359,669

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017

A,

Pre-Refunded,

5%,

10/01/47

........................................

2,540,000

2,663,804

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,057,220

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

.........

1,000,000

1,067,410

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,427,681

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

130,142

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

316,120

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

479,446

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

537,208

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

378,901

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

1,660,000

1,521,667

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,529,423

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

9,875,000

10,120,694

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

9,948,878

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,478,865

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

1,982,171

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

1,995,659

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,404,625

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

1,678,168

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,414,072

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,217,116

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,066,146

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/39

...........

1,200,000

1,251,501

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

15,430,000

15,873,589

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

367,783

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

577,046

Revenue,

2020

A,

Refunding,

5%,

5/01/36

...............................

2,580,000

2,734,005

State

of

North

Carolina

,

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

2,852,554

GO,

2020

A,

5%,

6/01/31

............................................

2,500,000

2,894,579

Highway

Trust

Fund,

Revenue,

2020

B,

4%,

5/01/35

.......................

2,750,000

2,860,085

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

12/01/42

8,000,000

8,032,667

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,076,147

University

of

North

Carolina

at

Chapel

Hill

,

Revenue,

2021

B,

Refunding,

5%,

12/01/34

..............................

1,225,000

1,416,478

Revenue,

2021

B,

Refunding,

5%,

12/01/37

..............................

2,180,000

2,486,014

Hospitals

at

Chapel

Hill,

Revenue,

2016,

5%,

2/01/46

.......................

4,265,000

4,384,191

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

2,850,000

3,194,922

University

of

North

Carolina

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/45

.

4,010,000

4,525,919

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2014,

Pre-Refunded,

5%,

4/01/43

..............................

5,000,000

5,159,022

Revenue,

2017,

5%,

10/01/47

........................................

10,000,000

10,511,776

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

157

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

University

of

North

Carolina

at

Charlotte

(The),

(continued)

Revenue,

2017

A,

Refunding,

4%,

10/01/40

..............................

$

2,250,000

$

2,193,274

Revenue,

2020

A,

Refunding,

5%,

10/01/38

..............................

1,145,000

1,239,786

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

282,689

University

of

North

Carolina

at

Greensboro

,

Revenue,

2014,

Refunding,

5%,

4/01/39

.................................

3,500,000

3,592,760

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,231,910

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,017,032

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

2,674,162

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,089,852

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

160,140

Western

Carolina

University

,

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

894,088

Revenue,

2020

B,

4%,

4/01/50

........................................

5,000,000

4,678,900

567,487,773

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,600,000

1,242,149

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,600,000

1,240,871

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

1,896,616

4,379,636

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,539,766

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

200,000

192,091

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

200,000

190,272

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,090,452

4,012,581

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,600,000

1,240,731

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,600,000

1,258,994

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

4,200,000

4,200,000

5,458,994

U.S.

Territories

4.5%

Guam

0.2%

c

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/30

............................

750,000

759,843

Revenue,

2023

A,

Refunding,

5.125%,

10/01/34

...........................

390,000

380,829

Revenue,

2023

A,

Refunding,

5.25%,

10/01/35

............................

265,000

258,797

1,399,469

Puerto

Rico

4.3%

Commonwealth

of

Puerto

Rico

,

d

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

110,346

50,345

GO,

2022

A-1,

5.25%,

7/01/23

........................................

13,079

13,136

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.

158

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Commonwealth

of

Puerto

Rico,

(continued)

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

$

26,087

$

26,464

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

25,850

26,476

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

25,431

26,068

GO,

2022

A-1,

5.75%,

7/01/31

........................................

24,701

25,373

GO,

2022

A-1,

4%,

7/01/33

..........................................

23,423

20,410

GO,

2022

A-1,

4%,

7/01/35

..........................................

21,054

17,955

GO,

2022

A-1,

4%,

7/01/37

..........................................

18,070

15,103

GO,

2022

A-1,

4%,

7/01/41

..........................................

24,568

19,746

GO,

2022

A-1,

4%,

7/01/46

..........................................

25,551

19,734

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

7,794

7,162

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

30,143

16,546

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,498,478

e

Revenue,

XX,

5.25%,

7/01/40

........................................

4,120,000

3,059,100

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

990,000

986,776

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

300,000

297,516

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

5,350,000

5,305,079

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

2,000,000

1,979,789

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

476,808

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

..

220,000

191,969

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

12,890,000

12,230,170

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

2,000,000

1,811,841

28,122,044

Total

U.S.

Territories

....................................................................

29,521,513

Total

Municipal

Bonds

(Cost

$691,496,827)

.....................................

644,237,284

Total

Long

Term

Investments

(Cost

$693,096,827)

...............................

645,837,284

a

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

North

Carolina

1.0%

f

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2007

C,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

1%,

1/15/37

............................

1,600,000

1,600,000

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

159

See

Abbreviations

on

page

196

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

f

Charlotte-Mecklenburg

Hospital

Authority

(The),

(continued)

Atrium

Health

Obligated

Group,

Revenue,

2018

G,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

1%,

1/15/48

....................................

$

5,100,000

$

5,100,000

6,700,000

Total

Municipal

Bonds

(Cost

$6,700,000)

.......................................

6,700,000

Total

Short

Term

Investments

(Cost

$6,700,000

)

.................................

6,700,000

a

Total

Investments

(Cost

$699,796,827)

99.3%

...................................

$652,537,284

Other

Assets,

less

Liabilities

0.7%

.............................................

4,575,082

Net

Assets

100.0%

...........................................................

$657,112,366

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$21,092,246,

representing

3.2%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Ohio

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

2,250,000

$

2,250,000

Total

Corporate

Bonds

(Cost

$2,250,000)

.......................................

2,250,000

Municipal

Bonds

99.0%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,800,000

2,317,408

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

9,144,000

7,828,910

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,200,000

1,448,847

9,277,757

Illinois

0.2%

State

of

Illinois

,

GO,

2017

C,

5%,

11/01/29

...........................................

1,500,000

1,563,842

GO,

2021

A,

4%,

3/01/39

............................................

500,000

454,922

2,018,764

Kentucky

0.8%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn.,

5/01/52

....................................

15,210,000

9,722,009

New

Jersey

0.6%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

3,510,000

3,784,750

Revenue,

2020

AA,

4%,

6/15/35

.......................................

1,500,000

1,484,862

Revenue,

2022

A,

4%,

6/15/38

........................................

2,000,000

1,932,414

7,202,026

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

6,750,000

5,989,923

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

750,000

628,929

6,618,852

Ohio

92.6%

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3

%

,

11/15/40

..........................

5,400,000

3,994,644

American

Municipal

Power,

Inc.

,

Revenue,

2015

A,

Refunding,

5%,

2/15/28

...............................

5,000,000

5,125,663

Revenue,

2016

A,

Refunding,

4%,

2/15/35

...............................

1,000,000

1,001,889

Revenue,

2016

A,

5%,

2/15/41

........................................

5,000,000

5,122,934

Revenue,

2016

A,

Refunding,

5%,

2/15/46

...............................

7,500,000

7,641,586

Revenue,

2017

A,

Refunding,

5%,

2/15/37

...............................

3,700,000

3,919,678

Revenue,

2017

A,

Refunding,

5%,

2/15/38

...............................

3,500,000

3,691,262

Revenue,

2019

A,

5%,

2/15/44

........................................

3,345,000

3,485,896

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,004,293

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,562,860

Berkshire

Local

School

District

,

GO

,

2021

,

Refunding

,

3

%

,

10/01/56

.............

735,000

511,416

Bethel

Local

School

District

,

COP,

2020,

BAM

Insured,

3%,

12/01/45

.................................

4,095,000

3,210,452

COP,

2020,

BAM

Insured,

2.75%,

12/01/49

..............................

4,000,000

2,944,023

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

161

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

$

9,155,000

$

9,777,084

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

7,534,617

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,425,049

Brooklyn

City

School

District

,

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/38

........................

1,905,000

2,036,209

GO,

2017,

Refunding,

AGMC

Insured,

5%,

12/01/49

........................

9,000,000

9,462,403

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

3%,

6/01/48

..................

33,215,000

23,820,572

Revenue,

Senior

Lien,

2020

A-2,

1,

Refunding,

4%,

6/01/48

..................

3,245,000

2,827,354

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/32

........................................................

100,000

101,262

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/33

........................................................

135,000

136,186

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/34

........................................................

185,000

185,987

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/35

........................................................

195,000

195,309

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/36

........................................................

205,000

204,338

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/37

........................................................

210,000

208,115

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/38

........................................................

220,000

216,745

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/39

........................................................

225,000

220,148

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/40

........................................................

240,000

233,225

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/41

........................................................

245,000

236,226

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/46

........................................................

900,000

849,165

Community

First

Solutions

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

5/15/51

........................................................

1,000,000

929,365

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/32

............................

3,955,000

2,772,547

GO,

2005,

NATL

Insured,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,338,558

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/22

...................

1,905,000

1,905,000

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/23

...................

1,905,000

1,846,955

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn.,

12/01/24

...................

1,905,000

1,787,314

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

16,693,271

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

9,338,353

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

12/01/37

.

2,890,000

2,975,822

Adena

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

12/01/47

.

2,110,000

2,138,061

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

6,905,618

City

of

Cleveland

,

GO,

2012,

5%,

12/01/30

.............................................

35,000

35,063

GO,

2020

A,

4%,

12/01/35

...........................................

1,000,000

1,027,434

GO,

2020

A,

2%,

12/01/36

...........................................

1,215,000

926,117

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,057,255

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.

162

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

City

of

Columbus

,

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

$

5,000,000

$

5,471,386

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

7,766,627

GO,

2019

A,

5%,

4/01/40

............................................

3,000,000

3,251,588

GO,

2021

A,

5%,

4/01/40

............................................

