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

54

Franklin

High

Yield

Tax-Free

Income

Fund

59

Franklin

Louisiana

Tax-Free

Income

Fund

113

Franklin

Maryland

Tax-Free

Income

Fund

118

Franklin

Massachusetts

Tax-Free

Income

Fund

122

Franklin

Michigan

Tax-Free

Income

Fund

127

Franklin

Minnesota

Tax-Free

Income

Fund

134

Franklin

Missouri

Tax-Free

Income

Fund

140

Franklin

New

Jersey

Tax-Free

Income

Fund

146

Franklin

North

Carolina

Tax-Free

Income

Fund

153

Franklin

Ohio

Tax-Free

Income

Fund

160

Franklin

Oregon

Tax-Free

Income

Fund

168

Franklin

Pennsylvania

Tax-Free

Income

Fund

175

Franklin

Virginia

Tax-Free

Income

Fund

183

Notes

to

Schedules

of

Investments

189

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

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

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

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

$

500,000

$

490,740

Total

Corporate

Bonds

(Cost

$

500,000

)

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

490,740

Municipal

Bonds

97.9%

Alabama

89.7%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

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

2,000,000

1,827,610

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

3,000,000

3,030,682

Alabama

State

University

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

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

1,500,000

1,642,980

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/40

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

1,500,000

1,597,800

Alabaster

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

5

%

,

9/01/47

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

1,500,000

1,585,557

Special

Tax

,

2022

,

BAM

Insured

,

5

%

,

9/01/52

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

1,500,000

1,569,535

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

2,818,397

Auburn

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

6/01/33

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

2,500,000

2,556,803

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

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

6,000,000

6,164,438

Birmingham

Airport

Authority

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/37

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

545,000

550,228

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/38

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

400,000

402,431

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/39

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

2,540,000

2,547,780

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/40

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

705,000

707,216

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,702,021

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

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

1,000,000

959,986

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

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

3,000,000

3,183,857

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

2/01/46

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

3,000,000

3,129,030

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/47

...

2,590,000

2,618,384

City

of

Birmingham

,

GO

,

2021

A

,

4

%

,

6/01/50

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

1,000,000

933,638

City

of

Boaz

,

Water

&

Sewer

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

9/01/46

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

1,000,000

963,095

Water

&

Sewer

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

9/01/50

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

1,500,000

1,417,877

City

of

Decatur

,

Water

&

Sewer

,

Revenue

,

2021

A

,

4

%

,

8/15/50

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

3,000,000

2,780,487

City

of

Huntsville

,

GO

,

2018

B

,

5

%

,

5/01/38

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

4,775,000

5,019,406

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

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

2,500,000

2,501,296

City

of

Madison

,

GO

,

2015

A

,

Pre-Refunded

,

5

%

,

4/01/37

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

2,590,000

2,656,558

City

of

Trussville

,

GO

,

2018

A

,

4

%

,

8/01/41

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

3,000,000

2,976,963

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

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

4,580,000

4,342,765

b

Columbia

Industrial

Development

Board

,

Alabama

Power

Co.

,

Revenue

,

2014

D

,

Refunding

,

Mandatory

Put

,

3.81

%

,

6/01/28

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

2,000,000

1,988,758

c

County

of

Mobile

,

Revenue

,

144A,

2020

,

4

%

,

11/01/45

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

2,300,000

1,962,998

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/36

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

2,000,000

2,018,963

Revenue

,

2021

A

,

4

%

,

6/01/46

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

2,310,000

2,057,732

East

Alabama

Health

Care

Authority

(The)

,

Revenue

,

2018

A

,

4

%

,

9/01/30

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

1,000,000

998,860

Revenue

,

2018

A

,

5

%

,

9/01/41

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

3,000,000

3,063,848

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)

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

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

$

1,000,000

$

1,068,434

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

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

3,000,000

2,849,306

Health

Care

Authority

for

Baptist

Health

(The)

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

11/15/36

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

1,000,000

1,070,582

Revenue

,

2023

A

,

Refunding

,

5

%

,

11/15/37

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

875,000

926,875

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

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

8,000,000

7,437,245

Homewood

Educational

Building

Authority

,

Samford

University

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

12/01/49

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

2,500,000

2,140,855

Samford

University

,

Revenue

,

2021

A

,

4

%

,

12/01/51

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

1,470,000

1,253,749

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

3,028,850

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

2/01/46

3,000,000

2,652,622

Jacksonville

State

University

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/36

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

5,000,000

5,335,178

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/50

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

5,000,000

4,379,888

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

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

5,920,000

5,956,071

b

Lower

Alabama

Gas

District

(The)

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/25

...

2,000,000

1,987,604

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

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

3,000,000

2,916,499

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

4,724,248

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25

%

,

3/01/52

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

2,000,000

1,959,342

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

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

2,000,000

1,943,297

Oxford

City

Board

of

Education

,

Special

Tax

,

2020

A

,

Refunding

,

4

%

,

5/01/50

......

2,500,000

2,321,136

Prattville

Waterworks

Board

,

Revenue

,

2023

,

5.125

%

,

8/01/53

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

1,000,000

1,065,544

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

10/01/28

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

5,000,000

4,915,495

Revenue

,

2022

A-1

,

Mandatory

Put

,

5.5

%

,

12/01/29

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

2,000,000

2,119,450

Revenue

,

2023

B

,

Mandatory

Put

,

5

%

,

6/01/30

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

1,000,000

1,043,537

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

3,723,392

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

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

2,000,000

2,060,734

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AGMC

Insured

,

5.25

%

,

12/01/40

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

295,000

295,232

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

...

4,000,000

4,214,076

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

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

5,000,000

5,231,863

University

of

Alabama

(The)

,

Revenue

,

2018

B-2

,

5

%

,

9/01/48

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

5,000,000

5,222,472

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,618,544

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,051,768

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

5

%

,

1/01/43

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

5,000,000

5,324,874

168,116,741

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

700,000

572,959

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

0.7%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

$

500,000

$

326,252

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

1,150,000

963,125

1,289,377

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,000,000

961,040

Kentucky

0.5%

c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

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

1,500,000

988,141

New

York

1.5%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

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

275,000

252,441

Revenue

,

2021

A-2

,

4

%

,

11/15/42

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

2,700,000

2,540,385

2,792,826

South

Carolina

1.3%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

500,000

394,630

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

500,000

393,474

c

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

1,485,000

992,209

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

562,257

2,342,570

Texas

0.5%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

600,000

420,144

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

800,000

583,214

1,003,358

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

394,555

Wisconsin

0.9%

c

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

500,000

386,141

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

1,300,000

1,300,000

1,686,141

U.S.

Territories

1.8%

Guam

0.5%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,006,197

Puerto

Rico

1.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

500,000

495,424

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

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

1,000,000

993,552

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2022

A

,

5

%

,

7/01/62

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

49,844

49,345

Revenue

,

2022

B

,

Zero

Cpn.,

7/01/32

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

32,392

21,012

Revenue

,

2022

C

,

Zero

Cpn.,

7/01/53

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

55,410

35,878

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

199

.

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

.....

$

750,000

$

729,060

2,324,271

Total

U.S.

Territories

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

3,330,468

Total

Municipal

Bonds

(Cost

$

196,005,003

)

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

183,478,176

Total

Long

Term

Investments

(Cost

$

196,505,003

)

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

183,968,916

a

a

a

a

a

a

Total

Investments

(Cost

$

196,505,003

)

98

.2

%

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

$183,968,916

Other

Assets,

less

Liabilities

1

.8

%

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

3,462,867

Net

Assets

100.0%

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

$187,431,783

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$9,273,666,

representing

4.9%

of

net

assets.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

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

98.1%

Arizona

90.2%

Arizona

Board

of

Regents

,

Arizona

State

University

,

Revenue

,

2023

B

,

4

%

,

7/01/53

..

$

5,000,000

$

4,828,885

Arizona

Department

of

Transportation

,

State

Highway

Fund

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/36

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

8,680,000

9,064,338

Arizona

Health

Facilities

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/39

......

2,820,000

2,833,069

HonorHealth

Obligated

Group

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/42

......

6,715,000

6,723,196

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/42

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

2,045,000

2,070,144

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/51

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

1,080,000

1,084,115

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

2017

A

,

5

%

,

3/01/48

....

1,555,000

1,584,116

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

2.65

%

,

7/01/26

570,000

546,805

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/31

...

550,000

544,823

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/41

...

2,000,000

1,771,943

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/51

...

2,340,000

1,895,413

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

2017

F

,

Refunding

,

5

%

,

7/01/47

..

3,350,000

3,386,730

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/33

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

1,000,000

1,066,526

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/36

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

1,235,000

1,298,774

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/39

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

1,000,000

1,033,491

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/44

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

3,645,000

3,723,382

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/45

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

2,200,000

2,006,563

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/50

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

7,055,000

6,199,331

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

11/01/51

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

1,400,000

1,224,550

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/01/42

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

1,650,000

1,541,289

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/47

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

7,900,000

8,115,501

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4.25

%

,

11/01/52

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

3,500,000

3,182,442

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2019

A

,

5

%

,

1/01/38

.....

1,175,000

801,274

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2019

A

,

5

%

,

1/01/54

.....

1,250,000

736,891

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5

%

,

1/01/36

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

1,105,000

682,977

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5

%

,

1/01/49

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

3,500,000

1,803,871

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5.125

%

,

1/01/54

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

2,000,000

994,125

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/31

..........

285,000

274,412

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/41

..........

405,000

346,883

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/52

..........

840,000

653,888

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

7/01/47

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

1,400,000

1,406,173

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

7/01/62

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

2,400,000

2,372,267

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/32

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

660,000

708,103

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/34

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

660,000

656,614

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/36

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

315,000

307,558

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/41

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

2,800,000

2,563,757

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/51

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

8,000,000

6,755,403

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/61

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

15,580,000

12,619,124

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

C

,

3.25

%

,

7/01/31

..........

1,550,000

1,321,620

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

$

2,622,890

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

2/01/50

.....

2,540,000

2,321,677

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/41

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

885,000

720,559

Provident

Group-NCCU

Properties

LLC

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

6/01/58

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

6,250,000

6,401,067

Arizona

State

University

,

Revenue

,

2015

B

,

Refunding

,

5

%

,

7/01/41

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

14,070,000

14,337,689

Revenue

,

2016

C

,

5

%

,

7/01/46

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

10,000,000

10,268,187

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/43

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

4,005,000

4,165,872

Revenue

,

2019

A

,

5

%

,

7/01/40

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

1,000,000

1,070,396

Carefree

Utilities

Community

Facilities

District

,

Town

of

Carefree

Water

System

,

Revenue

,

2021

,

4

%

,

7/01/51

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

2,000,000

1,836,073

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

1,000,000

1,032,500

City

of

Bullhead

,

Excise

Tax

,

Revenue

,

2022

,

4

%

,

7/01/52

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

2,885,000

2,657,971

City

of

Goodyear

,

Water

&

Sewer

,

Revenue,

Sub.

Lien,

Second

Series

,

2020

,

AGMC

Insured

,

4

%

,

7/01/45

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

3,500,000

3,373,323

City

of

Lake

Havasu

City

,

Wastewater

System

,

Revenue

,

2015

B

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/40

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

15,000,000

15,182,184

City

of

Mesa

,

Utility

System

,

Revenue

,

2018

,

4

%

,

7/01/38

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

1,425,000

1,439,524

Utility

System

,

Revenue

,

2018

,

4

%

,

7/01/39

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

6,135,000

6,180,252

Utility

System

,

Revenue

,

2018

,

5

%

,

7/01/42

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

2,200,000

2,313,383

Utility

System

,

Revenue,

Junior

Lien

,

2022

C

,

Refunding

,

5

%

,

7/01/36

..........

5,000,000

5,793,952

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue

,

2017

A

,

5

%

,

7/01/42

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

2,155,000

2,202,145

Airport

,

Revenue

,

2017

A

,

5

%

,

7/01/47

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

12,935,000

13,144,922

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

4

%

,

7/01/40

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

16,570,000

16,559,992

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

4

%

,

7/01/44

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

4,000,000

3,941,484

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

5

%

,

7/01/44

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

8,500,000

8,983,462

Airport

,

Revenue,

Senior

Lien

,

2018

,

5

%

,

7/01/48

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

5,000,000

5,098,179

Excise

Tax

,

Revenue

,

2022

,

5

%

,

7/01/46

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

8,300,000

8,999,110

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/34

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

2,500,000

2,692,872

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/37

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

1,500,000

1,579,237

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/38

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

4,420,000

4,625,667

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/39

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

4,090,000

4,261,728

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

4

%

,

7/01/45

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

7,500,000

6,919,373

Wastewater

,

Revenue,

Junior

Lien

,

2018

A

,

4

%

,

7/01/39

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

5,000,000

5,038,105

Water

System

,

Revenue,

Junior

Lien

,

2016

,

Refunding

,

5

%

,

7/01/38

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

5,000,000

5,173,992

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

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

7,500,000

8,051,124

County

of

Yuma

,

Sales

Tax

,

Revenue

,

2022

,

BAM

Insured

,

4.25

%

,

7/15/42

........

3,250,000

3,273,424

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/39

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

10,000,000

10,242,096

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/47

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

1,000,000

990,615

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

5/15/31

...........

400,000

355,606

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)

Glendale

Industrial

Development

Authority,

(continued)

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/41

...........

$

1,000,000

$

878,935

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/56

...........

4,500,000

3,591,687

Glendale

Municipal

Property

Corp.

,

City

of

Glendale

Excise

Tax

,

Revenue

,

2012

C

,

Refunding

,

5

%

,

7/01/38

.........

18,530,000

18,545,793

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/44

......

2,000,000

1,974,618

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/49

......

3,120,000

3,023,578

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/54

......

2,665,000

2,556,183

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/59

......

2,000,000

1,898,196

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/25

1,015,000

1,024,750

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/27

425,000

435,455

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/30

700,000

719,546

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/32

250,000

256,355

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/33

600,000

614,002

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/37

2,950,000

2,975,071

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/42

11,550,000

11,384,672

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/36

.

4,065,000

4,081,067

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/41

.

1,225,000

1,202,342

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

.

1,335,000

1,268,344

Vista

College

Preparatory

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

7/01/48

......

1,000,000

1,022,123

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.

,

Revenue,

Senior

Lien

,

2017

A

,

Pre-Refunded

,

5

%

,

12/15/32

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

1,765,000

1,831,403

Christian

Care

Tucson,

Inc.

,

Revenue,

Senior

Lien

,

2017

A

,

Pre-Refunded

,

5

%

,

6/15/37

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

2,240,000

2,324,274

a

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-3

,

5.125

%

,

11/15/29

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

3,000,000

2,952,431

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/40

....

1,040,000

985,363

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/41

....

1,360,000

1,276,580

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/51

....

12,000,000

8,427,122

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

4,373,930

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

8/01/36

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

1,310,000

1,345,202

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/38

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

1,510,000

1,447,169

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/43

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

3,000,000

2,692,838

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/38

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

1,000,000

1,001,669

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/48

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

1,000,000

942,483

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/25

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

90,000

90,386

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/26

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

95,000

96,355

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/27

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

75,000

76,794

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/28

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

80,000

82,555

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/29

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

110,000

114,114

Harmony

Public

Schools

,

Revenue

,

2021

A

,

5

%

,

2/15/30

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

100,000

104,011

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/41

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

430,000

369,996

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/46

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

345,000

280,463

Harmony

Public

Schools

,

Revenue

,

2021

A

,

4

%

,

2/15/51

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

580,000

453,057

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

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

1,000,000

1,054,847

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2019

F

,

3

%

,

1/01/49

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

5,000,000

3,595,954

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)

Maricopa

County

Industrial

Development

Authority,

(continued)

Banner

Health

Obligated

Group

,

Revenue

,

A

,

4

%

,

1/01/41

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

$

9,630,000

$

9,476,858

Banner

Health

Obligated

Group

,

Revenue

,

A

,

5

%

,

1/01/41

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

37,590,000

38,759,218

Creighton

University

,

Revenue

,

2020

,

5

%

,

7/01/47

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

10,000,000

10,355,999

Creighton

University

,

Revenue

,

2020

,

4

%

,

7/01/50

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

8,450,000

7,690,575

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/52

.

1,000,000

1,006,274

Highland

Prep

Obligated

Group

,

Revenue

,

2019

,

5

%

,

1/01/43

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

2,275,000

2,332,969

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/36

.......

2,100,000

2,211,810

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/37

.......

3,175,000

3,322,909

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/42

.......

2,750,000

2,815,975

HonorHealth

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

9/01/51

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

5,600,000

3,827,200

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

5

%

,

7/01/36

.........

1,120,000

1,134,137

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

5

%

,

7/01/47

.........

3,325,000

3,291,996

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.

,

Revenue

,

2009

B

,

Refunding

,

3.6

%

,

4/01/40

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

13,500,000

11,701,302

El

Paso

Electric

Co.

,

Revenue

,

2012

A

,

Refunding

,

4.5

%

,

8/01/42

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

10,000,000

9,453,274

b

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

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

4,500,000

4,019,356

b

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

B

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

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

2,150,000

1,920,359

Southern

California

Edison

Co.

,

Revenue

,

2000

A

,

Refunding

,

2.4

%

,

6/01/35

.....

10,000,000

7,635,629

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO

,

2013

,

5

%

,

7/01/31

.....

5,100,000

5,105,925

Maricopa

County

Unified

School

District

No.

60

Higley

,

COP

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/53

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

3,000,000

3,162,904

McAllister

Academic

Village

LLC

,

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/37

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

2,095,000

2,154,337

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/39

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

1,000,000

1,023,071

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

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

1,000,000

1,057,982

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO

,

2017

,

BAM

Insured

,

5

%

,

7/01/33

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

2,665,000

2,827,078

GO

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

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

2,800,000

2,961,548

Pima

County

Unified

School

District

No.

6

Marana

,

GO

,

2017

C

,

BAM

Insured

,

5

%

,

7/01/36

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

2,385,000

2,523,430

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/38

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

9,745,000

10,172,420

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/37

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

10,000,000

10,698,164

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/38

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

5,435,000

5,769,402

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/39

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

2,105,000

2,228,301

Revenue

,

2019

A

,

5

%

,

1/01/47

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

2,000,000

2,128,183

Revenue

,

2023

A

,

5

%

,

1/01/50

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

8,000,000

8,679,657

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5

%

,

12/01/32

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

10,000,000

10,605,029

Revenue

,

2007-1

,

5

%

,

12/01/37

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

5,000,000

5,308,792

State

of

Arizona

,

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/27

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

3,945,000

4,311,317

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/28

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

2,000,000

2,237,928

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/29

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

2,000,000

2,284,052

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/36

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

5,000,000

6,076,077

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/37

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

7,000,000

8,432,218

Student

&

Academic

Services

LLC

,

Revenue

,

2014

,

BAM

Insured

,

5

%

,

6/01/39

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

1,400,000

1,404,626

Revenue

,

2014

,

BAM

Insured

,

5

%

,

6/01/44

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

3,155,000

3,163,138

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)

Town

of

Gilbert

,

Pledged

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

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

$

10,000,000

$

10,207,168

Town

of

Queen

Creek

,

Excise

Tax

,

Revenue

,

2018

A

,

5

%

,

8/01/42

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

2,500,000

2,643,435

Excise

Tax

,

Revenue

,

2018

A

,

5

%

,

8/01/47

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

5,000,000

5,238,510

University

of

Arizona

(The)

,

Revenue

,

2014

,

5

%

,

8/01/39

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

10,000,000

10,050,631

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/39

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

2,750,000

2,839,922

Revenue

,

2016

B

,

Refunding

,

5

%

,

6/01/42

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

2,000,000

2,053,870

Revenue

,

2018

A

,

5

%

,

6/01/43

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

4,500,000

4,726,058

650,983,724

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

800,000

522,004

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

3,290,000

2,600,912

Oregon

0.2%

a

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

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

1,400,000

1,360,859

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

1,900,000

1,499,594

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,900,000

1,495,203

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

3,275,000

2,069,523

5,064,320

Texas

0.8%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

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

2,000,000

1,958,697

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

1,820,623

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

3,300,000

2,405,757

6,185,077

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

1,499,307

Wisconsin

1.7%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

1,900,000

1,467,334

AL-FL

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.4

%

,

12/01/36

.......

3,300,000

2,604,806

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

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

1,500,000

1,452,025

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

5,000,000

5,000,000

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,441,503

11,965,668

U.S.

Territories

3.8%

Guam

1.6%

Guam

Power

Authority

,

Revenue

,

2014

A

,

AGMC

Insured

,

5

%

,

10/01/39

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

6,490,000

6,536,736

Revenue

,

2014

A

,

AGMC

Insured

,

5

%

,

10/01/44

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

5,325,000

5,347,457

11,884,193

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

199

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

2.2%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

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

$

1,970,000

$

1,962,705

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

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

2,290,000

2,247,295

Revenue

,

2007

N

,

5.25

%

,

7/01/36

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

750,000

752,982

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

3,700,000

3,666,139

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2022

A

,

5

%

,

7/01/62

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

474,935

470,185

Revenue

,

2022

B

,

Zero

Cpn.,

7/01/32

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

308,644

200,210

Revenue

,

2022

C

,

Zero

Cpn.,

7/01/53

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

527,963

341,854

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

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

1,550,000

1,466,877

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

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

4,906,000

4,769,024

15,877,271

Total

U.S.

Territories

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

27,761,464

Total

Municipal

Bonds

(Cost

$

742,470,108

)

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

707,943,335

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Arizona

0.3%

c

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

1/01/46

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

2,400,000

2,400,000

Total

Municipal

Bonds

(Cost

$

2,400,000

)

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

2,400,000

Total

Short

Term

Investments

(Cost

$

2,400,000

)

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

2,400,000

a

Total

Investments

(Cost

$

744,870,108

)

98

.4

%

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

$710,343,335

Other

Assets,

less

Liabilities

1

.6

%

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

11,411,196

Net

Assets

100.0%

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

$721,754,531

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,

2023,

the

aggregate

value

of

these

securities

was

$28,696,678,

representing

4.0%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

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

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

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

$

1,400,000

$

1,374,072

Total

Corporate

Bonds

(Cost

$

1,400,000

)

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

1,374,072

Municipal

Bonds

97.7%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,000,000

1,637,026

Colorado

90.6%

b

Access

25

Metropolitan

District

No.

2

,

GO

,

144A,

2023

,

6.75

%

,

12/01/53

..........

3,000,000

3,098,921

Adams

State

University

,

Revenue

,

2012

,

5

%

,

5/15/37

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

630,000

630,149

Revenue

,

2019

A

,

Refunding

,

4

%

,

5/15/42

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

1,515,000

1,457,686

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,084,931

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

7,278,389

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019

A

,

5.5

%

,

12/01/43

......

5,000,000

5,412,643

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

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

1,000,000

1,010,412

Board

of

Governors

of

Colorado

State

University

System

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

3/01/43

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

5,000,000

5,672,616

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

3/01/40

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

3,990,000

4,085,574

Revenue

,

2017

E

,

Refunding

,

4

%

,

3/01/43

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

4,500,000

4,480,186

Revenue

,

2019

A

,

Refunding

,

5

%

,

3/01/49

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

4,000,000

4,217,556

Revenue

,

A

,

Refunding

,

4

%

,

3/01/40

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

5,000,000

5,020,730

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

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

10,000,000

10,396,433

Bromley

Park

Metropolitan

District

No.

2

,

GO

,

2023

,

Refunding

,

BAM

Insured

,

5.375

%

,

12/01/53

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

2,500,000

2,681,078

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

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

4,331,000

3,927,955

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/45

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

1,140,000

1,084,866

Centennial

Water

&

Sanitation

District

,

Revenue

,

2019

,

5

%

,

12/01/43

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

3,000,000

3,168,540

Revenue

,

2019

,

5.25

%

,

12/01/48

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

6,760,000

7,173,672

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/45

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

2,250,000

2,145,902

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/50

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

1,400,000

1,294,122

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2013

B

,

Refunding

,

5

%

,

11/15/43

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

5,000,000

5,011,535

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

12/01/48

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

5,000,000

5,148,131

Airport

System

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

12/01/48

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

4,440,000

4,584,470

Airport

System

,

Revenue

,

2019

C

,

Refunding

,

5

%

,

11/15/35

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

3,000,000

3,308,828

Airport

System

,

Revenue

,

2022

A

,

5

%

,

11/15/37

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

4,250,000

4,587,501

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5

%

,

11/15/53

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

5,000,000

5,190,452

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5

%

,

11/15/42

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

1,000,000

1,106,349

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5

%

,

11/15/43

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

1,000,000

1,103,502

Pledged

Excise

Tax

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

8/01/46

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

3,500,000

3,356,494

Pledged

Excise

Tax

,

Revenue

,

2018

A-1

,

5

%

,

8/01/48

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

5,000,000

5,134,505

Pledged

Excise

Tax

,

Revenue

,

2021

A

,

4

%

,

8/01/34

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

1,000,000

1,046,284

City

of

Colorado

Springs

,

Utilities

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/45

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

2,665,000

2,713,821

Utilities

System

,

Revenue

,

2018

A-4

,

5

%

,

11/15/48

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

5,000,000

5,241,108

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

$

14,196,183

City

of

Grand

Junction

,

COP

,

2021

,

4

%

,

12/01/45

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

2,005,000

1,943,978

Sales

&

Use

Tax

,

Revenue

,

2020

B

,

4

%

,

3/01/49

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

3,775,000

3,609,618

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC

(The)

,

Revenue

,

2010

,

5

%

,

2/15/40

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

5,280,000

5,284,076

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/36

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

425,000

399,211

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/41

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

150,000

130,305

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/51

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

370,000

292,705

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/61

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

550,000

414,235

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

3

%

,

8/01/41

......

1,460,000

1,125,740

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

3

%

,

8/01/51

......

3,635,000

2,432,030

Eagle

Ridge

Academy

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

11/01/37

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

1,000,000

1,054,951

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/26

.......

195,000

191,265

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/32

.......

280,000

263,299

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/52

.......

1,355,000

982,571

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/62

.......

1,600,000

1,096,614

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/52

750,000

731,433

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/57

1,765,000

1,714,924

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/46

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

335,000

268,072

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/56

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

1,000,000

751,415

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/61

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

2,210,000

1,621,825

Pinnacle

Charter

School,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/50

.......

5,820,000

5,065,584

Union

Colony

Schools

,

Revenue

,

2018

,

Refunding

,

5

%

,

4/01/48

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

715,000

721,333

University

of

Denver

,

Revenue

,

2017

A

,

5

%

,

3/01/47

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

3,950,000

4,029,693

West

Ridge

Academy

Charter

School

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

6/01/49

..

400,000

400,451

Westgate

Community

School

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/41

........

2,370,000

2,218,563

Windsor

Charter

Academy

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

2,400,000

2,096,675

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

11/15/41

......

3,000,000

2,899,690

AdventHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/15/39

......

5,005,000

5,348,573

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/35

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

1,575,000

1,574,097

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/37

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

850,000

838,574

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/38

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

705,000

685,160

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/39

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

835,000

799,528

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/40

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

725,000

684,538

BSLC

Obligated

Group

,

Revenue

,

2018

A-1

,

Refunding

,

5

%

,

9/15/48

...........

3,000,000

2,587,626

BSLC

Obligated

Group

,

Revenue

,

2018

A-1

,

Refunding

,

4.75

%

,

9/15/53

.........

1,500,000

1,154,511

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

12/01/41

...

5,195,000

5,249,312

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/38

3,000,000

3,124,574

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/39

2,000,000

2,074,046

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

7,000,000

7,147,349

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

4

%

,

8/01/49

9,990,000

8,783,289

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5.25

%

,

11/01/52

......

3,000,000

3,095,782

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

12/01/35

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

7,150,000

7,230,287

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

12/01/48

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

5,000,000

4,767,431

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/50

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

5,700,000

4,595,084

Craig

Hospital

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

12/01/52

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

3,535,000

3,652,421

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)

Evangelical

Lutheran

Good

Samaritan

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

6/01/40

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

$

4,000,000

$

4,105,272

Evangelical

Lutheran

Good

Samaritan

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

6/01/45

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

2,750,000

2,822,374

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

1/01/38

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

3,660,000

3,679,574

Parkview

Medical

Center,

Inc.

Obligated

Group

,

Revenue

,

2016

,

5

%

,

9/01/46

.....

5,000,000

5,023,189

Parkview

Medical

Center,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

9/01/50

...

6,275,000

5,339,891

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/01/44

..........

3,495,000

3,589,651

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/01/49

..........

8,050,000

8,255,795

Valley

View

Hospital

Association

,

Revenue

,

2015

,

5

%

,

5/15/40

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

2,000,000

2,013,035

Valley

View

Hospital

Association

,

Revenue

,

2015

,

5

%

,

5/15/45

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

1,000,000

1,005,191

Colorado

High

Performance

Transportation

Enterprise

,

C-470

Express

Lanes

System

,

Revenue

,

2017

,

5

%

,

12/31/47

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

2,555,000

2,556,486

Colorado

Housing

and

Finance

Authority

,

Revenue

,

2019

B-1

,

I

,

3.15

%

,

10/01/44

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

1,000,000

799,034

Revenue

,

2019

B-1

,

I

,

3.25

%

,

10/01/49

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

1,000,000

771,956

Colorado

Mesa

University

,

Revenue

,

2019

B

,

5

%

,

5/15/44

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

1,000,000

1,052,070

Revenue

,

2019

B

,

5

%

,

5/15/49

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

1,565,000

1,631,518

Colorado

School

of

Mines

,

Revenue

,

2017

A

,

5

%

,

12/01/42

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

2,450,000

2,532,071

Revenue

,

2023

C

,

5.25

%

,

12/01/53

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

3,000,000

3,212,315

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

12/01/49

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

3,000,000

2,192,044

Denver

City

&

County

School

District

No.

1

,

GO

,

2017

,

5

%

,

12/01/41

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

5,000,000

5,171,573

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

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

9,775,000

9,811,335

Denver

Health

&

Hospital

Authority

,

COP

,

2018

,

5

%

,

12/01/48

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

5,255,000

5,010,570

Revenue

,

2014

A

,

5.25

%

,

12/01/45

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

9,250,000

9,252,841

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/30

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

1,000,000

1,044,839

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/32

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

1,330,000

1,389,024

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/33

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

3,300,000

3,436,171

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

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

350,000

294,242

Eagle

River

Water

&

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

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

1,360,000

1,409,006

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/39

1,200,000

1,207,372

Erie

Farm

Metropolitan

District

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/41

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

575,000

618,837

GO

,

2021

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

700,000

742,336

GO

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/51

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

1,200,000

1,076,693

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,509,331

Flying

Horse

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/44

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

520,000

491,675

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/50

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

875,000

782,619

Gunnison

Watershed

School

District

No.

Re

1J

,

GO

,

2023

,

5

%

,

12/01/47

..........

3,250,000

3,510,633

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/39

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

2,660,000

2,831,400

GO

,

2018

,

5

%

,

12/15/40

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

2,340,000

2,485,271

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)

Meridian

Metropolitan

District

,

GO

,

2023

,

AGMC

Insured

,

4.375

%

,

12/01/53

.......

$

2,000,000

$

2,009,122

North

Pine

Vistas

Metropolitan

District

No.

2

,

GO

,

2022

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

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

1,125,000

1,178,443

Park

70

Metropolitan

District

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/36

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

1,000,000

1,016,148

GO

,

2016

,

Refunding

,

5

%

,

12/01/46

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

1,500,000

1,500,632

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue

,

2017

A

,

5

%

,

12/01/41

..........

3,000,000

3,029,645

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2015

A

,

Refunding

,

5

%

,

12/01/45

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

9,500,000

9,548,947

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/01/46

.

2,875,000

2,963,938

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

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

6,475,000

6,786,024

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

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

539,000

410,783

Prairiestar

Metropolitan

District

No.

2

,

GO

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

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

500,000

551,609

GO

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/41

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

500,000

538,119

GO

,

2021

A

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/46

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

500,000

530,240

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

9,900,000

11,924,004

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/15/33

........

550,000

554,466

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/35

........

1,000,000

1,004,118

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/36

........

750,000

746,278

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/38

........

700,000

676,336

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

11/01/41

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

10,000,000

10,335,741

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

11/01/46

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

11,000,000

11,302,120

Sand

Creek

Metropolitan

District

,

GO

,

2020

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/40

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

2,665,000

2,615,064

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

860,503

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

5,708,481

State

of

Colorado

,

COP

,

2013

I

,

Pre-Refunded

,

5

%

,

3/15/36

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

3,000,000

3,015,362

COP

,

2017

J

,

5.25

%

,

3/15/42

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

5,000,000

5,200,821

COP

,

2020

,

Refunding

,

4

%

,

6/15/40

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

1,315,000

1,323,055

COP

,

2020

A

,

4

%

,

12/15/38

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

3,555,000

3,596,834

COP

,

2020

R

,

4

%

,

3/15/45

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

5,000,000

4,841,573

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,165,021

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.75

%

,

12/01/40

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

500,000

424,401

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

4.25

%

,

12/01/50

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

1,250,000

1,043,869

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/46

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

4,500,000

4,658,282

Town

of

Monument

,

COP

,

2020

,

AGMC

Insured

,

4

%

,

12/01/45

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

2,000,000

1,930,777

University

of

Colorado

,

Revenue

,

2019

B

,

5

%

,

6/01/44

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

1,930,000

2,040,820

Vauxmont

Metropolitan

District

,

GO

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

12/15/27

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

380,000

398,182

GO

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

12/15/32

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

480,000

502,766

Whispering

Pines

Metropolitan

District

No.

1

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/52

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

900,000

929,227

Winter

Farm

Metropolitan

District

No.

2

,

GO

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/39

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

630,000

662,023

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)

Winter

Farm

Metropolitan

District

No.

2,

(continued)

GO

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/44

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

$

500,000

$

519,493

456,884,463

Florida

1.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

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

4,104,000

3,363,264

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

800,000

522,003

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,215,000

2,692,563

6,577,830

Georgia

0.4%

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

2,400,000

1,897,321

Illinois

0.8%

State

of

Illinois

,

GO

,

2003

,

5.1

%

,

6/01/33

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

3,000,000

2,888,351

GO

,

2021

A

,

5

%

,

3/01/33

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

500,000

548,199

GO

,

2021

A

,

5

%

,

3/01/37

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

250,000

269,459

GO

,

2021

A

,

4

%

,

3/01/39

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

500,000

487,081

4,193,090

New

York

0.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

D

,

4

%

,

11/15/47

...........

900,000

831,658

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

1,400,000

1,104,964

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,400,000

1,101,728

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

2,100,000

1,403,124

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

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

750,000

562,257

4,172,073

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,800,000

1,260,432

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

2,400,000

1,749,641

3,010,073

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

1,104,753

Wisconsin

1.3%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

1,400,000

1,081,193

AL-FL

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.4

%

,

12/01/36

.......

2,400,000

1,894,405

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

3,700,000

3,700,000

6,675,598

U.S.

Territories

1.2%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,509,296

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

199

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

0.9%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

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

$

1,485,000

$

1,457,306

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

1,200,000

1,189,018

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

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

1,000,000

993,552

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

729,060

4,368,936

Total

U.S.

Territories

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

5,878,232

Total

Municipal

Bonds

(Cost

$

521,277,919

)

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

492,862,117

Total

Long

Term

Investments

(Cost

$

522,677,919

)

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

494,236,189

a

a

a

a

a

Short

Term

Investments

0.6%

Municipal

Bonds

0.6%

Colorado

0.6%

c

Colorado

Educational

&

Cultural

Facilities

Authority

,

Daughters

of

Israel,

Inc.

,

Revenue

,

B-4

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

12/01/35

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

2,900,000

2,900,000

Total

Municipal

Bonds

(Cost

$

2,900,000

)

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

2,900,000

Total

Short

Term

Investments

(Cost

$

2,900,000

)

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

2,900,000

a

Total

Investments

(Cost

$

525,577,919

)

98

.6

%

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

$497,136,189

Other

Assets,

less

Liabilities

1

.4

%

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

7,180,183

Net

Assets

100.0%

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

$504,316,372

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$29,508,863,

representing

5.9%

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,

2023

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

97.6%

Connecticut

91.5%

City

of

Ansonia

,

GO

,

2021

A

,

AGMC

Insured

,

3

%

,

2/15/37

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

$

500,000

$

439,443

City

of

Bridgeport

,

GO

,

2021

A

,

4

%

,

8/01/40

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

765,000

750,773

GO

,

2021

A

,

4

%

,

8/01/46

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

375,000

349,566

GO

,

2021

A

,

4

%

,

8/01/51

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

575,000

526,756

City

of

New

Britain

,

GO

,

2017

C

,

AGMC

Insured

,

5

%

,

3/01/36

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

1,000,000

1,049,427

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

4

%

,

8/01/41

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

2,000,000

1,855,329

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

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

1,000,000

1,000,864

City

of

West

Haven

,

GO

,

2021

,

4

%

,

9/15/41

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

565,000

523,442

Connecticut

Housing

Finance

Authority

,

Revenue

,

2019

E-E1

,

3.05

%

,

11/15/44

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

5,000,000

3,956,803

Revenue

,

2019

E-E1

,

3.1

%

,

11/15/49

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

2,000,000

1,534,910

Revenue

,

2020

C-1

,

Refunding

,

2.05

%

,

5/15/37

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

1,000,000

789,276

Revenue

,

2020

C-2

,

Refunding

,

2.2

%

,

11/15/34

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

960,000

783,439

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group

,

Revenue

,

D-1

,

Refunding

,

4

%

,

7/01/46

..