1,900,000

2,092,241

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

15,340,320

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/30

........................

5,000,000

5,336,733

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

3,020,125

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,174,715

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

9,117,254

City

of

Mount

Vernon

,

Mount

Vernon

Nazarene

University,

Revenue,

2022,

Refunding,

4%,

2/01/37

.....

995,000

927,152

Mount

Vernon

Nazarene

University,

Revenue,

2022,

Refunding,

4%,

2/01/52

.....

1,675,000

1,418,012

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

3,808,263

City

of

Toledo

,

Water

System

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

11/15/38

.......

9,395,000

9,502,791

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

2,852,029

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

11/15/38

..................

600,000

594,687

Revenue,

B-2,

NATL

Insured,

Zero

Cpn.,

11/15/38

.........................

10,000,000

4,987,892

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,130,168

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,127,337

Cleveland

Municipal

School

District

,

GO,

2013,

Refunding,

5%,

12/01/25

....................................

3,600,000

3,600,000

GO,

2013,

Refunding,

5%,

12/01/27

....................................

1,000,000

1,000,000

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

5%,

7/01/35

.......

600,000

668,234

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/37

.......

700,000

705,759

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/38

.......

100,000

100,409

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/39

.......

700,000

700,404

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/40

.......

100,000

98,107

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/41

.......

800,000

783,694

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/46

.......

500,000

450,860

Cleveland

Museum

of

Natural

History

(The),

Revenue,

2021,

4%,

7/01/51

.......

2,000,000

1,764,196

Euclid

Avenue

Development

Corp.,

Revenue,

2022

A,

5.5%,

8/01/52

...........

9,000,000

9,657,950

Columbus-Franklin

County

Finance

Authority

,

Revenue,

2021

C,

2.5%,

11/15/41

.....................................

900,000

658,332

Revenue,

2021

C,

3%,

5/15/51

........................................

2,180,000

1,529,206

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

7,568,350

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

20,428,669

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

4,140,000

4,088,536

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,473,015

County

of

Cuyahoga

,

GO,

2020

A,

Refunding,

4%,

12/01/34

..................................

750,000

785,755

GO,

2020

A,

Refunding,

3%,

12/01/36

..................................

1,100,000

964,183

Excise

Tax,

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

....................

500,000

512,050

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

2,748,841

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

163

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,

2016

C,

Refunding,

4%,

11/01/40

..

$

5,000,000

$

4,887,016

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/33

..........

5,270,000

4,857,637

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/34

..........

2,240,000

2,041,836

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/35

..........

2,900,000

2,617,754

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/36

..........

2,640,000

2,361,131

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/40

..........

2,590,000

2,223,563

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

6,532,803

Sales

Tax,

Revenue,

2018,

5%,

6/01/48

.................................

6,000,000

6,395,228

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

3,515,000

3,568,972

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

A-OH,

5%,

12/01/47

.......

11,800,000

11,977,919

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

A,

4%,

12/01/49

..........

6,030,000

5,668,913

County

of

Hamilton

,

Sewer

System,

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..................

6,965,000

7,882,949

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/32

..................

2,115,000

2,448,807

Sewer

System,

Revenue,

2020

A,

Refunding,

5%,

12/01/35

..................

2,000,000

2,276,926

TriHealth

Obligated

Group,

Revenue,

2017

A,

5%,

8/15/42

...................

5,000,000

5,104,735

County

of

Lucas

,

GO

,

2022

,

4.75

%

,

12/01/52

..............................

3,000,000

3,095,562

County

of

Mahoning

,

c

Sewer

System,

Revenue,

2022,

Refunding,

5%,

12/01/46

....................

3,000,000

3,137,320

Western

Reserve

Care

System,

Revenue,

1995,

NATL

Insured,

ETM,

5.5%,

10/15/25

1,700,000

1,782,132

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/45

.............................................

5,000,000

5,123,564

County

of

Montgomery

,

Kettering

Health

Network

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

8/01/41

1,000,000

967,639

Premier

Health

Partners

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

11/15/39

.......................................................

5,000,000

4,598,155

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/44

.....................................................

4,705,000

4,805,239

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,273,828

Cuyahoga

Falls

City

School

District

,

GO

,

2021

,

BAM

Insured

,

4

%

,

12/01/51

.......

1,485,000

1,352,515

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,699,502

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2%,

11/15/31

..........

430,000

356,160

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

2.5%,

11/15/41

........

1,615,000

1,161,911

Southwest

Ohio

Regional

Bond

Fund,

Revenue,

2021

C,

3%,

5/15/51

..........

1,000,000

684,968

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,131,733

Delaware

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.75

%

,

12/01/49

.........

6,000,000

6,097,434

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

9,971,088

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

5,793,930

Fairborn

City

School

District

,

GO

,

2021

A

,

3

%

,

12/01/50

......................

8,065,000

5,976,615

Franklin

City

School

District

,

GO

,

2021

A

,

3

%

,

11/01/57

.......................

8,000,000

5,724,406

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

20,936,888

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

14,438,566

Grandview

Heights

City

School

District

,

GO,

2019,

4%,

12/01/51

.............................................

1,980,000

1,910,900

GO,

2019,

5%,

12/01/53

.............................................

2,150,000

2,319,704

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.

164

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Great

Oaks

Career

Campuses

Board

of

Education

,

COP

,

2021

,

3

%

,

12/01/44

......

$

1,455,000

$

1,177,598

Green

Local

School

District

,

COP

,

2022

,

AGMC

Insured

,

5

%

,

11/01/52

...........

2,000,000

2,075,937

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

9,806,319

Hillsdale

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

4

%

,

12/01/40

...........

1,435,000

1,402,441

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

18,591,781

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,120,358

GO,

2018

B,

BAM

Insured,

5%,

11/01/55

................................

3,910,000

4,140,264

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,191,702

GO,

2014

C,

Pre-Refunded,

5%,

12/01/30

...............................

4,035,000

4,224,017

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5

%

,

10/01/51

................

1,800,000

1,822,413

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,040,300

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,549,469

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

11,124,269

Miami

University

,

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,394,370

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

3,604,359

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

5,277,837

Revenue,

2021

A,

Refunding,

5%,

9/01/32

...............................

1,070,000

1,220,700

Revenue,

2021

A,

Refunding,

5%,

9/01/33

...............................

1,055,000

1,196,485

Revenue,

2021

A,

Refunding,

5%,

9/01/34

...............................

1,035,000

1,169,613

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

21,262,236

New

Albany

Community

Authority

,

Revenue,

2012

C,

Refunding,

5%,

10/01/23

..............................

1,100,000

1,102,263

Revenue,

2012

C,

Refunding,

5%,

10/01/24

..............................

1,250,000

1,252,530

Northeast

Ohio

Medical

University

,

Revenue,

2021

A,

Refunding,

3%,

12/01/23

..............................

75,000

74,951

Revenue,

2021

A,

Refunding,

5%,

12/01/25

..............................

125,000

130,351

Revenue,

2021

A,

Refunding,

5%,

12/01/27

..............................

100,000

106,295

Revenue,

2021

A,

Refunding,

5%,

12/01/29

..............................

110,000

118,453

Revenue,

2021

A,

Refunding,

3%,

12/01/40

..............................

500,000

390,285

Revenue,

2021

A,

Refunding,

4%,

12/01/45

..............................

450,000

399,068

Revenue,

2022,

BAM

Insured,

5%,

12/01/43

.............................

1,000,000

1,049,522

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2014,

Pre-Refunded,

5%,

11/15/32

.............................

5,500,000

5,768,451

Revenue,

2019,

Refunding,

3%,

11/15/35

................................

4,500,000

4,097,464

Northeastern

Local

School

District

,

GO,

2018,

AGMC

Insured,

5.25%,

12/01/45

..............................

5,420,000

5,910,855

GO,

2018,

AGMC

Insured,

4%,

12/01/55

................................

5,000,000

4,725,116

Norwood

City

School

District

,

GO,

2017

A,

Pre-Refunded,

5%,

11/01/46

...............................

5,000,000

5,376,567

GO,

2017

A,

Pre-Refunded,

5.25%,

11/01/51

.............................

7,645,000

8,282,722

d

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.,

Revenue,

2009

B,

Mandatory

Put,

1.375%,

11/01/24

...

1,875,000

1,774,418

Ohio

Valley

Electric

Corp.,

Revenue,

2009

C,

Mandatory

Put,

1.5%,

11/04/25

.....

2,000,000

1,843,503

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

AGMC

Insured

,

5.25

%

,

12/01/23

............................................

235,000

235,548

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5.25%,

1/01/47

3,000,000

3,116,592

Ashtabula

County

Medical

Center

Obligated

Group,

Revenue,

2022,

5.25%,

1/01/52

2,250,000

2,324,478

Baldwin

Wallace

University,

Revenue,

2022,

6%,

12/01/52

...................

5,970,000

6,331,282

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

165

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Higher

Educational

Facility

Commission,

(continued)

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/42

..................

$

4,900,000

$

5,128,067

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/47

..................

2,000,000

2,072,618

Capital

University,

Revenue,

2022,

Refunding,

6%,

9/01/52

..................

5,100,000

5,260,053

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

6,318,365

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5%,

12/01/32

..............

300,000

316,547

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.125%,

12/01/42

...........

3,390,000

3,447,242

Cleveland

Institute

of

Music

(The),

Revenue,

2022,

5.375%,

12/01/52

...........

3,100,000

3,159,914

Denison

University,

Revenue,

2021,

3%,

11/01/50

.........................

4,250,000

2,952,211

John

Carroll

University,

Revenue,

2020,

4%,

10/01/45

......................

1,100,000

966,233

John

Carroll

University,

Revenue,

2020,

4%,

10/01/50

......................

3,500,000

2,984,042

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/47

..............

11,360,000

9,843,765

John

Carroll

University,

Revenue,

2022,

Refunding,

4%,

10/01/52

..............

5,000,000

4,218,348

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,540,000

1,463,421

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,360,000

1,271,863

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,900,000

2,663,128

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

5,320,000

5,488,635

Kenyon

College,

Revenue,

2016,

Refunding,

4%,

7/01/44

...................

5,180,000

4,730,923

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,299,723

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

4,000,000

3,550,227

Otterbein

Homes

Obligated

Group,

Revenue,

2021

B,

Refunding,

4%,

7/01/46

....

1,085,000

1,006,933

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/37

..............

1,050,000

983,078

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/38

..............

1,055,000

978,178

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/39

..............

1,105,000

1,017,279

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/40

..............

1,225,000

1,117,415

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/41

..............

1,275,000

1,157,306

Otterbein

University,

Revenue,

2022

A,

Refunding,

4%,

12/01/46

..............

1,975,000

1,738,991

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

11,311,584

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/28

................

150,000

162,272

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/29

................

415,000

453,301

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/30

................

400,000

440,552

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/31

................

550,000

601,894

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/32

................

340,000

371,099

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/33

................

130,000

141,512

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/34

................

500,000

543,398

University

of

Dayton,

Revenue,

2020,

Refunding,

5%,

2/01/35

................

1,000,000

1,080,030

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/36

................

900,000

900,201

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/37

................

1,335,000

1,090,945

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/39

................

480,000

465,369

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/40

................

500,000

382,930

University

of

Dayton,

Revenue,

2020,

Refunding,

4%,

2/01/41

................

250,000

239,911

University

of

Dayton,

Revenue,

2020,

Refunding,

3%,

2/01/42

................

325,000

241,026

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

....

505,000

409,068

Ohio

State

University

(The)

,

Revenue,

2014

A,

4%,

12/01/30

.......................................

4,325,000

4,396,342

Revenue,

2021

A,

4%,

12/01/48

.......................................

10,020,000

9,680,151

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

17,025,000

18,151,728

Revenue,

2018

A,

5%,

2/15/43

........................................

16,325,000

17,373,512

Revenue,

Junior

Lien,

2013

A-1,

Refunding,

5.25%,

2/15/33

..................

4,200,000

4,223,900

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn.,

2/15/38

.............

3,665,000

1,948,141

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn.,

2/15/43

........................

10,485,000

4,140,027

Revenue,

Junior

Lien,

2022

A,

Refunding,

5%,

2/15/39

......................

5,000,000

5,646,621

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

7,000,000

7,380,390

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/39

........................................

5,000,000

5,529,705

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.

166

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Water

Development

Authority,

(continued)

Revenue,

2019,

5%,

6/01/44

.........................................

$

5,650,000

$

6,128,192

Revenue,

2021,

5%,

6/01/46

.........................................

10,555,000

11,615,694

Water

Pollution

Control

Loan

Fund,

Revenue,

2019

B,

Refunding,

5%,

12/01/44

...

10,000,000

10,846,357

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/39

............

5,000,000

5,563,122

Water

Pollution

Control

Loan

Fund,

Revenue,

2020

A,

5%,

12/01/50

............

2,500,000

2,689,950

Olentangy

Local

School

District

,

GO,

2016,

4%,

12/01/46

.............................................

15,235,000

15,054,327

GO,

2020

A,

3%,

12/01/38

...........................................

500,000

439,062

Princeton

City

School

District

,

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

12,562,133

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/40

...............................

6,000,000

2,890,109

GO,

2014,

Refunding,

Zero

Cpn.,

12/01/41

...............................

6,000,000

2,763,628

Reading

Community

City

School

District

,

GO

,

2016

A

,

5

%

,

11/01/46

.............

2,000,000

2,054,073

Riverside

Local

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

10/01/47

........................................................

5,000,000

5,155,699

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/27

.....................

5,175,000

5,701,054

GO,

2007,

Refunding,

AGMC

Insured,

5.25%,

12/01/28

.....................

2,000,000

2,236,199

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,121,880

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

10,536,853

GO,

2019

A,

5%,

6/15/38

............................................

6,500,000

7,132,670

GO,

2020

C,

5%,

3/01/38

............................................

2,300,000

2,566,056

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,106,392

GO,

V,

5%,

5/01/34

................................................

4,000,000

4,407,308

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

9,451,411

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2021

B,

Refunding,

5%,

1/01/29

........................................................

4,850,000

5,422,694

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/38

..........

1,000,000

1,112,857

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/39

..........

1,000,000

1,110,397

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/40

..........

1,110,000

1,224,280

Department

of

Administrative

Services,

Revenue,

2021

A,

5%,

4/01/41

..........

750,000

826,514

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

1,000,000

928,181

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/39

875,000

798,926

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

3,720,378

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/15/46

............................................

18,795,000

16,816,138

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

......................................................

5,585,000

5,238,383

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,000,000

5,911,536

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

10,110,890

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

6,089,700

Toledo-Lucas

County

Port

Authority

,

Revenue,

2021

A,

2%,

11/15/31

.......................................

430,000

358,836

Revenue,

2021

A,

3%,

5/15/51

........................................

1,160,000

784,546

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/46

...........................

1,625,000

1,295,792

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/51

...........................

2,840,000

2,161,427

ParkUToledo,

Inc.,

Revenue,

2021,

4%,

1/01/57

...........................

6,000,000

4,450,839

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

4

%

,

12/01/39

............

2,200,000

2,200,206

University

of

Akron

(The)

,

Revenue,

2015

A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,508,414

Revenue,

2016

A,

Refunding,

BAM

Insured,

5%,

1/01/34

....................

6,000,000

6,195,841

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)

University

of

Akron

(The),

(continued)

Revenue,

2016

A,

Refunding,

5%,

1/01/36

...............................

$

11,065,000

$

11,392,668

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

13,225,000

13,576,737

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

5,901,924

University

of

Cincinnati

,

Revenue,

2013

C,

Pre-Refunded,

5%,

6/01/39

............................

6,255,000

6,405,748

Revenue,

2018

A,

Refunding,

4%,

6/01/48

...............................

10,000,000

9,600,678

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

14,413,469

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,659,839

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

1,904,749

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/41

..........

2,075,000

1,773,901

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

C,

4%,

12/01/55

..........

3,500,000

2,737,605

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

D,

5%,

12/01/46

..........

3,895,000

3,213,896

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/41

..........

570,000

488,522

Ohio

Communities

Accelerator

Fund,

Revenue,

2021

H,

4%,

12/01/53

..........

1,375,000

1,084,189

Ohio

Communities

Accelerator

Fund,

Revenue,

2022

A,

5.5%,

12/01/50

.........

3,210,000

3,145,021

Ohio

Communities

Accelerator

Fund,

Revenue,

2022

B,

4.75%,

12/01/34

........

1,100,000

1,093,600

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

3%,

12/01/30

.......................................

525,000

469,276

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/40

.......................................

1,390,000

1,199,462

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund,

Revenue,

2020

D-1,

Refunding,

4%,

12/01/52

.......................................

1,930,000

1,527,091

Warrensville

Heights

City

School

District

,

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

190,000

195,642

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5%,

12/01/44

.....................

460,000

481,091

GO,

2019

A,

Pre-Refunded,

BAM

Insured,

5.25%,

12/01/55

..................

1,740,000

1,828,187

West

Carrollton

City

School

District

,

GO,

2020

A,

3%,

12/01/44

...........................................

2,540,000

2,009,035

GO,

2020

A,

3%,

12/01/49

...........................................

1,645,000

1,232,116

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,163,349

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

3,849,903

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

10,668,829

Winton

Woods

City

School

District

,

GO,

2017,

Refunding,

4%,

11/01/43

....................................

7,000,000

6,920,848

GO,

2022,

Refunding,

BAM

Insured,

4%,

11/01/53

.........................

2,000,000

1,889,297

Wright

State

University

,

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/30

...

1,285,000

1,401,490

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

7,611,768

1,150,327,311

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

3,200,000

2,484,298

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

3,200,000

2,481,742

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

5,250,000

3,371,759

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,200,000

2,427,669

10,765,468

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

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Tennessee

0.1%

d

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

$

1,500,000

$

1,547,232

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

4,300,000

3,152,853

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/38

300,000

235,953

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

3%,

9/01/47

1,000,000

699,092

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

4,479,540

8,567,438

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

3,200,000

2,481,462

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

3,100,000

2,439,300

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

8,200,000

8,200,000

10,639,300

U.S.

Territories

0.7%

Puerto

Rico

0.7%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,000,000

998,985

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

993,959

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

800,000

793,375

Revenue,

2007

N,

Refunding,

AGMC,

FGIC

Insured,

5.25%,

7/01/39

...........

540,000

534,906

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,870,000

1,905,755

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

800,000

794,109

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

940,000

930,501

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

476,808

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

7/01/35

..

235,000

251,097

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,100,000

1,043,692

8,723,187

Total

U.S.

Territories

....................................................................

8,723,187

Total

Municipal

Bonds

(Cost

$1,293,541,273)

...................................

1,230,208,214

Total

Long

Term

Investments

(Cost

$1,295,791,273)

.............................

1,232,458,214

a

a

a

a

a

a

Total

Investments

(Cost

$1,295,791,273)

99.2%

..................................

$1,232,458,214

Other

Assets,

less

Liabilities

0.8%

.............................................

10,206,294

Net

Assets

100.0%

...........................................................

$1,242,664,508

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$40,207,737,

representing

3.2%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Oregon

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

170

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

2,500,000

$

2,500,000

Total

Corporate

Bonds

(Cost

$2,500,000)

.......................................