1,000,000

906,963

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/36

480,000

490,178

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/37

600,000

606,451

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/38

315,000

315,989

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/39

380,000

379,896

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/42

860,000

848,141

Connecticut

Children's

Medical

Center

Obligated

Group

,

Revenue

,

E

,

5.25

%

,

7/15/48

1,560,000

1,653,887

Connecticut

College

,

Revenue

,

L-1

,

Refunding

,

4

%

,

7/01/46

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

5,000,000

4,772,334

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

B

,

5

%

,

12/01/40

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

4,000,000

4,048,423

Fairfield

University

,

Revenue

,

Q-1

,

5

%

,

7/01/46

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

9,000,000

9,132,532

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/46

..........

6,000,000

5,551,866

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

4

%

,

7/01/41

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

735,000

586,908

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

4

%

,

7/01/51

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

1,250,000

895,197

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/38

.....

1,000,000

912,473

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/41

.....

6,310,000

5,549,951

Quinnipiac

University

,

Revenue

,

L

,

Refunding

,

5

%

,

7/01/45

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

8,250,000

8,309,520

Sacred

Heart

University,

Inc.

,

Revenue

,

I-1

,

Refunding

,

5

%

,

7/01/42

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

4,375,000

4,432,163

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/35

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

550,000

596,499

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

4

%

,

7/01/45

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

1,200,000

1,171,477

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

4

%

,

7/01/37

...

2,550,000

2,473,630

Taft

School

Corp.

(The)

,

Revenue

,

L

,

Refunding

,

3

%

,

7/01/46

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

2,210,000

1,663,607

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

CT

,

5

%

,

12/01/45

.........

5,000,000

5,069,618

Trustees

of

Trinity

College

(The)

,

Revenue

,

R

,

Refunding

,

4

%

,

6/01/45

..........

2,500,000

2,428,025

Trustees

of

Trinity

College

(The)

,

Revenue

,

S

,

Refunding

,

4

%

,

6/01/51

..........

4,000,000

3,786,134

University

of

Hartford

(The)

,

Revenue

,

2022

P

,

5.375

%

,

7/01/52

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

2,000,000

1,775,392

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

N

,

5

%

,

7/01/48

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

5,000,000

5,001,552

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue

,

2020

B

,

3.25

%

,

11/15/36

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

1,640,000

1,444,702

Revenue

,

2020

D

,

Pre-Refunded

,

3

%

,

11/15/35

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

1,145,000

1,150,460

Revenue

,

2021

B

,

2.25

%

,

11/15/37

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

2,500,000

1,955,753

Hartford

County

Metropolitan

District

,

Clean

Water

Project

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

11/01/42

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

2,500,000

2,542,954

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

Second

Series

,

32nd

B

,

Refunding

,

5

%

,

8/01/38

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

1,720,000

1,782,473

State

of

Connecticut

,

GO

,

2020

A

,

4

%

,

1/15/38

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

7,250,000

7,299,095

GO

,

2020

C

,

4

%

,

6/01/39

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

600,000

604,568

Special

Tax

,

2016

A

,

5

%

,

9/01/33

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

1,000,000

1,046,064

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

,

2018

A

,

5

%

,

1/01/36

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

$

1,000,000

$

1,067,925

Special

Tax

,

2020

A

,

5

%

,

5/01/35

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

4,500,000

5,039,220

Special

Tax

,

2020

A

,

4

%

,

5/01/39

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

1,000,000

1,007,501

Special

Tax

,

2020

A

,

5

%

,

5/01/40

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

2,000,000

2,160,710

Special

Tax

,

2021

A

,

4

%

,

5/01/40

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

1,100,000

1,106,648

Special

Tax

,

2021

A

,

5

%

,

5/01/41

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

1,500,000

1,631,276

Bradley

International

Airport

CFC

,

Revenue

,

2019

A

,

5

%

,

7/01/49

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

1,400,000

1,402,404

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2015

A

,

5

%

,

3/01/34

.......

3,000,000

3,068,444

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2017

A

,

5

%

,

5/01/37

.......

1,000,000

1,049,122

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

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

500,000

471,404

Town

of

Stafford

,

GO

,

2021

,

Refunding

,

3

%

,

2/01/36

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

250,000

224,668

GO

,

2021

,

Refunding

,

3

%

,

2/01/38

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

310,000

264,933

GO

,

2021

,

Refunding

,

3

%

,

2/01/41

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

300,000

248,850

Town

of

Stratford

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

7/01/33

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

1,000,000

1,030,804

GO

,

2020

A

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/36

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

300,000

306,009

GO

,

2020

A

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/38

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

300,000

301,806

GO

,

2020

A

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/40

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

300,000

299,463

University

of

Connecticut

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

8/15/28

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

3,000,000

3,010,257

Revenue

,

2017

A

,

5

%

,

1/15/37

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

1,000,000

1,041,878

129,478,225

Florida

0.2%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

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

500,000

326,252

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

625,000

494,094

Illinois

0.7%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

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

1,000,000

943,349

New

Jersey

0.4%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/35

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

300,000

308,059

Revenue

,

2021

QQQ

,

4

%

,

6/15/36

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

100,000

102,216

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

...

230,000

172,885

583,160

South

Carolina

0.9%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

500,000

394,630

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

500,000

393,474

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

750,000

501,116

1,289,220

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

199

.

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

$

350,120

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

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

780,000

524,580

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

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

615,000

448,346

1,323,046

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

394,554

Wisconsin

0.9%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

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

400,000

308,912

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

1,000,000

1,000,000

1,308,912

U.S.

Territories

1.4%

Puerto

Rico

1.4%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/34

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

2,010,000

2,016,264

Total

Municipal

Bonds

(Cost

$

149,272,868

)

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

138,157,076

a

a

a

a

Short

Term

Investments

1.1%

Municipal

Bonds

1.1%

Connecticut

1.1%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

2.6

%

,

7/01/36

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

1,600,000

1,600,000

Total

Municipal

Bonds

(Cost

$

1,600,000

)

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

1,600,000

Total

Short

Term

Investments

(Cost

$

1,600,000

)

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

1,600,000

a

Total

Investments

(Cost

$

150,872,868

)

98

.7

%

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

$139,757,076

Other

Assets,

less

Liabilities

1

.3

%

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

1,805,692

Net

Assets

100.0%

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

$141,562,768

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,

2023,

the

aggregate

value

of

these

securities

was

$4,218,024,

representing

3.0%

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,

2023

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

2.2%

Capital

Markets

2.2%

a

Franklin

Municipal

Green

Bond

ETF

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

2,115,000

$

49,849,704

Total

Management

Investment

Companies

(Cost

$

57,603,313

)

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

49,849,704

Principal

Amount

a

a

a

a

Municipal

Bonds

96.6%

Alabama

4.4%

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

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

$

7,000,000

6,719,905

Revenue

,

2022

E

,

Mandatory

Put

,

5

%

,

6/01/28

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

7,000,000

7,230,438

Revenue

,

2022

F

,

Mandatory

Put

,

5.5

%

,

12/01/28

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

6,970,000

7,293,901

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

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

14,000,000

14,857,998

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/28

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

500,000

534,943

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/29

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

485,000

523,608

PowerSouth

Energy

Cooperative

,

Revenue

,

2020

,

Refunding

,

AGMC

Insured

,

5

%

,

8/01/30

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

425,000

464,869

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

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

8,570,000

9,156,479

Revenue

,

2023

B-1

,

Mandatory

Put

,

5.75

%

,

11/01/31

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

6,000,000

6,566,242

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

2,161,838

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

5,056,337

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/28

.......

5,000,000

5,139,618

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/33

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

2,855,000

2,957,500

Special

Tax

,

2019

,

4

%

,

2/01/34

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

2,970,000

3,070,045

Special

Tax

,

2019

,

4

%

,

2/01/35

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

3,095,000

3,177,995

Special

Tax

,

2019

,

4

%

,

2/01/37

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

3,350,000

3,405,531

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2022

A-1

,

Mandatory

Put

,

5.5

%

,

12/01/29

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

4,585,000

4,858,838

Revenue

,

2022

B-2

,

Mandatory

Put

,

5.354

%

,

8/01/28

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

15,000,000

15,082,140

98,258,225

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/35

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

1,710,000

1,753,522

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/37

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

1,305,000

1,310,212

3,063,734

Arizona

3.9%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/29

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

1,100,000

1,176,896

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/30

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

600,000

643,440

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/31

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

630,000

674,297

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/32

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

1,000,000

1,068,269

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/35

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

1,115,000

1,180,621

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/36

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

1,250,000

1,314,548

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

,

2019

A

,

5

%

,

11/01/37

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

$

1,050,000

$

1,095,291

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/37

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

1,105,000

1,085,066

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/38

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

600,000

582,643

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/01/41

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

6,000,000

5,668,219

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/27

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

55,000

57,402

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/28

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

60,000

63,288

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/29

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

60,000

63,785

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/30

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

65,000

69,572

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/31

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

70,000

75,360

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/27

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

160,000

165,123

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/28

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

170,000

175,644

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/29

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

160,000

165,316

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/30

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

185,000

190,937

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/31

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

195,000

200,801

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/35

.....

500,000

550,856

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/36

.....

750,000

822,003

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/37

.....

600,000

650,291

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

2/01/38

.....

1,000,000

1,070,821

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

3

%

,

2/01/39

.....

1,200,000

1,022,764

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

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

2,500,000

2,630,319

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

5

%

,

7/01/30

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

10,000,000

10,725,262

Airport

,

Revenue,

Junior

Lien

,

2019

B

,

5

%

,

7/01/35

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

7,500,000

8,002,844

Airport

,

Revenue,

Junior

Lien

,

2019

B

,

5

%

,

7/01/36

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

6,225,000

6,586,006

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/35

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

3,340,000

3,574,787

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

6,380,000

6,783,711

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/39

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

6,365,000

6,632,249

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/30

......

525,000

583,226

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/31

......

425,000

471,252

Midwestern

University

Foundation

,

Revenue

,

2020

,

Refunding

,

5

%

,

5/15/32

......

525,000

581,026

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

2,952,432

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/30

.......

850,000

908,723

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/31

.......

1,000,000

1,067,071

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/32

.......

1,000,000

1,063,739

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/33

.......

800,000

850,028

Pima

County

Regional

Transportation

Authority

,

Excise

Tax

,

Revenue

,

2014

,

5

%

,

6/01/24

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

3,385,000

3,389,770

Excise

Tax

,

Revenue

,

2014

,

5

%

,

6/01/26

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

7,180,000

7,188,945

Scottsdale

Municipal

Property

Corp.

,

City

of

Scottsdale

Excise

Tax

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

7/01/28

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

2,325,000

2,397,157

86,221,800

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

4,852,591

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

$

3,765,551

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/37

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

1,250,000

1,290,494

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/38

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

1,000,000

1,024,410

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/39

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

1,000,000

1,021,947

11,954,993

California

5.8%

Bay

Area

Toll

Authority

,

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/31

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

7,000,000

7,231,209

Revenue

,

2017

S-7

,

Refunding

,

4

%

,

4/01/33

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

5,000,000

5,137,518

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

12/01/27

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

2,000,000

1,987,193

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

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

11,000,000

11,341,953

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

6,800,000

5,622,052

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

6,550,000

5,225,611

b

California

Infrastructure

&

Economic

Development

Bank

,

California

Academy

of

Sciences

,

Revenue

,

2018

B

,

Refunding

,

Mandatory

Put

,

3.65

%

,

(

SIFMA

Municipal

Swap

Index

+

0.35

%

),

8/01/24

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

2,000,000

1,985,119

California

Statewide

Communities

Development

Authority

,

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/01/35

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

1,300,000

1,406,837

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/37

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

700,000

693,082

Emanate

Health

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/38

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

1,350,000

1,311,075

Southern

California

Edison

Co.

,

Revenue

,

2010

A

,

Refunding

,

1.75

%

,

9/01/29

....

7,000,000

5,847,599

City

of

Riverside

,

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/34

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

10,605,000

10,906,953

Sewer

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

8/01/35

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

11,000,000

11,300,757

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

6,035,000

4,569,740

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

5,400,000

4,203,517

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

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

4,825,000

3,891,897

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

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

4,515,000

4,175,749

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/31

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

8,220,000

8,755,182

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/32

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

4,615,000

4,951,535

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/33

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

3,960,000

4,239,559

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/34

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

4,080,000

4,356,027

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility

,

Revenue

,

2020

A

,

4

%

,

8/01/37

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

1,250,000

1,294,659

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series

,

2023

C

,

Refunding

,

5

%

,

5/01/33

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

15,000,000

16,722,479

d

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

5.248

%

,

(

3-month

TSOF

+

1.645

%

),

11/01/38

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

3,000,000

2,647,469

129,804,771

Colorado

4.1%

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75

%

,

11/15/41

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

5,325,000

5,993,960

Airport

System

,

Revenue

,

B

,

Refunding

,

5.25

%

,

11/15/26

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

5,000,000

5,013,989

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)

City

&

County

of

Denver,

(continued)

Airport

System

,

Revenue

,

B

,

Refunding

,

5.25

%

,

11/15/27

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

$

4,250,000

$

4,261,891

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/29

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

650,000

698,965

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/30

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

700,000

759,477

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/32

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

750,000

812,529

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/33

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

1,000,000

1,082,294

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

10/01/34

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

1,100,000

1,184,957

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/31

2,500,000

2,688,181

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/37

2,250,000

2,199,972

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/39

1,250,000

1,193,472

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/32

2,000,000

2,146,925

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/33

9,595,000

10,276,263

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/36

2,500,000

2,639,998

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/38

2,000,000

2,083,049

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/39

5,500,000

5,703,625

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/40

.........

3,000,000

3,127,387

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,006,981

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

13,110,000

14,124,714

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

4,200,000

5,058,668

Regional

Transportation

District

,

COP

,

2013

A

,

Refunding

,

5

%

,

6/01/26

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

14,000,000

14,015,088

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/33

........

1,000,000

1,009,785

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/35

........

1,400,000

1,405,765

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/43

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

1,000,000

1,058,447

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

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

500,000

455,595

90,001,977

Connecticut

1.7%

City

of

Stamford

,

GO

,

2019

,

3

%

,

6/01/35

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

3,025,000

2,874,365

GO

,

2019

,

3

%

,

6/01/36

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

3,025,000

2,809,189

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/38

..........

2,500,000

2,455,883

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/33

.....

5,000,000

5,061,396

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/35

.....

250,000

239,267

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/36

.....

4,750,000

4,499,981

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/32

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

700,000

768,002

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/33

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

625,000

683,164

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/34

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

725,000

790,774

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/26

...

200,000

206,441

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/27

...

250,000

261,515

State

of

Connecticut

,

GO

,

2020

C

,

4

%

,

6/01/34

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

1,500,000

1,571,084

GO

,

2021

A

,

3

%

,

1/15/33

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

3,500,000

3,350,477

Special

Tax

,

2020

A

,

4

%

,

5/01/36

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

3,500,000

3,595,807

University

of

Connecticut

,

Revenue

,

2016

A

,

5

%

,

3/15/30

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

3,075,000

3,204,267

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)

Connecticut

(continued)

University

of

Connecticut,

(continued)

Revenue

,

2016

A

,

5

%

,

3/15/31

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

$

5,025,000

$

5,231,733

37,603,345

Florida

7.2%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

B-1

,

Refunding

,

5

%

,

12/01/31

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

5,000,000

5,318,298

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

B-1

,

Refunding

,

5

%

,

12/01/32

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

1,600,000

1,699,758

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

B-1

,

Refunding

,

5

%

,

12/01/33

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

3,445,000

3,656,413

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

B-1

,

Refunding

,

5

%

,

12/01/35

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

2,350,000

2,479,838

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

A-1

,

Refunding

,

5

%

,

10/01/30

......

1,000,000

1,036,772

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

A-1

,

5

%

,

11/01/48

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

2,500,000

2,478,778

c

Capital

Trust

Agency,

Inc.

,

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

5,345,000

4,353,166

Revenue

,

144A,

2021

A-2

,

5.1

%

,

12/01/31

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

1,725,000

1,431,949

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

T

,

5.05

%

,

7/01/34

..........

855,000

711,258

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

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

255,000

227,753

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

5,837,515

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

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

1,500,000

1,614,166

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/39

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

1,650,000

1,540,819

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/40

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

2,500,000

2,052,265

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-1

,

2

%

,

1/01/29

4,300,000

3,735,008

City

of

Port

St.

Lucie

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

9/01/30

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

1,500,000

1,509,961

Utility

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

9/01/31

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

1,635,000

1,643,966

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

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

6,000,000

6,076,020

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

7/01/38

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

700,000

679,574

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

7/01/39

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

500,000

481,088

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

5

%

,

7/01/40

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

1,000,000

1,045,624

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

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

1,000,000

1,047,336

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

5

%

,

10/01/33

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

10,500,000

11,288,356

Revenue

,

2019

A

,

4

%

,

10/01/37

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

8,430,000

8,315,252

Herons

Glen

Recreation

District

,

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/32

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

185,000

175,721

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/33

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

300,000

282,072

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/34

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

245,000

225,177

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/35

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

255,000

232,504

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/36

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

260,000

231,858

JEA

Water

&

Sewer

System

,

Revenue

,

2014

A

,

5

%

,

10/01/26

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

1,455,000

1,462,789

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)

JEA

Water

&

Sewer

System,

(continued)

Revenue

,

2014

A

,

5

%

,

10/01/27

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

$

5,130,000

$

5,156,628

Revenue

,

2014

A

,

5

%

,

10/01/29

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

1,205,000

1,211,490

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/31

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

17,435,000

18,701,151

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group

,

Revenue

,

A-1

,

Refunding

,

4

%

,

4/01/37

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

5,000,000

4,890,255

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

4/01/49

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

12,000,000

10,916,521

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

5/01/57

6,965,000

5,972,488

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

5.45

%

,

5/01/32

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

1,000,000

1,030,367

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/28

.....

1,000,000

1,045,311

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/30

.....

2,875,000

2,985,340

Orlando

Utilities

Commission

,

Revenue

,

2018

A

,

5

%

,

10/01/33

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

1,755,000

1,882,271

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4.2

%

,

5/01/33

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

800,000

778,138

Special

Assessment

,

2023

,

5

%

,

5/01/43

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

2,000,000

1,918,350

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

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

500,000

440,118

State

of

Florida

,

GO

,

2015

E

,

Refunding

,

4

%

,

6/01/33

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

11,855,000

11,895,089

GO

,

2017

C

,

Refunding

,

4

%

,

6/01/32

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

7,855,000

8,065,277

GO

,

2017

C

,

Refunding

,

4

%

,

6/01/33

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

5,000,000

5,122,900

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

2,897,064

c

Village

Community

Development

District

No.

15

,

Special

Assessment

,

144A,

2023

,

4.85

%

,

5/01/38

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

1,000,000

990,746

158,770,558

Georgia

4.9%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2014

A

,

Refunding

,

5

%

,

1/01/27

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

7,000,000

7,007,811

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2014

A

,

Refunding

,

5

%

,

1/01/28

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

5,100,000

5,105,691

Water

&

Wastewater

,

Revenue

,

2018

C

,

Refunding

,

5

%

,

11/01/33

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

6,750,000

7,223,118

Water

&

Wastewater

,

Revenue

,

2018

C

,

Refunding

,

5

%

,

11/01/34

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

3,000,000

3,205,364

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/32

900,000

904,137

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/33

565,000

566,701

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/34

450,000

450,513

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/35

865,000

864,630

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/36

1,400,000

1,397,779

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/32

250,000

251,149

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/33

250,000

250,752

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/34

275,000

275,314

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/35

275,000

274,882

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/36

275,000

274,564

Development

Authority

for

Fulton

County

,

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/28

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

3,785,000

3,872,378

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/29

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

4,385,000

4,483,661

Spelman

College

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/30

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

4,805,000

4,912,407

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

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

2,375,000

2,137,049

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/27

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

1,750,000

1,837,272

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

%

,

2/15/28

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

$

2,100,000

$

2,205,286

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/29

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

2,000,000

2,098,153

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/30

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

1,000,000

1,047,904

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

C

,

4

%

,

12/01/25

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

1,000,000

995,732

b

Revenue

,

2021

C

,

Mandatory

Put

,

4

%

,

12/01/28

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

5,000,000

4,907,768

b

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

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

10,000,000

9,772,892

b

Revenue

,

2022

B

,

Mandatory

Put

,

5

%

,

6/01/29

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

10,200,000

10,487,775

b,c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

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

12,000,000

11,392,059

b

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

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

11,495,000

12,056,964

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

5

%

,

1/01/30

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

1,000,000

1,063,145

Revenue

,

2019

A

,

5

%

,

1/01/31

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

600,000

635,949

Revenue

,

2019

A

,

5

%

,

1/01/32

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

500,000

529,640

Revenue

,

2019

A

,

5

%

,

1/01/33

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

1,000,000

1,058,668

Revenue

,

2019

B

,

5

%

,

1/01/29

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

500,000

526,797

Revenue

,

2019

B

,

5

%

,

1/01/30

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

480,000

503,886

Revenue

,

2019

B

,

5

%

,

1/01/31

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

700,000

734,403

Revenue

,

2019

B

,

5

%

,

1/01/32

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

750,000

786,390

Revenue

,

2019

B

,

5

%

,

1/01/33

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

1,045,000

1,095,071

Revenue

,

2019

B

,

5

%

,

1/01/34

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

700,000

732,937

107,926,591

Hawaii

1.2%

State

of

Hawaii

,

GO

,

EO

,

5

%

,

8/01/28

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

21,695,000

21,896,405

Airports

System

,

Revenue

,

2020

A

,

4

%

,

7/01/35

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

4,420,000

4,443,003

26,339,408

Illinois

6.5%

Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.25

%

,

4/01/40

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

3,720,000

3,941,964

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2020

C

,

Refunding

,

4

%

,

1/01/35

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

4,000,000

4,116,023

Revenue,

Senior

Lien

,

2020

E

,

Refunding

,

4

%

,

1/01/35

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

1,560,000

1,605,249

Chicago

Park

District

,

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/32

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

1,500,000

1,633,015

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/33

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

3,000,000

3,258,452

GO

,

2020

F-2

,

Refunding

,

4

%

,

1/01/34

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

1,100,000

1,113,166

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/35

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

2,375,000

2,562,178

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/28

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

1,750,000

1,862,140

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AGMC

Insured

,

4

%

,

12/01/41

...........

6,000,000

6,031,008

City

of

Chicago

,

GO

,

1999

,

NATL

Insured

,

Zero

Cpn.,

1/01/31

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

4,000,000

2,968,876

GO

,

2003

B

,

Refunding

,

5

%

,

1/01/26

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

1,795,000

1,813,741

GO

,

2021

A

,

Refunding

,

5

%

,

1/01/33

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

9,500,000

10,122,083

GO

,

2021

A

,

Refunding

,

5

%

,

1/01/34

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

6,655,000

7,099,296

GO

,

2021

B

,

Refunding

,

4

%

,

1/01/35

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

4,295,000

4,156,332

GO

,

2021

B

,

Refunding

,

4

%

,

1/01/38

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

5,150,000

4,779,706

GO

,

2023

A

,

5

%

,

1/01/35

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

10,000,000

10,679,972

City

of

Galesburg

,

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/36

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

1,125,000

1,062,989

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)

City

of

Galesburg,

(continued)

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/41

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

$

1,475,000

$

1,310,085

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/15/40

12,645,000

12,386,610

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/28

.........

1,065,000

481,913

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/29

.........

1,100,000

497,750

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/30

.........

1,310,000

592,775

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/31

.........

1,095,000

495,487

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/15/35

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

500,000

447,907

Northwestern

University

,

Revenue

,

2015

,

5

%

,

12/01/28

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

1,675,000

1,842,994

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/25

..

1,000,000

982,969

Northern

Illinois

University

,

Revenue

,

2021

,

BAM

Insured

,

4

%

,

10/01/41

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

400,000

383,214

Revenue

,

2021

,

BAM

Insured

,

4

%

,

10/01/43

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

2,075,000

1,935,436

State

of

Illinois

,

GO

,

2014

,

AGMC

Insured

,

5

%

,

2/01/26

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

5,650,000

5,656,675

GO

,

2016

,

Refunding

,

5

%

,

2/01/26

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

1,000,000

1,030,297

GO

,

2016

,

Refunding

,

5

%

,

2/01/29

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

2,250,000

2,355,530

GO

,

2017

D

,

3.25

%

,

11/01/26

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

750,000

735,625

GO

,

2018

A

,

Refunding

,

5

%

,

10/01/29

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

1,125,000

1,197,522

GO

,

2018

B

,

Refunding

,

5

%

,

10/01/31

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

1,500,000

1,588,578

GO

,

2019

B

,

5

%

,

11/01/30

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

1,125,000

1,203,904

GO

,

2019

B

,

4

%

,

11/01/38

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

1,030,000

1,006,773

GO

,

2020

C

,

4

%

,

10/01/37

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

8,170,000

8,097,018

GO

,

2021

A

,

5

%

,

3/01/46

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

2,000,000

2,058,590

GO

,

2021

B

,

4

%

,

12/01/39

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

2,500,000

2,416,634

GO

,

2022

A

,

5

%

,

3/01/29

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

6,385,000

6,880,599

GO

,

2022

B

,

5

%

,

10/01/30

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

10,000,000

10,956,967

GO

,

2022

C

,

5.5

%

,

10/01/40

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

3,700,000

4,119,649

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

......

5,988,675

5,132,773

144,600,464

Indiana

1.8%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,518,042

Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/32

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

650,000

687,769

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/33

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

830,000

879,534

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/38

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

1,600,000

1,631,496

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/26

..

1,065,000

1,018,151

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/27

..

1,150,000

1,085,999

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/28

..

1,235,000

1,153,644

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/29

..

1,330,000

1,227,382

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/30

..

1,425,000

1,299,832

Indianapolis

Power

&

Light

Co.

,

Revenue

,

2021

A

,

Refunding

,

1.4

%

,

8/01/29

.....

3,000,000

2,616,176

State

Revolving

Fund

,

Revenue

,

2018

A

,

5

%

,

2/01/35

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

9,795,000

10,494,436

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

4

%

,

6/01/37

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

15,000,000

15,399,879

39,012,340

Iowa

1.3%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/32

....

680,000

629,049

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/36

....

650,000

573,719

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/41

....

350,000

287,119

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

Finance

Authority,

(continued)

b

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

4.274

%

,

5/15/26

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

$

3,250,000

$

3,000,164

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/31

.

1,800,000

1,918,734

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/32

.

1,920,000

2,043,813

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/33

.

2,030,000

2,155,020

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/34

.

2,135,000

2,258,535

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/35

.

1,250,000

1,315,511

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/36

.

2,470,000

2,579,757

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/37

.

2,595,000

2,687,362

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

A-2

,

1

,

Refunding

,

4

%

,

6/01/49

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

8,500,000

7,563,433

Revenue

,

2021

B-1

,

2

,

Refunding

,

4

%

,

6/01/49

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

1,220,000

1,185,761

28,197,977

Kansas

0.4%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014

A

,

5

%

,

9/01/28

.....

8,000,000

8,092,934

Kentucky

1.7%

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/29

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

1,355,000

1,397,885

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/30

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

1,410,000

1,459,815

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/31

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

1,470,000

1,517,907

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/35

1,000,000

1,064,917

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/36

1,000,000

1,055,999

Kentucky

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

5

%

,

9/01/34

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

6,500,000

6,662,824

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/31

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

1,500,000

1,563,573

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/32

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

1,600,000

1,665,605

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/33

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

1,000,000

1,039,285

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

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

2,000,000

2,153,181

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/26

.........

2,570,000

2,685,584

Kentucky

Transportation

Cabinet

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/28

.........

3,000,000

3,223,154

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/29

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

5,500,000

5,763,755

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/31

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

5,500,000

5,736,517

36,990,001

Louisiana

3.8%

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/35

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

1,310,000

1,338,969

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/36

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

2,000,000

2,037,229

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGMC

Insured

,

4

%

,

12/01/36

.......

6,000,000

6,109,597

Lafayette

Consolidated

Government

,

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/25

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

2,400,000

2,476,234

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/27

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

3,500,000

3,609,261

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/29

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

4,685,000

4,821,615

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

4

%

,

11/01/46

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

9,545,000

8,251,497

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.

,

Revenue

,

144A,

2020

A

,

Refunding

,

3.5

%

,

12/01/32

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

1,960,000

1,653,433

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.75

%

,

10/01/38

4,592,712

3,556,555

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)

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

(continued)

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

B

,

5.25

%

,

10/01/32

$

5,350,000

$

4,457,870

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/29

.......

1,240,000

1,279,002

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/29

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

10,000

10,448

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/30

.......

995,000

1,025,269

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/30

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

5,000

5,224

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

5

%

,

5/15/32

.......

1,485,000

1,526,872

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/32

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

15,000

15,672

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/28

1,000,000

1,046,569

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/29

2,000,000

2,089,709

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/30

2,250,000

2,348,366

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/31

1,745,000

1,821,027

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/32

1,750,000

1,824,844

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/33

2,000,000

2,082,534

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/36

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

4,750,000

5,214,165

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/37

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

2,000,000

2,175,515

Tulane

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

4/01/38

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

3,120,000

3,364,817

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

2,376,223

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

E

,

5

%

,

4/01/35

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

1,000,000

1,044,111

Revenue

,

2020

E

,

5

%

,

4/01/36

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

1,495,000

1,556,019

Revenue

,

2020

E

,

5

%

,

4/01/37

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

1,065,000

1,099,096

Revenue

,

2020

E

,

5

%

,

4/01/38

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

1,000,000

1,022,180

Revenue

,

2020

E

,

5

%

,

4/01/39

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

2,750,000

2,801,297

State

of

Louisiana

,

GO

,

2014

C

,

Refunding

,

5

%

,

8/01/25

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

10,000,000

10,119,531

84,160,750

Maine

0.3%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

7/01/35

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

1,000,000

1,084,543

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/36

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

1,000,000

1,009,536

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/37

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

1,150,000

1,152,403

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/38

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

2,690,000

2,675,015

5,921,497

Maryland

3.3%

City

of

Baltimore

,

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/29

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

1,000,000

1,056,034

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

2,940,000

3,102,472

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

2,085,000

2,199,308

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/32

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

3,240,000

3,410,412

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

7/01/30

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

6,450,000

6,806,443

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

7/01/32

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

5,905,000

6,226,218

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

5

%

,

7/01/28

......

2,790,000

2,842,092

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

5

%

,

7/01/29

......

5,835,000

5,942,776

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/29

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

1,320,000

1,393,964

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

1,785,000

1,883,644

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

3,765,000

3,971,413

Water

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/32

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

4,000,000

4,217,591

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)

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

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

$

5,000,000

$

4,522,749

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3.25

%

,

7/01/39

500,000

401,307

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/40

..

300,000

287,517

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/30

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

8,520,000

8,953,694

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/31

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

7,415,000

7,788,733

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/28

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

1,000,000

1,038,557

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/29

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

1,340,000

1,400,037

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/30

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

2,810,000

2,943,713

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/31

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

1,480,000

1,554,051

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/32

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

1,550,000

1,622,181

73,564,906

Massachusetts

2.1%

Commonwealth

of

Massachusetts

,

GO

,

A

,

Refunding

,

5

%

,

7/01/28

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

7,500,000

7,744,522

GO

,

A

,

Refunding

,

5

%

,

7/01/29

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

6,000,000

6,189,165

Massachusetts

Development

Finance

Agency

,

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/30

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

150,000

165,225

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/31

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

475,000

514,970

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/32

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

450,000

487,141

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/33

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

525,000

567,108

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/34

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

450,000

482,140

Massachusetts

Port

Authority

,

Revenue

,

2019

C

,

5

%

,

7/01/32

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

4,220,000

4,533,586

Revenue

,

2019

C

,

5

%

,

7/01/33

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

4,430,000

4,755,449

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

14,856,834

University

of

Massachusetts

Building

Authority

,

Revenue

,

2017-3

,

Refunding

,

5

%

,

11/01/32

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

5,000,000

5,396,187

45,692,327

Michigan

1.6%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

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

4,645,000

5,071,189

Lansing

School

District

,

GO

,

2016

I

,

5

%

,

5/01/30

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

1,860,000

1,946,760

GO

,

2016

I

,

5

%

,

5/01/31

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

2,010,000

2,102,325

GO

,

2016

I

,

5

%

,

5/01/32

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

2,310,000

2,406,265

Michigan

Finance

Authority

,

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Refunding

,

5

%

,

12/01/34

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

8,200,000

8,459,603

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

B-3

,

4

%

,

11/15/33

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

5,100,000

5,186,949

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Refunding

,

5

%

,

12/01/31

.

2,700,000

2,880,564

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

5

%

,

12/01/32

..........

1,115,000

1,186,392

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Pre-Refunded

,

5

%

,

12/01/32

135,000

146,332

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)

Michigan

(continued)

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

$

3,500,000

$

2,864,472

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

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

5,000,000

4,403,754

36,654,605

Mississippi

0.4%

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

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

1,860,000

1,812,641

Mississippi

Home

Corp.

,

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

4

%

,

6/01/46

..

8,143,623

5,801,118

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

2021

D-8

,

3.65

%

,

6/01/33

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

101,412

84,528

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

2021

D-8

,

4.15

%

,

6/01/46

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

400,000

292,072

c

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

144A,

2021

E-8

,

5.5

%

,

6/01/36

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

2,540,000

1,969,298

9,959,657

Missouri

1.7%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

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

12,500,000

13,438,133

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/27

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

3,250,000

3,301,048

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/28

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

4,500,000

4,561,640

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/29

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

4,045,000

4,099,980

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/33

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

2,745,000

2,782,442

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/34

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

2,180,000

2,206,834

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/35

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

1,575,000

1,589,472

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/36

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

3,205,000

3,228,760

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/37

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

2,000,000

2,002,514

37,210,823

Nebraska

0.2%

b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

5

%

,

10/01/29

.....

5,000,000

5,147,646

New

Jersey

2.5%

Hudson

County

Improvement

Authority

,

County

of

Hudson

,

Revenue

,

2010

,

Refunding

,

AGMC

Insured

,

5.375

%

,

10/01/24

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

2,050,000

2,086,593

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.

,

Revenue

,

2022

A

,

5

%

,

11/01/39

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

16,000,000

17,547,638

State

of

New

Jersey

Department

of

the

Treasury

,

Revenue

,

2019

LLL

,

5

%

,

6/15/39

1,000,000

1,067,973

State

of

New

Jersey

Department

of

the

Treasury

,

Revenue

,

AAA

,

5

%

,

6/15/34

....

5,000,000

5,208,049

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

5

%

,

9/01/36

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

5,000,000

5,166,975

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/30

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

900,000

938,426

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/31

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

1,080,000

1,124,474

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5

%

,

12/01/39

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

3,030,000

2,883,381

Revenue,

Senior

Lien

,

2020

B

,

3.5

%

,

12/01/39

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

1,410,000

1,345,429

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/36

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

6,200,000

6,345,876

Revenue

,

2022

A

,

4

%

,

6/15/41

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

7,500,000

7,432,148

New

Jersey

Turnpike

Authority

,

Revenue

,

2021

A

,

4

%

,

1/01/42

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

1,800,000

1,803,672

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/26

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

275,000

287,241

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)

Newark

Board

of

Education,

(continued)

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/27

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

$

330,000

$

350,674

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/28

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

325,000

350,388

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/29

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

320,000

348,393

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/31

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

400,000

445,546

GO

,

2021

,

Refunding

,

BAM

Insured

,

5

%

,

7/15/32

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

430,000

481,600

55,214,476

New

Mexico

0.5%

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15

%

,

4/01/33

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

13,500,000

10,486,063

New

York

6.4%

City

of

New

York

,

GO

,

2015

C

,

Refunding

,

5

%

,

8/01/25

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

2,000,000

2,047,548

GO

,

2015

C

,

Refunding

,

5

%

,

8/01/27

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

7,500,000

7,673,520

GO

,

2019

E

,

Refunding

,

5

%

,

8/01/34

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

3,500,000

3,820,964

GO

,

2021

C

,

4

%

,

8/01/37

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

5,000,000

5,080,120

GO

,

2023

A-1

,

4

%

,

9/01/46

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

5,000,000

4,894,012

GO

,

A-1

2017

A

,

5

%

,

8/01/29

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

10,000,000

10,485,441

Metropolitan

Transportation

Authority

,

b

Revenue

,

2015

A-2

,

Mandatory

Put

,

5

%

,

5/15/30

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

7,000,000

7,437,719

Revenue

,

2016

A-2

,

Refunding

,

5

%

,

11/15/25

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

21,090,000

21,778,188

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/34

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

3,265,000

3,367,298

Revenue

,

2017

B

,

Refunding

,

5

%

,

11/15/26

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

2,140,000

2,251,655

Revenue

,

2017

C-1

,

Refunding

,

5

%

,

11/15/31

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

1,870,000

2,003,658

Revenue

,

2017

C-1

,

Refunding

,

4

%

,

11/15/37

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

2,500,000

2,474,230

Revenue

,

2020

A-1

,

AGMC

Insured

,

4

%

,

11/15/41

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

5,545,000

5,394,232

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/27

1,000,000

1,050,195

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

3

%

,

3/01/36

..

2,500,000

2,206,850

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2014

D-1

,

5

%

,

2/01/27

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

8,740,000

8,760,368

Future

Tax

Secured

,

Revenue

,

2014

D-1

,

5

%

,

2/01/28

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

5,000,000

5,008,444

Future

Tax

Secured

,

Revenue

,

2020

C

,

4

%

,

5/01/37

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

1,400,000

1,425,468

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,061,342

New

York

State

Dormitory

Authority

,

Revenue

,

2009

A

,

AGMC

Insured

,

5

%

,

10/01/24

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

80,000

80,110

Northwell

Health

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/29

....

10,000,000

10,169,428

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2014

E

,

5

%

,

2/15/30

.........

4,980,000

5,068,699

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2014

E

,

Pre-Refunded

,

5

%

,

2/15/30

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

20,000

20,483

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

5

%

,

3/15/32

.........

9,995,000

10,908,549

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Pre-Refunded

,

5

%

,

3/15/32

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

5,000

5,502

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

6

%

,

4/01/35

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

4,275,000

4,627,414

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

234

,

Refunding

,

5.25

%

,

8/01/42

.

2,500,000

2,665,977

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/28

......

1,300,000

1,395,356

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/30

......

2,900,000

3,174,844

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/34

......

4,425,000

4,802,339

142,139,953

North

Carolina

0.1%

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/25

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

125,000

127,429

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)

North

Carolina

(continued)

North

Carolina

State

Education

Assistance

Authority,

(continued)

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/26

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

$

300,000

$

310,281

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/27

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

450,000

472,455

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/28

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

500,000

530,971

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/29

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

350,000

374,903

Revenue,

Senior

Lien

,

2020

A

,

3.125

%

,

6/01/39

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

280,000

262,646

2,078,685

North

Dakota

0.4%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/29

..

1,600,000

1,654,955

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/30

..

1,600,000

1,655,575

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/31

..

1,300,000

1,349,253

City

of

Horace

,

GO

,

2023

B

,

Refunding

,

5.125

%

,

7/01/25

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

4,250,000

4,281,431

8,941,214

Ohio

1.7%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-2

,

1

,

Refunding

,

4

%

,

6/01/48

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

5,765,000

5,051,892

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5

%

,

7/01/31

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

5,000,000

4,931,692

c

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

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

4,100,000

4,095,513

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25

%

,

3/01/26

...........

6,850,000

6,855,642

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

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

3,510,000

3,526,245

Ohio

Water

Development

Authority

,

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2017

A

,

5

%

,

12/01/31

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

10,000,000

10,683,955

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

11/15/35

1,000,000

1,039,109

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/36

905,000

854,873

37,038,921

Oregon

2.7%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

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

5,000,000

5,004,724

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

3,992,409

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,435,641

Hillsboro

School

District

No.

1J

,

GO

,

2020

,

4

%

,

6/15/36

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

2,605,000

2,679,236

GO

,

2020

,

4

%

,

6/15/38

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

4,575,000

4,632,197

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/34

1,100,000

1,200,951

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/35

800,000

868,514

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/36

1,300,000

1,397,432

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/25

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

425,000

432,909

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/26

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

150,000

154,511

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/28

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

325,000

341,250

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/29

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

600,000

634,516

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

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

275,000

290,754

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

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

2,000,000

1,656,295

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)

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/33

.......

$

9,440,000

$

10,154,529

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/34

.......

3,780,000

4,064,983

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/35

.......

9,010,000

9,660,058

Salem-Keizer

School

District

No.

24J

,

GO

,

2020

C

,

4

%

,

6/15/37

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

5,620,000

5,740,852

c

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

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

2,405,000

2,337,761

60,679,522

Pennsylvania

3.6%

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/41

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

1,000,000

1,104,291

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/42

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

1,000,000

1,098,663

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

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

5,000,000

5,411,405

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/28

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

600,000

626,997

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/29

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

600,000

629,241

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/30

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

700,000

736,022

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/31

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

675,000

712,428

City

of

Philadelphia

,

Water

&

Wastewater

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

11/01/31

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

5,750,000

6,147,109

Water

&

Wastewater

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

11/01/37

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

1,500,000

1,624,488

Water

&

Wastewater

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

11/01/38

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

2,000,000

2,146,535

Water

&

Wastewater

,

Revenue

,

2022

C

,

5

%

,

6/01/39

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

1,860,000

2,006,645

Water

&

Wastewater

,

Revenue

,

2022

C

,

5

%

,

6/01/40

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

3,260,000

3,498,643

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/33

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

2,100,000

2,305,883

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/34

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

1,750,000

1,921,107

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/35

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

1,450,000

1,586,699

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/40

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

2,525,000

2,450,109

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/41

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

2,375,000

2,276,678

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/42

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

2,815,000

2,677,742

b

Waste

Management

Obligated

Group

,

Revenue

,

2009

,

Mandatory

Put

,

0.95

%

,

12/01/26

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

3,000,000

2,715,172

b

Waste

Management,

Inc.

,

Revenue

,

2017

A

,

Mandatory

Put

,

0.58

%

,

8/01/24

.....

5,500,000

5,367,853

b

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1

%

,

11/02/26

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

6,750,000

6,152,676

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/39

.....

6,950,000

7,433,050

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2017

A

,

4

%

,

8/15/34

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

5,895,000

5,977,219

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

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

4,000,000

4,286,688

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

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

300,000

296,812

Philadelphia

Gas

Works

Co.

,

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/30

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

2,000,000

2,100,285

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/31

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

4,030,000

4,232,836

Redevelopment

Authority

of

the

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

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

2,425,000

1,972,407

79,495,683

Rhode

Island

0.1%

State

of

Rhode

Island

,

GO

,

2019

C

,

4

%

,

1/15/34

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

1,520,000

1,566,736

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)

Rhode

Island

(continued)

State

of

Rhode

Island,

(continued)

GO

,

2019

C

,

4

%

,

1/15/35

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

$

600,000

$

617,547

2,184,283

South

Carolina

2.9%

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.625

%

,

11/01/31

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

1,000,000

847,619

b

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.25

%

,

8/01/31

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

27,500,000

28,943,934

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

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

6,500,000

5,130,189

c

Revenue

,

144A,

2021

A-2

,

5.3

%

,

12/01/29

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

1,805,000

1,559,877

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

7,400,000

5,823,421

c

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

11,000,000

7,349,695

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

......

6,000,000

6,274,288

South

Carolina

Public

Service

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/31

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

2,355,000

2,572,129

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/25

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

1,000,000

1,025,404

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/26

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

750,000

784,164

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

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

3,300,000

3,218,298

63,529,018

South

Dakota

0.0%

†

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

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

1,150,000

854,597

Tennessee

2.7%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/31

1,500,000

1,612,909

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/34

1,000,000

1,069,444

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/35

2,550,000

2,715,537

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

8/01/36

1,000,000

990,465

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

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

5,565,000

6,393,624

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

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

21,895,000

22,795,544

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2018

,

Mandatory

Put

,

4

%

,

11/01/25

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

10,000,000

9,937,408

Revenue

,

2023

A-1

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/28

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

5,250,000

5,370,913

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

8,467,604

59,353,448

Texas

5.5%

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

921,647

City

of

Austin

,

Water

&

Wastewater

System

,

Revenue

,

2012

,

5

%

,

11/15/27

........

805,000

805,892

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/30

........

1,500,000

1,612,384

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/31

........

2,500,000

2,684,839

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/32

........

1,000,000

1,073,849

City

of

El

Paso

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/15/35

...................................

1,000,000

1,032,166

GO

,

2020

A

,

Refunding

,

4

%

,

8/15/36

...................................

1,000,000

1,024,907

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)

Texas

(continued)

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2016

B

,

Refunding

,

5

%

,

11/15/36

........................................................

$

7,800,000

$

8,093,467

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/01/27

10,415,000

10,849,202

Clifton

Higher

Education

Finance

Corp.

,

Southwestern

University

,

Revenue

,

2022

,

4

%

,

8/15/42

.........................................................

10,535,000

10,003,295

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

First

Lien

,

2021

A

,

2.5

%

,

10/01/31

....

500,000

421,614

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

5

%

,

10/01/30

....

100,000

110,988

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

5

%

,

10/01/31

....

60,000

67,116

County

of

Harris

,

Toll

Road

,

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

5

%

,

8/15/32

.............

2,500,000

2,715,679

Toll

Road

,

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

5

%

,

8/15/33

.............

2,500,000

2,714,694

Ector

County

Hospital

District

,

GO

,

2020

,

Refunding

,

5

%

,

9/15/29

.....................................

800,000

836,920

GO

,

2020

,

Refunding

,

5

%

,

9/15/30

.....................................

745,000

783,663

GO

,

2020

,

Refunding

,

5

%

,

9/15/31

.....................................

450,000

471,328

GO

,

2020

,

Refunding

,

5

%

,

9/15/32

.....................................

600,000

628,293

GO

,

2020

,

Refunding

,

5

%

,

9/15/33

.....................................

650,000

679,989

GO

,

2020

,

Refunding

,

4

%

,

9/15/34

.....................................

650,000

604,871

GO

,

2020

,

Refunding

,

4

%

,

9/15/35

.....................................

700,000

642,861

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2

%

,

9/01/28

.............................................

155,000

136,107

GO

,

2021

,

2

%

,

9/01/29

.............................................

155,000

132,923

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/34

200,000

172,223

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/35

225,000

213,367

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/36

250,000

231,999

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

........................................................

3,975,000

2,911,428

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.

,

Revenue

,

2021

,

Refunding

,

5

%

,

5/15/27

.............................................

2,000,000

2,138,625

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

.............................................

5,000,000

5,075,269

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

12,000,000

9,487,445

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/37

......

635,000

594,521

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/39

......

2,435,000

2,201,533

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/40

......

2,000,000

1,787,826

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/27

................................

1,000,000

1,027,729

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/30

................................

10,000,000

10,299,773

b

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5

%

,

1/01/30

....................................................

19,500,000

20,719,553

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2017

A

,

5

%

,

10/15/31

.................................

12,585,000

13,519,634

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

.........................

281,000

234,337

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/29

.....................................

290,000

256,289

GO,

Sub.

Lien

,

2021

,

2.25

%

,

8/15/31

...................................

300,000

257,392

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/33

.....................................

315,000

281,464

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/35

.....................................

335,000

292,292

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/37

.....................................

355,000

290,930

121,042,323

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)

Utah

0.1%

City

of

Lehi

,

Franchise

&

Sales

Tax

,

Revenue

,

2021

,

AGMC

Insured

,

4

%

,

2/01/48

...

$

3,000,000

$

2,858,111

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

363,703

3,221,814

Virginia

1.7%

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

1/15/32

......

10,000,000

10,418,623

Virginia

Public

Building

Authority

,

Revenue

,

B

,

4

%

,

8/01/29

............................................

9,605,000

9,817,285

Revenue

,

B

,

Pre-Refunded

,

4

%

,

8/01/29

................................

3,530,000

3,629,250

Virginia

Public

School

Authority

,

Revenue

,

2014

C

,

5

%

,

8/01/27

.................

4,460,000

4,510,139

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/32

........................................................

2,500,000

2,487,496

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

7/01/32

........................................................

2,000,000

1,989,924

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/01/35

....................................................

3,000,000

3,124,997

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/01/36

....................................................

3,000,000

2,897,218

38,874,932

Washington

4.0%

City

of

Seattle

,

Drainage

&

Wastewater

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/26

..............

2,995,000

3,015,571

Municipal

Light

&

Power

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

9/01/34

............

5,300,000

5,422,815

County

of

King

,

Sewer

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/25

.........................

1,200,000

1,213,023

Sewer

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/26

.........................

1,200,000

1,211,517

Sewer

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

.........................

1,900,000

1,918,128

Sewer

,

Revenue

,

2014

B

,

Pre-Refunded

,

5

%

,

7/01/28

......................

3,050,000

3,080,145

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/35

......

7,000,000

7,728,488

Bonneville

Power

Administration

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/24

..........

1,250,000

1,263,355

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

..............

9,420,000

8,850,880

Port

of

Seattle

,

Revenue

,

2018

A

,

5

%

,

5/01/38

.............................

5,000,000

5,089,918

Seattle

Housing

Authority

,

Yesler

Block

7.3

LLLP

,

Revenue

,

2021

,

1

%

,

6/01/25

.....

7,225,000

6,945,493

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/36

1,200,000

1,267,199

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/30

2,800,000

3,012,936

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/32

1,500,000

1,610,193

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/33

1,395,000

1,494,048

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/34

1,225,000

1,310,069

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/35

2,915,000

3,102,702

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/36

8,375,000

8,843,993

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/38

........................................................

1,000,000

1,055,093

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/39

........................................................

1,000,000

1,050,474

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/40

........................................................

1,000,000

1,045,115

c

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

3

%

,

12/01/35

.......................................................

440,000

391,966

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/30

........................................................

1,000,000

1,028,096

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/31

........................................................

1,925,000

1,978,027

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

(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/31

........................................................

$

2,250,000

$

2,321,218

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/32

........................................................

1,605,000

1,655,020

Virginia

Mason

Medical

Center

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/35

........................................................

2,400,000

2,461,689

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5

%

,

12/20/35

...................................

6,742,451

6,205,027

c

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

B

,

5.3

%

,

1/01/30

.

1,300,000

1,108,399

c

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5.625

%

,

7/01/38

........................................................

2,000,000

2,163,157

88,843,754

Wisconsin

2.6%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

3,356,241

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC

,

Revenue

,

2020

A

,

3.5

%

,

12/01/32

....................

1,405,000

1,185,242

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/15/37

.......................................................

600,000

538,572

Appalachian

Regional

Healthcare

System

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/46

........................................................

1,100,000

876,667

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/29

..........

285,000

278,784

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/30

..........

200,000

194,345

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/31

..........

200,000

193,066

EMU

Campus

Living

LLC

,

Revenue

,

2022

A-1

,

BAM

Insured

,

5.375

%

,

7/01/47

....

7,000,000

7,554,284

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

7,000,000

7,199,624

c

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

13,400,000

13,400,000

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

A

,

3.8

%

,

12/01/37

5,600,000

4,385,935

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

B

,

5.75

%

,

12/01/27

.......................................................

1,600,000

1,519,767

Renown

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/35

....................................................

2,100,000

2,056,031

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/27

...........................................

195,000

188,276

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/28

...........................................

250,000

239,902

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/29

...........................................

320,000

304,605

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/30

...........................................

265,000

250,407

b,c

WV

2020

Holdings

LLC

Obligated

Group

,

Revenue

,

144A,

2020

A-1

,

Mandatory

Put

,

3.5

%

,

12/01/35

..................................................

9,700,000

7,746,076

Wisconsin

Health

&

Educational

Facilities

Authority

,

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/34

........................................

600,000

603,735

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/35

........................................

1,000,000

1,003,154

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/36

........................................

600,000

601,701

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

2/15/37

........................................

600,000

595,797

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/28

....................................................

375,000

340,389

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/29

....................................................

390,000

345,769

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

See

Abbreviations

on

page

199

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/30

....................................................

$

405,000

$

350,771

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/37

....................................................

1,460,000

1,059,394

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

8/15/41

......

1,650,000

1,346,187

57,714,721

U.S.

Territories

0.2%

District

of

Columbia

0.2%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

7/01/30

.........................................................

5,185,000

5,514,578

Puerto

Rico

0.0%

†

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

469,959

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/30

..

550,000

590,345

1,060,304

Total

U.S.

Territories

....................................................................

6,574,882

Total

Municipal

Bonds

(Cost

$

2,219,665,247

)

...................................

2,143,419,618

Total

Long

Term

Investments

(Cost

$

2,277,268,560

)

.............................

2,193,269,322

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

New

York

0.0%

†

e

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

BB-1

A

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

3.35

%

,

6/15/49

..

900,000

900,000

Oregon

0.1%

e

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

8/01/34

.............

1,600,000

1,600,000

Total

Municipal

Bonds

(Cost

$

2,500,000

)

.......................................

2,500,000

Total

Short

Term

Investments

(Cost

$

2,500,000

)

.................................

2,500,000

a

Total

Investments

(Cost

$

2,279,768,560

)

98

.9

%

..................................

$2,195,769,322

Other

Assets,

less

Liabilities

1

.1

%

.............................................

23,327,529

Net

Assets

100.0%

...........................................................

$2,219,096,851

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$168,419,851,

representing

7.6%

of

net

assets.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

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

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,

2023

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

4.0%

Capital

Markets

4.0%

a

Franklin

Municipal

Green

Bond

ETF

.....................................

1,550,000

$

36,532,880

Total

Management

Investment

Companies

(Cost

$

39,888,825

)

....................

36,532,880

Principal

Amount

a

a

a

a

Senior

Floating

Rate

Interests

4.7%

Real

Estate

Management

&

Development

3.4%

b

Baytown

Leased

Housing

Associates

II

LP

,

Project

Term

Loan

,

7.571

%

,

(

1-month

USD

LIBOR

+

2.251

%

),

8/01/40

...........................................

$

25,110,000

25,898,653

b

,c

TBG

Hillcrest

Senior

II

LP

,

Delayed

Draw

Term

Loan

,

6.871

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/01/38

...................................................

4,965,637

5,052,454

30,951,107

a

a

a

a

a

Residential

REITs

1.3%

b

,c

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

7.07

%

,

(

1-month

USD

LIBOR

+

2

%

),

1/08/24

.....................................................

12,166,852

12,326,333

Total

Senior

Floating

Rate

Interests

(Cost

$

42,242,488

)

..........................

43,277,440

Municipal

Bonds

89.7%

Alabama

6.3%

Black

Belt

Energy

Gas

District

,

d

Revenue

,

2019

A-1

,

Mandatory

Put

,

4

%

,

12/01/25

.........................

5,000,000

4,971,308

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/24

...............................

400,000

400,032

d

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/26

...........................

5,000,000

4,950,593

d

Revenue

,

2022

E

,

Mandatory

Put

,

5

%

,

6/01/28

............................

4,000,000

4,131,679

d

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

.......................

10,000,000

10,612,856

d

Revenue

,

2023

D-3

,

Refunding

,

Mandatory

Put

,

5.414

%

,

2/01/29

..............

5,000,000

5,037,386

d

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

.........................

4,285,000

4,578,239

Revenue

,

2023

B-1

,

Mandatory

Put

,

5.75

%

,

11/01/31

.......................

3,500,000

3,830,308

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

3,837,107

Alabama

Power

Co.

,

Revenue

,

2008

,

Mandatory

Put

,

2.9

%

,

12/12/23

...........

7,550,000

7,548,326

d

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2018

A

,

Mandatory

Put

,

4

%

,

6/01/24

.........................................................

5,000,000

4,992,657

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2021

A

,

4

%

,

10/01/24

..

725,000

725,434

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/24

...........

1,500,000

1,516,140

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/26

...........

1,030,000

1,072,153

58,204,218

Alaska

1.1%

Borough

of

Matanuska-Susitna

,

State

of

Alaska

Department

of

Administration

,

Revenue

,

2015

,

Refunding

,

5.25

%

,

9/01/29

..............................

10,000,000

10,282,801

Arizona

2.1%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/24

.......................................................

1,000,000

1,002,856

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/25

.......................................................

1,000,000

1,005,674

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

C

,

1.8

%

,

7/01/24

...........

450,000

437,653

d

Maricopa

County

Industrial

Development

Authority

,

HonorHealth

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

4.1

%

,

(

SIFMA

Municipal

Swap

Index

+

0.8

%

),

9/01/24

.........................................................

17,000,000

16,979,466

19,425,649

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)

California

4.4%

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-1

,

4

%

,

8/01/25

......................................

$

535,000

$

537,069

Revenue

,

2021

B-1

,

4

%

,

2/01/26

......................................

850,000

854,381

Revenue

,

2021

B-1

,

4

%

,

8/01/26

......................................

325,000

327,415

Revenue

,

2021

B-1

,

4

%

,

8/01/27

......................................

400,000

404,217

Revenue

,

2021

B-1

,

4

%

,

2/01/28

......................................

375,000

379,109

Revenue

,

2021

B-1

,

4

%

,

8/01/28

......................................

470,000

474,851

d

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

........................

4,245,000

4,376,963

e

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..............................................

3,090,000

2,554,727

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

12,991,204

d

,e

California

Municipal

Finance

Authority

,

Farmdale

NOHO

LP

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

5

%

,

12/01/23

.........................................

13,060,000

13,060,000

d

California

Statewide

Communities

Development

Authority

,

Southern

California

Edison

Co.

,

Revenue

,

D

,

Refunding

,

Mandatory

Put

,

2.625

%

,

12/01/23

...............

3,000,000

3,000,000

e

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

985,000

745,848

f

Long

Beach

Bond

Finance

Authority

,

Revenue

,

FRN

,

2007

B

,

5.23

%

,

(

3-month

TSOF

+

1.712

%

),

11/15/27

.................................................

1,125,000

1,120,715

40,826,499

Colorado

0.9%

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/29

...............................................

900,000

971,500

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

5,645,000

6,081,923

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/15/24

........

400,000

400,306

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/15/24

........

300,000

301,422

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/15/25

........

325,000

327,981

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/15/25

........

400,000

408,303

8,491,435

Connecticut

0.0%

†

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/24

...

175,000

175,993

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

5

%

,

7/01/25

...

170,000

172,963

348,956

Delaware

0.5%

d

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25

%

,

10/01/25

..............................

5,000,000

4,644,641

Florida

1.3%

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/24

.........................................................

215,000

213,344

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

B-2

,

1.45

%

,

1/01/27

............................................

2,000,000

1,807,342

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......................................

1,000,000

1,031,796

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/24

................................

1,805,000

1,825,479

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/25

................................

1,800,000

1,854,655

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/26

................................

1,940,000

2,044,846

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

(continued)

d

,e

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A-2

,

Mandatory

Put

,

6.5

%

,

5/01/25

....................................................

$

2,400,000

$

2,322,392

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/27

.........................................................

500,000

504,649

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4

%

,

5/01/28

300,000

294,993

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/24

.......

230,000

228,436

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/25

.......

180,000

175,834

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/26

.......

220,000

211,423

12,515,189

Georgia

4.1%

City

of

Atlanta

,

Department

of

Aviation

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/25

...

1,500,000

1,546,787

d

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue

,

4th

1995

,

Mandatory

Put

,

3.8

%

,

5/21/26

........................................

3,000,000

2,973,866

d

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

........................................................

2,000,000

1,799,620

Georgia

Power

Co.

,

Revenue,

Second

Series

,

2006

,

Refunding

,

Mandatory

Put

,

3.875

%

,

3/06/26

.................................................

3,500,000

3,476,306

Main

Street

Natural

Gas,

Inc.

,

d

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

9/01/27

............................

3,250,000

3,234,686

Revenue

,

2021

C

,

4

%

,

12/01/23

.......................................

725,000

725,000

Revenue

,

2021

C

,

4

%

,

12/01/24

.......................................

735,000

732,576

d

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

...........................

4,500,000

4,397,801

d,e

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

......................

15,000,000

14,240,075

d

Revenue

,

2023

D

,

Mandatory

Put

,

5

%

,

12/01/30

...........................

4,000,000

4,138,390

Private

Colleges

&

Universities

Authority

,

Mercer

University

,

Revenue

,

2021

,

Refunding

,

5

%

,

10/01/24

.................

400,000

404,948

Mercer

University

,

Revenue

,

2021

,

Refunding

,

5

%

,

10/01/25

.................

425,000

437,066

38,107,121

Hawaii

1.8%

University

of

Hawaii

,

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/24

..............................

3,440,000

3,489,021

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/25

..............................

3,440,000

3,556,185

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/26

..............................

2,865,000

3,025,830

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/24

..............................

600,000

608,550

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/25

..............................

1,725,000

1,783,262

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/26

..............................

4,360,000

4,604,753

17,067,601

Illinois

8.2%

Chicago

Board

of

Education

,

GO

,

1998

B-1

,

NATL

Insured

,

Zero

Cpn.,

12/01/23

.........................

2,000,000

2,000,000

GO

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/23

......................

1,000,000

1,000,000

Chicago

Park

District

,

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/25

..................................

350,000

355,591

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/26

..................................

500,000

516,683

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/27

..................................

550,000

577,936

Chicago

Transit

Authority

Capital

Grant

Receipts

,

Revenue

,

2021

,

Refunding

,

5

%

,

6/01/24

.........................................................

1,425,000

1,433,852

City

of

Chicago

,

GO

,

2015

C

,

Refunding

,

5

%

,

1/01/25

...................................

1,900,000

1,922,269

GO

,

2020

A

,

Refunding

,

5

%

,

1/01/28

...................................

3,100,000

3,237,076

City

of

Moline

,

GO

,

2021

C

,

AGMC

Insured

,

0.702

%

,

12/01/23

...........................

1,175,000

1,175,000

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

45

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

City

of

Moline,

(continued)

GO

,

2021

C

,

AGMC

Insured

,

1.151

%

,

12/01/24

...........................

$

580,000

$

555,432

GO

,

2021

C

,

AGMC

Insured

,

1.439

%

,

12/01/25

...........................

925,000

854,986

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/29

...........

845,000

930,560

Illinois

Finance

Authority

,

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/27

.........

2,810,000

1,271,525

d

Field

Museum

of

Natural

History

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

4.924

%

,

9/01/25

.................................................

3,635,000

3,632,490

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/15/27

........................................................

590,000

567,598

d

OSF

Healthcare

System

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

Mandatory

Put

,

5

%

,

11/15/24

.......................................

1,250,000

1,254,239

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

3

%

,

6/15/24

..

2,500,000

2,482,981

State

of

Illinois

,

GO

,

2010-4

,

AGMC

Insured

,

6.875

%

,

7/01/25

............................

500,000

506,687

GO

,

2016

,

Refunding

,

5

%

,

2/01/25

.....................................

10,000,000

10,157,739

GO

,

2016

,

Refunding

,

5

%

,

2/01/29

.....................................

750,000

785,177

GO

,

2017

C

,

5

%

,

11/01/29

...........................................

2,000,000

2,102,229

GO

,

2017

D

,

5

%

,

11/01/27

...........................................

5,025,000

5,324,330

GO

,

2018

A

,

6

%

,

5/01/25

............................................

6,000,000

6,197,588

GO

,

2018

A

,

Refunding

,

5

%

,

10/01/29

..................................

375,000

399,174

GO

,

2018

B

,

Refunding

,

5

%

,

10/01/31

..................................

625,000

661,907

GO

,

2019

B

,

5

%

,

11/01/30

...........................................

375,000

401,301

GO

,

2022

B

,

Refunding

,

5

%

,

3/01/24

...................................

2,500,000

2,507,662

Sales

Tax

,

Revenue

,

2021

A

,

4

%

,

6/15/24

...............................

5,000,000

5,011,673

Sales

Tax

,

Revenue

,

2021

A

,

4

%

,

6/15/27

...............................

1,500,000

1,520,524

Sales

Tax

,

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

6/15/24

.............

3,300,000

3,324,889

Sales

Tax

,

Revenue,

Junior

Lien

,

2021

C

,

Refunding

,

5

%

,

6/15/25

.............

2,000,000

2,039,814

University

of

Illinois

,

Auxiliary

Facilities

System

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/25

.........................................................

11,660,000

11,552,993

76,261,905

Indiana

1.4%

e

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

B

,

4.75

%

,

8/01/24

1,560,000

1,518,042

Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/24

..

1,000,000

984,511

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/25

..

1,000,000

969,413

Indianapolis

Power

&

Light

Co.

,

Revenue

,

2021

B

,

Refunding

,

0.65

%

,

8/01/25

....

4,500,000

4,192,865

d

Southern

Indiana

Gas

&

Electric

Co.

,

Revenue

,

2013

E

,

Refunding

,

Mandatory

Put

,

3.55

%

,

8/01/28

..................................................

5,000,000

4,968,953

12,633,784

Iowa

1.1%

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AGMC

Insured

,

3

%

,

6/01/29

.............................

9,300,000

9,100,750

d

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

4.274

%

,

(

SOFR

+

0.55

%

),

5/15/26

..............

1,500,000

1,384,691

10,485,441

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,686,084

Kentucky

4.0%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

...

3,375,000

3,073,607

d,g

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7

%

,

6/01/27

..

2,500,000

2,514,144

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)

Kentucky

(continued)

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

3.5

%

,

10/01/24

.............................

$

1,120,000

$

1,119,989

Revenue

,

2021

A

,

Refunding

,

3.5

%

,

10/01/25

.............................

1,155,000

1,148,932

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/26

..............................

1,205,000

1,229,031

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/27

..............................

1,255,000

1,292,375

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/28

..............................

1,305,000

1,348,143

d

Kentucky

Public

Energy

Authority

,

Revenue

,

2020

A

,

Mandatory

Put

,

4

%

,

6/01/26

............................

10,000,000

9,839,939

Revenue

,

2022

A-2

,

Mandatory

Put

,

4.764

%

,

8/01/30

.......................

14,125,000

13,667,285

e

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

B

,

6.75

%

,

5/01/25

................................

1,360,000

1,317,488

36,550,933

Louisiana

4.4%

City

of

New

Orleans

,

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/26

.........................

450,000

468,914

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/27

.........................

600,000

637,040

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/28

.........................

550,000

593,077

d

Lake

Charles

Harbor

&

Terminal

District

,

Big

Lake

Fuels

LLC

,

Revenue

,

2021

,

Mandatory

Put

,

1

%

,

12/01/24

.........................................

10,000,000

9,622,003

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

...................................

503,000

485,564

h

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15

%

,

9/01/27

.........................................................

1,500,000

1,518,488

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

5

%

,

10/01/25

.......

250,000

255,671

d

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

Mandatory

Put

,

5

%

,

5/15/25

........................................

7,500,000

7,629,051

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

16,805,579

d

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.224

%

,

(

SOFR

+

0.5

%

),

5/01/26

..........................

2,950,000

2,890,101

40,905,488

Maryland

2.6%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

......................

5,000,000

5,181,237

City

of

Cumberland

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/24

.........................

395,000

398,512

GO

,

2021

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/25

.........................

455,000

466,975

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

...............................................

10,000,000

10,204,537

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

5,366,497

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

......................

30,000

31,724

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/26

...............

1,035,000

1,054,180

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/27

...............

1,215,000

1,251,223

23,954,885

Massachusetts

1.7%

d

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

S-4

,

Refunding

,

Mandatory

Put

,

5

%

,

1/25/24

........................................................

5,000,000

5,010,837

President

&

Trustees

of

Williams

College

,

Revenue

,

2011

N

,

Mandatory

Put

,

0.45

%

,

7/01/25

........................................................

1,000,000

938,254

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)

Massachusetts

(continued)

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2022

C-3

,

FHA

Insured

,

4

%

,

6/01/26

.........................................................

$

10,000,000

$

10,111,838

16,060,929

Michigan

1.7%

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/27

.......................................

2,000,000

2,078,969

d

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

......

5,915,000

5,209,641

Waste

Management

of

Michigan,

Inc.

,

Revenue

,

2001

,

Mandatory

Put

,

0.58

%

,

8/01/24

........................................................

3,300,000

3,220,712

e

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

144A,

2017

E

,

Refunding

,

4

%

,

12/01/26

.................................

5,000,000

5,058,217

15,567,539

Minnesota

3.0%

d

City

of

Columbia

Heights

,

42

Central

LP

,

Revenue

,

2022

A

,

Mandatory

Put

,

2.7

%

,

7/01/24

.........................................................

1,000,000

988,727

Dakota

County

Community

Development

Agency

,

Eagan

AH

I

LLLP

,

Revenue

,

2020

,

4.125

%

,

6/01/24

...................................................

1,680,000

1,680,054

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

6,081,277

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

5

%

,

10/01/26

.....................

1,000,000

1,047,544

University

of

St.

Thomas

,

Revenue

,

2019

,

5

%

,

10/01/27

.....................

1,000,000

1,066,646

d

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

...........................

8,785,000

8,741,506

Revenue

,

2022

B

,

Mandatory

Put

,

4.564

%

,

12/01/27

.......................

8,000,000

7,920,333

27,526,087

Mississippi

0.6%

d

County

of

Jackson

,

Chevron

Corp.

,

GO

,

1994

,

Refunding

,

Mandatory

Put

,

3.75

%

,

2/01/24

.........................................................

2,900,000

2,900,000

d

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

........................................

2,500,000

2,265,318

Mississippi

Home

Corp.

,

e

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2021

A-5

,

2.75

%

,

6/01/26

215,233

205,038

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group

,

Revenue

,

2021

D-8

,

2.9

%

,

6/01/26

...................................................

62,807

60,053

5,430,409

Missouri

0.2%

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/24

...............

300,000

300,656

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/25

...............

500,000

503,997

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/26

...............

405,000

411,204

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/27

...............

660,000

676,246

1,892,103

Nebraska

0.7%

d

Central

Plains

Energy

Project

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

5

%

,

1/01/24

.........................................................

4,250,000

4,261,181

Nebraska

Public

Power

District

,

Revenue

,

2021

C

,

Refunding

,

5

%

,

1/01/24

........

2,500,000

2,503,153

6,764,334

Nevada

0.5%

Las

Vegas

Valley

Water

District

,

GO

,

2020

D

,

Refunding

,

5

%

,

6/01/24

...................................

1,745,000

1,760,517

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)

Nevada

(continued)

Las

Vegas

Valley

Water

District,

(continued)

GO

,

2020

D

,

Refunding

,

5

%

,

6/01/25

...................................

$

2,750,000

$

2,828,047

4,588,564

New

Hampshire

0.5%

d

New

Hampshire

Business

Finance

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2018

A

,

Refunding

,

Mandatory

Put

,

3.675

%

,

(

SIFMA

Municipal

Swap

Index

+

0.375

%

),

7/01/24

.........................................................

5,000,000

4,969,882

New

Jersey

8.2%

City

of

Newark

,

GO

,

2020

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/24

...........

1,000,000

1,013,432

County

of

Atlantic

,

GO

,

2020

,

0.375

%

,

6/01/24

..........................................

1,765,000

1,732,109

GO

,

2020

,

0.375

%

,

6/01/25

..........................................

1,800,000

1,700,729

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

.................................

4,215,000

4,061,200

County

of

Union

,

GO

,

2020

,

0.5

%

,

3/01/24

................................

5,290,000

5,242,833

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGMC

Insured

,

5.75

%

,

11/01/28

25,000,000

26,740,320

New

Jersey

Economic

Development

Authority

,

e

Revenue

,

144A,

2019

,

Refunding

,

5.25

%

,

9/01/27

.........................

6,000,000

6,479,368

New

Jersey

Transit

Corp.

,

Revenue

,

2022

A

,

5

%

,

11/01/25

...................

1,000,000

1,034,392

d

New

Jersey-American

Water

Co.,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

Mandatory

Put

,

2.05

%

,

12/03/29

.................................................

7,500,000

6,484,008

New

Jersey

Educational

Facilities

Authority

,

Revenue

,

2014

,

5

%

,

6/01/24

.........

280,000

282,285

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2006

C

,

AMBAC

Insured

,

Zero

Cpn.,

12/15/26

....................

10,000,000

9,019,837

Revenue

,

2006

C

,

BHAC

Insured

,

Zero

Cpn.,

12/15/27

......................

11,110,000

9,762,475

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

5

%

,

7/15/24

................

400,000

403,787

State

of

New

Jersey

,

GO

,

3

%

,

6/01/25

....................................

2,000,000

1,990,061

75,946,836

New

Mexico

0.7%

d

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

................................................

4,250,000

3,801,239

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

D

,

Refunding

,

Mandatory

Put

,

3.9

%

,

6/01/28

...................................................

3,000,000

3,000,270

6,801,509

New

York

4.4%

County

of

Suffolk

,

GO

,

2018

B

,

AGMC

Insured

,

4

%

,

10/15/28

..................

4,205,000

4,323,640

Metropolitan

Transportation

Authority

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

11/15/25

.

3,980,000

4,109,871

New

York

City

Industrial

Development

Agency

,

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/24

1,000,000

1,001,147

Queens

Ballpark

Co.

LLC

,

Revenue

,

2021

A

,

Refunding

,

AGMC

Insured

,

5

%

,

1/01/25

1,000,000

1,017,777

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

687,114

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

2,935,468

d

Rochester

Gas

and

Electric

Corp.

,

Revenue

,

1997

A

,

Refunding

,

Mandatory

Put

,

3

%

,

7/01/25

........................................................

10,000,000

9,930,366

New

York

State

Housing

Finance

Agency

,

Revenue

,

2020

F

,

1.1

%

,

11/01/26

......................................

2,860,000

2,633,652

d

Revenue

,

2022

A-2

,

Mandatory

Put

,

2.5

%

,

5/01/27

.........................

3,000,000

2,871,170

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/36

..........................

7,195,000

7,245,348

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/25

...

500,000

510,002

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/25

...

2,200,000

2,262,286

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

York

(continued)

State

of

New

York

Mortgage

Agency

,

Homeowner

Mortgage

,

Revenue

,

212

,

2.95

%

,

4/01/25

.........................................................

$

895,000

$

884,733

40,412,574

North

Carolina

0.9%

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/24

..........

1,200,000

1,208,799

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/25

..........

1,000,000

1,017,197

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/26

..........

850,000

877,172

North

Carolina

State

University

at

Raleigh

,

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/26

................................

3,000,000

3,175,940

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/27

................................

1,500,000

1,622,469

7,901,577

North

Dakota

1.6%

Cass

County

Joint

Water

Resource

District

,

GO

,

2021

A

,

Refunding

,

0.48

%

,

5/01/24

.

5,000,000

4,905,182

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/27

..

2,325,000

2,382,871

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/28

..

1,680,000

1,730,707

City

of

Horace

,

GO

,

2022

A

,

Refunding

,

3.25

%

,

8/01/24

.................................

340,000

340,015

GO

,

2023

B

,

Refunding

,

5.125

%

,

7/01/25

................................

5,000,000

5,036,978

14,395,753

Ohio

1.8%

d

Ohio

Air

Quality

Development

Authority

,

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

...............................