2,500,000

Municipal

Bonds

98.7%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

3,500,000

2,896,760

Florida

0.5%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

1,500,000

987,850

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

5,600,000

4,564,000

5,551,850

Illinois

0.4%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

5,000,000

4,502,487

Kentucky

0.5%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

Zero

Cpn

.,

5/01/52

....................................

8,300,000

5,305,238

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

5%,

6/15/44

.......................................

2,250,000

2,299,314

Revenue,

2020

AA,

4%,

6/15/45

.......................................

2,000,000

1,829,612

Revenue,

2020

AA,

3%,

6/15/50

.......................................

1,000,000

725,118

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

980,948

Revenue,

2022

A,

4%,

6/15/38

........................................

2,165,000

2,091,838

7,926,830

New

York

0.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

4,634,758

Oregon

89.2%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,310,378

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,587,526

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn

.,

6/15/31

...........

1,000,000

742,687

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

3,017,440

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/35

....................................

1,675,000

1,877,691

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

1,964,915

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,055,422

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,149,063

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,251,165

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,358,923

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,782,348

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

3,500,000

3,156,096

Pacific

University,

Revenue,

2015

A,

Refunding,

5%,

5/01/36

.................

4,075,000

4,108,990

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/26

.................

335,000

347,571

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/27

.................

1,195,000

1,247,926

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/29

.................

1,315,000

1,385,366

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/30

.................

1,385,000

1,464,344

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/31

.................

1,450,000

1,536,735

Pacific

University,

Revenue,

2022

A,

Refunding,

5%,

5/01/32

.................

1,525,000

1,609,329

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

171

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,

5%,

5/01/33

.................

$

1,600,000

$

1,680,155

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/35

.................

490,000

459,557

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/37

.................

1,905,000

1,747,197

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/38

.................

3,960,000

3,597,287

Pacific

University,

Revenue,

2022

A,

Refunding,

4%,

5/01/39

.................

1,750,000

1,571,441

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,320,000

1,344,398

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2019

A

,

5

%

,

5/01/44

.......

5,500,000

5,942,977

City

of

Tigard

,

Water

,

Revenue

,

2015

,

5

%

,

8/01/45

..........................

23,545,000

24,401,294

Clackamas

Community

College

District

,

GO,

2017

A,

5%,

6/15/38

............................................

760,000

813,075

GO,

2017

A,

5%,

6/15/39

............................................

1,000,000

1,067,231

GO,

2017

A,

5%,

6/15/40

............................................

1,250,000

1,330,252

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017

A,

Zero

Cpn

.,

6/15/40

.......................................

10,000,000

4,587,859

GO,

2017

A,

Zero

Cpn

.,

6/15/41

.......................................

17,030,000

7,479,811

GO,

2017

A,

Zero

Cpn

.,

6/15/42

.......................................

16,625,000

6,973,561

GO,

2017

B,

5%,

6/15/34

............................................

8,000,000

8,663,787

GO,

2017

B,

5%,

6/15/37

............................................

10,000,000

10,720,123

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

1,878,386

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn

.,

6/15/37

.............................................

12,130,000

6,655,069

GO,

Zero

Cpn

.,

6/15/38

.............................................

12,495,000

6,480,968

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,269,956

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,038,750

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

5,392,102

County

of

Crook

,

GO

,

2022

,

Zero

Cpn

.,

12/01/46

............................

15,000,000

12,912,364

County

of

Yamhill

,

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/24

..............

750,000

762,268

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/29

..............

910,000

936,790

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/31

..............

990,000

1,013,628

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/36

..............

2,585,000

2,525,332

George

Fox

University,

Revenue,

2021,

Refunding,

4%,

12/01/46

..............

3,830,000

3,398,103

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

................

7,010,000

7,290,247

Linfield

University,

Revenue,

2020

A,

Refunding,

5%,

10/01/45

................

9,285,000

9,588,209

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/48

.........................

8,440,000

8,546,255

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,690,000

3,690,140

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

6,471,205

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

7,027,032

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

6,478,046

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn

.,

6/15/40

.......................................

705,000

318,094

GO,

2019

B,

Zero

Cpn

.,

6/15/41

.......................................

710,000

303,796

GO,

2019

B,

Zero

Cpn

.,

6/15/42

.......................................

610,000

248,059

GO,

2019

B,

Zero

Cpn

.,

6/15/43

.......................................

820,000

315,670

GO,

2019

B,

Zero

Cpn

.,

6/15/44

.......................................

1,115,000

406,557

GO,

2019

B,

Zero

Cpn

.,

6/15/45

.......................................

985,000

341,988

GO,

2019

B,

Zero

Cpn

.,

6/15/46

.......................................

1,190,000

391,658

GO,

2019

B,

Zero

Cpn

.,

6/15/47

.......................................

1,170,000

365,531

GO,

2019

B,

Zero

Cpn

.,

6/15/48

.......................................

1,320,000

391,561

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.

172

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

$

1,000,000

$

1,015,344

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO,

2014

A,

5%,

6/15/30

............................................

695,000

747,100

GO,

2014

A,

Pre-Refunded,

5%,

6/15/30

................................

2,480,000

2,672,966

GO,

2014

A,

Pre-Refunded,

5%,

6/15/33

................................

2,115,000

2,283,276

GO,

2014

A,

Pre-Refunded,

5%,

6/15/36

................................

2,000,000

2,159,127

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,444,379

Marion

County

School

District

No.

103

Woodburn

,

GO,

2015,

Pre-Refunded,

5%,

6/15/33

..................................

2,930,000

3,101,410

GO,

2015,

Pre-Refunded,

5%,

6/15/34

..................................

3,200,000

3,387,205

GO,

2015,

Pre-Refunded,

5%,

6/15/35

..................................

2,075,000

2,196,391

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

4%,

8/15/45

..............................................

5,620,000

5,260,001

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/45

8,245,000

8,603,245

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

5,685,000

5,200,459

Asante

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/50

4,500,000

4,664,162

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,516,427

Rogue

Valley

Manor,

Revenue,

2013

A,

Refunding,

5%,

10/01/42

..............

9,420,000

9,490,367

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

7,965,326

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

10,950,000

11,554,147

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017

B,

5%,

6/15/37

............................................

7,885,000

8,452,817

GO,

2019

A,

Zero

Cpn

.,

6/15/39

.......................................

9,500,000

4,683,931

Multnomah

County

School

District

No.

40

,

GO,

2012

B,

Zero

Cpn

.,

6/15/24

.......................................

1,640,000

1,567,396

GO,

2012

B,

Zero

Cpn

.,

6/15/25

.......................................

1,325,000

1,226,110

GO,

2012

B,

Zero

Cpn

.,

6/15/26

.......................................

2,585,000

2,311,309

GO,

2012

B,

Zero

Cpn

.,

6/15/27

.......................................

2,655,000

2,289,881

GO,

2012

B,

Zero

Cpn

.,

6/15/28

.......................................

2,495,000

2,072,363

GO,

2012

B,

Zero

Cpn

.,

6/15/29

.......................................

2,595,000

2,071,709

GO,

2012

B,

Zero

Cpn

.,

6/15/30

.......................................

1,885,000

1,447,323

GO,

2012

B,

Zero

Cpn

.,

6/15/31

.......................................

2,030,000

1,495,064

GO,

2012

B,

Zero

Cpn

.,

6/15/32

.......................................

2,000,000

1,409,004

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

5

%

,

6/15/45

.............................................

13,000,000

14,147,357

Oregon

City

School

District

No.

62

,

GO

,

2018

B

,

Refunding

,

5

%

,

6/15/49

..........

17,000,000

18,096,599

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

..................................

10,000,000

10,573,401

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,170,000

1,129,604

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,548,483

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

3,530,199

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

31,395,000

31,950,610

Legacy

Health

Obligated

Group,

Revenue,

2022

A,

4.125%,

6/01/52

...........

3,000,000

2,750,604

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,056,639

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

7,879,950

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

10/01/46

.

3,280,000

3,301,584

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/46

...................................................

220,000

237,133

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

10/01/40

.......................................................

11,025,000

11,231,486

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

173

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Oregon

State

Facilities

Authority,

(continued)

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

$

1,950,000

$

1,979,707

Willamette

University,

Revenue,

2021

A,

Refunding,

4%,

10/01/51

.............

47,505,000

40,036,929

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

12,919,287

Port

of

Portland

,

Airport,

Revenue,

25

B,

5%,

7/01/49

....................................

6,300,000

6,430,557

Airport,

Revenue,

Twenty-Eight,

5%,

7/01/29

.............................

6,455,000

6,965,963

Airport,

Revenue,

Twenty-Eight,

4%,

7/01/47

.............................

5,000,000

4,500,775

Airport,

Revenue,

Twenty-Five

A,

5%,

7/01/49

............................

12,425,000

13,005,187

Airport,

Revenue,

Twenty-Five

B,

5%,

7/01/44

............................

4,830,000

4,960,543

Airport,

Revenue,

Twenty-Four

A,

5%,

7/01/47

............................

4,700,000

4,838,026

Airport,

Revenue,

Twenty-Four

B,

5%,

7/01/42

............................

7,645,000

7,785,988

Airport,

Revenue,

Twenty-Four

B,

5%,

7/01/47

............................

1,750,000

1,775,820

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/30

...........................

1,585,000

1,720,374

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/45

...........................

15,670,000

16,117,642

Airport,

Revenue,

Twenty-Six

A,

Refunding,

5%,

7/01/33

....................

500,000

556,736

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/33

....................

650,000

723,757

Airport,

Revenue,

Twenty-Six

B,

Refunding,

5%,

7/01/37

....................

800,000

871,340

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

545,000

545,758

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

494,159

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,177,179

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

2,700,000

2,558,594

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/53

.............

1,000,000

936,274

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/23

....

105,000

105,219

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/24

....

110,000

110,425

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/25

....

130,000

130,532

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/26

....