7,500,000

7,533,779

e

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

...................................

1,700,000

1,698,140

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25

%

,

3/01/26

...........

3,000,000

3,002,471

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

.............

2,560,000

2,560,000

Youngstown

State

University

,

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/24

...................

645,000

649,877

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/25

...................

580,000

589,863

Revenue

,

2021

,

Refunding

,

AGMC

Insured

,

4

%

,

12/15/26

...................

850,000

872,130

16,906,260

Oregon

0.9%

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2021

,

3

%

,

6/15/25

.........................................................

850,000

849,829

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,059,893

State

of

Oregon

,

GO

,

2015

B

,

Refunding

,

5

%

,

8/01/27

........................

2,785,000

2,874,280

e

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/25

............................

2,270,000

2,251,481

8,035,483

Pennsylvania

5.6%

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AGMC

Insured

,

5.25

%

,

1/01/36

1,000,000

1,120,347

Allegheny

County

Hospital

Development

Authority

,

Allegheny

Health

Network

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

4/01/24

.........................

4,000,000

4,017,505

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/24

.................................

150,000

150,591

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/25

.................................

500,000

506,068

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/26

.................................

500,000

512,569

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/27

.................................

590,000

610,961

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)

Pennsylvania

(continued)

d

Bethlehem

Area

School

District

Authority

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

3.914

%

,

(

SOFR

+

0.35

%

),

11/01/25

................................

$

1,990,000

$

1,955,549

d

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2014

B

,

Refunding

,

Mandatory

Put

,

4.725

%

,

(

1-month

TSOF

+

1.184

%

),

6/01/24

.........

10,000,000

10,011,240

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625

%

,

2/15/27

...................................

8,500,000

8,236,415

d

Montgomery

County

Industrial

Development

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

2023

A

,

Refunding

,

Mandatory

Put

,

4.1

%

,

4/03/28

.............

5,000,000

5,013,553

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/15/29

...........

1,230,000

1,291,897

d

Waste

Management,

Inc.

,

Revenue

,

2021

A

,

Mandatory

Put

,

3.7

%

,

6/03/24

......

6,000,000

5,968,417

d

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1

%

,

11/02/26

.......................................................

4,000,000

3,646,030

Philadelphia

Gas

Works

Co.

,

Revenue

,

16th

A

,

AGMC

Insured

,

5

%

,

8/01/25

............................

500,000

514,691

Revenue

,

16th

A

,

AGMC

Insured

,

5

%

,

8/01/26

............................

600,000

629,598

f

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2019

,

ETM,

3.66

%

,

(

SIFMA

Municipal

Swap

Index

+

0.36

%

),

2/15/24

......

7,750,000

7,750,630

51,936,061

Rhode

Island

0.2%

City

of

Providence

,

GO

,

2021

A

,

Refunding

,

5

%

,

1/15/24

...................................

500,000

500,724

GO

,

2021

A

,

Refunding

,

5

%

,

1/15/25

...................................

500,000

508,408

GO

,

2021

A

,

Refunding

,

5

%

,

1/15/26

...................................

500,000

516,533

1,525,665

South

Carolina

1.8%

d

Columbia

Housing

Authority

,

Columbia

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2022

,

Mandatory

Put

,

2.25

%

,

10/01/25

..................................

9,000,000

8,780,803

e

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

520,000

483,789

d

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.25

%

,

8/01/31

.........................................................

3,535,000

3,720,611

South

Carolina

Public

Service

Authority

,

Revenue

,

2021

B

,

5

%

,

12/01/24

..........

1,750,000

1,771,724

e

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/24

..................................

1,500,000

1,462,863

16,219,790

South

Dakota

0.0%

†

South

Dakota

Health

&

Educational

Facilities

Authority

,

Sanford

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

1.225

%

,

11/01/24

............................

450,000

432,631

Tennessee

3.4%

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

..............................

6,670,000

7,663,158

d

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

8,010,000

8,339,452

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

5

%

,

11/01/24

.......................................

250,000

252,190

Revenue

,

2021

A

,

5

%

,

11/01/25

.......................................

350,000

356,628

d

Revenue

,

2023

A-1

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/28

.................

14,560,000

14,895,333

31,506,761

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)

Texas

3.2%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn.,

8/15/27

.................................................

$

3,280,000

$

2,908,772

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

5,156,432

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,062,011

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

5,266,230

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2

%

,

9/01/24

.............................................

140,000

136,647

GO

,

2021

,

2

%

,

9/01/25

.............................................

145,000

137,406

GO

,

2021

,

2

%

,

9/01/26

.............................................

150,000

138,500

GO

,

2021

,

2

%

,

9/01/27

.............................................

155,000

139,774

d

Mission

Economic

Development

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.25

%

,

6/03/24

.......................................

3,250,000

3,244,912

d

Texas

Department

of

Housing

&

Community

Affairs

,

FishPond

Living

at

Corpus

Christi

LP

,

Revenue

,

2020

,

Mandatory

Put

,

4

%

,

12/01/23

.........................

2,000,000

2,000,000

d

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5

%

,

1/01/30

....................................................

5,000,000

5,312,706

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

3,446,429

e

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

.........................

140,000

128,587

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/25

.....................................

265,000

251,535

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/27

.....................................

280,000

257,755

29,587,696

Virginia

0.5%

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/29

........................................................

180,000

179,957

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

7/01/29

........................................................

1,750,000

1,748,617

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/23

...

300,000

300,000

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/24

...

220,000

215,980

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/25

...

230,000

221,550

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/26

...

235,000

222,276

d

Pure

Salmon

Virginia

LLC

,

Revenue

,

2022

,

Mandatory

Put

,

5

%

,

11/15/24

........

1,500,000

1,504,491

4,392,871

Washington

1.1%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO

,

2018

,

5

%

,

12/01/27

..

1,700,000

1,846,720

Spokane

County

School

District

No.

354

Mead

,

GO

,

2018

,

4

%

,

12/01/32

.............................................

1,150,000

1,170,572

GO

,

2018

,

5

%

,

12/01/33

.............................................

1,500,000

1,609,471

State

of

Washington

,

GO

,

R-2015

D

,

Refunding

,

5

%

,

7/01/28

..................

3,985,000

4,063,859

e

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

304,367

e

Washington

State

Housing

Finance

Commission

,

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5

%

,

7/01/28

............................

725,000

759,921

9,754,910

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

912,749

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)

Wisconsin

0.7%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC

,

Revenue

,

2020

A

,

2.75

%

,

12/01/25

...................

$

345,163

$

333,200

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/26

..........

150,000

148,240

e

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

3,000,000

3,085,553

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/25

...........................................

285,000

279,586

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/26

...........................................

300,000

291,862

e

WV

2020

Holdings

LLC

Obligated

Group

,

Revenue

,

144A,

2020

B

,

4.25

%

,

6/01/25

1,135,000

1,096,598

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/24

....................................................

160,000

159,698

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/26

....................................................

345,000

328,365

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/27

....................................................

360,000

334,599

6,057,701

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/27

......................................................

550,000

565,054

U.S.

Territories

1.2%

District

of

Columbia

1.1%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2022

C

,

Refunding

,

5

%

,

12/01/27

......

9,150,000

9,968,653

Puerto

Rico

0.1%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/25

..

195,000

198,608

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/27

..

450,000

469,959

668,567

Total

U.S.

Territories

....................................................................

10,637,220

Total

Municipal

Bonds

(Cost

$

850,046,509

)

.....................................

829,121,578

Total

Long

Term

Investments

(Cost

$

932,177,822

)

...............................

908,931,898

a

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Minnesota

0.2%

i

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.4

%

,

11/15/48

.....

1,200,000

1,200,000

New

York

0.8%

i

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

BB-1B

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

3.35

%

,

6/15/49

.........................................................

7,800,000

7,800,000

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

53

See

Abbreviations

on

page

199

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Pennsylvania

0.0%

†

i

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2019

D

,

Refunding

,

Daily

VRDN

and

Put

,

3.34

%

,

6/01/37

............

$

200,000

$

200,000

Total

Municipal

Bonds

(Cost

$

9,200,000

)

.......................................

9,200,000

Total

Short

Term

Investments

(Cost

$

9,200,000

)

.................................

9,200,000

a

Total

Investments

(Cost

$

941,377,822

)

99

.4

%

...................................

$918,131,898

Other

Assets,

less

Liabilities

0

.6

%

.............................................

5,970,830

Net

Assets

100.0%

...........................................................

$924,102,728

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

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,

2023,

the

aggregate

value

of

these

securities

was

$62,260,529,

representing

6.7%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Security

purchased

on

a

when-issued

basis.

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,

2023

Franklin

Georgia

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

54

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

$

883,332

Total

Corporate

Bonds

(Cost

$900,000)

........................................

883,332

Municipal

Bonds

97.3%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,064,067

Florida

1.3%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

2,592,000

2,124,167

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

750,000

489,378

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

2,030,000

1,700,125

4,313,670

Georgia

87.2%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/15/40

........................................

5,000,000

4,890,479

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/40

............

7,750,000

7,883,771

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

............

3,000,000

3,040,758

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,600,146

Auburn

Urban

Redevelopment

Agency

,

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/45

..................

1,000,000

969,674

City

of

Auburn,

Revenue,

2020,

BAM

Insured,

4%,

10/01/50

..................

1,000,000

945,166

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGMC

Insured

,

4

%

,

3/01/43

...............................................

3,000,000

2,946,444

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,204,243

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

3,000,000

2,868,536

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group,

Revenue,

2015,

5%,

7/01/41

..........

2,000,000

2,020,316

Tanner

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/50

.

2,950,000

2,765,214

City

of

Atlanta

,

GO,

2022

A-1,

5%,

12/01/38

.........................................

5,000,000

5,626,056

Airport

Passenger

Facility

Charge,

Revenue,

2023

E,

5.25%,

7/01/43

...........

3,000,000

3,244,900

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

4,484,856

BeltLineTAD,

Tax

Allocation,

2016

B,

Refunding,

5%,

1/01/31

.................

1,780,000

1,863,064

Department

of

Aviation,

Revenue,

2021

C,

Refunding,

5%,

7/01/37

.............

1,500,000

1,614,085

Water

&

Wastewater,

Revenue,

2001

A,

AGMC,

NATL

RE

Insured,

5.5%,

11/01/27

.

4,085,000

4,318,531

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

..............

5,000,000

5,160,371

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

1,835,000

1,421,703

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,178,507

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

.......

4,000,000

4,123,262

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,114,978

City

of

Monroe

,

Combined

Utility

,

Revenue

,

2020

,

AGMC

Insured

,

4

%

,

12/01/50

....

1,500,000

1,417,546

City

of

Warner

Robins

,

Water

&

Sewerage

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.

1,000,000

979,634

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC,

Revenue,

2022

A,

5%,

6/15/32

..........

1,295,000

1,483,484

USG

Real

Estate

Foundation

XIII

LLC,

Revenue,

2022

A,

5%,

6/15/33

..........

1,210,000

1,400,038

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/38

375,000

393,598

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

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Cobb

County

Kennestone

Hospital

Authority,

(continued)

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/39

$

425,000

$

420,265

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

5%,

4/01/40

400,000

416,328

WellStar

Health

System

Obligated

Group,

Revenue,

2020

B,

Refunding,

4%,

4/01/41

375,000

365,199

WellStar

Health

System

Obligated

Group,

Revenue,

2022

A,

4%,

4/01/52

........

3,100,000

2,804,179

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125

%

,

4/01/48

....................................

3,000,000

3,190,348

County

of

DeKalb

,

Water

&

Sewerage

,

Revenue

,

2006

B

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/35

.....................................................

4,000,000

4,177,341

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

3,926,731

County

of

Rockdale

,

Stormwater

System

,

Revenue

,

2021

,

4

%

,

7/01/41

...........

500,000

502,881

Coweta

County

Water

&

Sewage

Authority

,

Revenue,

2021

B,

3%,

6/01/43

........................................

820,000

664,279

Revenue,

2021

B,

3%,

6/01/46

........................................

1,000,000

780,147

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

2,928,463

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012

A

,

AGMC

Insured

,

5

%

,

7/01/39

..................

2,500,000

2,501,622

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

1,990,582

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

........................................................

5,840,000

5,910,983

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

4,584,249

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refundin

g,

5%,

9/01/29

.............

1,000,000

1,095,748

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/30

.............

1,030,000

1,139,377

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/31

.............

1,235,000

1,381,989

Tuff/Atlanta

Housing

LLC,

Revenue,

2022,

Refunding,

5%,

9/01/32

.............

1,350,000

1,527,127

WellStar

Health

System

Obligated

Group,

Revenue,

2020

A,

4%,

4/01/50

........

3,000,000

2,731,678

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125

%

,

11/01/45

..................................

6,000,000

5,252,303

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,562,791

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

7/15/38

.................................

2,000,000

2,028,248

KSU

2020

Housing

Re

al

Estate

Foundation

LLC,

Revenue,

2020,

4%,

7/15/52

....

5,720,000

5,132,626

KSU

University

II

Real

Estate

Foundation

LLC,

Revenue,

2021,

Refunding,

4%,

7/15/34

........................................................

1,000,000

1,026,959

University

System

of

Georgia,

Revenue,

2020

C,

4%,

7/15/52

................

2,000,000

1,817,341

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District

,

COP

,

2006

,

NATL

Insured

,

5.25

%

,

1/01/24

...................................

2,000,000

2,002,815

b

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

4,825,000

3,814,407

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

974,594

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

3,000,000

3,088,298

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

5,541,698

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

7,125,990

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

4,723,313

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2021

A,

4%,

2/15/51

5,000,000

4,557,974

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,236,752

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.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013

A,

3.8%,

12/01/37

.....................................

$

1,655,000

$

1,531,792

Revenue,

2018

A,

3.85%,

12/01/38

....................................

1,170,000

1,086,547

Revenue,

2018

A,

3.95%,

12/01/43

....................................

1,210,000

1,131,887

Revenue,

2019

A,

Refunding,

3.7%,

6/01/49

..............................

4,565,000

4,020,771

Georgia

Ports

Authority

,

Revenue,

2021,

4%,

7/01/51

.........................................

4,395,000

4,314,593

Revenue,

2022,

5%,

7/01/47

.........................................

2,500,000

2,702,068

Revenue,

2022,

5.25%,

7/01/52

.......................................

2,000,000

2,186,628

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

4,902,878

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,147,050

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/25

......................................

2,500,000

2,552,600

Revenue,

2007

A,

5.5%,

9/15/27

......................................

5,000,000

5,233,741

Revenue,

2019

A,

5%,

5/15/37

........................................

1,975,000

2,076,902

Revenue,

2019

A,

5%,

5/15/38

........................................

1,000,000

1,041,432

b,c

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

......................

8,000,000

7,594,707

c

Revenue,

2023

A,

Mandatory

Put,

5%,

6/01/30

............................

5,000,000

5,165,438

c

Revenue,

2023

D,

Mandatory

Put,

5%,

12/01/30

...........................

2,000,000

2,069,195

c

Revenue,

2023

E-1,

Mandatory

Put,

5%,

6/01/31

..........................

2,000,000

2,097,775

Monroe

County

Public

Facilities

Authority

,

County

of

Monroe

,

Revenue

,

2020

,

4

%

,

6/01/42

.........................................................

1,000,000

967,975

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,085,506

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

AGMC

Insured,

4%,

1/01/44

............................

5,000,000

4,894,501

Revenue,

2020

A,

Refunding,

5%,

1/01/50

...............................

3,500,000

3,588,291

Revenue,

2021

A,

Refunding,

4%,

1/01/46

...............................

330,000

299,456

Revenue,

2021

A,

Refunding,

4%,

1/01/51

...............................

425,000

375,238

Revenue,

2021

A,

Refunding,

5%,

1/01/56

...............................

750,000

757,470

Revenue,

2023

A,

5.5%,

7/01/64

......................................

2,000,000

2,073,887

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2013

A,

5%,

10/01/43

.........................

5,000,000

5,000,780

Mercer

University,

Revenue,

2021,

Refunding,

4%,

10/01/50

.................

5,400,000

4,944,485

Mercer

University,

Revenue,

2022,

Refunding,

5.25%,

10/01/51

...............

4,500,000

4,726,839

Richmond

County

Hospital

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

5,000,000

5,011,076

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,406,815

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/48

...

2,000,000

2,081,405

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

5,187,528

282,142,241

Illinois

1.0%

State

of

Illinois

,

GO,

2021

A,

5%,

3/01/32

............................................

250,000

274,572

GO,

2021

B,

4%,

12/01/38

...........................................

3,000,000

2,929,945

3,204,517

New

Jersey

0.4%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/15/35

........................................................

1,200,000

1,285,104

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)

New

York

0.9%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

$

100,000

$

89,358

Revenue,

2020

D,

4%,

11/15/47

.......................................

600,000

554,438

Revenue,

2021

A-2,

4%,

11/15/42

.....................................

2,300,000

2,164,032

2,807,828

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

900,000

710,334

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

900,000

708,254

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

374,838

1,793,426

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,200,000

840,288

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,093,526

1,933,814

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

710,198

Wisconsin

1.3%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

900,000

695,053

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,500,000

1,184,003

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

2,300,000

2,300,000

4,179,056

U.S.

Territories

3.5%

Puerto

Rico

3.5%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

................

4,800,000

4,782,225

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

1,100,000

1,079,486

Puerto

Rico

Electric

Power

Authority

,

a,d

Revenue,

6%,

7/01/41

..............................................

255,064

255,064

a,d

Revenue,

7.125%,

7/01/59

...........................................

1,238,735

1,238,735

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

560,000

554,875

e

Revenue,

XX,

5.25%,

7/01/40

........................................

2,270,000

573,175

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

136,367

135,003

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

88,620

57,486

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

151,593

98,156

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

2,480,000

2,410,758

11,184,963

Total

U.S.

Territories

....................................................................

11,184,963

Total

Municipal

Bonds

(Cost

$338,498,214)

.....................................

314,618,884

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.

58

See

Abbreviations

on

page

199

.

a

a

Shares

a

Value

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

a,f

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

115,316

$

92,253

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

92,253

Total

Long

Term

Investments

(Cost

$339,398,214)

...............................

315,594,469

a

a

a

a

a

a

Total

Investments

(Cost

$339,398,214)

97.6%

...................................

$315,594,469

Other

Assets,

less

Liabilities

2.4%

.............................................

7,882,145

Net

Assets

100.0%

...........................................................

$323,476,614

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$21,506,857,

representing

6.6%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

purchased

on

a

when-issued

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Non-income

producing.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

High

Yield

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

a

a

Shares

a

Value

a

Management

Investment

Companies

1.5%

Capital

Markets

1.5%

a

Franklin

Dynamic

Municipal

Bond

ETF

...................................

1,755,000

$

41,523,300

Vanguard

Tax-Exempt

Bond

Index

ETF

...................................

650,000

32,506,500

74,029,800

Total

Management

Investment

Companies

(Cost

$77,580,019)

....................

74,029,800

Principal

Amount

a

a

a

a

Corporate

Bonds

2.7%

Commercial

Services

&

Supplies

0.6%

b

CalPlant

I

LLC

,

c

Senior

Secured

Note,

144A,

15%,

7/01/25

...............................

$

5,795,000

5,795,000

d,e

21

A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

1,920,000

1,344,000

d,e

21

B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

7,205,000

5,043,500

d,e

22

A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

3,975,000

2,782,500

d,e

22

B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

345,000

241,500

d,e

22

C,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

2,610,000

2,610,000

d,e

22

X,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

3,910,000

3,910,000

d,e

23

A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

1,380,000

1,380,000

d,e

23

B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

1,225,000

1,225,000

d,e

23

C,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

1,955,000

1,955,000

d,e

23

D,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

1,700,000

1,700,000

d,e

23

E,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..........................

1,915,000

1,915,000

29,901,500

Diversified

Consumer

Services

1.8%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

....................

93,710,000

83,333,492

Electric

Utilities

0.3%

c

Mission

Rock

Utilities,

Inc.

,

144A,

7

%

,

7/01/27

..............................

15,000,000

14,340,181

Oil,

Gas

&

Consumable

Fuels

0.0%

†

b,c

Red

River

Biorefinery

LLC

,

23

A

,

Senior

Secured

Note

,

144A,

15

%

,

12/31/23

......

1,280,000

1,280,000

Total

Corporate

Bonds

(Cost

$143,770,332)

.....................................

128,855,173

Municipal

Bonds

96.2%

Alabama

3.2%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/31

....................

24,845,000

14,375,265

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/32

....................

30,825,000

16,449,330

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/33

....................

35,700,000

17,591,582

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/34

....................

28,020,000

12,720,408

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/35

....................

15,000,000

6,278,743

Sewer,

Revenue,

Sub.

Lien,

2013

E,

Zero

Cpn.,

10/01/36

....................

12,425,000

4,780,773

Sewer,

Revenue,

Sub.

Lien,

2013

F,

7.5%,

10/01/39

........................

75,000,000

78,870,442

MidCity

Improvement

District

,

Assessment

Area,

Special

Assessment,

2022,

3.875%,

11/01/27

..............

300,000

278,433

Assessment

Area,

Special

Assessment,

2022,

4.25%,

11/01/32

...............

600,000

527,566

Assessment

Area,

Special

Assessment,

2022,

4.5%,

11/01/42

................

2,090,000

1,697,465

Assessment

Area,

Special

Assessment,

2022,

4.75%,

11/01/49

...............

2,400,000

1,914,865

155,484,872

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.

60

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

1.8%

Arizona

Industrial

Development

Authority

,

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2019

B

,

5.125

%

,

1/01/54

..........................

$

3,005,000

$

1,493,673

c

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,105,710

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2022,

Refunding,

4%,

6/15/57

8,500,000

6,036,278

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

A,

7%,

11/15/57

.......................................................

5,000,000

5,055,936

La

Posada

at

Park

Centre,

Inc.

Obligated

Group,

Revenue,

144A,

2022

B-1,

6.625%,

5/15/31

........................................................

4,000,000

3,973,202

c

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/38

........................................................

5,000,000

5,146,431

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018

A,

6%,

7/01/52

........................................................

10,000,000

10,043,001

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5

%

,

12/01/29

..................

11,105,000

11,897,503

c

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2023,

5.75%,

6/15/58

......

5,000,000

4,875,449

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

A,

Zero

Cpn.,

10/01/56

.......................................................

18,880,000

13,424,592

Georgetown

Community

Development

Authority,

Revenue,

144A,

2021

B,

6.25%,

10/01/36

.......................................................

3,945,000

3,145,396

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

A,

Zero

Cpn.,

10/01/56

.......................................................

2,327,000

2,058,350

Georgetown

Community

Development

Authority,

Revenue,

144A,

2022

B,

9%,

10/01/37

.......................................................

250,000

231,189

Tempe

Industrial

Development

Authority

,

c

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6%,

10/01/37

................

1,900,000

1,244,442

c

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/47

.............

4,850,000

2,771,837

c

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017

A,

6.125%,

10/01/52

.............

2,800,000

1,548,458

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

3,598,422

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

8,000,000

6,590,605

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

12/01/46

.......................................................

500,000

364,697

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2021

B,

4%,

12/01/56

.......

4,260,000

2,853,839

87,459,010

Arkansas

0.5%

Arkansas

Development

Finance

Authority

,

c

Hybar

LLC,

Revenue,

144A,

2023

B,

12%,

7/01/48

.........................

12,500,000

12,994,498

United

States

Steel

Corp.,

Revenue,

2022,

5.45%,

9/01/52

...................

8,500,000

8,258,972

United

States

Steel

Corp.,

Revenue,

2023,

5.7%,

5/01/53

....................

4,575,000

4,582,937

25,836,407

California

20.0%

Alvord

Unified

School

District

,

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/41

.....

30,750,000

13,497,057

c

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

4.25%,

7/01/32

.....

500,000

476,439

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

5.75%,

7/01/60

.....

17,500,000

17,210,300

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

C,

6.75%,

7/01/60

.....

7,000,000

6,805,572

c

California

Community

Housing

Agency

,

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

..................

10,800,000

8,476,662

Arbors

Apartments,

Revenue,

144A,

2020

A,

5%,

8/01/50

....................

11,775,000

10,578,573

Aster

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

2/01/43

..........

15,160,000

12,533,870

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

144A,

2021

A-2,

4%,

8/01/47

16,500,000

12,493,561

Fountains

at

Emerald

Park,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/46

...

21,595,000

17,228,560

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

61

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

c

California

Community

Housing

Agency,

(continued)

K

Street

Flats,

Revenue,

144A,

2021

A-2,

4%,

8/01/50

......................

$

17,830,000

$

12,690,280

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

.............

33,000,000

22,287,160

Twin

Creek

Apartments,

Revenue,

Junior

Lien,

144A,

2022

B,

5.5%,

2/01/40

.....

4,400,000

3,983,867

Verdant

at

Green

Valley

Apartments,

Revenue,

144A,

2019

A,

5%,

8/01/49

.......

19,190,000

17,441,384

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

830,000

842,683

c

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

17,400,000

17,333,203

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

5,000,000

4,639,521

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

...............

8,425,000

6,938,224

c,e

California

Pollution

Control

Financing

Authority

,

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

1,225,000

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

500,000

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

10,000,000

500,000

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

6.75%,

12/01/28

..........

1,690,000

642,200

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

5,300,000

2,014,000

c

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group

,

Revenue

,

144A,

2020

,

5

%

,

1/01/56

....................................

4,015,000

3,189,366

California

Statewide

Communities

Development

Authority

,

Special

Tax,

2023

C-1,

5%,

9/02/43

....................................

4,000,000

3,762,867

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

5,000,000

4,981,601

c

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

1,275,000

1,278,608

c

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

3,725,000

3,607,717

c

City

&

County

of

San

Francisco

,

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

B

,

5.25

%

,

9/01/49

.............................................

5,000,000

3,791,661

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

7,583,322

c

CMFA

Special

Finance

Agency

,

Solana

at

Grand,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/45

...........

35,000,000

27,612,704

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

1,700,000

1,380,968

c

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

A-2

,

4.5

%

,

8/01/51

.........................................................

38,000,000

27,760,908

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

34,395,000

26,044,111

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

12,180,000

9,481,266

c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

20,415,000

15,340,807

c

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments,

Revenue,

144A,

2021

B,

4%,

3/01/57

............

15,000,000

10,407,246

Crescent

(The),

Revenue,

144A,

2022

B,

5.5%,

7/01/59

.....................

15,935,000

13,079,596

Dublin,

Revenue,

144A,

2021

B,

4%,

2/01/57

.............................

7,500,000

5,205,477

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

10,000,000

6,527,733

Park

Crossing

Apartments,

Revenue,

144A,

2021

B,

4%,

12/01/48

.............

14,235,000

10,016,202

Renaissance

at

City

Center,

Revenue,

144A,

2020

A,

5%,

7/01/51

.............

22,325,000

20,148,629

Waterscape

Apartments,

Revenue,

144A,

2021

B,

4%,

9/01/46

................

5,775,000

4,658,177

Wood

Creek

Apartments,

Revenue,

Sub.

Lien,

144A,

2021

B,

4%,

12/01/59

......

19,800,000

12,273,533

M-S-R

Energy

Authority

,

Revenue,

2009

B,

6.125%,

11/01/29

...................................

25,155,000

26,950,144

Revenue,

2009

B,

7%,

11/01/34

.......................................

20,000,000

24,909,342

Revenue,

2009

C,

6.5%,

11/01/39

.....................................

20,000,000

24,595,846

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/28

...................................................

1,500,000

1,286,817

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)

California

(continued)

Palmdale

Elementary

School

District,

(continued)

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/30

...................................................

$

1,250,000

$

995,375

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/31

...................................................

1,250,000

957,104

Community

Facilities

District

No.

90-1,

Special

Tax,

2012

A,

AGMC

Insured,

Zero

Cpn.,

8/01/34

...................................................

2,500,000

2,597,234

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/32

.........................

4,000,000

2,838,941

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/33

.........................

5,500,000

3,743,565

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/41

.........................

5,000,000

2,162,022

Revenue,

Senior

Lien,

2013

B,

Zero

Cpn.,

6/01/42

.........................

7,000,000

2,843,394

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

44,565,000

33,110,708

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

33,305,000

24,476,247

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

6%,

1/15/45

...............................

35,834,000

45,664,829

Revenue,

1997

A,

Refunding,

6%,

1/15/46

...............................

35,834,000

45,703,422

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/26

...........................

110,000,000

103,342,811

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/27

...........................

125,100,000

114,465,749

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

...............

40,000,000

41,312,840

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

Zero

Cpn.,

9/01/41

...........

20,000,000

19,850,706

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/42

...................

10,000,000

3,806,101

GO,

2015,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...................

12,500,000

4,504,419

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007

A,

Zero

Cpn.,

6/01/36

...................................

15,000,000

7,361,533

Revenue,

2007

C,

Zero

Cpn.,

6/01/56

..................................

60,000,000

5,554,434

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2006

B

,

Zero

Cpn.,

6/01/46

..............

50,000,000

9,775,320

961,279,518

Colorado

5.8%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

3,114,077

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,417,000

6,591,674

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,415,000

4,818,804

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

5,250,000

4,623,146

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

4,750,000

3,856,162

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien,

2020

A,

5%,

12/01/40

.................................

1,500,000

1,391,290

GO,

Senior

Lien,

2020

A,

5%,

12/01/50

.................................

1,500,000

1,311,513

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,245,000

2,142,289

Baseline

Metropolitan

District

No.

1

,

GO,

2021

A,

5%,

12/01/51

...........................................

1,500,000

1,316,153

GO,

2021

B,

7.5%,

12/15/51

.........................................

2,190,000

1,977,475

c

Bent

Grass

Metropolitan

District

,

GO

,

144A,

2020

,

Refunding

,

5.25

%

,

12/01/49

.....

1,685,000

1,554,999

Bradburn

Metropolitan

District

No.

2

,

GO,

2018

A,

Refunding,

5%,

12/01/38

..................................

600,000

579,210

GO,

2018

A,

Refunding,

5%,

12/01/47

..................................

2,400,000

2,219,840

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

512,003

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,261,135

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)

Colorado

(continued)

Brighton

Crossing

Metropolitan

District

No.

6

,

GO

,

2020

A-3

,

5

%

,

12/01/50

........

$

2,000,000

$

1,703,563

c

Broadway

Park

North

Metropolitan

District

No.

2

,

GO,

144A,

2020,

Refunding,

5%,

12/01/40

...............................

1,325,000

1,245,484

GO,

144A,

2020,

Refunding,

5%,

12/01/49

...............................

1,575,000

1,430,411

c

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

740,000

671,135

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO,

2021

A,

5%,

12/01/41

...........................................

580,000

525,587

GO,

2021

A,

5%,

12/01/50

...........................................

1,000,000

852,947

Colliers

Hill

Metropolitan

District

No.

2

,

GO

,

2022

B-1

,

Refunding

,

5.75

%

,

12/15/47

..

2,850,000

2,658,354

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/49

..........

2,235,000

1,319,435

Aberdeen

Ridge,

Inc.

Obligated

Group,

Revenue,

2021

A,

5%,

5/15/58

..........

4,750,000

2,667,155

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

6,013,378

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,417,790

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/49

.....

1,760,000

1,594,005

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2022

B

,

6

%

,

12/15/41

...............

1,225,000

1,168,399

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

1,952,490

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

4,914,851

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019

A

,

5

%

,

12/01/49

......

900,000

806,050

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

6,590,000

6,560,188

c

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

5

%

,

12/01/49

...........

2,000,000

1,818,915

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021-3

,

5

%

,

12/01/51

......

1,600,000

1,361,006

Evan's

Place

Metropolitan

District

,

GO,

2020

A-3,

5%,

12/01/40

.........................................

550,000

515,269

GO,

2020

A-3,

5%,

12/01/50

.........................................

1,575,000

1,388,599

First

Creek

Village

Metropolitan

District

,

GO,

2019

A,

5%,

12/01/39

...........................................

595,000

581,339

GO,

2019

A,

5%,

8/01/49

............................................

540,000

498,076

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,105,432

c

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A-3

,

4.625

%

,

12/01/45

........

1,140,000

893,100

c

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-3

,

4.5

%

,

12/01/51

..........

1,675,000

1,159,681

c

Jacoby

Farm

Metropolitan

District

,

GO

,

144A,

2021

,

Refunding

,

5

%

,

12/15/46

......

5,000,000

4,361,422

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

903,539

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue,

2020

A-2,

4.125%,

12/01/40

..................................

575,000

489,560

Revenue,

2020

A-2,

4.375%,

12/01/47

..................................

1,125,000

921,223

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,244,737

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

8,500,000

6,780,078

c

Karl's

Farm

Metropolitan

District

No.

2

,

GO,

144A,

2020

A-3,

5.375%,

12/01/40

.................................

645,000

603,261

GO,

144A,

2020

A-3,

5.625%,

12/01/50

.................................

1,900,000

1,741,263

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,488,912

Meadowlark

Metropolitan

District

,

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

4.875%,

12/01/40

....

520,000

456,691

Meadowland

Metropolitan

District,

GO,

Senior

Lien,

2020

A,

5.125%,

12/01/50

....

750,000

658,275

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)

Colorado

(continued)

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

$

1,465,000

$

1,331,464

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

6,629,586

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

474,783

Palisade

Park

West

Metropolitan

District

,

GO

,

2019

A

,

5.125

%

,

12/01/49

..........

1,500,000

1,370,541

c

Platte

River

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

8/01/53

.........................................................

2,250,000

2,276,445

c

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

2,832,255

Prairie

Center

Metropolitan

District

No.

7

,

GO,

2020,

4.125%,

12/15/36

.........................................

500,000

439,269

GO,

2020,

4.875%,

12/15/44

.........................................

725,000

619,237

GO,

2021,

6.375%,

6/15/46

..........................................

1,330,000

1,201,772

Pronghorn

Valley

Metropolitan

District

,

GO,

2021

A,

3.75%,

12/01/41

.........................................

515,000

397,244

GO,

2021

A,

4%,

12/01/51

...........................................

650,000

480,364

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,023,104

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

13,268,740

Revenue,

2008,

6.5%,

11/15/38

.......................................

60,100,000

72,387,132

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System,

Revenue,

2020,

5%,

12/01/40

...................

625,000

577,139

Non-Potable

Water

System,

Revenue,

2020,

5.25%,

12/01/50

................

4,250,000

3,790,088

Rampart

Range

Metropolitan

District

No.

5

,

Revenue,

2021,

4%,

12/01/41

........................................

2,730,000

2,108,968

Revenue,

2021,

4%,

12/01/51

........................................

6,670,000

4,717,969

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

........................................................

6,132,527

4,480,866

Ritoro

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

.......................

2,000,000

1,826,507

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

4,685,149

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

2,648,398

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,643,194

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,451,417

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

782,222

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

3,845,951

STC

Metropolitan

District

No.

2

,

GO,

2019

A,

Refunding,

5%,

12/01/38

..................................

2,000,000

1,850,236

GO,

2019

A,

Refunding,

5%,

12/01/49

..................................

1,000,000

889,682

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,657,398

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

819,000

702,369

Village

Metropolitan

District

(The)

,

GO,

2020,

Refunding,

5%,

12/01/40

....................................

1,100,000

1,049,817

GO,

2020,

Refunding,

5%,

12/01/49

....................................

1,750,000

1,620,878

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

11.12

%

,

6/01/31

.........

3,000,000

2,610,000

Waterfront

at

Foster

Lake

Metropolitan

District

No.

2

,

GO,

2022

A3-1,

5%,

12/01/42

.........................................

3,705,000

3,243,807

GO,

2022

A3-1,

5%,

12/01/51

.........................................

4,085,000

3,274,277

GO,

2022

A3-2,

Zero

Cpn.,

12/01/51

...................................

5,130,000

3,117,583

Water

Tap

Fee,

Revenue,

2022,

4.625%,

12/01/28

.........................

6,000,000

5,557,963

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

(continued)

c

West

Meadow

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

12/01/50

........................................................

$

2,750,000

$

2,815,257

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

Pre-Refunded

,

5

%

,

12/01/49

.........

595,000

620,731

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019

A

,

5

%

,

12/01/49

.........

1,000,000

871,546

278,912,718

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

c

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

9/01/46

..

1,000,000

805,831

c

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

7,850,000

6,071,948

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

12,315,680

c

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/45

........

1,000,000

842,244

c

McLean

Affiliates

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/55

........

5,695,000

4,528,913

c

Steel

Point

Infrastructure

Improvement

District

,

Tax

Allocation

,

144A,

2021

,

4

%

,

4/01/36

605,000

539,291

25,103,907

Florida

17.0%

Abbott

Square

Community

Development

District

,

Special

Assessment,

2022,

5.375%,

6/15/42

.............................

915,000

900,031

Special

Assessment,

2022,

5.5%,

6/15/52

...............................

1,500,000

1,461,995

Anabelle

Island

Community

Development

District

,

Special

Assessment,

2022,

2.7%,

5/01/27

...............................

530,000

496,070

Special

Assessment,

2022,

3.1%,

5/01/32

...............................

750,000

649,887

Special

Assessment,

2022,

3.5%,

5/01/42

...............................

1,945,000

1,485,021

Arbors

Community

Development

District

,

2023

Project

Area,

Special

Assessment,

2023,

4.5%,

5/01/30

.................

720,000

716,805

2023

Project

Area,

Special

Assessment,

2023,

5.4%,

5/01/43

.................

1,705,000

1,702,875

2023

Project

Area,

Special

Assessment,

2023,

5.625%,

5/01/53

...............

2,235,000

2,241,345

Artisan

Lakes

East

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021-1,

2.3%,

5/01/26

..............

115,000

108,454

Assessment

Area

2,

Special

Assessment,

2021-1,

2.75%,

5/01/31

.............

250,000

213,533

Assessment

Area

2,

Special

Assessment,

2021-1,

3.125%,

5/01/41

............

470,000

333,747

c

Assessment

Area

2,

Special

Assessment,

144A,

2021-2,

2.75%,

5/01/31

........

275,000

234,722

c

Assessment

Area

2,

Special

Assessment,

144A,

2021-2,

3.125%,

5/01/41

.......

515,000

366,152

Astonia

Community

Development

District

,

c

Area

One,

Special

Assessment,

144A,

2020,

4%,

5/01/40

....................

540,000

484,489

c

Area

One,

Special

Assessment,

144A,

2020,

4%,

5/01/51

....................

1,370,000

1,126,016

c

Assessment

Area

2,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

...........

150,000

143,250

c

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............

500,000

443,898

c

Assessment

Area

2,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

...........

750,000

566,150

Assessment

Area

3,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

325,000

315,051

Assessment

Area

3,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

680,000

658,012

c

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

2.5%,

5/01/26

..

150,000

143,250

c

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/31

....

320,000

284,094

c

North

Parcel

Assessment

Area,

Special

Assessment,

144A,

2021,

3.2%,

5/01/41

..

750,000

565,973

Avalon

Groves

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

360,000

264,188

Special

Assessment,

2021,

4%,

5/01/51

.................................

500,000

380,879

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/32

.................

200,000

173,624

Assessment

Area

3,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

495,000

379,032

Avalon

Park

West

Community

Development

District

,

c

2020

Project

Area,

Special

Assessment,

144A,

2020,

Refunding,

3.25%,

5/01/30

..

215,000

200,062

c

2020

Project

Area,

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

..

580,000

494,396

c

2020

Project

Area,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/51

.....

880,000

712,581

2022

Project

Area,

Special

Assessment,

2022,

5.5%,

5/01/42

.................

500,000

500,309

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)

Florida

(continued)

Avalon

Park

West

Community

Development

District,

(continued)

2022

Project

Area,

Special

Assessment,

2022,

5.625%,

5/01/52

...............

$

875,000

$

863,439

Ave

Maria

Stewardship

Community

District

,

Assessment

Phase

5,

Special

Assessment,

2022,

4%,

5/01/52

................

1,800,000

1,375,356

c

BAN

Assessment,

Special

Assessment,

144A,

2023,

5.5%,

5/01/53

............

2,790,000

2,682,722

Avenir

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021

A-1,

2.75%,

5/01/31

............

3,245,000

2,858,413

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.2%,

5/01/41

.............

4,995,000

3,864,570

Assessment

Area

2,

Special

Assessment,

2021

A-1,

3.4%,

5/01/52

.............

4,995,000

3,654,866

Assessment

Area

3,

Special

Assessment,

2023,

4.5%,

5/01/30

................

420,000

417,676

Assessment

Area

3,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

3,755,000

3,667,472

Assessment

Area

3,

Special

Assessment,

2023,

5.625%,

5/01/54

..............

6,340,000

6,162,377

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3.1%,

11/01/31

...............

170,000

149,420

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

11/01/41

...............

410,000

313,526

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.875%,

5/01/31

..............

465,000

403,385

Assessment

Area

2,

Special

Assessment,

2021,

3.2%,

5/01/41

................

5,250,000

3,894,349

Assessment

Area

2C,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

226,970

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/40

................

775,000

679,511

Assessment

Area

2C,

Special

Assessment,

2020,

4%,

5/01/51

................

1,550,000

1,208,154

Assessment

Area

3A,

Special

Assessment,

2020,

2.5%,

5/01/25

...............

40,000

38,783

Assessment

Area

3A,

Special

Assessment,

2020,

3%,

5/01/30

................

250,000

226,947

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/40

................

385,000

337,563

Assessment

Area

3B,

Special

Assessment,

2020,

4%,

5/01/51

................

890,000

693,714

Balm

Grove

Community

Development

District

,

Special

Assessment,

2022,

3.25%,

11/01/27

..............................

850,000

807,822

Special

Assessment,

2022,

3.625%,

11/01/32

.............................

1,290,000

1,153,320

Special

Assessment,

2022,

4%,

11/01/42

................................

2,500,000

2,055,757

Special

Assessment,

2022,

4.125%,

11/01/51

.............................

3,125,000

2,448,561

Bannon

Lakes

Community

Development

District

,

Phase

Three,

Special

Assessment,

2022,

3.3%,

5/01/32

.....................

365,000

322,298

Phase

Three,

Special

Assessment,

2022,

4%,

5/01/42

......................

1,385,000

1,151,986

c

Phase

Two,

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

.................

700,000

543,957

Banyan

Cay

Community

Development

District

,

Special

Assessment

,

2020

NM

,

4

%

,

11/01/51

........................................................

3,000,000

2,274,500

Belmond

Reserve

Community

Development

District

,

2020

Project,

Special

Assessment,

2020,

4%,

5/01/40

......................

1,750,000

1,489,644

2020

Project,

Special

Assessment,

2020,

4%,

5/01/51

......................

2,000,000

1,537,660

Belmont

II

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

12/15/30

.............................

325,000

298,318

Special

Assessment,

2020,

3.625%,

12/15/40

.............................

1,390,000

1,175,424

Berry

Bay

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.625%,

5/01/26

..............

150,000

143,053

Assessment

Area

1,

Special

Assessment,

2021,

3.125%,

5/01/31

..............

400,000

355,172

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

1,250,000

987,137

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/43

................

985,000

980,295

Assessment

Area

2,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

1,675,000

1,676,103

Black

Creek

Community

Development

District

,

Special

Assessment,

2022,

5.125%,

6/15/32

.............................

150,000

149,997

Special

Assessment,

2022,

5.625%,

6/15/52

.............................

2,000,000

1,972,000

Boggy

Branch

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

295,000

280,148

Special

Assessment,

2021,

3%,

5/01/31

.................................

450,000

396,493

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)

Florida

(continued)

Boggy

Branch

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.5%,

5/01/41

...............................

$

1,165,000

$

905,599

Bradbury

Community

Development

District

,

Special

Assessment,

2023,

4.375%,

5/01/30

.............................

675,000

664,239

Special

Assessment,

2023,

5.25%,

5/01/43

..............................

2,000,000

1,931,449

Special

Assessment,

2023,

5.5%,

5/01/53

...............................

2,220,000

2,134,275

Bridgewalk

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2023,

6.25%,

12/15/43

..............

760,000

777,593

Assessment

Area

2,

Special

Assessment,

2023,

6.5%,

12/15/53

...............

700,000

716,539

Bridgewater

North

Community

Development

District

,

Special

Assessment,

2022,

3.125%,

5/01/27

.............................

165,000

157,018

Special

Assessment,

2022,

3.5%,

5/01/32

...............................

350,000

313,382

Special

Assessment,

2022,

4%,

5/01/42

.................................

1,000,000

827,685

Brightwater

Community

Development

District

,

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

300,000

260,466

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

750,000

553,284

Brookstone

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2022,

4.75%,

5/01/32

...............

325,000

320,362

Assessment

Area

2,

Special

Assessment,

2022,

5.5%,

5/01/42

................

1,000,000

992,061

Assessment

Area

2,

Special

Assessment,

2022,

5.625%,

5/01/52

..............

1,750,000

1,713,699

Buckhead

Trails

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/32

..............................

400,000

394,905

Special

Assessment,

2022,

5.625%,

5/01/42

.............................

1,000,000

980,441

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,410,000

1,369,597

Buena

Lago

Community

Development

District

,

Special

Assessment,

2022,

5.25%,

5/01/42

..............................

665,000

649,631

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

1,135,000

1,128,476

c

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

3,569,347

c

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

3%,

7/01/31

..........

100,000

86,481

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/41

..........

450,000

356,803

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/51

..........

540,000

383,946

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A,

4%,

7/01/56

..........

445,000

306,360

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/41

.........

750,000

594,673

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/51

.........

975,000

693,236

AcadeMir

Charter

School

West,

Revenue,

144A,

2021

A-2,

4%,

7/01/56

.........

750,000

516,337

Educational

Growth

Fund

LLC,

Revenue,

144A,

2021

B,

Zero

Cpn.,

7/01/31

......

9,625,000

5,915,760

Educational

Growth

Fund

LLC,

Revenue,

Senior

Lien,

144A,

2021

A-1,

5%,

7/01/56

1,000,000

885,564

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

2,306,473

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-2,

4.43%,

1/01/57

...........

10,245,000

6,966,084

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/40

......

1,235,000

1,129,603

South

Tech

Schools

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

6/15/55

......

3,805,000

3,203,395

University

Bridge

LLC,

Revenue,

144A,

2018

A,

5.25%,

12/01/43

..............

31,755,000

29,775,066

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

3.3%,

1/01/31

..............

715,000

614,698

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,050,000

788,265

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

3,500,000

2,638,856

Celebration

Community

Development

District

,

Special

Assessment,

2021,

2.25%,

5/01/26

..............................

100,000

94,434

Special

Assessment,

2021,

2.75%,

5/01/31

..............................

240,000

206,134

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

590,000

432,126

Celebration

Pointe

Community

Development

District

No.

1

,

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

885,000

680,162

Special

Assessment,

2021,

4%,

5/01/53

.................................

1,330,000

1,031,148

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)

f

Center

Lake

Ranch

West

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

2023,

5.75%,

5/01/43

............

$

1,365,000

$

1,361,737

Assessment

Area

One,

Special

Assessment,

2023,

6%,

5/01/54

...............

2,330,000

2,329,806

CFM

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...

185,000

175,327

Chaparral

Palm

Bay

Community

Development

District

,

Assessments,

Special

Assessment,

2020

A-1,

4%,

5/01/40

...................

1,220,000

1,034,485

Assessments,

Special

Assessment,

2020

A-1,

4%,

5/01/50

...................

1,985,000

1,529,750

c

Chapel

Creek

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

220,000

192,800

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

.........................

740,000

566,468

c

Chapel

Crossings

Community

Development

District

,

Special

Assessment,

144A,

2020,

2.625%,

5/01/25

.........................

230,000

223,226

Special

Assessment,

144A,

2020,

3.2%,

5/01/30

..........................

645,000

581,000

Special

Assessment,

144A,

2020,

3.7%,

5/01/40

..........................

1,700,000

1,373,576

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

2,820,000

2,158,872

c

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

A,

4%,

10/01/51

.......

5,500,000

4,317,130

MSKP

Town

&

Country

Utility

LLC,

Revenue,

144A,

2021

B,

5%,

10/01/36

.......

2,500,000

2,140,115

Coddington

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

5/01/42

..............................

615,000

624,705

Special

Assessment,

2022,

5.75%,

5/01/52

..............................

1,000,000

1,003,515

Connerton

East

Community

Development

District

,

Special

Assessment,

2023,

5.25%,

6/15/43

..............................

1,395,000

1,388,229

Special

Assessment,

2023,

5.375%,

6/15/53

.............................

2,250,000

2,212,343

Copes

Landing

Community

Development

District

,

2023

Project

Area,

Special

Assessment,

2023,

5.75%,

5/01/43

................

210,000

212,459

2023

Project

Area,

Special

Assessment,

2023,

5.875%,

5/01/53

...............

1,825,000

1,836,878

Coral

Bay

Lee

County

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.....................................

250,000

249,699

Cordoba

Ranch

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

........................

835,000

755,335

Special

Assessment,

2021,

Refunding,

3%,

5/01/37

........................

825,000

663,065

Cordova

Palms

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

220,000

208,737

Special

Assessment,

2021,

2.8%,

5/01/31

...............................

385,000

332,588

Special

Assessment,

2021,

3%,

5/01/41

.................................

1,115,000

806,241

Special

Assessment,

2022-1,

5.7%,

5/01/42

..............................

330,000

331,782

Special

Assessment,

2022-1,

5.8%,

5/01/53

..............................

655,000

654,041

Special

Assessment,

2022-2,

4.5%,

5/01/27

..............................

215,000

213,518

Special

Assessment,

2022-2,

5.1%,

5/01/32

..............................

340,000

340,369

Special

Assessment,

2022-2,

5.4%,

5/01/42

..............................

1,020,000

1,005,908

Special

Assessment,

2022-2,

5.6%,

5/01/53

..............................

2,005,000

1,982,009

Creekview

Community

Development

District

,

Special

Assessment,

2022,

4.25%,

5/01/32

..............................

805,000

774,754

Special

Assessment,

2022,

4.625%,

5/01/42

.............................

2,455,000

2,233,251

c

Crestview

II

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

247,936

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/37

...................

475,000

440,396

Cross

Creek

North

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/32

..............................

460,000

439,472

Special

Assessment,

2022,

4.25%,

5/01/42

..............................

2,340,000

2,070,943

Special

Assessment,

2022,

4.5%,

5/01/52

...............................

1,750,000

1,513,353

Special

Assessment,

2023,

5.125%,

5/01/43

.............................

1,000,000

961,311

Special

Assessment,

2023,

5.375%,

5/01/53

.............................

1,255,000

1,195,351

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)

Crystal

Cay

Community

Development

District

,

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

$

200,000

$

175,328

Special

Assessment,

2021,

3.05%,

5/01/41

..............................

850,000

674,927

Special

Assessment,

2021,

4%,

5/01/51

.................................

1,000,000

821,910

c

Currents

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

4%,

5/01/40

..........................

3,100,000

2,631,622

Special

Assessment,

144A,

2020

A,

4%,

5/01/51

..........................

5,815,000

4,447,473

Cypress

Bay

West

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.25%,

5/01/43

...............

1,375,000

1,327,862

Assessment

Area

1,

Special

Assessment,

2023,

5.5%,

5/01/53

................

1,205,000

1,160,772

c

Cypress

Bluff

Community

Development

District

,

Special

Assessment,

144A,

2020

A,

3.125%,

5/01/30

.......................

250,000

224,880

Special

Assessment,

144A,

2020

A,

3.625%,

5/01/40

.......................

800,000

636,983

Special

Assessment,

144A,

2020

A,

3.8%,

5/01/50

.........................

1,170,000

864,514

Cypress

Park

Estates

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2022,

4.375%,

5/01/27

...............

105,000

103,430

Assessment

Area,

Special

Assessment,

2022,

4.75%,

5/01/32

................

350,000

343,097

Assessment

Area,

Special

Assessment,

2022,

5%,

5/01/42

...................

1,010,000

950,637

c

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

..........

295,000

268,595

c

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.875%,

5/01/40

.........

1,170,000

981,326

c

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/51

............

1,210,000

933,947

Cypress

Ridge

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.625%,

5/01/43

..............

1,565,000

1,543,992

Assessment

Area

1,

Special

Assessment,

2023,

5.875%,

5/01/53

..............

1,340,000

1,324,190

Deerbrook

Community

Development

District

,

Special

Assessment,

2023,

4.375%,

5/01/30

.............................

135,000

132,995

Special

Assessment,

2023,

5.25%,

5/01/43

..............................

655,000

634,062

Special

Assessment,

2023,

5.5%,

5/01/53

...............................

1,250,000

1,211,005

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment,

2023,

5%,

5/01/43

.................................

1,435,000

1,374,660

Special

Assessment,

2023,

5.25%,

5/01/53

..............................

2,000,000

1,917,965

DG

Farms

Community

Development

District

,

Special

Assessment,

2020,

2.75%,

5/01/25

..............................

30,000

29,187

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

200,000

181,643

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

260,000

212,427

DW

Bayview

Community

Development

District

,

c

Assessment

Area,

Special

Assessment,

144A,

2021,

2.375%,

5/01/26

..........

250,000

236,788

c

Assessment

Area,

Special

Assessment,

144A,

2021,

3%,

5/01/32

..............

430,000

369,955

c

Assessment

Area,

Special

Assessment,

144A,

2021,

3.375%,

5/01/41

..........

1,160,000

886,224

Assessment

Area,

Special

Assessment,

2022,

4.5%,

5/01/32

.................

185,000

179,116

Assessment

Area,

Special

Assessment,

2022,

5.125%,

5/01/42

...............

1,115,000

1,068,052

East

547

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

90,000

85,442

Assessment

Area

1,

Special

Assessment,

2021,

3%,

5/01/31

.................

115,000

100,978

Assessment

Area

1,

Special

Assessment,

2021,

3.3%,

5/01/41

................

500,000

376,364

Assessment

Area

2,

Special

Assessment,

2023,

6.25%,

5/01/43

...............

405,000

413,667

Assessment

Area

2,

Special

Assessment,

2023,

6.5%,

5/01/54

................

1,000,000

1,026,611

East

Bonita

Beach

Road

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/32

.................

255,000

219,575

Assessment

Area

2,

Special

Assessment,

2021,

3.25%,

5/01/41

...............

750,000

563,347

East

Nassau

Stewardship

District

,

Assessment,

Special

Assessment,

2021,

2.4%,

5/01/26

.....................

210,000

199,020

Assessment,

Special

Assessment,

2021,

3%,

5/01/31

.......................

500,000

437,047

Assessment,

Special

Assessment,

2021,

3.5%,

5/01/41

.....................

1,260,000

975,186

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)

East

Nassau

Stewardship

District,

(continued)

Assessment,

Special

Assessment,

2021,

4%,

5/01/51

.......................

$

1,515,000

$

1,159,820

Eden

Hills

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2020,

3.25%,

5/01/30

................

110,000

102,474

Assessment

Area,

Special

Assessment,

2020,

4%,

5/01/40

...................

300,000

262,993

Assessment

Area,

Special

Assessment,

2022,

3.25%,

5/01/27

................

370,000

354,961

Assessment

Area,

Special

Assessment,

2022,

3.625%,

5/01/32

...............

610,000

556,905

Assessment

Area,

Special

Assessment,

2022,

4%,

5/01/42

...................

1,640,000

1,392,677

Assessment

Area,

Special

Assessment,

2022,

4.125%,

5/01/52

...............

1,585,000

1,225,879

Edgewater

East

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

320,000

303,440

Assessment

Area

1,

Special

Assessment,

2021,

3.1%,

5/01/31

................

700,000

618,477

Assessment

Area

1,

Special

Assessment,

2021,

3.6%,

5/01/41

................

2,625,000

2,095,976

Assessment

Area

2,

Special

Assessment,

2022,

3.375%,

5/01/32

..............

1,985,000

1,755,662

Assessment

Area

2,

Special

Assessment,

2022,

4%,

5/01/42

.................

4,000,000

3,351,678

Assessment

Area

2,

Special

Assessment,

2022,

4%,

5/01/52

.................

6,190,000

4,738,990

c

Enbrook

Community

Development

District

,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............................

500,000

423,233

Special

Assessment,

144A,

2020,

4%,

5/01/51

............................

1,150,000

879,597

Entrada

Community

Development

District

,

c

Special

Assessment,

144A,

2021,

2.125%,

5/01/26

.........................

100,000

94,134

c

Special

Assessment,

144A,

2021,

2.625%,

5/01/31

.........................

370,000

314,596

c

Special

Assessment,

144A,

2021,

3.125%,

5/01/41

.........................

935,000

689,939

Special

Assessment,

2023,

5.6%,

5/01/43

...............................

500,000

500,728

Epperson

North

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

135,000

128,043

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

250,000

218,079

Assessment

Area

2,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,245,000

947,353

Assessment

Area

3,

Special

Assessment,

2021

A,

2.45%,

11/01/26

............

135,000

126,626

Assessment

Area

3,

Special

Assessment,

2021

A,

3.1%,

11/01/31

.............

400,000

348,678

Assessment

Area

3,

Special

Assessment,

2021

A,

4%,

11/01/51

...............

2,195,000

1,660,011

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

3.25%,

5/01/25

...............

220,000

215,910

Assessment

Area

2,

Special

Assessment,

2020,

3.625%,

5/01/30

..............

625,000

578,101

Assessment

Area

2,

Special

Assessment,

2020,

4.2%,

5/01/40

................

1,695,000

1,473,818

Assessment

Area

2,

Special

Assessment,

2020,

4.375%,

5/01/51

..............

2,915,000

2,382,260

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........................................................

1,000,000

764,782

c

Florida

Development

Finance

Corp.

,

g

Brightline

Florida

Holdings

LLC,

Revenue,

144A,

2023

A,

Refunding,

Mandatory

Put,

7.5%,

8/15/24

...................................................

6,000,000

5,961,333

g

Brightline

Florida

Holdings

LLC,

Revenue,

144A,

2023

C,

Refunding,

Mandatory

Put,

8%,

4/01/24

....................................................

15,250,000

15,408,046

g

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.375%,

1/01/26

.................................................

2,000,000

1,927,146

g

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

A,

Refunding,

Mandatory

Put,

6.5%,

1/01/29

...................................................

4,000,000

3,871,278

Brightline

Trains

Florida

LLC,

Revenue,

144A,

2019

B,

7.375%,

1/01/49

.........

31,150,000

31,286,016

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

6/01/31

........................................................

450,000

431,271

Glenridge

on

Palmer

Ranch

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

6/01/51

........................................................

5,500,000

4,402,048

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

6/01/50

........................................................

7,000,000

5,497,839

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)

c

Florida

Development

Finance

Corp.,

(continued)

Mayflower

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/55

............................................

$

3,900,000

$

2,302,354

c

Forest

Lake

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

..........

350,000

326,609

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,270,000

1,139,446

Assessment

Area

2,

Special

Assessment,

144A,

2022,

4.75%,

5/01/27

..........

35,000

35,019

Assessment

Area

2,

Special

Assessment,

144A,

2022,

5%,

5/01/32

............

75,000

74,996

Assessment

Area

2,

Special

Assessment,

144A,

2022,

5.375%,

5/01/42

.........

310,000

311,754

Assessment

Area

2,

Special

Assessment,

144A,

2022,

5.5%,

5/01/52

...........

275,000

275,168

Gracewater

Sarasota

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

190,000

180,066

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

500,000

435,675

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

3,170,000

2,400,770

Special

Assessment,

2021,

4%,

5/01/52

.................................

1,535,000

1,167,146

Grand

Oaks

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2020,

4.25%,

5/01/40

...............

1,100,000

962,327

Assessment

Area

2,

Special

Assessment,

2020,

4.5%,

5/01/52

................

3,500,000

2,905,649

Assessment

Area

3,

Special

Assessment,

2021,

3.2%,

11/01/31

...............

215,000

189,251

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

11/01/41

...............

555,000

424,785

Assessment

Area

3,

Special

Assessment,

2021,

4%,

11/01/51

................

1,205,000

920,362

Grande

Pines

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/41

..............................

710,000

565,038

Special

Assessment,

2021,

4%,

5/01/51

.................................

750,000

572,515

Grove

Resort

Community

Development

District

,

Special

Assessment,

2022,

3.3%,

5/01/32

...............................

170,000

149,255

Special

Assessment,

2022,

3.55%,

5/01/42

..............................

435,000

333,195

Hammock

Oaks

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

4.875%,

5/01/30

..............

200,000

200,055

Assessment

Area

1,

Special

Assessment,

2023,

5.625%,

5/01/43

..............

645,000

645,663

Assessment

Area

1,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

1,000,000

986,671

Hammock

Reserve

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2020,

4%,

5/01/40

.................

540,000

478,769

Assessment

Area

1,

Special

Assessment,

2020,

4%,

5/01/51

.................

860,000

694,631

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

200,000

176,664

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

520,000

404,685

Assessment

Area

3,

Special

Assessment,

2022,

4.4%,

5/01/32

................

475,000

463,262

Assessment

Area

3,

Special

Assessment,

2022,

5%,

5/01/52

.................

930,000

856,007

Harmony

West

Community

Development

District

,

Special

Assessment,

2023,

5%,

5/01/43

.................................

275,000

265,707

Special

Assessment,

2023,

5.3%,

5/01/53

...............................

305,000

297,009

Hawkstone

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

2021,

2.6%,

5/01/26

................

120,000

114,241

Assessment

Area

3,

Special

Assessment,

2021,

3.2%,

5/01/31

................

440,000

390,949

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

1,125,000

872,954

Assessment

Area

4,

Special

Assessment,

2023,

4.375%,

5/01/30

..............

290,000

285,688

Hills

of

Minneola

Community

Development

District

,

c

South

Parcel

Assessment

Area,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

..

1,000,000

910,368

c

South

Parcel

Assessment

Area,

Special

Assessment,

144A,

2020,

4%,

5/01/40

...

2,625,000

2,220,860

c

South

Parcel

Assessment

Area,

Special

Assessment,

144A,

2020,

4%,

5/01/50

...

5,505,000

4,245,993

South

Parcel

Assessment

Area

Phase

2,

Special

Assessment,

2021,

2.375%,

5/01/26

........................................................

75,000

71,086

South

Parcel

Assessment

Area

Phase

2,

Special

Assessment,

2021,

2.8%,

5/01/31

250,000

215,966

South

Parcel

Assessment

Area

Phase

2,

Special

Assessment,

2021,

3.2%,

5/01/41

500,000

371,014

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)

Hilltop

Point

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2022-1,

5.375%,

5/01/52

............

$

700,000

$

661,517

Assessment

Area

2,

Special

Assessment,

2022-2,

5.6%,

5/01/53

..............

745,000

717,947

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

163,695

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

343,088

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

485,752

Hyde

Park

Community

Development

District

No.

1

,

Special

Assessment,

2022,

4%,

5/01/42

.................................

2,710,000

2,248,538

Special

Assessment,

2022,

4%,

5/01/52

.................................

1,000,000

760,685

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

435,000

435,494

e

Special

Assessment,

1999

C,

7%,

5/01/30

...............................

4,123,752

2,845,389

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

2.2%,

5/01/26

.........

185,000

174,494

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

2.7%,

5/01/31

.........

240,000

205,455

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

.......

855,000

622,340

Phase

A1

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/52

...........

1,375,000

1,045,489

Island

Lake

Estates

Community

Development

District

,

Special

Assessment,

2023,

5.75%,

12/15/43

.............................

1,240,000

1,254,097

Special

Assessment,

2023,

6%,

12/15/53

................................

1,430,000

1,441,746

c,f

Kelly

Park

Community

Development

District

,

Assessment

Area

One,

Special

Assessment,

144A,

2023,

6%,

11/01/43

.........

915,000

917,031

Assessment

Area

One,

Special

Assessment,

144A,

2023,

6.25%,

11/01/53

.......

1,220,000

1,216,621

Kindred

Community

Development

District

II

,

Special

Assessment,

2020,

3.5%,

5/01/40

...............................

395,000

313,488

Special

Assessment,

2020,

3.75%,

5/01/50

..............................

570,000

425,469

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

235,000

202,097

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

500,000

369,411

Special

Assessment,

2023,

5.875%,

5/01/54

.............................

1,100,000

1,099,930

Kingman

Gate

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

6/15/30

.............................

375,000

346,500

Special

Assessment,

2020,

4%,

6/15/40

.................................

775,000

694,962

Special

Assessment,

2020,

4%,

6/15/50

.................................

2,270,000

1,871,801

Special

Assessment,

2021,

2.5%,

6/15/26

...............................

60,000

57,256

Special

Assessment,

2021,

3.125%,

6/15/31

.............................

250,000

228,546

Special

Assessment,

2021,

3.6%,

6/15/41

...............................

750,000

624,476

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,020,000

2,026,343

Lake

Deer

Community

Development

District

,

Special

Assessment,

2022,

5%,

5/01/32

.................................

445,000

431,905

Special

Assessment,

2022,

5.5%,

5/01/42

...............................

1,490,000

1,434,855

Special

Assessment,

2022,

5.625%,

5/01/53

.............................

2,670,000

2,529,948

c

Lake

Emma

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

144A,

2023,

5.25%,

5/01/43

..........

1,235,000

1,204,122

Assessment

Area

2,

Special

Assessment,

144A,

2023,

5.5%,

5/01/53

...........

810,000

789,224

Lake

Harris

Community

Development

District

,

Special

Assessment,

2023,

5.375%,

5/01/43

.............................

565,000

557,935

Special

Assessment,

2023,

5.625%,

5/01/53

.............................

585,000

578,331

Lakes

at

Bella

Lago

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023-1,

5.75%,

5/01/43

.............

810,000

805,270

Assessment

Area

1,

Special

Assessment,

2023-1,

6%,

5/01/53

................

1,905,000

1,891,857

Assessment

Area

2,

Special

Assessment,

2023-2,

5.75%,

5/01/43

.............

1,000,000

994,160

Assessment

Area

2,

Special

Assessment,

2023-2,

6%,

5/01/54

................

2,395,000

2,378,278

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)

Lakes

of

Sarasota

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

.............

$

135,000

$

122,935

Assessment

Area

1,

Special

Assessment,

2021

A-1,

3.9%,

5/01/41

.............

285,000

238,175

Assessment

Area

1,

Special

Assessment,

2021

A-1,

4.1%,

5/01/51

.............

265,000

209,952

Assessment

Area

1,

Special

Assessment,

2021

A-2,

3.875%,

5/01/31

...........

390,000

369,834

Assessment

Area

2,

Special

Assessment,

2021

B-1,

3.625%,

5/01/31

...........

125,000

116,471

Assessment

Area

2,

Special

Assessment,

2021

B-1,

4.125%,

5/01/41

...........

200,000

172,328

Lakeside

Preserve

Community

Development

District

,

Special

Assessment,

2023,

6%,

5/01/43

.................................

735,000

741,746

Special

Assessment,

2023,

6.375%,

5/01/54

.............................

1,250,000

1,270,896

Lakewood

Park

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

3.2%,

5/01/31

................

125,000

111,940

Assessment

Area

1,

Special

Assessment,

2021,

3.625%,

5/01/41

..............

325,000

256,037

Assessment

Area

2,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

910,000

910,599

Lakewood

Ranch

Stewardship

District

,

Assessment,

Special

Assessment,

2023,

6.125%,

5/01/43

...................

1,500,000

1,536,509

Assessment,

Special

Assessment,

2023,

6.3%,

5/01/54

.....................

5,000,000

5,084,927

Assessment

Azario,

Special

Assessment,

2020

A,

3.75%,

5/01/40

.............

525,000

428,400

Assessment

Azario,

Special

Assessment,

2020

A,

3.9%,

5/01/50

..............

770,000

588,427

c

Assessment

Lorraine

Lakes,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

..

250,000

225,194

c

Assessment

Lorraine

Lakes,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

..

1,075,000

865,294

c

Assessment

Lorraine

Lakes,

Special

Assessment,

144A,

2020,

3.875%,

5/01/51

..

2,640,000

1,980,936

c

Assessment

Northeast

Sector

Project

Phase

2B,

Special

Assessment,

144A,

2020,

Refunding,

3.2%,

5/01/30

..........................................

440,000

397,683

c

Assessment

Northeast

Sector

Project

Phase

2B,

Special

Assessment,

144A,

2020,

Refunding,

3.75%,

5/01/40

.........................................

2,100,000

1,724,584

Assessment

Northeast

Sector

Project

Phase

2C,

Special

Assessment,

2020,

3%,

5/01/30

........................................................

470,000

418,848

Assessment

Northeast

Sector

Project

Phase

2C,

Special

Assessment,

2020,

3.5%,

5/01/40

........................................................

750,000

589,775

Assessment

Star

Farms

Phase

1/2,

Special

Assessment,

2021,

2.3%,

5/01/26

....

140,000

132,247

Assessment

Star

Farms

Phase

1/2,

Special

Assessment,

2021,

2.7%,

5/01/31

....

105,000

88,854

Assessment

Star

Farms

Phase

1/2,

Special

Assessment,

2021,

3%,

5/01/41

.....

430,000

312,492

Laurel

Road

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.6%,

5/01/26

............................

220,000

207,953

Special

Assessment,

2021

A-1,

3%,

5/01/31

..............................

350,000

300,750

Special

Assessment,

2021

A-1,

3.25%,

5/01/41

...........................

1,195,000

870,124

Special

Assessment,

2021

A-1,

4%,

5/01/52

..............................

1,450,000

1,076,419

Special

Assessment,

2021

A-2,

3.125%,

5/01/31

..........................

1,935,000

1,591,001

Lawson

Dunes

Community

Development

District

,

Special

Assessment,

2022,

4.375%,

5/01/27

.............................

170,000

167,965

Special

Assessment,

2022,

4.75%,

5/01/32

..............................

535,000

526,009

Leomas

Landing

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

175,000

165,850

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

310,000

270,118

Special

Assessment,

2021,

2.95%,

5/01/31

..............................

100,000

87,305

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

795,000

598,409

Special

Assessment,

2021,

3.35%,

5/01/41

..............................

275,000

208,014

Special

Assessment,

2021,

4%,

5/01/52

.................................

530,000

402,988

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

8,000,000

6,700,000

Live

Oak

Lake

Community

Development

District

,

Special

Assessment,

2020,

4.4%,

5/01/40

...............................

1,600,000

1,425,859

Special

Assessment,

2020,

4.6%,

5/01/51

...............................

2,845,000

2,413,278

LT

Ranch

Community

Development

District

,

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.3%,

5/01/32

.........

120,000

120,919

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)

LT

Ranch

Community

Development

District,

(continued)

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.75%,

5/01/42

........

$

380,000

$

382,998

Phase

I

Assessment

Area,

Special

Assessment,

2022-1,

5.9%,

5/01/53

.........

500,000

500,624

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5%,

5/01/32

.........

1,245,000

1,251,172

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5.5%,

5/01/42

........

2,500,000

2,507,922

Phase

IIA

Assessment

Area,

Special

Assessment,

2022-2,

5.7%,

5/01/53

........

5,685,000

5,688,418

LTC

Ranch

West

Residential

Community

Development

District

,

Special

Assessment,

2021

B,

3.25%,

5/01/31

.............................

4,000,000

3,557,517

Assessment

Area

1,

Special

Assessment,

2021

A,

3.125%,

5/01/31

............

700,000

617,215

Assessment

Area

1,

Special

Assessment,

2021

A,

3.45%,

5/01/41

.............

1,250,000

963,766

c

Magnolia

Park

Community

Development

District

,

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/31

...................

250,000

248,251

Special

Assessment,

144A,

2020,

Refunding,

4%,

5/01/39

...................

688,000

622,932

c

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

5/01/53

...................................................

2,500,000

2,572,756

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District,

Special

Assessment,

2022,

4%,

5/01/32

.......

345,000

327,347

Community

Development

District,

Special

Assessment,

2022,

4.25%,

5/01/42

.....

1,130,000

976,450

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,585,000

1,587,376

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Phase

3B,

Special

Assessment,

2021,

2.4%,

5/01/26

.......................

120,000

113,726

Phase

3B,

Special

Assessment,

2021,

3%,

5/01/31

........................

205,000

179,189

Phase

3B,

Special

Assessment,

2021,

3.25%,

5/01/41

......................

790,000

585,926

Phase

3B,

Special

Assessment,

2021,

3.75%,

5/01/52

......................

625,000

448,426

Phase

4,

Special

Assessment,

2021,

2.4%,

5/01/26

........................

140,000

132,680

Phase

4,

Special

Assessment,

2021,

3%,

5/01/31

..........................

225,000

196,671

Phase

4,

Special

Assessment,

2021,

3.25%,

5/01/41

.......................

1,155,000

856,639

Phase

4,

Special

Assessment,

2021,

4%,

5/01/52

..........................

1,000,000

760,356

Merrick

Square

Community

Development

District

,

Special

Assessment,

2023,

4.5%,

5/01/30

...............................

235,000

233,057

Special

Assessment,

2023,

5.4%,

5/01/43

...............................

725,000

718,083

Special

Assessment,

2023,

5.625%,

5/01/53

.............................

1,000,000

995,665

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

6.2

%

,

5/01/53

.........................................................

3,250,000

3,322,923

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

2,400,000

2,113,977

Mirada

II

Community

Development

District

,

2021

Project

Area,

Special

Assessment,

2021,

2.5%,

5/01/26

.................

305,000

288,404

2021

Project

Area,

Special

Assessment,

2021,

3.125%,

5/01/31

...............

645,000

554,213

2021

Project

Area,

Special

Assessment,

2021,

3.5%,

5/01/41

.................

2,080,000

1,600,861

2021

Project

Area,

Special

Assessment,

2021,

4%,

5/01/51

..................

2,360,000

1,774,305

2022

Project

Area,

Special

Assessment,

2022,

5.125%,

5/01/32

...............

335,000

336,531

2022

Project

Area,

Special

Assessment,

2022,

5.6%,

5/01/42

.................

1,010,000

1,009,926

2022

Project

Area,

Special

Assessment,

2022,

5.75%,

5/01/53

................

1,845,000

1,829,844

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/26

.............................

265,000

253,135

Special

Assessment,

2021,

3.5%,

5/01/31

...............................

500,000

452,289

Special

Assessment,

2021,

3.875%,

5/01/41

.............................

1,250,000

1,013,198

Special

Assessment,

2021,

4.125%,

5/01/52

.............................

2,250,000

1,748,144

North

AR-1

Pasco

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/26

.............................

105,000

100,042

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

275,000

243,418

Assessment

Area

2,

Special

Assessment,

2021

A,

2.625%,

5/01/26

............

130,000

123,861

Assessment

Area

2,

Special

Assessment,

2021

A,

3.25%,

5/01/31

.............

170,000

151,779

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)

North

AR-1

Pasco

Community

Development

District,

(continued)

Assessment

Area

2,

Special

Assessment,

2021

A,

3.55%,

5/01/41

.............

$

685,000

$

533,955

Assessment

Area

3,

Special

Assessment,

2023,

5.75%,

5/01/43

...............

790,000

780,063

Assessment

Area

3,

Special

Assessment,

2023,

6%,

5/01/54

.................