135,000

135,336

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/27

....

260,000

260,301

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

5%,

5/15/28

....

310,000

309,699

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/29

....

515,000

482,821

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/30

....

385,000

356,297

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/31

....

400,000

365,697

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/32

....

370,000

334,075

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/40

....

1,540,000

1,272,288

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

5/15/57

....

2,750,000

1,977,543

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

17,105,000

17,283,786

Salem-Keizer

School

District

No.

24J

,

GO,

2009

B,

Zero

Cpn

.,

6/15/30

.......................................

8,500,000

6,594,426

GO,

2020

C,

4%,

6/15/38

............................................

6,000,000

6,105,374

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,095,357

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,534,015

Seaside

School

District

No.

10

,

GO,

2017

B,

5%,

6/15/35

............................................

2,000,000

2,158,903

GO,

2017

B,

5%,

6/15/36

............................................

2,500,000

2,686,578

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

3,051,266

GO,

2015

M,

Pre-Refunded,

5%,

8/01/45

................................

3,315,000

3,517,926

GO,

2015

O,

Pre-Refunded,

5%,

8/01/40

................................

7,005,000

7,433,808

GO,

2017

A,

5%,

5/01/42

............................................

2,500,000

2,658,666

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

16,000,213

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

5,406,525

GO,

2019

G,

5%,

8/01/44

............................................

5,370,000

5,821,614

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

3,488,047

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.

174

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

State

of

Oregon,

(continued)

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/37

$

12,500,000

$

13,783,739

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/39

23,175,000

25,389,666

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019

A,

Refunding,

5%,

11/15/42

6,825,000

7,408,322

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,121,114

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

2,744,073

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2015

A,

Pre-Refunded,

5%,

9/01/40

............................

6,000,000

6,378,010

Revenue,

2018

A,

5%,

10/01/31

.......................................

5,025,000

5,454,950

Revenue,

2018

A,

5%,

10/01/32

.......................................

1,865,000

2,020,790

Revenue,

2018

A,

Pre-Refunded,

5%,

9/01/48

............................

18,505,000

20,467,052

Revenue,

Senior

Lien,

2017

A,

Pre-Refunded,

5%,

9/01/41

...................

18,650,000

20,212,331

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group,

Revenue,

2022,

5%,

7/01/47

......

2,250,000

2,260,407

Grande

Ronde

Hospital,

Inc.

Obligated

Group,

Revenue,

2022,

5%,

7/01/52

......

2,250,000

2,227,438

University

of

Oregon

,

Revenue,

2015

A,

5%,

4/01/45

........................................

20,000,000

20,711,724

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

12,253,597

Revenue,

2020

A,

5%,

4/01/50

........................................

30,000,000

31,977,102

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

274,092

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

300,000

327,708

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

2,200,000

2,368,085

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

10,101,531

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

6,432,074

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2017

D,

5%,

6/15/35

............................................

10,000,000

10,794,516

GO,

2017

D,

5%,

6/15/36

............................................

10,000,000

10,746,310

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn

.,

6/15/38

.......................................

2,350,000

1,191,422

GO,

2018

A,

Zero

Cpn

.,

6/15/39

.......................................

3,275,000

1,570,916

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012

B,

Zero

Cpn

.,

6/15/29

.......................................

2,545,000

2,043,576

GO,

2012

B,

Zero

Cpn

.,

6/15/30

.......................................

2,490,000

1,924,635

GO,

2012

B,

Zero

Cpn

.,

6/15/31

.......................................

3,140,000

2,330,082

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,676,008

887,262,174

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,500,000

1,940,858

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,500,000

1,938,861

b

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn

.,

6/01/37

7,650,000

4,913,134

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,275,939

11,068,792

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

3,300,000

2,419,631

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/30

250,000

258,929

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/31

250,000

259,218

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

175

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

$

4,200,000

$

3,135,678

6,073,456

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,500,000

1,938,642

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

2,400,000

1,888,491

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

6,300,000

6,300,000

8,188,491

U.S.

Territories

3.8%

Puerto

Rico

3.8%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,001,614

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,300,000

1,298,681

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

993,959

c

Revenue,

WW,

5.25%,

7/01/33

........................................

7,040,000

5,227,200

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

1,100,000

1,090,891

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

1,000,000

991,603

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

400,000

395,958

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

19,745,000

18,734,267

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

3,000,000

2,717,762

37,451,935

Total

U.S.

Territories

....................................................................

37,451,935

Total

Municipal

Bonds

(Cost

$1,020,655,192)

...................................

982,801,413

Total

Long

Term

Investments

(Cost

$1,023,155,192)

.............................

985,301,413

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Oregon

0.1%

d

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1

%

,

8/01/34

..............

800,000

800,000

Total

Municipal

Bonds

(Cost

$800,000)

.........................................

800,000

Total

Short

Term

Investments

(Cost

$800,000

)

..................................

800,000

a

Total

Investments

(Cost

$1,023,955,192)

99.1%

..................................

$986,101,413

Other

Assets,

less

Liabilities

0.9%

.............................................

9,023,570

Net

Assets

100.0%

...........................................................

$995,124,983

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

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.

176

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$44,847,632,

representing

4.5%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Pennsylvania

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

177

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.2%

Software

0.2%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,600,000

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,600,000

Municipal

Bonds

98.1%

Florida

0.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

5,688,000

4,869,952

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,000,000

658,567

5,528,519

Illinois

0.8%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

2022

A,

Refunding,

4%,

12/15/42

..............................

2,750,000

2,476,368

Revenue,

2022

A,

Refunding,

4%,

6/15/52

...............................

2,000,000

1,698,242

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/32

............................................

1,500,000

1,591,395

GO,

2021

A,

4%,

3/01/39

............................................

500,000

454,922

6,220,927

New

Jersey

0.8%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

...

1,000,000

911,954

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

4,030,000

4,345,454

Revenue,

2020

AA,

4%,

6/15/37

.......................................

1,000,000

972,800

6,230,208

New

York

1.4%

Metropolitan

Transportation

Authority

,

Revenue,

2021

A-1,

4%,

11/15/44

.....................................

6,700,000

5,738,036

Revenue,

2021

A-1,

4%,

11/15/46

.....................................

6,050,000

5,125,823

10,863,859

Pennsylvania

90.5%

Allegheny

County

Airport

Authority

,

Revenue,

2021

A,

5%,

1/01/33

........................................

5,000,000

5,384,852

Revenue,

2021

A,

5%,

1/01/35

........................................

5,755,000

6,120,062

Revenue,

2021

A,

5%,

1/01/51

........................................

8,500,000

8,664,033

Revenue,

2021

B,

5%,

1/01/36

........................................

2,735,000

2,993,045

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University,

Revenue,

2022,

Refunding,

5.25%,

9/01/33

..............

700,000

714,840

Chatham

University,

Revenue,

2022,

Refunding,

5.25%,

9/01/34

..............

1,090,000

1,102,321

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/40

.

2,115,000

1,990,275

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2021

A,

Refunding,

4%,

3/01/41

.

3,000,000

2,791,749

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

1,000,254

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,300,000

1,231,207

Allegheny

County

Sanitary

Authority

,

Revenue

,

2018

,

5

%

,

6/01/43

...............

7,000,000

7,447,880

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

2022,

Refunding,

5%,

5/01/32

.................................

1,560,000

1,627,526

Revenue,

2022,

Refunding,

5%,

5/01/33

.................................

1,800,000

1,866,416

Revenue,

2022,

Refunding,

5%,

5/01/34

.................................

1,550,000

1,594,420

Revenue,

2022,

Refunding,

5%,

5/01/35

.................................

1,400,000

1,427,905

Revenue,

2022,

Refunding,

5%,

5/01/42

.................................

8,875,000

8,702,580

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.

178

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

$

1,000,000

$

945,383

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

560,674

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,238,636

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/38

1,030,000

1,015,803

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/48

1,000,000

944,981

Blue

Mountain

School

District

,

GO,

2021

B,

AGMC

Insured,

4%,

8/01/32

................................

1,000,000

1,052,579

GO,

2021

B,

AGMC

Insured,

4%,

8/01/35

................................

1,000,000

1,028,611

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,116,547

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/37

.........

1,000,000

998,637

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/42

.........

1,080,000

1,060,024

Delaware

Valley

University,

Revenue,

2022

B,

Refunding,

5%,

11/01/52

.........

2,500,000

2,368,083

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,374,163

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2021,

3%,

8/15/53

.............

12,000,000

8,174,223

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

.......................................

1,885,000

1,899,582

Canon

Mcmillan

School

District

,

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/44

..........................

6,075,000

5,910,117

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/50

..........................

6,000,000

5,666,383

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,441,368

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,241,717

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

1,700,717

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/35

...............

500,000

489,411

University

Student

Housing

LLC,

Revenue,

2013

A,

5%,

8/01/45

...............

1,500,000

1,388,720

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/36

......................

400,000

366,410

Gannon

University,

Revenue,

2021

TT-1,

4%,

5/01/41

......................

1,000,000

862,862

Gannon

University,

Revenue,

2021

TT-1,

5%,

5/01/47

......................

480,000

467,548

City

of

Philadelphia

,

GO,

2019

B,

5%,

2/01/36

............................................

3,300,000

3,539,933

GO,

2019

B,

5%,

2/01/38

............................................

4,055,000

4,311,806

GO,

2019

B,

5%,

2/01/39

............................................

6,050,000

6,421,432

GO,

2021

A,

4%,

5/01/37

............................................

5,000,000

5,001,389

GO,

2021

A,

4%,

5/01/38

............................................

5,000,000

4,983,713

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/47

.........................

10,000,000

10,106,244

Airport,

Revenue,

2020

C,

Refunding,

4%,

7/01/45

.........................

5,225,000

4,753,401

Airport,

Revenue,

2021,

Refunding,

5%,

7/01/51

...........................