1,115,000

1,098,271

North

Loop

Community

Development

District

,

Special

Assessment,

2023,

6.375%,

5/01/43

.............................

525,000

544,155

Special

Assessment,

2023,

6.625%,

5/01/54

.............................

1,000,000

1,039,943

North

Park

Isle

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.45%,

11/01/26

..............

160,000

149,725

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

500,000

433,668

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

11/01/41

.............

1,500,000

1,139,398

Assessment

Area

2,

Special

Assessment,

2021,

4%,

11/01/51

................

2,500,000

1,909,465

North

Powerline

Road

Community

Development

District

,

Special

Assessment,

2020,

3.125%,

5/01/30

.............................

490,000

440,693

Special

Assessment,

2020,

3.625%,

5/01/40

.............................

1,000,000

799,943

c

Special

Assessment,

144A,

2022,

5.25%,

5/01/32

.........................

205,000

201,982

c

Special

Assessment,

144A,

2022,

5.625%,

5/01/52

.........................

1,415,000

1,360,662

North

River

Ranch

Community

Development

District

,

Special

Assessment,

2020

A-1,

3%,

5/01/25

..............................

305,000

298,302

Special

Assessment,

2020

A-1,

3.5%,

5/01/30

............................

855,000

785,134

Special

Assessment,

2020

A-1,

4%,

5/01/40

..............................

1,150,000

975,102

Special

Assessment,

2020

A-1,

4.25%,

5/01/51

...........................

1,960,000

1,568,027

Special

Assessment,

2020

A-2,

4.2%,

5/01/35

............................

960,000

882,796

North

River

Ranch

Improvement

Stewardship

District

,

Assessment,

Special

Assessment,

2023

A,

6.7%,

5/01/55

....................

1,500,000

1,548,740

Assessment,

Special

Assessment,

2023

A-1,

6%,

5/01/54

...................

4,975,000

4,819,425

Orange

Blossom

Groves

Community

Development

District

,

Special

Assessment,

2023,

4.25%,

6/15/30

..............................

485,000

481,718

Special

Assessment,

2023,

5.25%,

6/15/43

..............................

1,000,000

995,146

Special

Assessment,

2023,

5.375%,

6/15/53

.............................

1,375,000

1,351,988

c

Osceola

Village

Center

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.875%,

5/01/31

.........................

180,000

156,322

Special

Assessment,

144A,

2021,

3.3%,

5/01/41

..........................

370,000

278,167

Palermo

Community

Development

District

,

Special

Assessment,

2023,

5%,

6/15/43

.................................

1,945,000

1,869,928

Special

Assessment,

2023,

5.25%,

6/15/53

..............................

1,500,000

1,441,295

Palm

Coast

Park

Community

Development

District

,

Special

Assessment,

2022,

5.125%,

5/01/51

.............................

1,500,000

1,388,170

Special

Assessment,

2023,

5.6%,

5/01/53

...............................

1,000,000

977,562

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

2.8%,

5/01/31

...........

350,000

301,762

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

3.125%,

5/01/41

.........

730,000

532,014

Spring

Lake

-

Tracts

2

&

3,

Special

Assessment,

2021,

4%,

5/01/52

............

1,210,000

920,030

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15

%

,

11/01/41

........................................................

600,000

434,732

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

955,000

774,058

Special

Assessment,

2020,

4%,

5/01/51

.................................

800,000

612,446

Parrish

Lakes

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.125%,

5/01/43

..............

1,500,000

1,426,463

Assessment

Area

1,

Special

Assessment,

2023,

5.4%,

5/01/53

................

1,605,000

1,514,818

Assessment

Area

2,

Special

Assessment,

2023

A,

5.375%,

5/01/43

............

1,080,000

1,045,204

Assessment

Area

2,

Special

Assessment,

2023

A,

5.625%,

5/01/53

............

1,535,000

1,485,917

Parrish

Plantation

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.5%,

5/01/26

................

195,000

185,726

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)

Parrish

Plantation

Community

Development

District,

(continued)

Assessment

Area

1,

Special

Assessment,

2021,

3.125%,

5/01/31

..............

$

235,000

$

208,512

Assessment

Area

1,

Special

Assessment,

2021,

3.5%,

5/01/41

................

790,000

615,893

Assessment

Area

2,

Special

Assessment,

2022,

4.75%,

5/01/32

...............

165,000

161,839

Assessment

Area

2,

Special

Assessment,

2022,

5.375%,

5/01/42

..............

595,000

583,727

Assessment

Area

2,

Special

Assessment,

2022,

5.5%,

5/01/52

................

945,000

921,163

Peace

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

1,450,000

1,424,521

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

1,595,000

1,572,894

c

Pine

Isle

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

12/15/26

........................

80,000

75,255

Special

Assessment,

144A,

2021,

3%,

12/15/31

...........................

225,000

201,897

Special

Assessment,

144A,

2021,

3.25%,

12/15/41

.........................

1,000,000

774,584

Special

Assessment,

144A,

2021,

4%,

12/15/51

...........................

1,200,000

960,205

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

.......................................

700,000

590,629

Preserve

at

South

Branch

Community

Development

District

,

Phase

3,

Special

Assessment,

2021,

3%,

5/01/31

..........................

150,000

135,600

Phase

3,

Special

Assessment,

2021,

3.5%,

5/01/41

........................

750,000

614,114

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.875%,

12/15/43

.............

280,000

283,697

Assessment

Area

1,

Special

Assessment,

2023,

6.125%,

12/15/53

.............

1,000,000

1,013,047

Quail

Roost

Community

Development

District

,

Expansion

Area,

Special

Assessment,

2021,

2.2%,

12/15/26

.................

160,000

149,466

Expansion

Area,

Special

Assessment,

2021,

2.7%,

12/15/31

.................

200,000

173,864

Expansion

Area,

Special

Assessment,

2021,

3.125%,

12/15/41

................

990,000

753,429

Expansion

Area,

Special

Assessment,

2021,

4%,

12/15/51

...................

2,360,000

1,935,500

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

6/15/53

...............................

730,000

715,367

Reserve

at

Van

Oaks

Community

Development

District

,

Special

Assessment,

2023,

5.125%,

5/01/43

.............................

200,000

195,069

Special

Assessment,

2023,

5.375%,

5/01/53

.............................

965,000

940,602

Reunion

East

Community

Development

District

,

Special

Assessment,

2021,

2.4%,

5/01/26

...............................

310,000

294,816

Special

Assessment,

2021,

2.85%,

5/01/31

..............................

400,000

350,904

Special

Assessment,

2021,

3.15%,

5/01/41

..............................

1,455,000

1,107,684

Rhodine

Road

North

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2022,

2.6%,

5/01/27

.................

100,000

94,814

Assessment

Area,

Special

Assessment,

2022,

3%,

5/01/32

...................

190,000

170,226

Assessment

Area,

Special

Assessment,

2022,

3.3%,

5/01/42

.................

490,000

381,517

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment,

2022,

5.5%,

5/01/52

...............................

2,150,000

2,072,163

Parcel

2,

Special

Assessment,

2023,

5.5%,

5/01/43

........................

310,000

304,185

Parcel

2,

Special

Assessment,

2023,

5.75%,

5/01/53

.......................

545,000

532,873

River

Glen

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

350,000

305,933

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

1,000,000

762,687

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

995,000

761,730

River

Hall

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/24

.......

250,000

248,300

Assessment

Area,

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/25

.......

150,000

146,528

Assessment

Area,

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/31

.......

1,000,000

880,236

Assessment

Area,

Special

Assessment,

2021

A-2,

Refunding,

3%,

5/01/36

.......

1,000,000

789,268

Assessment

Area

3,

Special

Assessment,

2020

A,

3.625%,

5/01/40

............

1,030,000

821,070

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)

River

Hall

Community

Development

District,

(continued)

Assessment

Area

3,

Special

Assessment,

2020

A,

3.875%,

5/01/51

............

$

2,690,000

$

1,993,734

c

Assessment

Area

4,

Special

Assessment,

144A,

2023

A,

6.25%,

5/01/43

........

500,000

511,527

c

Assessment

Area

4,

Special

Assessment,

144A,

2023

A,

6.5%,

5/01/54

.........

1,300,000

1,329,558

River

Landing

Community

Development

District

,

Assessments,

Special

Assessment,

2020

A,

3%,

5/01/25

....................

170,000

166,312

Assessments,

Special

Assessment,

2020

A,

3.6%,

5/01/30

...................

475,000

438,903

Assessments,

Special

Assessment,

2020

A,

4.125%,

5/01/40

.................

850,000

733,826

Assessments,

Special

Assessment,

2020

A,

4.35%,

5/01/51

..................

1,100,000

896,546

Assessments,

Special

Assessment,

2020

B,

4.25%,

11/01/35

.................

675,000

611,860

Assessments,

Special

Assessment,

2023

A,

5.5%,

5/01/43

...................

750,000

746,418

Assessments,

Special

Assessment,

2023

A,

5.75%,

5/01/53

..................

1,000,000

998,530

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

910,000

892,950

e

Special

Assessment,

2001

B,

7.25%,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

205,000

179,189

Special

Assessment,

2021,

4%,

5/01/51

.................................

910,000

696,657

c

Rivers

Edge

III

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.4%,

5/01/26

..........................

100,000

94,762

Special

Assessment,

144A,

2021,

3%,

5/01/31

............................

300,000

262,961

Special

Assessment,

144A,

2021,

3.5%,

5/01/41

..........................

775,000

595,751

Special

Assessment,

144A,

2021,

4%,

5/01/51

............................

905,000

692,830

Rivington

Community

Development

District

,

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,685,000

1,370,491

Special

Assessment,

2022,

3.625%,

5/01/32

.............................

430,000

387,351

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,000,000

2,285,124

Rolling

Hills

Community

Development

District

,

Special

Assessment,

2022

A-1,

4%,

5/01/52

..............................

945,000

718,536

Special

Assessment,

2022

A-2,

Refunding,

3.65%,

5/01/32

...................

1,000,000

900,543

c

Rolling

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

5/01/53

...........................................

1,500,000

1,526,261

Rustic

Oaks

Community

Development

District

,

Special

Assessment,

2022,

3.2%,

5/01/32

...............................

1,000,000

873,292

Special

Assessment,

2022,

3.45%,

5/01/42

..............................

2,000,000

1,531,451

Special

Assessment,

2022,

4%,

5/01/52

.................................

3,950,000

3,016,641

Rye

Ranch

Community

Development

District

,

Pod

A

Assessment

Area

1,

Special

Assessment,

2023,

6.5%,

5/01/43

...........

1,000,000

1,044,605

Pod

A

Assessment

Area

1,

Special

Assessment,

2023,

6.625%,

5/01/54

.........

1,600,000

1,657,663

c

Pod

B

Assessment

Area

1,

Special

Assessment,

144A,

2023,

5.75%,

11/01/43

....

710,000

701,136

c

Pod

B

Assessment

Area

1,

Special

Assessment,

144A,

2023,

6%,

11/01/53

......

215,000

213,213

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2020,

3%,

6/15/30

.................

250,000

223,029

Assessment

Area

1,

Special

Assessment,

2020,

4%,

6/15/40

.................

610,000

518,657

Assessment

Area

2,

Special

Assessment,

2022,

3.1%,

12/15/32

...............

300,000

257,135

Assessment

Area

2,

Special

Assessment,

2022,

3.35%,

12/15/41

..............

485,000

366,111

Sanctuary

Cove

Community

Development

District

,

Special

Assessment,

2021,

2.625%,

5/01/31

.............................

190,000

161,780

Special

Assessment,

2021,

3.125%,

5/01/41

.............................

400,000

291,153

Special

Assessment,

2021,

4%,

5/01/52

.................................

770,000

585,474

Sandmine

Road

Community

Development

District

,

c

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

.........

300,000

276,932

c

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

.........

1,040,000

880,112

c

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.75%,

5/01/50

..........

2,020,000

1,587,228

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)

Sandmine

Road

Community

Development

District,

(continued)

Assessment

Area

2,

Special

Assessment,

2021,

2.3%,

11/01/26

...............

$

155,000

$

145,725

Assessment

Area

2,

Special

Assessment,

2021,

3%,

11/01/31

................

450,000

397,204

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

11/01/41

...............

1,180,000

903,465

Sandridge

Community

Development

District

,

Special

Assessment,

2021

A-1,

2.875%,

5/01/26

..........................

290,000

278,018

Special

Assessment,

2021

A-1,

3.4%,

5/01/31

............................

750,000

677,805

Special

Assessment,

2021

A-1,

3.875%,

5/01/41

..........................

730,000

597,278

Special

Assessment,

2021

A-1,

4%,

5/01/51

..............................

735,000

559,403

Sarasota

National

Community

Development

District

,

Special

Assessment,

2020,

Refunding,

3.5%,

5/01/31

.......................

1,490,000

1,358,182

Special

Assessment,

2020,

Refunding,

4%,

5/01/39

........................

2,210,000

1,924,756

c

Savanna

Lakes

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

144A,

2023,

5.125%,

6/15/43

.........

395,000

385,238

Assessment

Area

1,

Special

Assessment,

144A,

2023,

5.375%,

6/15/53

.........

1,065,000

1,035,054

Sawgrass

Village

Community

Development

District

,

Special

Assessment,

2023,

4.875%,

5/01/30

.............................

480,000

476,103

Special

Assessment,

2023,

5.5%,

5/01/43

...............................

1,500,000

1,456,385

Special

Assessment,

2023,

5.75%,

5/01/53

..............................

1,565,000

1,513,244

Assessment

Area

2,

Special

Assessment,

2023,

6.125%,

11/01/43

.............

1,000,000

1,014,845

Assessment

Area

2,

Special

Assessment,

2023,

6.375%,

11/01/53

.............

1,000,000

1,014,651

Sawyers

Landing

Community

Development

District

,

Special

Assessment,

2021,

3.75%,

5/01/31

..............................

1,400,000

1,239,949

Special

Assessment,

2021,

4.125%,

5/01/41

.............................

3,055,000

2,392,592

Special

Assessment,

2021,

4.25%,

5/01/53

..............................

6,015,000

4,417,716

Scenic

Highway

Community

Development

District

,

Special

Assessment,

2020,

3.25%,

5/01/30

..............................

470,000

425,841

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

1,230,000

995,798

Scenic

Terrace

North

Community

Development

District

,

2023

Assessment

Area,

Special

Assessment,

2023,

5.875%,

5/01/43

...........

2,155,000

2,138,852

2023

Assessment

Area,

Special

Assessment,

2023,

6.125%,

5/01/54

...........

1,810,000

1,806,156

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment,

2022,

3.75%,

5/01/27

..............................

410,000

397,524

Special

Assessment,

2022,

4.125%,

5/01/32

.............................

610,000

577,514

Special

Assessment,

2022,

4.5%,

5/01/42

...............................

2,710,000

2,399,254

c

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

6/15/53

................................

980,000

960,355

Sedona

Point

Community

Development

District

,

Special

Assessment,

2023,

4.125%,

6/15/30

.............................

75,000

73,735

Special

Assessment,

2023,

5%,

6/15/43

.................................

705,000

684,530

c

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/36

.....

310,000

270,512

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/41

.....

425,000

339,503

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/51

.....

830,000

596,380

Galileo

School

Foundation,

Inc.

(The),

Revenue,

144A,

2021

A,

4%,

6/15/56

.....

705,000

492,712

Seminole

Palms

Community

Development

District

,

Special

Assessment,

2023,

4.75%,

5/01/30

..............................

330,000

326,756

Special

Assessment,

2023,

5.5%,

5/01/43

...............................

990,000

977,166

Special

Assessment,

2023,

5.7%,

5/01/53

...............................

1,000,000

980,369

Sherwood

Manor

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/43

................

1,695,000

1,686,904

Assessment

Area

2,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

1,570,000

1,544,407

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment,

2021,

3.1%,

6/15/31

...............................

375,000

332,010

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)

Shingle

Creek

at

Bronson

Community

Development

District,

(continued)

Special

Assessment,

2021,

3.5%,

6/15/41

...............................

$

1,000,000

$

772,419

Silver

Palms

West

Community

Development

District

,

Special

Assessment,

2022,

2.6%,

6/15/27

...............................

330,000

303,995

Special

Assessment,

2022,

3%,

6/15/32

.................................

765,000

654,983

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

1,750,000

1,310,246

Silverlake

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

245,000

245,076

Assessment

Area

1,

Special

Assessment,

2023,

5.5%,

5/01/53

................

985,000

977,845

Six

Mile

Creek

Community

Development

District

,

Special

Assessment,

2023,

Refunding,

4.75%,

5/01/30

......................

495,000

489,599

Special

Assessment,

2023,

Refunding,

5.5%,

5/01/43

.......................

1,200,000

1,181,657

Special

Assessment,

2023,

Refunding,

5.7%,

5/01/54

.......................

1,500,000

1,466,024

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.125%,

11/01/25

....

150,000

145,770

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

3.625%,

11/01/31

....

500,000

454,745

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.125%,

11/01/40

....

1,375,000

1,175,035

Assessment

Area

2,

Special

Assessment,

2020,

Refunding,

4.25%,

11/01/50

.....

2,290,000

1,837,440

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

2.5%,

5/01/26

.......

175,000

166,631

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.1%,

5/01/31

.......

250,000

220,052

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

3.4%,

5/01/41

.......

750,000

568,676

Assessment

Area

2,

Special

Assessment,

2021,

Refunding,

4%,

5/01/52

........

2,050,000

1,550,807

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

215,000

204,531

Assessment

Area

3,

Special

Assessment,

2021,

3%,

5/01/31

.................

520,000

454,823

Assessment

Area

3,

Special

Assessment,

2021,

3.4%,

5/01/41

................

805,000

610,378

Assessment

Area

3,

Special

Assessment,

2021,

3.5%,

5/01/41

................

1,585,000

1,217,407

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

655,000

495,502

Somerset

Community

Development

District

,

Special

Assessment,

2022,

Refunding,

4%,

5/01/32

........................

750,000

699,488

Special

Assessment,

2022,

Refunding,

4.2%,

5/01/37

.......................

1,000,000

896,223

Sorrento

Pines

Community

Development

District

,

Assessment

Area

1,

Revenue,

2023,

5.25%,

5/01/43

.......................

415,000

404,627

Assessment

Area

1,

Revenue,

2023,

5.5%,

5/01/53

........................

500,000

488,575

South

Creek

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.875%,

6/15/31

..............

175,000

155,968

Assessment

Area

1,

Special

Assessment,

2021,

3.25%,

6/15/41

...............

500,000

391,174

Southern

Groves

Community

Development

District

No.

5

,

Special

Assessment,

2022-1,

6%,

5/01/49

...............................

1,000,000

1,009,126

Assessment

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

.................

215,000

203,759

Assessment

Area,

Special

Assessment,

2021,

2.8%,

5/01/31

.................

400,000

344,871

Assessment

Area,

Special

Assessment,

2021,

3.125%,

5/01/41

...............

1,100,000

800,671

Assessment

Area,

Special

Assessment,

2021,

4%,

5/01/48

...................

620,000

484,986

c

Southshore

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/33

..................................

155,000

130,378

Stellar

North

Community

Development

District

,

Special

Assessment,

2021,

2.45%,

5/01/26

..............................

120,000

113,549

Special

Assessment,

2021,

3%,

5/01/31

.................................

240,000

209,783

Special

Assessment,

2021,

3.2%,

5/01/41

...............................

845,000

619,230

c

Stillwater

Community

Development

District

,

Special

Assessment,

144A,

2021,

2.375%,

6/15/26

.........................

230,000

217,416

Special

Assessment,

144A,

2021,

3%,

6/15/31

............................

325,000

284,266

Special

Assessment,

144A,

2021,

3.5%,

6/15/41

..........................

1,290,000

1,000,873

Stonegate

Preserve

Community

Development

District

,

Special

Assessment,

2023,

5.875%,

12/15/43

.............................

700,000

708,174

Special

Assessment,

2023,

6.125%,

12/15/53

.............................

1,250,000

1,262,553

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)

c

Stonewater

Community

Development

District

,

Special

Assessment,

144A,

2021,

3%,

11/01/32

...........................

$

250,000

$

213,425

Special

Assessment,

144A,

2021,

3.3%,

11/01/41

..........................

635,000

478,305

Stoneybrook

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

Refunding

,

6.375

%

,

11/01/52

..........................

1,835,000

1,892,079

Stoneybrook

South

at

Championsgate

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2023,

4.5%,

6/15/30

.................

110,000

109,629

Assessment

Area,

Special

Assessment,

2023,

5.375%,

6/15/43

...............

395,000

394,755

Assessment

Area,

Special

Assessment,

2023,

5.5%,

6/15/53

.................

390,000

386,616

c

Fox

South

Assessment

Area,

Special

Assessment,

144A,

2020,

3%,

12/15/30

....

500,000

453,245

c

Fox

South

Assessment

Area,

Special

Assessment,

144A,

2020,

3.5%,

12/15/40

...

1,000,000

825,331

c

Fox

South

Assessment

Area,

Special

Assessment,

144A,

2020,

3.75%,

12/15/50

..

1,500,000

1,175,194

Storey

Creek

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2022,

5%,

6/15/32

.................

240,000

241,154

Assessment

Area

2,

Special

Assessment,

2022,

5.2%,

6/15/42

................

625,000

603,370

Assessment

Area

2,

Special

Assessment,

2022,

5.375%,

6/15/52

..............

1,000,000

954,432

Storey

Drive

Community

Development

District

,

Special

Assessment,

2022,

2.55%,

6/15/27

..............................

165,000

153,785

Special

Assessment,

2022,

3%,

6/15/32

.................................

375,000

324,256

Special

Assessment,

2022,

3.25%,

6/15/42

..............................

900,000

674,284

c

Storey

Park

Community

Development

District

,

Assessment

Area

4,

Special

Assessment,

144A,

2021,

2.875%,

6/15/31

.........

230,000

204,986

Assessment

Area

4,

Special

Assessment,

144A,

2021,

3.3%,

6/15/41

...........

620,000

471,280

Summer

Woods

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

150,000

132,125

Assessment

Area

2,

Special

Assessment,

2021,

3.4%,

5/01/41

................

395,000

302,943

Assessment

Area

3,

Special

Assessment,

2021,

2.5%,

5/01/26

................

150,000

142,659

Assessment

Area

3,

Special

Assessment,

2021,

3.15%,

5/01/31

...............

200,000

177,435

Assessment

Area

3,

Special

Assessment,

2021,

3.45%,

5/01/41

...............

725,000

557,103

Assessment

Area

3,

Special

Assessment,

2021,

4%,

5/01/52

.................

1,000,000

763,280

Summerstone

Community

Development

District

,

Assessment

Phase

One,

Special

Assessment,

2020,

3.25%,

5/01/30

...........

165,000

153,973

Assessment

Phase

One,

Special

Assessment,

2020,

3.75%,

5/01/40

...........

700,000

605,639

Assessment

Phase

One,

Special

Assessment,

2020,

4%,

5/01/51

.............

910,000

746,793

c

Assessment

Phase

Two,

Special

Assessment,

144A,

2021,

2.75%,

5/01/31

......

175,000

154,055

c

Assessment

Phase

Two,

Special

Assessment,

144A,

2021,

3.15%,

5/01/41

......

700,000

536,928

c

Assessment

Phase

Two,

Special

Assessment,

144A,

2021,

4%,

5/01/51

.........

1,750,000

1,433,942

Sunbridge

Stewardship

District

,

Assessment

Del

Webb

Phase

1/2

Assessment

Area,

Special

Assessment,

2022,

5%,

5/01/32

........................................................

350,000

351,348

Assessment

Del

Webb

Phase

1/2

Assessment

Area,

Special

Assessment,

2022,

5.4%,

5/01/42

...................................................

920,000

911,484

Assessment

Del

Webb

Phase

1/2

Assessment

Area,

Special

Assessment,

2022,

5.5%,

5/01/52

...................................................

1,725,000

1,681,309

Assessment

Weslyn

Park

Assessment

Area,

Special

Assessment,

2022,

4.2%,

5/01/27

........................................................

340,000

333,748

Assessment

Weslyn

Park

Assessment

Area,

Special

Assessment,

2022,

4.6%,

5/01/32

........................................................

460,000

446,247

Assessment

Weslyn

Park

Assessment

Area,

Special

Assessment,

2022,

5.2%,

5/01/42

........................................................

1,000,000

957,681

Assessment

Weslyn

Park

Assessment

Area,

Special

Assessment,

2022,

5.35%,

5/01/52

........................................................

2,000,000

1,880,580

Tamarindo

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/31

.................................

185,000

162,099

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

820,000

627,940

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)

Tern

Bay

Community

Development

District

,

Special

Assessment,

2022,

3.4%,

6/15/32

...............................

$

1,650,000

$

1,466,210

Special

Assessment,

2022,

4%,

6/15/42

.................................

3,600,000

2,985,173

Special

Assessment,

2022,

4%,

6/15/52

.................................

5,000,000

3,807,793

Three

Rivers

Community

Development

District

,

Special

Assessment

,

2023

,

Refunding

,

5.75

%

,

5/01/53

...................................................

4,190,000

4,062,671

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.35%,

12/15/26

..............

325,000

303,999

Assessment

Area

2,

Special

Assessment,

2021,

3%,

12/15/31

................

750,000

649,987

Assessment

Area

2,

Special

Assessment,

2021,

3.3%,

12/15/41

...............

2,175,000

1,629,513

Tohoqua

Community

Development

District

,

Special

Assessment,

2021,

2.875%,

5/01/31

.............................

215,000

187,120

Special

Assessment,

2021,

3.375%,

5/01/41

.............................

810,000

618,829

Tolomato

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2022

B,

Refunding,

3%,

5/01/32

........

1,500,000

1,309,964

Assessment

Area,

Special

Assessment,

2022

C,

Refunding,

3.2%,

5/01/32

.......

1,500,000

1,326,978

Assessment

Area

1,

Special

Assessment,

2022-1,

3.3%,

5/01/32

..............

515,000

459,111

Assessment

Area

1,

Special

Assessment,

2022-1,

4%,

5/01/52

................

1,970,000

1,498,119

Assessment

Area

2,

Special

Assessment,

2022-2,

3.3%,

5/01/32

..............

195,000

173,838

Assessment

Area

2,

Special

Assessment,

2022-2,

4%,

5/01/51

................

665,000

509,528

c

Towne

Park

Community

Development

District

,

Assessment

Area

3D,

Special

Assessment,

144A,

2020,

3.125%,

5/01/30

........

410,000

377,181

Assessment

Area

3D,

Special

Assessment,

144A,

2020,

3.625%,

5/01/40

........

1,075,000

902,249

Assessment

Area

3D,

Special

Assessment,

144A,

2020,

4%,

5/01/51

...........

1,000,000

811,919

c

Towns

at

Woodsdale

Community

Development

District

,

Assessment,

Special

Assessment,

144A,

2023,

6.125%,

11/01/43

.............

325,000

330,894

Assessment,

Special

Assessment,

144A,

2023,

6.375%,

11/01/53

.............

1,325,000

1,353,680

Tradition

Community

Development

District

No.

9

,

Special

Assessment,

2021,

2.3%,

5/01/26

...............................

295,000

279,694

Special

Assessment,

2021,

2.7%,

5/01/31

...............................

445,000

382,022

c

Trevesta

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

144A,

2020,

3.25%,

5/01/30

..........

235,000

213,189

Assessment

Area

2,

Special

Assessment,

144A,

2020,

3.75%,

5/01/40

..........

880,000

717,322

Triple

Creek

Community

Development

District

,

Assessment

Area,

Special

Assessment,

2021,

3%,

11/01/31

..................

250,000

217,384

Assessment

Area,

Special

Assessment,

2021,

3.5%,

11/01/41

................

740,000

574,251

c

Villages

Q

&

R

Assessment

Area,

Special

Assessment,

144A,

2021,

2.375%,

11/01/26

.......................................................

110,000

102,844

c

Villages

Q

&

R

Assessment

Area,

Special

Assessment,

144A,

2021,

2.875%,

11/01/31

.......................................................

450,000

387,726

c

Villages

Q

&

R

Assessment

Area,

Special

Assessment,

144A,

2021,

3.125%,

11/01/41

.......................................................

1,190,000

872,951

Tuckers

Pointe

Community

Development

District

,

Master

Infrastructure

Project,

Special

Assessment,

2022,

3.625%,

5/01/32

.......

4,500,000

4,036,268

Phase

1

Project,

Special

Assessment,

2022,

3%,

5/01/27

....................

255,000

240,259

Phase

1

Project,

Special

Assessment,

2022,

3.375%,

5/01/32

................

565,000

498,686

Phase

1

Project,

Special

Assessment,

2022,

4%,

5/01/42

....................

1,505,000

1,246,430

Phase

1

Project,

Special

Assessment,

2022,

4%,

5/01/52

....................

1,500,000

1,139,586

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

740,000

714,465

Assessment

Area

1,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

500,000

481,554

Assessment

Area

2,

Special

Assessment,

2023,

5.875%,

5/01/43

..............

500,000

499,989

Assessment

Area

2,

Special

Assessment,

2023,

6.125%,

5/01/54

..............

500,000

499,999

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)

Two

Rivers

East

Community

Development

District

,

Special

Assessment,

2023,

4.875%,

5/01/30

.............................

$

200,000

$

198,635

Special

Assessment,

2023,

5.75%,

5/01/43

..............................

2,000,000

1,986,026

Special

Assessment,

2023,

5.875%,

5/01/53

.............................

3,465,000

3,391,225

Two

Rivers

North

Community

Development

District

,

Special

Assessment,

2022,

4.625%,

5/01/27

.............................

80,000

79,153

Special

Assessment,

2022,

4.875%,

5/01/32

.............................

380,000

373,636

Special

Assessment,

2022,

5.125%,

5/01/42

.............................

1,540,000

1,472,736

Special

Assessment,

2022,

5.25%,

5/01/52

..............................

2,000,000

1,876,650

Two

Rivers

West

Community

Development

District

,

Special

Assessment,

2022,

6%,

5/01/43

.................................

1,055,000

1,062,466

Special

Assessment,

2022,

6.25%,

5/01/53

..............................

1,195,000

1,204,033

Special

Assessment,

2023,

6%,

11/01/43

................................

1,425,000

1,430,286

Special

Assessment,

2023,

6.125%,

11/01/53

.............................

2,145,000

2,137,542

c

Union

Park

East

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

144A,

2021,

2.95%,

5/01/31

..........

70,000

61,006

Assessment

Area

3,

Special

Assessment,

144A,

2021,

3.35%,

5/01/41

..........

165,000

124,350

Varrea

South

Community

Development

District

,

Special

Assessment,

2023,

5.125%,

5/01/43

.............................

1,075,000

1,049,765

Special

Assessment,

2023,

5.4%,

5/01/53

...............................

1,320,000

1,293,257

V-Dana

Community

Development

District

,

Special

Assessment,

2021,

3.125%,

5/01/31

.............................

400,000

356,125

Special

Assessment,

2021,

3.625%,

5/01/41

.............................

1,250,000

996,451

c

Assessment

Area

1,

Special

Assessment,

144A,

2020,

3.5%,

5/01/31

...........

375,000

342,480

c

Assessment

Area

1,

Special

Assessment,

144A,

2020,

4%,

5/01/40

............

1,775,000

1,522,348

Assessment

Area

2,

Special

Assessment,

2023,

4.3%,

5/01/30

................

900,000

893,008

Assessment

Area

2,

Special

Assessment,

2023,

5.25%,

5/01/43

...............

1,815,000

1,786,700

Assessment

Area

2,

Special

Assessment,

2023,

5.5%,

5/01/54

................

2,505,000

2,457,706

c

Veranda

Community

Development

District

II

,

Special

Assessment,

144A,

2021,

Refunding,

2.5%,

5/01/26

..................

230,000

218,492

Special

Assessment,

144A,

2021,

Refunding,

3.1%,

5/01/31

..................

355,000

312,474

Special

Assessment,

144A,

2021,

Refunding,

3.6%,

5/01/41

..................

875,000

681,946

Special

Assessment,

144A,

2021,

Refunding,

4%,

5/01/51

...................

1,285,000

978,003

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area,

Special

Assessment,

2021,

3.375%,

5/01/41

.........

750,000

574,565

Phase

2

Assessment

Area,

Special

Assessment,

2022,

6.45%,

11/01/42

.........

1,000,000

1,032,723

Phase

2

Assessment

Area,

Special

Assessment,

2022,

6.625%,

11/01/52

........

1,475,000

1,526,998

Verano

No.

4

Community

Development

District

,

Astor

Creek

Phase

1

Assessment

Area,

Special

Assessment,

2023,

5.375%,

5/01/43

1,020,000

1,009,648

Astor

Creek

Phase

1

Assessment

Area,

Special

Assessment,

2023,

5.625%,

5/01/53

250,000

249,628

Viera

Stewardship

District

,

Assessments,

Special

Assessment,

2021,

2.3%,

5/01/26

....................

500,000

471,212

Assessments,

Special

Assessment,

2021,

2.8%,

5/01/31

....................

800,000

684,062

Assessments,

Special

Assessment,

2021,

3.125%,

5/01/41

..................

1,750,000

1,275,376

Assessments,

Special

Assessment,

2021,

4%,

5/01/53

......................

1,715,000

1,247,466

Assessments,

Special

Assessment,

2023,

5.5%,

5/01/54

....................

2,500,000

2,417,513

Village

Community

Development

District

No.

13

,

c

Special

Assessment,

144A,

2020,

3.5%,

5/01/51

..........................

13,505,000

9,708,412

Special

Assessment,

2021,

2.85%,

5/01/36

..............................

1,645,000

1,329,989

Special

Assessment,

2021,

3%,

5/01/41

.................................

2,440,000

1,808,770

Special

Assessment,

2021,

3.25%,

5/01/52

..............................

5,300,000

3,589,830

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)

Village

Community

Development

District

No.

14

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

.........................................................

$

11,860,000

$

12,014,456

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

2.7%,

5/01/27

.......

30,000

28,031

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

3.15%,

5/01/32

......

210,000

182,931

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

3.45%,

5/01/42

......

550,000

413,130

Assessment

Area

3,

Special

Assessment,

2022,

Refunding,

4%,

5/01/52

........

1,205,000

916,228

Assessment

Area

4,

Special

Assessment,

2022

A,

4.625%,

5/01/27

............

100,000

99,189

Assessment

Area

4,

Special

Assessment,

2022

A,

4.875%,

5/01/32

............

250,000

246,937

Assessment

Area

4,

Special

Assessment,

2022

A,

5.125%,

5/01/42

............

710,000

678,596

Assessment

Area

4,

Special

Assessment,

2022

A,

5.25%,

5/01/53

.............

1,250,000

1,173,483

Villamar

Community

Development

District

,

Special

Assessment,

2020,

3.2%,

5/01/30

...............................

240,000

216,091

Special

Assessment,

2020,

3.75%,

5/01/40

..............................

655,000

529,062

Assessment

Area

5,

Special

Assessment,

2023,

5.625%,

5/01/43

..............

440,000

437,453

Assessment

Area

5,

Special

Assessment,

2023,

5.75%,

5/01/53

...............

1,310,000

1,280,845

Phase

4

Project,

Special

Assessment,

2022,

3.25%,

5/01/27

.................

140,000

133,560

Phase

4

Project,

Special

Assessment,

2022,

3.625%,

5/01/32

................

250,000

224,793

Phase

4

Project,

Special

Assessment,

2022,

4%,

5/01/42

....................

670,000

553,459

Waterford

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

395,000

385,944

Assessment

Area

1,

Special

Assessment,

2023,

5.6%,

5/01/53

................

750,000

730,970

Waterset

South

Community

Development

District

,

Special

Assessment

,

2022

,

6.1

%

,

5/01/53

.........................................................

665,000

670,858

Wellness

Ridge

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

5.125%,

6/15/43

..............

1,410,000

1,381,857

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

6/15/53

..............

1,340,000

1,317,573

West

Hillcrest

Community

Development

District

,

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

.........................................................

825,000

813,097

West

Port

Community

Development

District

,

c

Special

Assessment,

144A,

2020,

3.25%,

5/01/31

.........................

410,000

364,264

c

Special

Assessment,

144A,

2020,

3.625%,

5/01/41

.........................

1,085,000

849,124

Assessment

Area

1

2021

Project

Area,

Special

Assessment,

2021,

2.4%,

5/01/26

..

150,000

142,190

Assessment

Area

1

2021

Project

Area,

Special

Assessment,

2021,

3%,

5/01/31

...

570,000

499,525

Assessment

Area

1

2021

Project

Area,

Special

Assessment,

2021,

3.4%,

5/01/41

..

1,470,000

1,118,695

Assessment

Area

3,

Special

Assessment,

2022,

5.125%,

5/01/42

..............

360,000

342,853

West

Villages

Improvement

District

,

Unit

of

Development

No.

7,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

155,000

147,278

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.125%,

5/01/31

........

200,000

177,374

Unit

of

Development

No.

7,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

800,000

623,819

Unit

of

Development

No.

7,

Special

Assessment,

2023,

6%,

5/01/43

............

245,000

249,540

Unit

of

Development

No.

7,

Special

Assessment,

2023,

6.25%,

5/01/54

.........

585,000

598,433

Unit

of

Development

No.

8,

Special

Assessment,

2021,

2.5%,

5/01/26

..........

120,000

114,023

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.125%,

5/01/31

........

525,000

463,509

Unit

of

Development

No.

8,

Special

Assessment,

2021,

3.5%,

5/01/41

..........

1,000,000

774,899

Unit

of

Development

No.

8,

Special

Assessment,

2022,

5.5%,

5/01/53

..........

1,880,000

1,832,411

Unit

of

Development

No.

9,

Special

Assessment,

2023,

4.625%,

5/01/30

........

275,000

273,634

Unit

of

Development

No.

9,

Special

Assessment,

2023,

5.375%,

5/01/43

........

1,500,000

1,479,480

Unit

of

Development

No.

9,

Special

Assessment,

2023,

5.625%,

5/01/53

........

2,005,000

1,993,464

Westside

Haines

City

Community

Development

District

,

Special

Assessment,

2021,

2.5%,

5/01/26

...............................

190,000

181,006

Special

Assessment,

2021,

3%,

5/01/31

.................................

350,000

308,890

Special

Assessment,

2021,

3.25%,

5/01/41

..............................

1,000,000

754,451

Westview

North

Community

Development

District

,

Special

Assessment,

2022,

5.75%,

6/15/42

..............................

1,000,000

1,007,345

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)

Westview

North

Community

Development

District,

(continued)

Special

Assessment,

2022,

6%,

6/15/52

.................................

$

1,250,000

$

1,258,254

Westview

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2023,

4.875%,

5/01/28

..............

680,000

676,571

Assessment

Area

1,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

2,340,000

2,267,368

Assessment

Area

1,

Special

Assessment,

2023,

5.6%,

5/01/53

................

4,060,000

3,915,531

Assessment

Area

2,

Special

Assessment,

2023,

4.75%,

5/01/28

...............

225,000

223,227

Assessment

Area

2,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

1,250,000

1,218,338

Assessment

Area

2,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

1,000,000

975,386

Westwood

of

Pasco

Community

Development

District

,

Assessments,

Special

Assessment,

2023,

5.4%,

5/01/43

....................

500,000

489,966

Assessments,

Special

Assessment,

2023,

5.625%,

5/01/53

..................

145,000

141,431

Whispering

Pines

Community

Development

District

,

Special

Assessment,

2023,

5.375%,

5/01/43

.............................

500,000

497,292

Special

Assessment,

2023,

5.5%,

5/01/53

...............................

930,000

913,980

Willows

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2022,

4.7%,

5/01/29

................

335,000

335,405

Assessment

Area

2,

Special

Assessment,

2022,

5.625%,

5/01/42

..............

1,440,000

1,452,389

Assessment

Area

2,

Special

Assessment,

2022,

5.75%,

5/01/52

...............

1,200,000

1,205,462

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2021,

2.4%,

5/01/26

................

170,000

161,149

Assessment

Area

1,

Special

Assessment,

2021,

2.95%,

5/01/31

...............

250,000

217,838

Assessment

Area

1,

Special

Assessment,

2021,

3.35%,

5/01/41

...............

940,000

712,774

Assessment

Area

2,

Special

Assessment,

2023,

5.375%,

5/01/43

..............

920,000

903,108

Assessment

Area

2,

Special

Assessment,

2023,

5.625%,

5/01/53

..............

895,000

878,541

Windward

Community

Development

District

,

Special

Assessment,

2020

A-1,

3.65%,

5/01/30

...........................

130,000

120,421

Special

Assessment,

2020

A-1,

4.25%,

5/01/40

...........................

630,000

550,079

Special

Assessment,

2020

A-1,

4.5%,

5/01/51

............................

495,000

411,903

Special

Assessment,

2020

A-2,

4.4%,

11/01/35

...........................

700,000

651,556

Wiregrass

II

Community

Development

District

,

Assessment

Area

1,

Special

Assessment,

2020,

3.125%,

5/01/30

..............

645,000

580,921

Assessment

Area

1,

Special

Assessment,

2020,

3.7%,

5/01/40

................

1,680,000

1,364,450

Assessment

Area

1,

Special

Assessment,

2020,

3.875%,

5/01/50

..............

1,960,000

1,462,222

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2,

Special

Assessment,

2021,

2.5%,

5/01/26

................

135,000

128,245

Assessment

Area

2,

Special

Assessment,

2021,

3%,

5/01/31

.................

150,000

131,114

Assessment

Area

2,

Special

Assessment,

2021,

3.375%,

5/01/41

..............

660,000

501,673

Assessment

Area

2,

Special

Assessment,

2021,

4%,

5/01/51

.................

935,000

715,796

820,150,269

Georgia

0.9%

c

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,475,570

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

7,817,461

c

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

B

,

4.5

%

,

12/01/36

................................

10,835,000

8,691,357

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

4,610,000

5,058,014

c

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/36

2,500,000

2,388,993

Signia

Hotel

Management

LLC,

Revenue,

Second

Tier,

144A,

2021

B,

5%,

1/01/54

10,000,000

8,327,449

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/27

......................................

4,000,000

4,186,993

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)

Georgia

(continued)

Main

Street

Natural

Gas,

Inc.,

(continued)

Revenue,

2007

A,

5.5%,

9/15/28

......................................

$

5,000,000

$

5,295,454

43,241,291

Idaho

0.3%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,329,347

Illinois

1.4%

Illinois

Finance

Authority

,

c

DePaul

College

Prep,

Revenue,

144A,

2023

A,

Refunding,

5.5%,

8/01/43

........

500,000

503,685

c

DePaul

College

Prep,

Revenue,

144A,

2023

A,

Refunding,

5.625%,

8/01/53

......

2,055,000

2,053,309

c

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

A,

Refunding,

5.125%,

11/01/55

.......................................

13,560,000

11,020,133

c

McKinley

Foundation

at

University

of

Illinois

(The),

Revenue,

144A,

2021

B,

7%,

11/01/37

.......................................................

3,790,000

3,598,945

Plymouth

Place

Obligated

Group,

Revenue,

2022

A,

6.75%,

5/15/58

...........

3,000,000

3,042,014

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

........................................................

4,030,000

3,036,061

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

7,868,292

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.5%,

5/01/53

........................................................

10,810,000

8,597,595

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

3,020,000

3,180,723

Revenue,

2010

B-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

6/15/45

............

18,100,000

6,582,570

State

of

Illinois

,

GO

,

2022

C

,

5.5

%

,

10/01/44

...............................

4,645,000

5,045,411

c

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

8,438,191

c

Village

of

Lincolnwood

,

North

Lincoln

Redevelopment

Project

Area

,

COP

,

144A,

2021

A

,

4.82

%

,

1/01/41

.................................................

1,535,000

1,392,727

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.,

12/31/38

....................................................

1,815,000

1,405,156

65,764,812

Indiana

0.4%

c

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

144A,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,143,257

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

4,065,000

3,188,963

c

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

3,484,625

c

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

3,650,000

2,761,348

Indiana

Finance

Authority

,

University

of

Evansville

,

Revenue

,

2022

B

,

7

%

,

9/01/32

..

4,000,000

3,715,310

c

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

3,680,219

18,973,722

Iowa

0.2%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

5/15/48

....

2,090,000

1,613,877

Northcrest

Obligated

Group,

Revenue,

2018

A,

5%,

3/01/48

..................

7,500,000

6,190,954

7,804,831

Kansas

0.0%

†

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,490,000

1,370,489

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)

Kentucky

0.6%

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013

C,

6.6%,

7/01/39

...............................

$

10,000,000

$

11,322,407

Revenue,

First

Tier,

2013

C,

6.75%,

7/01/43

..............................

5,000,000

5,656,339

c

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

19,650,000

12,944,648

29,923,394

Louisiana

1.6%

Juban

Trails

Community

Development

District

,

Special

Assessment,

2022,

3.375%,

6/01/27

.............................

100,000

94,608

Special

Assessment,

2022,

4.25%,

6/01/51

..............................

1,235,000

1,015,955

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment,

2021,

2.375%,

6/01/26

.............................

280,000

264,611

Special

Assessment,

2021,

2.875%,

6/01/31

.............................

695,000

600,973

Special

Assessment,

2021,

3.2%,

6/01/41

...............................

2,730,000

2,142,813

Special

Assessment,

2021,

4%,

6/01/51

.................................

2,035,000

1,618,257

Special

Assessment,

2022,

5.375%,

6/01/42

.............................

730,000

729,571

Special

Assessment,

2022,

5.5%,

6/01/52

...............................

1,425,000

1,418,895

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

........................

1,830,000

1,893,224

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

...........................................

2,970,000

2,340,788

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

5,665,000

4,230,939

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,550,000

2,251,761

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,032,776

3,516,429

Parish

of

St.

John

the

Baptist,

Revenue,

144A,

2019,

3.9%,

11/01/44

...........

2,105,000

1,806,731

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

5,510,000

5,151,875

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

1,645,000

1,648,157

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C,

5.5%,

10/01/61

.

6,300,000

4,858,541

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

2,992,371

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,490,000

1,545,604

c

Louisiana

Public

Facilities

Authority

,

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

5,000,000

4,764,456

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

4,500,000

4,133,076

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-2,

7%,

1/01/57

...

10,000,000

9,242,849

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,015,273

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,173,041

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,513,663

74,964,461

Maryland

0.2%

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

699,104

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,217,871

Urbana

Community

Development

Authority,

Special

Tax,

2020

B,

Refunding,

4%,

7/01/40

........................................................

335,000

303,166

c,f

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5

%

,

2/15/53

....................................................

8,500,000

8,487,893

10,708,034

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

87

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

0.5%

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2006

B

,

NATL

Insured

,

5

%

,

7/01/36

..........................

$

15,000

$

15,021

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

1,815,000

1,818,459

Kalamazoo

Economic

Development

Corp.

,

c

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

800,000

746,974

c

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

3,015,000

2,287,315

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/43

1,120,000

943,625

Heritage

Community

of

Kalamazoo

Obligated

Group,

Revenue,

2020

A,

5%,

5/15/55

8,860,000

6,913,596

c

Michigan

Finance

Authority

,

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

700,000

696,075

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

6.75%,

7/01/44

..........

3,805,000

3,507,843

c

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/31

....................................................

690,000

644,265

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/41

....................................................

895,000

740,183

Friendship

Village

of

Kalamazoo

Obligated

Group,

Revenue,

144A,

2021,

Refunding,

5%,

8/15/51

....................................................

1,380,000

1,046,930

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

Zero

Cpn.,

6/01/52

.........................

26,990,000

3,092,779

22,453,065

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,402,697

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

857,813

c

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue

,

144A,

2022

B

,

6.25

%

,

8/01/37

.............................................

1,300,000

1,259,844

4,520,354

Mississippi

0.5%

c

Mississippi

Development

Bank

,

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/34

900,000

824,538

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/35

800,000

728,376

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/36

850,000

760,799

Magnolia

Regional

Health

Center,

Revenue,

144A,

2021,

Refunding,

4%,

10/01/41

3,000,000

2,457,990

Mississippi

Home

Corp.

,

c

Revenue,

144A,

2023

A-2,

12%,

12/01/33

...............................

875,000

829,796

c

Revenue,

144A,

2023

B-2,

8%,

12/01/38

................................

4,390,000

4,071,270

c

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

7,000,000

4,934,894

c

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

C-5,

5.1%,

6/01/62

8,000,000

5,798,041

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.65%,

6/01/62

..................................................

5,515,000

4,003,109

24,408,813

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group,

Revenue,

2016

A,

Refunding,

6%,

3/01/33

...

3,885,000

4,005,937

SoutheastHEALTH

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

3/01/29

...

250,000

256,890

City

of

Maryland

Heights

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

...............

2,500,000

2,301,619

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

788,840

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)

Missouri

(continued)

Kirkwood

Industrial

Development

Authority,

(continued)

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

$

3,500,000

$

2,580,653

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.........................

3,600,000

3,713,713

13,647,652

Nevada

0.9%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

605,000

570,310

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,720,000

1,613,899

City

of

Las

Vegas

,

Special

Improvement

District

No.

610,

Special

Assessment,

2018,

5%,

6/01/48

....

7,700,000

7,634,388

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/33

....

185,000

166,088

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/34

....

185,000

164,596

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/35

....

185,000

163,028

Special

Improvement

District

No.

611,

Special

Assessment,

2020,

4%,

6/01/40

....

445,000

376,675

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

3.5%,

6/01/35

........................................................

205,000

168,611

Special

Improvement

District

No.

612

Skye

Hills,

Special

Assessment,

2020,

4%,

6/01/50

........................................................

990,000

757,897

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/30

...

1,545,000

1,552,603

Special

Improvement

District

No.

812,

Special

Assessment,

2015,

5%,

12/01/35

...

980,000

983,034

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

435,000

388,235

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

705,000

596,756

Special

Improvement

District

No.

815,

Special

Assessment,

2020,

4.75%,

12/01/40

990,000

930,554

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/33

.

520,000

412,934

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

2.75%,

6/01/36

.

830,000

617,802

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3%,

6/01/41

....

645,000

459,031

Special

Improvement

District

No.

816,

Special

Assessment,

2021,

3.125%,

6/01/51

1,420,000

904,926

c

City

of

North

Las

Vegas

,

Special

Improvement

District

No.

66,

Special

Assessment,

144A,

2022,

5.75%,

6/01/47

........................................................

1,600,000

1,571,684

Special

Improvement

District

No.

66,

Special

Assessment,

144A,

2022,

6%,

6/01/52

1,800,000

1,805,919

c

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn.,

7/01/58

....

14,500,000

1,806,638

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

790,000

790,870

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

980,000

980,626

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,030,000

2,038,516

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

241,005

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

3.5%,

9/01/45

..............................

750,000

541,663

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch,

Special

Assessment,

2022,

4%,

9/01/51

...............................

500,000

386,811

Local

Improvement

District

No.

T-22,

Special

Assessment,

2023,

5%,

3/01/38

.....

775,000

764,078

Local

Improvement

District

No.

T-22,

Special

Assessment,

2023,

5%,

3/01/43

.....

1,000,000

961,664

Local

Improvement

District

No.

T-22,

Special

Assessment,

2023,

5.25%,

3/01/48

..

1,000,000

970,556

Local

Improvement

District

No.

T-22,

Special

Assessment,

2023,

5.25%,

3/01/53

..

300,000

288,284

c

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

8,179,605

3,271,842

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

3,600,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

89

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nevada

(continued)

Tahoe-Douglas

Visitors

Authority

,

Revenue

,

2020

,

5

%

,

7/01/51

.................

$

3,000,000

$

2,899,138

41,380,661

New

Hampshire

0.2%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

3.75%,

8/15/30

...............

100,000

91,457

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.125%,

8/15/40

..............

2,545,000

2,109,504

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.25%,

8/15/46

...............

2,860,000

2,285,838

Caritas

Acquisitions

VII

LLC,

Revenue,

2020

A,

4.5%,

8/15/55

................

5,940,000

4,710,598

9,197,397

New

Jersey

1.4%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

2,200,000

1,975,283

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

8,480,000

8,513,542

c

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

2,090,598

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2008

A

,

Zero

Cpn.,

12/15/38

........................................................

46,750,000

24,325,722

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

7,000,000

7,140,047

Revenue,

2018

B,

Refunding,

5%,

6/01/46

...............................

23,300,000

23,364,886

67,410,078

New

Mexico

0.1%

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

483,757

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

422,469

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,089,777

c

Winrock

Town

Center

Tax

Increment

Development

District

No.

1

,

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4%,

5/01/33

..............

1,000,000

882,749

Tax

Allocation,

Senior

Lien,

144A,

2022,

Refunding,

4.25%,

5/01/40

............

2,750,000

2,293,332

5,172,084

New

York

3.4%

Metropolitan

Transportation

Authority

,

Revenue,

2016

A-1,

5.25%,

11/15/56

...................................

4,765,000

4,808,963

Revenue,

2020

C-1,

4.75%,

11/15/45

...................................

13,220,000

13,348,818

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

10,000,000

10,278,105

Revenue,

2020

C-1,

5.25%,

11/15/55

...................................

29,500,000

30,505,997

Revenue,

2020

D,

4%,

11/15/50

.......................................

20,000,000

18,277,592

New

York

Liberty

Development

Corp.

,

c

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

10,000,000

10,001,946

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

24,000,000

27,164,969

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.25%,

8/01/31

............

5,000,000

5,139,844

American

Airlines,

Inc.,

Revenue,

2020,

Refunding,

5.375%,

8/01/36

...........

5,000,000

5,023,212

Laguardia

Gateway

Partners

LLC,

Revenue,

2016

A,

5%,

7/01/46

.............

25,285,000

25,066,143

c

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn.,

8/15/45

.........................................................

57,000,000

16,210,338

165,825,927

North

Dakota

0.2%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

3,550,000

3,495,445

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)

North

Dakota

(continued)

County

of

Burleigh,

(continued)

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

$

3,130,000

$

2,896,125

c,e

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

6.625%,

12/15/31

..........

2,875,000

575,000

Red

River

Biorefinery

LLC,

Revenue,

144A,

2021

A,

7%,

12/15/43

.............

14,000,000

2,800,000

9,766,570

Ohio

3.3%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

.............................................

40,850,000

36,092,683

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,254,878

Cleveland-Cuyahoga

County

Port

Authority

,

c

Flats

East

Bank

TIF

District,

Tax

Allocation,

144A,

2021

B,

Refunding,

4.5%,

12/01/55

1,500,000

1,219,619

c

Flats

East

Bank

TIF

District,

Tax

Allocation,

Senior

Lien,

144A,

2021

A,

Refunding,

4%,

12/01/55

...................................................

1,250,000

996,049

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

701,823

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

700,902

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

8,646,503

County

of

Franklin

,

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/40

2,910,000

2,633,754

Wesley

Communities

Obligated

Group,

Revenue,

2020,

Refunding,

5.25%,

11/15/55

8,800,000

7,347,056

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

6.625%,

12/01/42

................................................

10,000,000

10,281,332

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

6.75%,

12/01/52

.......................................................

17,000,000

17,571,084

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,360,000

1,237,195

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,205,000

1,072,351

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,570,000

2,222,370

Ohio

Housing

Finance

Agency

,

Revenue,

2023

C,

8%,

8/01/34

........................................

1,000,000

992,077

c

Middletown

Phase

Two

LP,

Revenue,

144A,

2023

C,

8%,

9/01/39

..............

1,400,000

1,405,409

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

5.75

%

,

2/15/35

.........................................................

35,000,000

41,313,458

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

910,161

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

816,580

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,156,324

c

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/38

.......................................................

5,000,000

4,591,647

Aultman

Health

Foundation

Obligated

Group,

Revenue,

144A,

2018,

Refunding,

5%,

12/01/48

.......................................................

15,195,000

13,166,583

159,329,838

Oklahoma

0.1%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/37

.......

1,000,000

988,292

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)

Oklahoma

(continued)

Tulsa

County

Industrial

Authority,

(continued)

Montereau

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

11/15/45

.......

$

6,500,000

$

6,159,437

7,147,729

Oregon

0.3%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.125%,

11/15/40

.

500,000

463,875

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.25%,

11/15/50

..

1,250,000

1,108,768

Rose

Villa,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5.375%,

11/15/55

.

1,500,000

1,332,507

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

2,679,826

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/51

..

4,325,000

3,240,177

Friendsview

Manor

Obligated

Group,

Revenue,

2021

A,

Refunding,

5%,

11/15/56

..

6,115,000

4,481,632

13,306,785

Pennsylvania

1.8%

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Center

City

Investment

Corp.,

Revenue,

144A,

2018,

5.375%,

5/01/42

..........

5,000,000

5,012,363

Center

City

Investment

Corp.,

Revenue,

144A,

2022,

5.25%,

5/01/42

...........

6,175,000

6,101,009

Berks

County

Industrial

Development

Authority

,

Tower

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

11/01/29

........

460,000

244,905

Tower

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/01/31

........

5,000,000

2,660,981

Tower

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/01/32

........

2,845,000

1,513,851

Tower

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

11/01/34

........

1,735,000

922,738

Tower

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/01/39

........

455,000

242,058

Tower

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/01/50

........

1,135,000

604,051

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group,

Revenue,

2012

A,

5%,

11/01/40

...............

1,300,000

691,275

Tower

Health

Obligated

Group,

Revenue,

2012

A,

4.25%,

11/01/41

.............

235,000

125,007

Tower

Health

Obligated

Group,

Revenue,

2012

A,

5%,

11/01/44

...............

1,100,000

584,923

c

Chester

County

Industrial

Development

Authority

,

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2020,

4.75%,

3/01/50

..............................

4,230,000

3,482,141

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

325,000

314,659

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

922,889

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

......................................................

4,000,000

3,633,540

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

861,118

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

974,786

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

3,579,336

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

2,295,316

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

744,168

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

916,001

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

3,500,000

3,178,248

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/31

............

680,000

633,506

Seven

Generations

Charter

School,

Revenue,

2021

A,

4%,

5/01/51

............

2,385,000

1,707,150

Pennsylvania

Turnpike

Commission

,

Revenue,

B-2,

Zero

Cpn.,

12/01/37

....................................

20,000,000

18,776,236

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)

Pennsylvania

(continued)

Pennsylvania

Turnpike

Commission,

(continued)

Revenue,

B-2,

Zero

Cpn.,

12/01/40

....................................

$

25,075,000

$

23,072,686

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

2,329,744

86,124,685

South

Carolina

1.2%

c

Greenville

Housing

Authority

,

Revenue

,

144A,

2023

B

,

8.375

%

,

5/01/47

..........

10,600,000

10,059,688

South

Carolina

Jobs-Economic

Development

Authority

,

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

14,400,000

9,621,419

c

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

25,550,000

16,145,441

c

FAH

Pelham

LLC,

Revenue,

144A,

2023

B,

II,

7.5%,

8/01/47

.................

9,565,000

9,059,117

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,368,978

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

2,804,552

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

8,915,244

57,974,439

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

7,110,000

5,921,603

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

2,578,296

8,499,899

Tennessee

1.4%

c

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

931,206

Cleveland

Forward

Phase

Two

LLC,

Revenue,

144A,

2022

B,

6.25%,

4/01/41

....

1,000,000

931,205

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/27

...................................................

19,365,000

16,942,065

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/28

...................................................

19,400,000

16,340,642

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/29

...................................................

19,365,000

15,651,577

Ballad

Health

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

7/01/30

...................................................

19,370,000

14,995,723

65,792,418

Texas

10.8%

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

5,922,609

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn.,

1/01/35

....................................

3,000,000

1,956,740

Revenue,

2010,

Zero

Cpn.,

1/01/37

....................................

2,500,000

1,435,219

Revenue,

2010,

Zero

Cpn.,

1/01/38

....................................

2,405,000

1,279,573

Revenue,

2010,

Zero

Cpn.,

1/01/39

....................................

2,545,000

1,275,322

c

City

of

Anna

,

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

5.75%,

9/01/42

..............................

972,000

973,886

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

6%,

9/01/52

................................

1,907,000

1,908,072

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..............................

300,000

259,229

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)

Texas

(continued)

c

City

of

Anna,

(continued)

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/41

................................

$

867,000

$

730,501

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

..............................

1,406,000

1,133,514

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.5%,

9/15/31

...............................

157,000

145,420

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5%,

9/15/51

................................

503,000

456,094

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1,

Special

Assessment,

144A,

2023,

5.625%,

9/15/43

.............................

751,000

752,567

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1,

Special

Assessment,

144A,

2023,

5.875%,

9/15/53

.............................

1,075,000

1,079,878

c

City

of

Aubrey

,

Aubrey

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

5.875%,

9/01/43

........................................................

1,075,000

1,080,857

Aubrey

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

6%,

9/01/53

........................................................

1,600,000

1,603,747

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B,

Special

Assessment,

144A,

2022,

5.25%,

9/01/32

........................................

852,000

859,515

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B,

Special

Assessment,

144A,

2022,

6%,

9/01/45

...........................................

1,803,000

1,831,402

City

of

Celina

,

c

Celina

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

........................................................

1,084,000

1,010,306

c

Chalk

Hill

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2023,

5.75%,

9/01/43

..................................................

767,000

761,557

c

Chalk

Hill

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2023,

6%,

9/01/53

........................................................

1,664,000

1,650,129

c

Creeks

of

Legacy

Public

Improvement

District

Phase

No.

3,

Special

Assessment,

144A,

2020,

4.25%,

9/01/40

........................................

230,000

203,641

c

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2023,

4.5%,

9/01/30

.........................................

586,000

580,926

c

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2023,

5.375%,

9/01/43

.......................................

1,624,000

1,608,438

c

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

1,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

.........................................

1,741,000

1,698,107

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project,

Special

Assessment,

144A,

2023,

5%,

9/01/30

..........................

431,000

427,564

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project,

Special

Assessment,

144A,

2023,

6.125%,

9/01/53

.......................

1,549,000

1,540,670

c

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.75%,

9/01/31

..................................................

195,000

185,994

c

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..................................................

370,000

365,372

c

Edgewood

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...................................................

500,000

496,562

c

Edgewood

Creek

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

........................................

500,000

437,973

c

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.75%,

9/01/27

........................................................

245,000

220,149

c

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

.................................................

231,000

190,353

c

Hillside

Village

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

.................................................

866,000

636,796

c

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.375%,

9/01/30

........................................................

405,000

399,577

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)

Texas

(continued)

City

of

Celina,

(continued)

c

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.125%,

9/01/43

........................................................

$

1,225,000

$

1,178,547

c

Mosaic

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

1,851,000

1,798,081

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

4.375%,

9/01/30

440,000

435,923

c

North

Sky

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.875%,

9/01/30

........................................................

228,000

226,691

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

5.375%,

9/01/43

812,000

802,201

North

Sky

Public

Improvement

District,

Special

Assessment,

2023,

5.625%,

9/01/52

1,005,000

990,812

c

North

Sky

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.125%,

9/01/52

........................................................

999,000

985,591

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

..........

245,000

235,074

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4%,

9/01/31

...........

473,000

441,586

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.25%,

9/01/41

.........

2,015,000

1,765,663

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.5%,

9/01/51

..........

2,501,000

2,117,784

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..............................

145,000

136,909

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..............................

150,000

133,401

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...............................

1,205,000

979,151

c

Pravin

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.5%,

9/01/43

1,500,000

1,491,598

c

Pravin

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.75%,

9/01/53

2,000,000

1,987,156

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

........................................

227,000

208,495

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2022,

3.625%,

9/01/32

.......................................

336,000

292,045

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2022,

4%,

9/01/43

...........................................

1,009,000

839,207

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1,

Special

Assessment,

144A,

2022,

4.125%,

9/01/51

.......................................

1,033,000

831,753

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.......................

1,791,000

1,439,256

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5,

Special

Assessment,

144A,

2022,

2.875%,

9/01/27

.......................

92,000

83,315

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5,

Special

Assessment,

144A,

2022,

3.25%,

9/01/32

........................

250,000

208,923

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5,

Special

Assessment,

144A,

2022,

3.5%,

9/01/42

.........................

1,175,000

878,939

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5,

Special

Assessment,

144A,

2022,

4%,

9/01/51

..........................

7,000,000

5,539,328

c

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.75%,

9/01/30

..................................................

491,000

490,966

c

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/30

........................................................

234,000

233,978

c

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/42

........................................................

1,169,000

1,168,891

c

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.25%,

9/01/42

..................................................

801,000

800,904

c

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.75%,

9/01/52

..................................................

1,494,000

1,493,848

c

Ten

Mile

Creek

Public

Improvement

District,

Special

Assessment,

144A,

2023,

6.5%,

9/01/52

........................................................

1,300,000

1,299,831

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)

City

of

Celina,

(continued)

c

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

$

425,000

$

346,454

c

Wells

North

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

498,000

397,522

c

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

........................................................

150,000

135,023

c

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

350,000

303,317

c

Wells

South

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

965,000

774,283

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4,

Special

Assessment,

144A,

2021,

3%,

9/01/31

..........................

158,000

136,804

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.......................

379,000

297,224

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5,

Special

Assessment,

144A,

2022,

5.5%,

9/01/42

.........................

490,000

489,828

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5,

Special

Assessment,

144A,

2022,

5.625%,

9/01/52

.......................

1,314,000

1,301,834

c

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/31

................................

409,000

367,546

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.25%,

9/15/41

..............................

1,000,000

842,433

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.5%,

9/15/51

...............................

2,000,000

1,585,275

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.75%,

9/15/31

..............................

161,000

147,529

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5%,

9/15/41

................................

1,144,000

1,037,187

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5.25%,

9/15/51

..............................

750,000

671,537

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

........................................................

528,000

537,653

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/32

........................................................

256,000

260,142

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

5,000,000

5,091,116

River

Ridge

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.75%,

9/15/52

........................................................

1,750,000

1,802,268

c

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue

,

144A,

2022

B

,

Zero

Cpn.,

12/01/62

....................................................

173,445,000

11,956,015

c

City

of

Dayton

,

Westpointe

Villages

Public

Improvement

District,

Special

Assessment,

Junior

Lien,

144A,

2022

B,

5.75%,

9/01/52

.......................................

1,444,000

1,417,961

Westpointe

Villages

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

4.875%,

9/01/32

......................................

269,000

262,623

Westpointe

Villages

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.125%,

9/01/42

......................................

764,000

735,054

Westpointe

Villages

Public

Improvement

District,

Special

Assessment,

Senior

Lien,

144A,

2022

A,

5.25%,

9/01/52

.......................................

1,000,000

941,980

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)

f

City

of

Decatur

,

Vista

Park

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

6.875

%

,

9/15/54

.............................

$

2,160,000

$

2,182,867

c

City

of

DeSoto

,

Danieldale

Homestead

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/15/50

................................

1,430,000

1,366,288

c

City

of

Dripping

Springs

,

Heritage

Public

Improvement

District,

Special

Assessment,

144A,

2023,

4.5%,

9/01/30

........................................................

395,000

392,482

Heritage

Public

Improvement

District,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

........................................................

1,219,000

1,187,555

c

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.............................

398,000

330,517

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

..............................

1,205,000

928,762

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/51

................................

1,172,000

911,175

c

City

of

Fate

,

Monterra

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

2.75%,

8/15/26

........................................

300,000

280,415

Monterra

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

8/15/31

.......................................

711,000

622,268

Monterra

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.75%,

8/15/41

........................................

1,871,000

1,528,135

Monterra

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4%,

8/15/51

...........................................

1,765,000

1,400,568

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.375%,

8/15/30

.............................

125,000

110,617

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.875%,

8/15/40

.............................

691,000

563,609

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

4.125%,

8/15/50

.............................

994,000

806,709

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

5.875%,

8/15/42

.............................

1,617,000

1,605,452

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

6%,

8/15/52

................................

2,500,000

2,519,643

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area,

Revenue,

144A,

2020,

4.125%,

8/15/30

.......................................

591,000

549,868

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area,

Revenue,

144A,

2020,

4.625%,

8/15/40

.......................................

1,163,000

1,041,361

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area,

Revenue,

144A,

2020,

4.875%,

8/15/50

.......................................

1,772,000

1,562,794

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.25%,

8/15/42

..................................................

1,204,000

1,062,912

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

8/15/52

.................................................

1,100,000

933,986

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

4.25%,

8/15/30

..................................................

275,000

272,143

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

5.125%,

8/15/43

.................................................

272,000

264,582

Williamsburg

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2023,

5.375%,

8/15/53

.................................................

1,287,000

1,250,644

c

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.375%,

9/01/32

.................................................

845,000

732,640

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

..................................................

1,259,000

975,792

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)

c

City

of

Ferris,

(continued)

Woodstone

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

$

1,577,000

$

1,236,649

c

City

of

Fort

Worth

,

Public

Improvement

District

No.

17

Major

Improvement,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................................

1,150,000

1,138,587

Public

Improvement

District

No.

17

Major

Improvement,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................................

1,270,000

1,240,046

Public

Improvement

District

No.

17

Major

Improvement,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

............................................

1,650,000

1,588,449

Public

Improvement

District

No.

17

Major

Improvement,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................................

965,000

955,423

Public

Improvement

District

No.

17

Major

Improvement,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................................

1,530,000

1,490,334

Public

Improvement

District

No.

17

Major

Improvement,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................................

1,975,000

1,868,816

c

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

.................................................

409,000

372,485

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.125%,

9/15/42

.................................................

1,060,000

920,332

Parks

at

Westhaven

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/15/47

..................................................

716,000

609,824

c

City

of

Haslet

,

Public

Improvement

District

No.

5

Improvement

Area

No.

2,

Special

Assessment,

144A,

2021,

2.625%,

9/01/26

.......................................

191,000

177,292

Public

Improvement

District

No.

5

Improvement

Area

No.

2,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

........................................

150,000

127,969

Public

Improvement

District

No.

5

Improvement

Area

No.

2,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.......................................

1,271,000

985,550

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3%,

10/01/30

.......................................................

500,000

440,094

Escondido

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

10/01/33

.................................................

435,000

372,784

c

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

...............................

138,000

128,337

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/01/31

.............................

260,000

226,796

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.5%,

9/01/41

...............................

1,038,000

833,957

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

..................................................

171,000

160,121

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/01/31

........................................................

392,000

347,091

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/01/41

.................................................

1,000,000

828,978

Durango

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/56

........................................................

3,479,000

2,763,492

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.25%,

9/01/31

..............................

206,000

179,954

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/01/41

.............................

519,000

422,959

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/01/56

................................

1,146,000

919,746

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)

c

City

of

Hutto,

(continued)

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

..............................

$

859,000

$

863,270

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2023,

5.625%,

9/01/58

.............................

2,000,000

2,012,897

c

City

of

Justin

,

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

2,

Special

Assessment,

144A,

2021,

3%,

9/01/31

................................

475,000

413,311

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

2,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

.............................

2,709,000

2,108,613

c

City

of

Kaufman

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

230,000

195,014

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

........................................................

570,000

441,858

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

6%,

9/15/52

.

93,000

94,937

City

of

Kyle

,

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.5%,

9/01/44

.........................................

1,380,000

1,006,962

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.......................................

400,000

343,691

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2020,

3.625%,

9/01/40

.......................................

1,310,000

1,022,544

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/46

...........................................

375,000

287,949

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

2.75%,

9/01/26

........................................

125,000

115,041

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

3.375%,

9/01/31

.......................................

530,000

455,304

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

3.75%,

9/01/41

........................................

1,428,000

1,120,764

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

4%,

9/01/46

...........................................

1,000,000

804,388

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

........................................

2,250,000

2,185,205

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2023,

5.5%,

9/01/47

.........................................

1,396,000

1,361,554

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

4.75%,

9/01/32

..

400,000

390,745

Kyle

57

Public

Improvement

District,

Special

Assessment,

2022,

5%,

9/01/42

.....

2,105,000

1,994,075

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

4.75%,

9/01/33

..............................

176,000

174,507

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

5.5%,

9/01/43

...............................

678,000

669,166

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

5.75%,

9/01/53

..............................

1,250,000

1,230,773

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

.............................

500,000

459,367

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

4.125%,

9/01/41

.............................

1,185,000

1,044,906

c

Plum

Creek

North

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

4.625%,

9/01/41

.............................

1,092,000

1,012,565

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

5.75%,

9/01/43

..............................

1,229,000

1,208,947

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

6%,

9/01/53

................................

3,000,000

2,942,554

c

Southwest

Kyle

Public

Improvement

District

No.

1

Improvement

Area

No.

2,

Special

Assessment,

144A,

2023,

6.75%,

9/01/48

..............................

1,400,000

1,455,500

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

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

2020,

Refunding,

3.125%,

9/01/30

.........................

$

300,000

$

272,467

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

2020,

Refunding,

3.75%,

9/01/42

..........................

1,045,000

855,128

c

Tessera

on

Lake

Travis

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2020

A,

Refunding,

5.125%,

9/01/35

...................

2,070,000

1,721,655

c

Tessera

on

Lake

Travis

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2020

A,

Refunding,

5.5%,

9/01/40

.....................

2,715,000

2,170,892

c

City

of

Lavon

,

Elevon

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

3.5%,

9/15/27

.........................................

500,000

470,226

Elevon

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

3.875%,

9/15/32

.......................................

1,000,000

888,772

Elevon

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

4%,

9/15/42

...........................................

2,259,000

1,893,204

Elevon

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

4.125%,

9/15/52

.......................................

5,295,000

4,209,975

Elevon

Public

Improvement

District

Zone

1

Remainder

Area,

Special

Assessment,

144A,

2022,

3.75%,

9/15/27

........................................

305,000

281,438

Elevon

Public

Improvement

District

Zone

1

Remainder

Area,

Special

Assessment,

144A,

2022,

4.125%,

9/15/32

.......................................

455,000

410,678

Elevon

Public

Improvement

District

Zone

1

Remainder

Area,

Special

Assessment,

144A,

2022,

4.375%,

9/15/42

.......................................

1,000,000

856,832

Elevon

Public

Improvement

District

Zone

1

Remainder

Area,

Special

Assessment,

144A,

2022,

4.5%,

9/15/52

.........................................

1,495,000

1,239,739

Lakepointe

Public

Improvement

District,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

........................................................

1,000,000

1,014,113

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

530,000

462,816

c

City

of

Lewisville

,

Lakeside

Crossing

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

8

%

,

9/01/53

............................................

1,625,000

1,679,025

c

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

2.625%,

9/01/27

........................................................

361,000

334,401

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.125%,

9/01/32

........................................................

750,000

652,104

Butler

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.375%,

9/01/42

........................................................

1,771,000

1,334,159

Butler

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

3.5%,

9/01/27

...............................

225,000

210,687

Butler

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

3.875%,

9/01/32

.............................

275,000

244,039

Butler

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

4.125%,

9/01/42

.............................

1,097,000

913,243

Butler

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

.............................

1,705,000

1,375,459

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.125%,

9/01/30

.................................................

250,000

221,570

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/40

........................................................

845,000

724,947

Summerlyn

West

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/54

........................................................