3,100,000

3,165,039

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/40

............

10,000,000

10,375,188

Water

&

Wastewater,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/45

............

5,000,000

5,187,594

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

5,179,974

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

5,231,468

Water

&

Wastewater,

Revenue,

2020

A,

Refunding,

5%,

11/01/45

..............

6,300,000

6,684,221

Water

&

Wastewater,

Revenue,

2022

C,

5.5%,

6/01/47

......................

5,000,000

5,550,957

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

179

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

$

1,650,000

$

1,422,197

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

10,423,598

Commonwealth

of

Pennsylvania

,

GO,

2019,

Refunding,

5%,

7/15/29

.....................................

5,000,000

5,654,928

GO,

2022,

5%,

10/01/40

.............................................

5,000,000

5,623,386

Conestoga

Valley

School

District

,

GO,

2021

A,

4%,

2/01/36

............................................

1,100,000

1,123,960

Revenue,

2021

B,

4%,

2/01/36

........................................

1,020,000

1,042,218

County

of

Beaver

,

GO

,

2017

,

BAM

Insured

,

4

%

,

4/15/29

......................

1,660,000

1,736,700

County

of

Jefferson

,

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/35

........................

650,000

593,834

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/37

........................

770,000

676,885

GO,

2021,

Refunding,

AGMC

Insured,

3%,

12/15/39

........................

520,000

438,785

County

of

York

,

GO

,

2020

B

,

4

%

,

6/01/38

.................................

860,000

859,573

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,456,406

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

2,475,000

2,452,443

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,542,274

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,042,955

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,017,099

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

11/01/38

....

1,250,000

1,277,112

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

7/15/43

........................................................

3,410,000

3,478,757

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2020,

4%,

7/15/50

......

3,500,000

2,980,502

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/41

........................................................

1,000,000

911,937

Penn

Highlands

Healthcare

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/15/51

........................................................

4,000,000

3,390,470

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/45

............

3,250,000

3,288,686

Student

Services,

Inc.,

Revenue,

2015,

Pre-Refunded,

5%,

7/01/47

............

3,750,000

3,963,233

Easton

Area

School

District

,

GO

,

2021

,

4

%

,

4/01/32

.........................

1,450,000

1,532,180

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,532,885

Fairview

School

District

,

GO,

2021,

BAM

Insured,

3%,

9/15/37

...................................

1,195,000

1,049,405

GO,

2021,

BAM

Insured,

3%,

9/15/38

...................................

1,000,000

858,967

GO,

2021,

BAM

Insured,

3%,

9/15/39

...................................

1,000,000

845,767

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-1,

Refunding,

5%,

2/15/45

........................................................

15,900,000

16,139,691

Geisinger

Health

System

Obligated

Group,

Revenue,

2017

A-2,

Refunding,

5%,

2/15/39

........................................................

3,155,000

3,225,199

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

11,955,000

12,381,186

Governor

Mifflin

School

District

,

GO,

2020

A,

4%,

4/01/40

............................................

680,000

683,285

GO,

2021,

3%,

4/01/35

.............................................

810,000

752,929

GO,

2021,

3%,

4/01/36

.............................................

625,000

571,861

GO,

2021,

3%,

4/01/37

.............................................

1,000,000

894,659

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.

180

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Governor

Mifflin

School

District,

(continued)

GO,

2021,

3%,

4/01/38

.............................................

$

1,000,000

$

878,915

GO,

2021,

3%,

4/01/39

.............................................

1,015,000

874,955

Greater

Johnstown

Water

Authority

,

Sewer

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

8/15/38

.........................................................

1,740,000

1,750,527

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

2,537,808

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,298,392

Lancaster

Higher

Education

Authority

,

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/46

............

5,000,000

4,939,329

Elizabethtown

College,

Revenue,

2022

A,

Refunding,

5%,

10/01/51

............

5,000,000

4,873,339

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/51

........

2,780,000

2,126,742

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/56

........

520,000

387,148

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

1,939,745

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,400,325

Lancaster

School

District

,

GO,

2020,

AGMC

Insured,

4%,

6/01/34

.................................

1,000,000

1,035,341

GO,

2020,

AGMC

Insured,

4%,

6/01/35

.................................

1,850,000

1,899,654

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/46

................

750,000

611,167

Seton

Hill

University,

Revenue,

2021,

Refunding,

4%,

3/01/51

................

800,000

628,932

St.

Vincent

College

Corp.,

Revenue,

2013,

Pre-Refunded,

5%,

5/01/43

.........

4,120,000

4,158,892

Lehigh

County

Authority

,

Revenue,

2013

A,

5%,

12/01/43

.......................................

2,435,000

2,441,864

Revenue,

2013

A,

Pre-Refunded,

5%,

12/01/43

...........................

2,805,000

2,872,602

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

11/01/41

4,345,000

3,935,787

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/42

....

14,390,000

13,080,166

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/57

....

5,000,000

4,163,826

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/38

...................

1,400,000

1,433,121

Lycoming

College,

Revenue,

2013

MM-1,

5.25%,

11/01/43

...................

1,495,000

1,531,053

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University,

Revenue,

2022,

Refunding,

5.25%,

5/01/37

.........

2,665,000

2,713,886

Gwynedd

Mercy

University,

Revenue,

2022,

Refunding,

5%,

5/01/42

...........

3,700,000

3,562,247

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/48

........................................................

8,250,000

8,296,012

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

9,219,774

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

5/01/52

........................................................

4,000,000

3,484,201

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2022

B,

Refunding,

5%,

5/01/52

........................................................

5,000,000

5,005,178

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

.......................................................

600,000

502,670

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

.......................................................

1,985,000

1,916,626

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,510,959

Public

School

of

Germantown

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

..

2,450,000

1,948,490

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,038,324

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

181

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

$

500,000

$

434,073

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

7,500,000

7,540,217

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

...

2,500,000

2,552,509

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

1,000,000

994,764

Northeastern

School

District

,

GO,

2021

A,

BAM

Insured,

3%,

3/01/38

.................................

850,000

737,435

GO,

2021

A,

BAM

Insured,

3%,

3/01/41

.................................

775,000

637,249

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,716,032

Pennsylvania

Economic

Development

Financing

Authority

,

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/29

.

500,000

501,879

City

of

Philadelphia

Water

&

Wastewater,

Revenue,

2020,

Refunding,

4%,

1/01/32

.

1,300,000

1,289,302

UPMC

Obligated

Group,

Revenue,

2014

A,

5%,

2/01/45

.....................

5,000,000

5,042,566

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

4,669,233

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

8,110,944

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/39

...........

1,325,000

1,272,607

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/40

...........

1,200,000

1,126,272

UPMC

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

10/15/41

...........

1,300,000

1,215,619

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

6,526,782

St.

Joseph's

University,

Revenue,

2012,

5%,

11/01/42

......................

5,000,000

5,000,976

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015

A,

Refunding,

5.25%,

9/01/50

........................................................

7,465,000

7,556,634

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/36

..

2,750,000

2,940,349

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017

A,

5%,

8/15/46

..

14,000,000

14,713,920

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018

A,

5%,

2/15/48

..

5,000,000

5,276,689

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

6,662,326

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/42

....................................................

5,000,000

4,933,133

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

9,362,550

Widener

University,

Revenue,

2021

A,

Refunding,

4%,

7/15/51

................

11,030,000

9,405,726

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

4,872,275

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

8,361,085

Pennsylvania

State

University

(The)

,

Revenue,

2015

A,

Refunding,

5%,

9/01/40

...............................

10,490,000

11,000,024

Revenue,

2016

A,

Refunding,

5%,

9/01/41

...............................

10,000,000

10,624,447

Revenue,

2017

A,

5%,

9/01/42

........................................

15,750,000

16,689,905

Revenue,

2018,

5%,

9/01/48

.........................................

5,955,000

6,324,915

Pennsylvania

Turnpike

Commission

,

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,434,558

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

7,774,260

Revenue,

2021

A,

Refunding,

4%,

12/01/39

..............................

2,655,000

2,658,325

Revenue,

2021

B,

4%,

12/01/37

.......................................

1,500,000

1,501,948

Revenue,

2021

B,

4%,

12/01/46

.......................................

10,950,000

10,448,719

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010

A,

5.625%,

6/15/42

.................

4,000,000

3,810,994

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

Pre-

Refunded,

5%,

7/01/42

............................................

5,000,000

5,175,773

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/30

............

200,000

206,576

MaST

Community

Charter

School

II,

Revenue,

2020

A,

5%,

8/01/40

............

300,000

302,445

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.

182

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%,

8/01/50

............

$

2,515,000

$

2,498,156

St.

Joseph's

University,

Revenue,

2022,

5.5%,

11/01/60

.....................

8,410,000

8,738,173

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,111,414

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/42

........................................................

3,500,000

3,566,835

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

2,400,000

2,413,648

Philadelphia

Gas

Works

Co.

,

Revenue,

14th,

Refunding,

5%,

10/01/32

................................

1,000,000

1,048,573

Revenue,

15th,

Refunding,

5%,

8/01/42

.................................

5,000,000

5,202,082

Revenue,

15th,

Refunding,

5%,

8/01/47

.................................

6,000,000

6,193,798

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/39

.............................

1,490,000

1,631,153

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/40

.............................

1,365,000

1,477,422

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/41

.............................

1,650,000

1,774,636

Revenue,

First

Lien,

2022

A,

5.25%,

9/01/42

.............................

1,685,000

1,805,808

Revenue,

First

Lien,

2022

A,

5%,

9/01/52

................................

2,640,000

2,765,243

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

5,000,000

5,056,744

Radnor

Township

School

District

,

GO,

2021,

3%,

8/15/35

.............................................

1,400,000

1,289,628

GO,

2021,

4%,

8/15/36

.............................................

1,600,000

1,638,275

GO,

2021,

4%,

8/15/37

.............................................

3,445,000

3,521,597

GO,

2021,

4%,

8/15/38

.............................................

1,430,000

1,456,022

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/37

.................

4,000,000

3,988,212

Scranton

School

District

,

GO,

2020,

4%,

12/01/40

.............................................

1,535,000

1,502,587

GO,

2020,

4%,

12/01/42

.............................................

2,835,000

2,759,396

GO,

2020,

4%,

12/01/45

.............................................

3,670,000

3,510,877

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,123,405

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25

%

,

6/01/52

5,000,000

5,450,420

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

16,958,587

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,178,274

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

3,772,926

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/32

....................................................

7,095,000

7,439,113

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGMC

Insured,

5%,

6/01/33

....................................................

3,000,000

3,138,688

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

1,000,000

1,013,176

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,498,591

Township

of

Upper

St.

Clair

,

GO,

2021,

4%,

5/15/37

.............................................

535,000

546,515

GO,

2021,

4%,

5/15/39

.............................................

1,000,000

1,011,765

Upper

Merion

Area

School

District

,

GO,

2021

A,

3%,

1/15/39

............................................

1,000,000

879,947

GO,

2021

A,

3%,

1/15/40

............................................

1,500,000

1,297,557

GO,

2021

A,

3%,

1/15/41

............................................

1,275,000

1,086,402

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/29

......

725,000

767,158

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

183

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Westmoreland

County

Industrial

Development

Authority,

(continued)

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/30

......

$

1,270,000

$

1,352,536

Excela

Health

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/37

......

2,400,000

2,179,561

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

2,094,889

Wilson

School

District

,

GO,

2021

C,

4%,

5/15/31

............................................

2,100,000

2,197,264

GO,

2021

C,

4%,

5/15/32

............................................

1,850,000

1,917,827

723,589,767

South

Carolina

0.5%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

2,000,000

1,552,686

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

2,000,000

1,551,089

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

758,647

3,862,422

Texas

0.5%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

1,906,376

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,463,747

4,370,123

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,000,000

1,550,913

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,900,000

1,495,055

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

5,100,000

5,100,000

6,595,055

U.S.

Territories

1.9%

Puerto

Rico

1.9%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,100,000

1,098,884

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/34

....................

1,000,000

993,959

c

Revenue,

XX,

5.25%,

7/01/40

........................................

5,175,000

3,842,437

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.5%,

7/01/29

.................

2,500,000

2,563,439

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

950,000

942,133

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/28

....................

755,000

773,868

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,290,000

1,276,964

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

4,000,000

3,795,243

15,286,927

Total

U.S.

Territories

....................................................................

15,286,927

Total

Municipal

Bonds

(Cost

$847,707,359)

.....................................

784,098,720

Total

Long

Term

Investments

(Cost

$849,307,359)

...............................

785,698,720

a

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.

184

See

Abbreviations

on

page

196

.

Short

Term

Investments

0.7%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.7%

Pennsylvania

0.7%

d

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

1.05

%

,

12/01/37

...............................................

$

5,300,000

$

5,300,000

Total

Municipal

Bonds

(Cost

$5,300,000)

.......................................

5,300,000

Total

Short

Term

Investments

(Cost

$5,300,000

)

.................................

5,300,000

a

Total

Investments

(Cost

$854,607,359)

99.0%

...................................

$790,998,720

Other

Assets,

less

Liabilities

1.0%

.............................................

8,390,780

Net

Assets

100.0%

...........................................................

$799,389,500

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$15,485,991,

representing

1.9%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2022

Franklin

Virginia

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

185

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.6%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,000,000

$

827,646

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

3,456,000

2,958,958

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,100,000

724,424

3,683,382

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,502,979

State

of

Illinois

,

GO

,

2020

B

,

5

%

,

10/01/29

................................

1,000,000

1,057,087

2,560,066

New

Jersey

1.0%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

3,460,000

3,730,836

Revenue,

2021

A,

Refunding,

4%,

6/15/36

...............................

1,000,000

980,948

4,711,784

New

York

0.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,350,000

1,143,779

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,200,000

931,612

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,200,000

930,653

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,517,293

3,379,558

Texas

0.7%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,600,000

1,173,154

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

225,000

231,496

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

250,000

258,094

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,567,839

3,230,583

Virginia

80.8%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/30

............................................

1,120,000

1,078,480

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/31

............................................

1,165,000

1,109,979

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/32

............................................

1,105,000

1,043,855

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/33

............................................

1,260,000

1,179,615

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/42

............................................

2,725,000

2,372,683

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/49

............................................

2,800,000

2,316,140

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

6/01/54

............................................

5,215,000

4,043,800

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.

186

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5%,

10/01/45

$

975,000

$

1,032,693

Protestant

Episcopal

High

School

in

Virginia,

Revenue,

2021

C,

Refunding,

4%,

1/01/46

........................................................

2,450,000

2,384,667

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

4%,

7/01/45

........................................................

2,000,000

1,919,495

Virginia

Hospital

Center

Arlington

Health

System,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

........................................................

10,350,000

9,222,555

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

971,312

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

3,819,762

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,849,714

City

of

Norfolk

,

GO,

2013

A,

Pre-Refunded,

5%,

8/01/32

................................

5,845,000

5,941,014

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

7,428,993

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

7,397,020

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/33

........

10,000,000

10,653,349

Commonwealth

of

Virginia

,

GO

,

2020

A

,

4

%

,

6/01/31

.........................

4,650,000

5,007,498

County

of

Arlington

,

GO

,

2019

,

4

%

,

6/15/34

................................

2,000,000

2,102,801

County

of

Fairfax

,

GO,

2020

A,

Refunding,

5%,

10/01/37

..................................

1,980,000

2,228,692

Sewer,

Revenue,

2017,

5%,

7/15/37

....................................

2,760,000

2,986,131

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

5,378,478

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/36

.......................................................

4,865,000

5,154,048

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

5/15/44

..................................

2,500,000

2,525,392

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

3,738,164

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

5,301,137

Farmville

Industrial

Development

Authority

,

Elwood

Place

LLC,

Revenue,

2021,

AGMC

Insured,

5.375%,

7/01/53

...........

5,000,000

5,255,507

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

5,000,000

4,746,468

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

5,534,905

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

12,811,980

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

5%,

7/01/48

..............................

14,495,000

15,383,494

Revenue,

Senior

Lien,

2018

A,

Pre-Refunded,

5%,

7/01/48

...................

5,505,000

6,123,445

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/50

..............................

4,000,000

4,317,639

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/60

..............................

4,885,000

5,249,332

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

.......................................................

500,000

466,040

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/45

.......................................................

725,000

659,138

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/50

.......................................................

1,500,000

1,328,327

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/42

..

1,125,000

1,190,376

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/52

..

5,000,000

5,186,278

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

187

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/42

....................................................

$

2,000,000

$

2,063,845

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/38

........................................................

690,000

577,301

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/42

........................................................

1,120,000

895,765

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/48

........................................................

2,315,000

1,745,287

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,210,011

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,604,141

Loudoun

County

Sanitation

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/29

....

4,770,000

4,985,427

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/47

......

4,500,000

4,528,131

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

........

2,350,000

2,115,942

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

1/01/51

........

2,000,000

1,386,784

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/55

........

6,305,000

5,529,715

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/36

................

1,200,000

1,226,120

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/37

................

500,000

508,987

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019

A,

4%,

6/01/38

................

1,750,000

1,775,587

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/37

.........................................

1,000,000

1,049,494

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

833,520

Revenue,

2019,

5%,

7/01/43

.........................................

2,925,000

3,025,429

Northern

Virginia

Transportation

Authority

,

Special

Tax

,

2014

,

5

%

,

6/01/33

.........

3,000,000

3,099,337

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/47

....................................

1,750,000

1,942,884

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,098,549

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,531,887

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

943,684

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

961,075

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

6,280,929

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

1,647,717

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

2,038,444

Virginia

College

Building

Authority

,

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,242,137

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

75,000

81,005

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

7,243,140

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

627,633

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

314,835

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

380,178

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

1,100,000

781,757

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,187,974

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/36

..................

2,750,000

2,501,732

Regent

University,

Revenue,

2021,

Refunding,

3%,

6/01/41

..................

4,800,000

3,448,130

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/46

..................

3,725,000

3,105,858

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,436,696

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.

188

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Commonwealth

Transportation

Board,

(continued)

Revenue,

2016,

5%,

9/15/31

.........................................

$

4,000,000

$

4,302,299

Revenue,

2022,

Refunding,

4%,

5/15/36

.................................

5,000,000

5,170,671

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

3,407,747

Virginia

Public

Building

Authority

,

Revenue

,

2019

A

,

4

%

,

8/01/35

................

1,250,000

1,291,874

Virginia

Public

School

Authority

,

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

5,911,290

Revenue,

2019

A,

5%,

8/01/31

........................................

2,625,000

2,978,692

Revenue,

2020

B,

Refunding,

4%,

8/01/34

...............................

3,925,000

4,101,996

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,090,784

Virginia

Resources

Authority

,

Revenue,

5%,

11/01/38

.............................................

1,970,000

2,082,412

Revenue,

Pre-Refunded,

5%,

11/01/38

..................................

3,195,000

3,407,726

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

5,255,000

5,508,365

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

8,265,073

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/48

.....

7,000,000

5,850,802

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

4,573,610

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/47

4,770,000

4,926,908

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/52

1,230,000

1,263,737

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/40

........................................................

7,500,000

6,871,196

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

6,600,000

6,621,144

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/36

...

2,210,000

1,966,838

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

...

2,500,000

2,127,157

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/51

...

7,500,000

5,915,070

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/37

....................................................

2,750,000

2,593,196

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/51

....................................................

2,250,000

1,927,651

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/37

...

4,000,000

4,035,365

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

6,000,000

6,035,774

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

2,730,000

2,739,348

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,021,032

373,385,220

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

930,548

Wisconsin

0.9%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,200,000

944,245

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

3,100,000

3,100,000

4,044,245

U.S.

Territories

11.5%

District

of

Columbia

8.2%

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.......................

5,000,000

5,106,851

Dulles

Toll

Road,

Revenue,

Senior

Lien,

2022

A,

Refunding,

AGMC

Insured,

4%,

10/01/52

.......................................................

10,000,000

9,085,894

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017

B,

5%,

7/01/42

........................................

5,000,000

5,243,651

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

189

See

Abbreviations

on

page

196

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

District

of

Columbia

(continued)

Washington

Metropolitan

Area

Transit

Authority,

(continued)

Dedicated,

Revenue,

2020

A,

5%,

7/15/36

...............................

$

5,000,000

$

5,536,537

Dedicated,

Revenue,

2020

A,

5%,

7/15/45

...............................

2,500,000

2,674,621

Dedicated,

Revenue,

2021

A,

5%,

7/15/41

...............................

7,530,000

8,198,616

Dedicated,

Revenue,

2021

A,

5%,

7/15/46

...............................

2,000,000

2,155,410

38,001,580

Puerto

Rico

3.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,698,275

b

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,040,000

776,100

b

Revenue,

XX,

5.25%,

7/01/40

........................................

1,900,000

1,410,750

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

NATL

Insured,

5.25%,

7/01/33

.................

1,100,000

1,096,418

Revenue,

CC,

Refunding,

AGMC

Insured,

5.5%,

7/01/31

....................

1,800,000

1,834,417

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,600,000

1,583,831

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

459,417

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

..

200,000

179,753

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

6,400,000

5,847,708

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

500,000

474,406

15,361,075

Total

U.S.

Territories

....................................................................

53,362,655

Total

Municipal

Bonds

(Cost

$490,589,557)

.....................................

451,259,466

a

a

a

a

a

Total

Investments

(Cost

$490,589,557)

97.6%

...................................

$451,259,466

Other

Assets,

less

Liabilities

2.4%

.............................................

10,955,776

Net

Assets

100.0%

...........................................................

$462,215,242

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2022,

the

aggregate

value

of

these

securities

was

$10,889,115,

representing

2.4%

of

net

assets.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

190

Quarterly

Schedules

of

Investments

1.

Organization

Franklin

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty

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

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

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. 

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

191

Quarterly

Schedules

of

Investments

3.

Restricted

Securities

At

November

30,

2022,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Principal

Amount

*

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Yield

Tax-Free

Income

Fund

1,920,000

a

CalPlant

I

LLC,

21A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

.................................

10/13/21

$

1,920,000

$

1,920,000

7,205,000

a

CalPlant

I

LLC,

21B,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

.................................

11/01/21

7,205,000

7,205,000

3,975,000

a

CalPlant

I

LLC,

22A,

Senior

Secured

Note,

144A,

9.5%,

10/12/22

.................................

4/05/22

3,975,000

3,975,000

3,910,000

a

CalPlant

I

LLC,

22X,

Senior

Secured

Note,

144A,

9.5%,

1/31/23

..................................

11/09/22

3,910,000

3,910,000

Total

Restricted

Securities

(Value

is

0.3%

of

Net

Assets)

..............

$17,010,000

$17,010,000

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$2,955,000

as

of

November

30,

2022.

    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)

$

(4,903,150)

$

49,512,150

2,115,000

$

997,427

Total

Affiliated

Securities

...

$65,440,300

$—

$(10,388,947)

$(636,053)

$(4,903,150)

$49,512,150

$997,427

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$

33,826,000

$

5,987,875

$

—

$

—

$

(3,528,375)

$

36,285,500

1,550,000

$

685,338

Total

Affiliated

Securities

...

$33,826,000

$5,987,875

$—

$—

$(3,528,375)

$36,285,500

$685,338

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

192

Quarterly

Schedules

of

Investments

5. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

November

30,

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

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$

46,532,900

$

—

$

(4,812,440)

$

(580,060)

$

(3,487,100)

$

37,653,300

1,605,000

$

820,556

Total

Affiliated

Securities

...

$46,532,900

$—

$(4,812,440)

$(580,060)

$(3,487,100)

$37,653,300

$820,556

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

400,000

$

400,000

Municipal

Bonds

.........................

—

197,522,353

—

197,522,353

Total

Investments

in

Securities

...........

$—

$197,522,353

$400,000

$197,922,353

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

787,496,831

—

787,496,831

Total

Investments

in

Securities

...........

$—

$787,496,831

$—

$787,496,831

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,150,000

1,150,000

Municipal

Bonds

.........................

—

547,142,399

—

547,142,399

Short

Term

Investments

...................

—

2,200,000

—

2,200,000

Total

Investments

in

Securities

...........

$—

$549,342,399

$1,150,000

$550,492,399

4.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

193

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

146,397,672

$

—

$

146,397,672

Short

Term

Investments

...................

—

1,500,000

—

1,500,000

Total

Investments

in

Securities

...........

$—

$147,897,672

$—

$147,897,672

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

49,512,150

—

—

49,512,150

Municipal

Bonds

.........................

—

2,482,447,994

—

2,482,447,994

Total

Investments

in

Securities

...........

$49,512,150

$2,482,447,994

$—

$2,531,960,144

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

36,285,500

—

—

36,285,500

Senior

Floating

Rate

Interests

...............

—

25,576,102

14,866,926

40,443,028

Municipal

Bonds

.........................

—

964,255,579

—

964,255,579

Short

Term

Investments

...................

—

51,700,000

—

51,700,000

Total

Investments

in

Securities

...........

$36,285,500

$1,041,531,681

$14,866,926

$1,092,684,107

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

900,000

900,000

Municipal

Bonds

.........................

—

343,766,887

—

343,766,887

Total

Investments

in

Securities

...........

$—

$343,766,887

$900,000

$344,666,887

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

37,653,300

—

—

37,653,300

Corporate

Bonds

:

United

States

..........................

—

87,178,413

34,810,200

121,988,613

Municipal

Bonds

.........................

—

5,069,252,610

—

5,069,252,610

Total

Investments

in

Securities

...........

$37,653,300

$5,156,431,023

$34,810,200

$5,228,894,523

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

291,635,278

—

291,635,278

Total

Investments

in

Securities

...........

$—

$291,635,278

$—

$291,635,278

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

319,113,283

—

319,113,283

Short

Term

Investments

...................

—

3,200,000

—

3,200,000

Total

Investments

in

Securities

...........

$—

$322,313,283

$—

$322,313,283

5. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

194

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

750,000

$

750,000

Senior

Floating

Rate

Interests

...............

—

—

1,000,000

1,000,000

Municipal

Bonds

.........................

—

344,677,205

—

344,677,205

Short

Term

Investments

...................

—

14,900,000

—

14,900,000

Total

Investments

in

Securities

...........

$—

$359,577,205

$1,750,000

$361,327,205

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,800,000

1,800,000

Municipal

Bonds

.........................

—

753,451,651

—

753,451,651

Short

Term

Investments

...................

—

200,000

—

200,000

Total

Investments

in

Securities

...........

$—

$753,651,651

$1,800,000

$755,451,651

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

824,373,751

—

824,373,751

Total

Investments

in

Securities

...........

$—

$824,373,751

$—

$824,373,751

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

735,855,212

—

735,855,212

Total

Investments

in

Securities

...........

$—

$735,855,212

$—

$735,855,212

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,600,000

1,600,000

Municipal

Bonds

.........................

—

728,006,782

—

728,006,782

Short

Term

Investments

...................

—

22,500,000

—

22,500,000

Total

Investments

in

Securities

...........

$—

$750,506,782

$1,600,000

$752,106,782

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,600,000

1,600,000

Municipal

Bonds

.........................

—

644,237,284

—

644,237,284

Short

Term

Investments

...................

—

6,700,000

—

6,700,000

Total

Investments

in

Securities

...........

$—

$650,937,284

$1,600,000

$652,537,284

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

2,250,000

2,250,000

Municipal

Bonds

.........................

—

1,230,208,214

—

1,230,208,214

Total

Investments

in

Securities

...........

$—

$1,230,208,214

$2,250,000

$1,232,458,214

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

2,500,000

2,500,000

Municipal

Bonds

.........................

—

982,801,413

—

982,801,413

Short

Term

Investments

...................

—

800,000

—

800,000

Total

Investments

in

Securities

...........

$—

$983,601,413

$2,500,000

$986,101,413

5. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

195

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.

At

November

30,

2022,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

1,600,000

$

1,600,000

Municipal

Bonds

.........................

—

784,098,720

—

784,098,720

Short

Term

Investments

...................

—

5,300,000

—

5,300,000

Total

Investments

in

Securities

...........

$—

$789,398,720

$1,600,000

$790,998,720

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

451,259,466

—

451,259,466

Total

Investments

in

Securities

...........

$—

$451,259,466

$—

$451,259,466

Balance

at

Beginning

of

Period

Purchases

a

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests

:

United

States

.

$

5,377,471

$

9,489,455

$

—

$

—

$

—

$

—

$

—

$

—

$

14,866,926

$

—

Total

Investments

in

Securities

.........

$5,377,471

$9,489,455

$—

$—

$—

$—

$—

$—

$14,866,926

$—

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

5. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

196

Quarterly

Schedules

of

Investments

Abbreviations

Currency

USD

United

States

Dollar

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

BHAC

Berkshire

Hathaway

Assurance

Corp.

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHA

Federal

Housing

Administration

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LIBOR

London

Inter-Bank

Offered

Rate

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

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.