1,890,000

1,438,965

c

City

of

Manor

,

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

209,560

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)

c

City

of

Manor,

(continued)

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/41

........................................................

$

700,000

$

529,643

Manor

Heights

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

1,000,000

794,217

Manor

Heights

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2023,

4.5%,

9/15/30

..............................................

250,000

247,824

Manor

Heights

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2023,

5.25%,

9/15/43

.............................................

328,000

320,071

Manor

Heights

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

3.125%,

9/15/26

.............................

135,000

123,641

Manor

Heights

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

..............................

310,000

264,932

Manor

Heights

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.............................

830,000

706,567

Manor

Heights

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.............................

1,225,000

1,007,469

c

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.875%,

9/01/31

.............................

350,000

312,467

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.125%,

9/01/41

.............................

1,000,000

859,153

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.375%,

9/01/51

.............................

1,470,000

1,211,544

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.625%,

9/01/31

.............................

150,000

137,285

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.875%,

9/01/41

.............................

450,000

395,816

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5.125%,

9/01/51

.............................

620,000

565,553

c

City

of

Mclendon-Chisholm

,

Sonoma

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.......................................

105,000

97,120

Sonoma

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

3.625%,

9/15/41

.......................................

620,000

481,626

Sonoma

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

4%,

9/15/51

...........................................

865,000

684,394

Sonoma

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2022,

5.375%,

9/15/32

.......................................

250,000

248,855

Sonoma

Public

Improvement

District

Improvement

Area

No.

4,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

........................................

2,760,000

2,680,405

c

City

of

Mesquite

,

Solterra

Public

Improvement

District

Improvement

Area

A-1,

Special

Assessment,

144A,

2023,

4.75%,

9/01/30

........................................

647,000

640,706

Solterra

Public

Improvement

District

Improvement

Area

A-1,

Special

Assessment,

144A,

2023,

5.5%,

9/01/43

.........................................

3,021,000

2,960,188

Solterra

Public

Improvement

District

Improvement

Area

A-1,

Special

Assessment,

144A,

2023,

5.75%,

9/01/53

........................................

4,965,000

4,881,614

Solterra

Public

Improvement

District

Improvement

Area

C-1,

Special

Assessment,

144A,

2023,

5.375%,

9/01/43

.......................................

750,000

739,240

Solterra

Public

Improvement

District

Improvement

Area

C-1,

Special

Assessment,

144A,

2023,

5.625%,

9/01/53

.......................................

1,210,000

1,189,403

Solterra

Public

Improvement

District

Improvement

Area

C-2,

Special

Assessment,

144A,

2023,

5.625%,

9/01/53

.......................................

1,017,000

993,215

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)

c

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.5%,

9/15/31

........................................................

$

410,000

$

358,748

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.875%,

9/15/41

.................................................

1,105,000

893,182

Redden

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.125%,

9/15/51

.................................................

1,635,000

1,309,763

Redden

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.125%,

9/15/31

.............................

230,000

212,371

Redden

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.5%,

9/15/41

...............................

420,000

368,799

Redden

Farms

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.75%,

9/15/51

..............................

610,000

515,421

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

..............................

625,000

604,045

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

..............................

1,516,000

1,442,862

Westside

Preserve

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

.............................

2,509,000

2,368,740

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

5.5%,

9/15/32

...............................

309,000

301,212

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

6%,

9/15/42

................................

750,000

743,253

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

.............................

1,410,000

1,403,225

c,f

City

of

Mustang

Ridge

,

Durango

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

6.125%,

9/01/43

.......................................

515,000

521,305

Durango

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

6.375%,

9/01/53

.......................................

498,000

504,040

c

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.625%,

9/01/26

.............................

141,000

133,398

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.25%,

9/01/31

..............................

320,000

293,459

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

...............................

882,000

760,852

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.75%,

9/01/51

..............................

1,454,000

1,230,125

c

City

of

Oak

Point

,

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

..................................................

300,000

267,591

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

..................................................

1,170,000

969,124

Oak

Point

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

1,060,000

846,154

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4,

Special

Assessment,

144A,

2021,

2.75%,

9/01/31

..............................

160,000

134,495

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

.............................

643,000

476,699

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4,

Special

Assessment,

144A,

2021,

4%,

9/01/51

................................

987,000

790,251

c

City

of

Pilot

Point

,

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/32

..............................

200,000

199,877

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.5%,

9/15/42

...............................

800,000

785,238

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)

c

City

of

Pilot

Point,

(continued)

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.625%,

9/15/52

.............................

$

1,450,000

$

1,419,511

Creekview

Public

Improvement

District

Zone

A

Remainder

Area,

Special

Assessment,

144A,

2022,

5.75%,

9/15/32

........................................

200,000

199,435

Creekview

Public

Improvement

District

Zone

A

Remainder

Area,

Special

Assessment,

144A,

2022,

6.125%,

9/15/52

.......................................

2,078,000

2,097,874

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/32

..............................

300,000

299,816

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.5%,

9/15/42

...............................

750,000

736,160

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.625%,

9/15/52

.............................

1,303,000

1,275,602

Mobberly

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/15/32

.......................................

500,000

498,562

Mobberly

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.5%,

9/15/48

.........................................

4,026,000

3,964,020

Mobberly

Public

Improvement

District

Improvement

Area

No.

1B,

Special

Assessment,

144A,

2023,

5.625%,

9/15/48

.............................

926,000

927,456

Mobberly

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

5.625%,

9/15/32

.......................................

810,000

817,312

Mobberly

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

6%,

9/15/52

...........................................

4,001,000

4,032,659

Mobberly

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

.........................................

1,600,000

1,625,253

c

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.375%,

9/15/51

.................................................

7,750,000

6,220,658

Collin

Creek

West

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

....................................................

2,277,000

1,774,536

Haggard

Farm

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

7.5%,

9/15/53

...............................

1,000,000

1,043,457

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project,

Special

Assessment,

144A,

2023,

8.25%,

9/15/43

..............................

1,250,000

1,302,503

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project,

Special

Assessment,

144A,

2023,

8.5%,

9/15/53

...............................

2,193,000

2,284,078

c

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

2.875%,

9/01/25

.................................................

54,000

52,093

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.375%,

9/01/30

.................................................

180,000

162,334

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.875%,

9/01/40

.................................................

650,000

538,424

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4.125%,

9/01/50

.................................................

930,000

753,271

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

........................................................

180,000

172,859

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

280,000

263,711

Arcadia

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.375%,

9/01/52

.................................................

1,139,000

950,022

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

........................................................

60,000

55,520

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3%,

9/01/31

........................................................

126,000

108,199

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/01/41

........................................................

325,000

246,679

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)

c

City

of

Princeton,

(continued)

Brookside

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

$

431,000

$

340,290

Eastridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

........................................

382,000

379,449

Eastridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.......................................

850,000

815,815

Eastridge

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

........................................

1,155,000

1,121,844

Eastridge

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

.........................................

1,150,000

1,113,647

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

7%,

9/01/43

................................

1,000,000

1,005,453

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

7%,

9/01/53

................................

2,000,000

1,982,402

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

7.875%,

9/01/53

.............................

1,000,000

1,005,541

Southridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

6.25%,

9/01/43

..............................

1,355,000

1,389,054

Southridge

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

6.375%,

9/01/53

.............................

1,380,000

1,408,091

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2,

Special

Assessment,

144A,

2023,

4.25%,

9/01/30

........................................

250,000

246,243

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2,

Special

Assessment,

144A,

2023,

5.375%,

9/01/53

.......................................

2,041,000

1,973,167

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/01/30

........................................................

200,000

178,444

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/01/40

........................................................

470,000

381,668

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/01/50

........................................................

675,000

533,707

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.875%,

9/01/31

........................................................

110,000

93,457

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........................................................

518,000

382,032

Winchester

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/51

........................................................

616,000

483,931

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

461,000

455,453

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,011,000

969,871

Winchester

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

5.25%,

9/01/52

..................................................

2,220,000

2,090,663

c

City

of

Red

Oak

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

........................................................

145,000

133,733

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

........................................................

354,000

298,192

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

........................................................

500,000

376,732

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.

665,000

529,574

c

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

3.75%,

9/15/31

........................

300,000

275,761

Trails

at

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.125%,

9/15/41

.......................

600,000

518,832

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)

c

City

of

Rowlett,

(continued)

Trails

at

Cottonwood

Creek

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

........................

$

1,000,000

$

824,841

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

..............

200,000

178,657

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.75%,

9/15/41

...............

820,000

674,335

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4%,

9/15/51

.................

1,172,000

933,325

c

City

of

Royse

City

,

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.625%,

9/15/30

.............................

225,000

203,400

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

4.125%,

9/15/40

.............................

590,000

513,838

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

4.375%,

9/15/50

.............................

715,000

601,632

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

5.875%,

9/15/42

.............................

589,000

589,338

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2022,

6%,

9/15/52

................................

1,267,000

1,277,177

Creekshaw

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2020,

4.375%,

9/15/30

.............................

210,000

200,461

Creekshaw

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2020,

4.875%,

9/15/40

.............................

375,000

348,308

Creekshaw

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2020,

5.125%,

9/15/50

.............................

575,000

530,638

Creekside

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

.......................................

450,000

408,481

Creekside

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.875%,

9/15/40

.......................................

1,190,000

1,002,637

Creekside

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

4.125%,

9/15/50

.......................................

1,780,000

1,440,512

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2023,

6.375%,

9/15/53

.............................

1,107,000

1,129,621

Waterscape

Public

Improvement

District

Improvement

Area

No.

2,

Special

Assessment,

144A,

2019,

4.75%,

9/15/49

..............................

1,495,000

1,350,871

c

City

of

Sachse

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

405,000

357,073

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

1,070,000

857,225

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.375%,

9/15/40

........................................................

1,800,000

1,739,173

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

4%,

9/15/50

.

1,485,000

1,188,745

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2020,

5.625%,

9/15/50

........................................................

2,235,000

2,155,756

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

7%,

9/15/52

.

750,000

765,645

City

of

San

Marcos

,

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.375%,

9/01/25

.

160,000

159,799

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

4.875%,

9/01/30

.

305,000

299,365

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.375%,

9/01/40

.

1,300,000

1,280,991

Whisper

Public

Improvement

District,

Special

Assessment,

2020,

5.625%,

9/01/50

.

1,300,000

1,280,259

c

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/27

..................................................

300,000

285,848

c

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/32

........................................................

425,000

393,435

c

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.25%,

9/01/42

..................................................

1,221,000

1,047,506

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

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

San

Marcos,

(continued)

c

Whisper

South

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.5%,

9/01/51

........................................................

$

1,621,000

$

1,361,534

c

City

of

Santa

Fe

,

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4.875%,

9/01/42

.................................................

508,000

472,517

Mulberry

Farms

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5%,

9/01/52

........................................................

858,000

780,137

c

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.375%,

9/01/27

.................................................

381,000

365,238

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

..................................................

660,000

618,110

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.125%,

9/01/42

.................................................

1,000,000

945,551

Somerset

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/01/51

..................................................

1,250,000

1,159,180

c

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

2,

Special

Assessment,

144A,

2023,

5.75%,

9/15/52

.............................................

1,000,000

997,099

Raburn

Reserve

Public

Improvement

District

Area

No.

3,

Special

Assessment,

144A,

2023,

6%,

9/15/53

................................................

1,307,000

1,309,727

Raburn

Reserve

Public

Improvement

District

improvement

Area

No.

1,

Special

Assessment,

144A,

2020,

3.375%,

9/15/30

.............................

285,000

258,168

c

City

of

Uhland

,

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

9/01/52

..............................................

3,000,000

3,116,448

c

City

of

Venus

,

Brahman

Ranch

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

6.25%,

9/15/42

..................................................

1,000,000

998,786

Brahman

Ranch

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

6.5%,

9/15/52

...................................................

1,009,000

1,012,884

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

2.625%,

9/15/26

.................................................

126,000

117,020

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/15/31

.................................................

250,000

216,266

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.375%,

9/15/41

.................................................

1,105,000

857,204

Patriot

Estates

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/51

........................................................

2,024,000

1,633,452

c

City

of

Waxahachie

,

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.125%,

8/15/32

........................................................

302,000

302,491

North

Grove

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.5%,

8/15/52

........................................................

2,395,000

2,340,723

c

Club

Municipal

Management

District

No.

1

,

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

2.5%,

9/01/26

.........

129,000

119,613

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3%,

9/01/31

...........

271,000

231,195

Improvement

Area

#2,

Special

Assessment,

144A,

2021,

3.25%,

9/01/41

........

1,006,000

758,718

c

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

144A,

2021

B,

3.5%,

10/01/31

.......................................................

450,000

383,077

Conroe

Convention

Center

Hotel,

Revenue,

Second

Lien,

144A,

2021

B,

5%,

10/01/50

.......................................................

1,200,000

962,748

c

County

of

Hays

,

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.25%,

9/15/30

........................................................

100,000

87,511

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)

c

County

of

Hays,

(continued)

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

3.75%,

9/15/40

........................................................

$

800,000

$

639,270

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2020,

4%,

9/15/50

1,175,000

910,843

La

Cima

Public

Improvement

District,

Special

Assessment,

144A,

2022,

5.75%,

9/15/52

........................................................

3,375,000

3,360,541

c

County

of

Medina

,

Woodlands

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

4.875%,

9/01/31

.............................

815,000

739,968

Woodlands

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5.25%,

9/01/41

..............................

780,000

720,858

Woodlands

Public

Improvement

District

Major

Improvement

Area,

Special

Assessment,

144A,

2021,

5.5%,

9/01/50

...............................

1,160,000

1,078,826

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

3.5%,

9/01/26

.........................

125,000

115,711

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.125%,

9/01/31

.......................

400,000

362,425

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.5%,

9/01/41

.........................

1,085,000

927,330

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1,

Special

Assessment,

144A,

2021,

4.75%,

9/01/50

........................

870,000

738,990

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

8,965,000

6,277,650

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8

%

,

10/01/45

..........

10,000,000

10,787,865

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/48

...................

5,000,000

3,940,791

c

Joshua

Farms

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2023,

4.375%,

9/01/30

.........................

395,000

389,711

Special

Assessment,

144A,

2023,

5.25%,

9/01/43

.........................

1,618,000

1,563,650

Special

Assessment,

144A,

2023,

5.5%,

9/01/53

..........................

3,393,000

3,264,073

e

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

1,000,000

3,384

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

3,750,000

12,690

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

5,175,000

17,512

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

e

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

110,000

33,000

e

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

1,533,000

CHF-Collegiate

Housing

College

Station

I

LLC,

Revenue,

2014

A,

5%,

4/01/46

....

1,500,000

1,406,824

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

4,412,438

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

4,595,000

3,932,809

Morningside

Ministries

Obligated

Group,

Revenue,

2020

A,

5%,

1/01/55

.........

4,100,000

3,184,944

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

27,225,000

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,246,732

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

9,687,258

Presbyterian

Village

North

Obligated

Group,

Revenue,

2020

A,

5.25%,

10/01/55

...

2,500,000

1,876,675

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/39

.......................................................

425,000

394,472

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/49

.......................................................

1,180,000

1,020,083

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

15,450,000

14,086,621

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)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

$

6,375,000

$

5,841,643

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

2,623,088

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

782,814

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

841,160

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

3,046,590

c

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment,

144A,

2021,

3.625%,

9/15/26

.........................

1,000,000

964,215

Special

Assessment,

144A,

2021,

4.25%,

9/15/31

.........................

1,500,000

1,436,594

Special

Assessment,

144A,

2021,

4.75%,

9/15/41

.........................

5,000,000

4,641,700

Special

Assessment,

144A,

2021,

5%,

9/15/51

............................

4,250,000

3,845,222

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.625%,

9/15/31

............................................

250,000

223,508

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/15/41

................................................

1,000,000

853,483

City

of

Celina

Legacy

Hills

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4.25%,

9/15/51

.............................................

1,160,000

959,975

North

Texas

Tollway

Authority

,

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

7,500,000

3,709,537

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

7%,

9/01/43

.........

10,000,000

12,440,791

c

Northwood

Municipal

Utility

District

No.

1

,

GO,

144A,

2020,

Refunding,

3.5%,

8/01/25

..............................

585,000

574,047

GO,

144A,

2020,

Refunding,

4%,

8/01/31

................................

1,070,000

1,035,217

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

6

%

,

12/01/52

..............

5,075,000

3,779,956

e

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25

%

,

12/15/42

......................................

11,000,000

6,600,000

c

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

2.625%,

9/01/26

........................................

525,000

487,957

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.25%,

9/01/31

.........................................

750,000

644,332

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

3.5%,

9/01/36

..........................................

800,000

658,059

River

Walk

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2021,

Refunding,

4%,

9/01/43

............................................

2,450,000

2,041,692

c

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/15/32

445,000

430,384

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.25%,

9/15/42

1,400,000

1,334,012

Public

Improvement

District

No.

1,

Special

Assessment,

144A,

2022,

5.375%,

9/15/52

........................................................

2,400,000

2,269,045

c

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.25%,

9/01/27

........................................................

139,000

129,895

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.5%,

9/01/32

........................................................

205,000

176,295

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

3.75%,

9/01/42

........................................................

529,000

412,196

Spiritas

East

Public

Improvement

District,

Special

Assessment,

144A,

2022,

4%,

9/01/51

........................................................

509,000

397,887

Valencia

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

6.125%,

9/01/32

.................................................

712,000

734,842

Valencia

Public

Improvement

District

No.

2,

Special

Assessment,

144A,

2022,

6.875%,

9/01/52

.................................................

2,700,000

2,803,701

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

Travis

County

Development

Authority

,

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

4.75%,

9/01/32

...................

$

302,000

$

299,423

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.375%,

9/01/42

..................

868,000

859,835

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2022,

5.5%,

9/01/52

....................

1,244,000

1,215,716

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

2.875%,

12/01/30

.

258,000

220,819

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.125%,

12/01/35

.

415,000

335,715

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.375%,

12/01/40

.

486,000

372,356

Viridian

Public

Improvement

District,

Special

Assessment,

2020,

3.5%,

12/01/47

..

835,000

608,988

518,436,213

Utah

0.5%

Military

Installation

Development

Authority

,

Military

Recreation

Assessment

Area,

Revenue,

2021

A-1,

4%,

6/01/52

.........

3,000,000

2,144,174

Military

Recreation

Assessment

Area,

Revenue,

2021

A-2,

4%,

6/01/36

.........

2,250,000

1,891,813

Military

Recreation

Assessment

Area,

Revenue,

2021

A-2,

4%,

6/01/41

.........

7,215,000

5,610,757

Military

Recreation

Assessment

Area,

Revenue,

2021

A-2,

4%,

6/01/52

.........

21,745,000

15,428,595

c

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/39

..

475,000

429,659

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020

A,

5%,

6/15/49

..

825,000

694,267

26,199,265

Virginia

0.4%

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/44

........................................................

3,550,000

3,142,134

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

6/01/49

........................................................

4,065,000

3,513,875

c

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5

%

,

12/01/52

....................................

11,000,000

10,297,834

16,953,843

Washington

1.3%

f

Jefferson

County

Public

Hospital

District

No.

2

,

Revenue

,

2023

A

,

Refunding

,

6.875

%

,

12/01/53

........................................................

10,000,000

10,047,153

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

835,000

907,858

g

Washington

Economic

Development

Finance

Authority

,

Propeller

Airports

Paine

Field

LLC

,

Revenue

,

A

,

Mandatory

Put

,

6.5

%

,

3/01/24

..........................

23,750,000

23,679,154

c

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

1/01/51

........

15,070,000

10,198,565

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

1/01/55

..............................................

4,700,000

3,423,056

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

1,737,362

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,265,016

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

6,534,893

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

1/01/51

........................................................

6,000,000

4,436,419

62,229,476

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)

West

Virginia

0.1%

c

County

of

Monongalia

,

Monongalia

County

Building

Commission

Development

District

No.

4,

Tax

Allocation,

144A,

2023

A,

Refunding,

5.75%,

6/01/43

..............................

$

1,000,000

$

1,041,624

Monongalia

County

Building

Commission

Development

District

No.

4,

Tax

Allocation,

144A,

2023

A,

Refunding,

6%,

6/01/53

................................

2,000,000

2,109,007

3,150,631

Wisconsin

2.7%

Public

Finance

Authority

,

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4%,

12/01/40

.....................

1,070,000

843,314

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

...................

7,225,000

5,396,034

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

7,900,000

7,372,133

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

1,805,000

1,693,132

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

3,930,626

c

Coral

Academy

of

Science

Reno,

Revenue,

144A,

2022

A,

6%,

6/01/62

.........

1,565,000

1,497,309

c

Eno

River

Academy,

Revenue,

144A,

2020

A,

5%,

6/15/40

...................

815,000

771,957

c

Eno

River

Academy,

Revenue,

144A,

2020

A,

5%,

6/15/54

...................

1,380,000

1,217,493

c

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4%,

7/01/41

1,000,000

749,759

c

Estancia

Valley

Classical

Academy,

Revenue,

144A,

2021

A,

Refunding,

4.25%,

7/01/51

........................................................

5,345,000

3,748,826

c

FAH

Tree

House

LLC,

Revenue,

144A,

2023

B,

6.625%,

2/01/46

..............

11,095,000

10,052,357

c

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,116,211

c

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

7,600,000

6,382,528

c

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

1,580,244

c

Greystone

Housing

Impact

Investors

LP,

Revenue,

144A,

2023-1,

B-1,

7.125%,

7/25/34

........................................................

7,500,000

7,713,883

c

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

13,200,000

13,200,000

c

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/36

....

300,000

277,119

c

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/51

....

1,000,000

840,265

c

High

Desert

Montessori

Charter

School,

Revenue,

144A,

2021

A,

5%,

6/01/61

....

1,275,000

1,036,068

c

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

C,

4.6%,

12/01/37

5,460,000

4,331,901

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

1,000,000

889,764

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

3,203,907

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2020

A,

5.25%,

3/01/55

..................................................

12,975,000

10,566,976

c

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

4%,

10/15/31

..........

185,000

164,738

c

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/41

..........

570,000

502,307

c

Ocean

Academy

Charter

School,

Revenue,

144A,

2021,

5%,

10/15/51

..........

1,130,000

943,298

c

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022,

Zero

Cpn.,

12/01/45

...

11,680,000

7,074,101

c

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/31

.................

600,000

572,794

c

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/51

.................

2,250,000

1,862,221

c

Signature

Preparatory,

Revenue,

144A,

2021

A,

5%,

6/15/56

.................

2,465,000

2,003,738

c

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

A-2,

5.35%,

7/01/40

.....

3,000,000

2,361,076

c

UHF

RISE

Student

Housing

LLC,

Revenue,

144A,

2021

B,

5.25%,

7/01/61

.......

2,000,000

1,612,579

c

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

2,000,000

1,980,457

c

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

...............

1,865,000

1,400,108

c,g

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-1,

Mandatory

Put,

3.5%,

12/01/35

..................................................

2,000,000

1,597,129

c,g

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

...................................................

18,000,000

14,872,383

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6%,

7/01/28

...................

175,000

151,800

Chiara

Communities,

Inc.,

Revenue,

2018

C,

6.5%,

7/01/33

..................

300,000

239,366

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

711,518

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)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

$

6,620,000

$

4,747,728

HOPE

Christian

Schools

Obligated

Group,

Revenue,

2021,

4%,

12/01/41

........

850,000

632,379

131,841,526

U.S.

Territories

10.1%

District

of

Columbia

0.9%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

Zero

Cpn.,

6/15/46

.....................................................

175,000,000

42,600,425

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

6,830,000

6,579,878

Puerto

Rico

9.1%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

2,500,000

2,528,385

Commonwealth

of

Puerto

Rico

,

h

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

1

1

GO,

2022

A-1,

5.375%,

7/01/25

.......................................

1

1

GO,

2022

A-1,

5.75%,

7/01/31

........................................

2,166,031

2,333,797

GO,

2022

A-1,

4%,

7/01/35

..........................................

15,191,884

13,931,280

GO,

2022

A-1,

4%,

7/01/37

..........................................

31,512,915

28,231,686

GO,

2022

A-1,

4%,

7/01/41

..........................................

28,684,144

24,838,736

GO,

2022

A-1,

4%,

7/01/46

..........................................

21,788,775

18,159,931

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

253,356

247,303

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

2,011,366

1,227,040

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

43,983,894

38,705,827

HTA

CL

6

Trust

,

Revenue

,

L-2028

,

5.25

%

,

7/01/38

..........................

1,239,120

1,239,459

HTA

TRRB

Custodial

Trust

,

Revenue

,

2007

N

,

5.25

%

,

7/01/36

..................

700,000

702,783

c

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue,

144A,

2021

B,

Refunding,

4%,

7/01/42

..........................

2,500,000

2,177,745

Revenue,

Senior

Lien,

144A,

2020

A,

Refunding,

5%,

7/01/47

................

31,750,000

30,807,673

Puerto

Rico

Electric

Power

Authority

,

b,f

Revenue,

6%,

7/01/41

..............................................

13,844,543

13,844,543

b,f

Revenue,

7.125%,

7/01/59

...........................................

67,236,779

67,236,779

e

Revenue,

1,

10%,

1/01/21

...........................................

6,000,000

1,500,000

e

Revenue,

2013

A,

7.25%,

7/01/30

.....................................

25,000,000

6,312,500

e

Revenue,

2013

A,

6.75%,

7/01/36

.....................................

29,750,000

7,511,875

e

Revenue,

2013

A,

7%,

7/01/43

........................................

5,000,000

1,262,500

e

Revenue,

2016

A-4,

10%,

7/01/19

.....................................

5,500,000

1,375,000

e

Revenue,

2016

B-4,

10%,

7/01/19

.....................................

5,500,000

1,375,000

e

Revenue,

E-2,

10%,

7/01/21

.........................................

6,000,000

1,500,000

e

Revenue,

E-3,

10%,

1/01/22

.........................................

1,989,500

497,375

e

Revenue,

E-4,

10%,

7/01/22

.........................................

1,989,499

497,375

e

Revenue,

XX,

5.75%,

7/01/36

........................................

23,620,000

5,964,050

e

Revenue,

XX,

5.25%,

7/01/40

........................................

10,895,000

2,750,987

e

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

15,240,000

10,668,000

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

393,000

382,851

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

66,315,000

64,463,472

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

25,400,000

7,495,360

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

241,837,000

52,614,106

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

12,000,000

11,388,560

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

111

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

...............................

$

13,495,000

$

12,713,164

436,485,144

Total

U.S.

Territories

....................................................................

485,665,447

Total

Municipal

Bonds

(Cost

$4,987,887,355)

...................................

4,626,741,877

Shares

Escrows

and

Litigation

Trusts

0.1%

b,i

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

6,159,207

4,927,366

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

4,927,366

Total

Long

Term

Investments

(Cost

$5,209,237,706)

.............................

4,834,554,216

a

a

a

a

a

Short

Term

Investments

0.4%

Principal

Amount

Municipal

Bonds

0.4%

Minnesota

0.1%

j

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

3.4

%

,

11/15/48

.....

1,600,000

1,600,000

New

Jersey

0.0%

†

j

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

7/01/43

.........................................................

200,000

200,000

New

York

0.3%

j

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System,

Revenue,

2017

BB-1B,

SPA

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

3.35%,

6/15/49

.................................

5,500,000

5,500,000

Water

&

Sewer

System,

Revenue,

2022

DD,

Refunding,

Daily

VRDN

and

Put,

3.5%,

6/15/33

........................................................

11,100,000

11,100,000

16,600,000

North

Carolina

0.0%

†

j

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

1/15/48

.........................................................

900,000

900,000

Oregon

0.0%

†

j

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

8/01/34

.............

1,400,000

1,400,000

Total

Municipal

Bonds

(Cost

$20,700,000)

......................................

20,700,000

Total

Short

Term

Investments

(Cost

$20,700,000

)

................................

20,700,000

a

Total

Investments

(Cost

$5,229,937,706)

100.9%

................................

$4,855,254,216

Other

Assets,

less

Liabilities

(0.9)%

...........................................

(44,077,709)

Net

Assets

100.0%

...........................................................

$4,811,176,507

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

112

See

Abbreviations

on

page

199

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

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,

2023,

the

aggregate

value

of

these

securities

was

$1,613,938,862,

representing

33.5%

of

net

assets.

d

See

Note

3

regarding

restricted

securities.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Security

purchased

on

a

when-issued

basis.

g

The

maturity

date

shown

represents

the

mandatory

put

date.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

Non-income

producing.

j

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Louisiana

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.1%

Florida

0.1%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

326,252

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

1,225,000

968,425

Louisiana

92.3%

Ascension

Parish

School

Board

,

GO

,

2020

,

4

%

,

3/01/40

......................

1,000,000

997,759

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AGMC

Insured

,

3

%

,

3/01/36

...

505,000

457,927

Calcasieu

Parish

School

District

No.

23

,

GO

,

2019

,

BAM

Insured

,

4

%

,

9/01/36

.....

670,000

680,991

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,080,473

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,064,523

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,012,021

Central

Community

School

System

,

GO,

2020,

4%,

3/01/39

.............................................

1,125,000

1,127,738

GO,

2020,

4%,

3/01/40

.............................................

1,190,000

1,187,333

City

of

Bossier

City

,

Utilities

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

10/01/37

........

1,280,000

1,299,393

City

of

Lafayette

,

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

4,634,328

Sales

&

Use

Tax,

Revenue,

2020

B,

4%,

3/01/45

..........................

5,000,000

4,890,851

City

of

Natchitoches

,

Utilities

,

Revenue

,

2023

,

AGMC

Insured

,

5.5

%

,

6/01/53

.......

750,000

809,927

City

of

New

Orleans

,

GO,

2021

A,

5%,

12/01/39

...........................................

6,000,000

6,409,395

Sewerage

Service,

Revenue,

2020

B,

5%,

6/01/45

.........................

1,700,000

1,756,588

Sewerage

Service,

Revenue,

2020

B,

4%,

6/01/50

.........................

1,300,000

1,159,106

City

of

Ruston

,

Sales

Tax

,

Revenue

,

2016

,

AGMC

Insured

,

5

%

,

6/01/35

...........

1,085,000

1,125,723

City

of

Shreveport

,

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,083,873

Water

&

Sewer,

Revenue,

2020

B,

Refunding,

3%,

12/01/50

..................

5,070,000

3,576,253

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

2,219,041

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014

B,

Pre-Refunded,

5%,

2/01/39

............................

5,000,000

5,113,476

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

4,852,159

Revenue,

2020

A,

Refunding,

5%,

2/01/31

...............................

750,000

841,230

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGMC

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,049,372

Jefferson

Parish

Consolidated

Sewerage

District

No.

1

,

Revenue

,

2022

,

BAM

Insured

,

4

%

,

2/01/38

......................................................

1,000,000

1,008,466

Jefferson

Parish

Consolidated

Waterworks

District

No.

2

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

2/01/40

...........................................

5,000,000

4,985,362

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AGMC

Insured

,

5

%

,

12/01/42

.......

2,250,000

2,320,354

Lafayette

Consolidated

Government

,

GO,

2020,

Refunding,

3%,

3/01/34

.....................................

250,000

233,282

GO,

2020,

Refunding,

3%,

3/01/35

.....................................

200,000

183,794

Lafayette

Parish

School

Board

,

Sales

Tax

,

Revenue

,

2023

,

4

%

,

4/01/53

..........

2,500,000

2,375,574

Livingston

Parish

School

Board

,

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/30

.................

500,000

522,447

Sales

&

Use

Tax,

Revenue,

2021

A,

Refunding,

4%,

5/01/31

.................

1,300,000

1,359,067

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/37

......

875,000

867,790

State

of

Louisiana

Office

of

Juvenile

Justice,

Revenue,

2021,

4%,

10/01/40

......

1,305,000

1,257,604

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

Housing

Corp.

,

Revenue,

2021

B,

GNMA

Insured,

2.05%,

6/01/36

.........................

$

615,000

$

487,485

Revenue,

2021

B,

GNMA

Insured,

2.2%,

6/01/41

..........................

1,965,000

1,448,095

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

a

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

...................

1,900,000

1,642,519

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,003,835

Entergy

Louisiana

LLC,

Revenue,

2021

A,

Refunding,

2%,

6/01/30

.............

1,500,000

1,293,998

Entergy

Louisiana

LLC,

Revenue,

20

21

B,

Refunding,

2.5%,

4/01/36

...........

3,000,000

2,391,164

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/33

.

800,000

809,340

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGMC

Insured,

4%,

10/01/34

.

620,000

626,561

a

Invest

in

Americas

Veterans

Foundation

Louisiana,

Inc.,

Revenue,

144A,

2020

A,

Refunding,

4.25%,

12/01/50

........................................

8,000,000

5,974,847

a

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

...............

1,000,000

841,793

a

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

...................

1,225,000

1,065,946

a

Parish

of

St.

Charles,

Revenue,

144A,

2022,

4.5%,

11/01/47

.................

2,000,000

1,858,693

a

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

2,775,000

2,335,976

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

10/01/43

...

250,000

184,992

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.25%,

10/01/48

221,200

158,873

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.5%,

10/01/53

.

309,471

222,326

a

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

10/01/61

...

249,529

189,096

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGMC

Insured,

5%,

10/01/39

.......................................................

1,000,000

1,026,065

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGMC

Insured,

5%,

10/01/48

3,500,000

3,555,825

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGMC

Insured,

4%,

8/01/34

........................................................

1,000,000

1,018,941

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/39

.......................................

1,060,000

1,032,899

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/41

.......................................

500,000

486,895

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2021,

Refunding,

AGMC

Insured,

4%,

10/01/43

.......................................

500,000

473,058

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/30

....................................................

1,020,000

1,048,512

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/31

....................................................

1,065,000

1,094,330

University

o

f

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/32

....................................................

1,100,000

1,114,944

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2022,

Refunding,

4%,

5/01/33

....................................................

1,155,000

1,169,538

University

of

Louisiana

System

Board

of

Supervisors,

Revenue,

2023

A,

AGMC

Insured,

5%,

10/01/43

.............................................

600,000

629,649

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/41

......

5,230,000

5,331,943

b

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15

%

,

9/01/27

.........................................................

1,500,000

1,518,487

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

5,080,810

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

5%,

7/01/35

..............................................

4,965,000

5,013,389

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015

A,

Pre-Refunded,

5%,

7/01/35

..................................

35,000

36,059

Loui

siana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A-1,

5%,

6/01/45

........................................................

10,000,000

10,211,544

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2020

A,

4%,

6/01/50

5,000,000

4,473,578

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

6,569,384

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

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

$

2,328,264

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/37

.......

2,020,000

1,973,763

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/39

.......

3,460,000

3,308,496

Loyola

University

New

Orleans,

Revenue,

2021,

Refunding,

4%,

10/01/41

.......

2,850,000

2,676,109

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

........................................................

30,000

31,344

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

........................................................

20,000

20,896

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/42

5,695,000

5,785,179

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

6,305,000

6,381,911

a

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

2,000,000

1,836,923

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

3,187,500

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,061,211

Tulane

University,

Revenue,

2017

A,

4%,

12/15/50

.........................

1,940,000

1,759,421

Tulane

University,

Revenue,

2017

A,

Pre-Refunded,

4%,

12/15/50

.............

60,000

62,576

Louisiana

Stadium

&

Exposition

District

,

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

5.25

%

,

7/01/53

...................................................

1,750,000

1,877,444

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

7/01/40

....................................

4,500,000

4,737,733

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGMC

Insured

,

5

%

,

3/01/38

...

1,440,000

1,542,973

New

Orl

eans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

........................................

8,000,000

8,145,766

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

MovEBR

Sales

Tax

,

Revenue

,

2019

,

5

%

,

8/01/48

.........................................

500,000

518,732

Parish

of

Terrebonne

,

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/35

..........................

1,015,000

1,029,218

Sales

&

Use

Tax,

Revenue,

2020

A,

4%,

3/01/41

..........................

2,660,000

2,604,157

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2018

A,

AGMC

Insured,

5%,

4/01/48

............................

2,750,000

2,809,312

Revenue,

2020

D,

5%,

4/01/50

........................................

6,000,000

6,167,030

Rapides

Parish

Consolidated

School

District

No.

62

,

GO

,

2022

,

AGMC

Insured

,

5

%

,

3/01/42

.........................................................

1,100,000

1,184,407

Rapides

Parish

School

District

No.

11

Rigolette

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

3/01/41

.........................................................

1,000,000

979,007

St.

John

the

Baptist

,

Parish

School

District

No.

1

,

GO

,

2023

,

5.25

%

,

3/01/43

.......

3,300,000

3,408,860

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,500,000

5,576,480

State

of

Louisiana

,

GO,

2016

A,

5%,

9/01/35

............................................

2,575,000

2,706,631

GO,

2019

A,

5%,

3/01/37

............................................

3,000,000

3,254,874

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Pre-Refunded,

5%,

5/01/41

...

3,000,000

3,076,136

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

5,210,936

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

10,321,009

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue,

2021,

Refunding,

4%,

2/01/35

.................................

2,250,000

2,250,853

Revenue,

2021,

Refunding,

4%,

2/01/38

.................................

2,000,000

1,895,779

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

1,000,000

970,196

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

2,696,080

250,341,815

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

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

$

600,000

$

473,556

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

700,000

550,864

1,024,420

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

450,000

440,707

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

900,000

630,216

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

911,271

1,982,194

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

552,376

Wisconsin

1.4%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

617,825

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

1,225,000

966,935

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

1,800,000

1,800,000

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

500,000

480,501

3,865,261

U.S.

Territories

2.6%

Puerto

Rico

2.6%

Puerto

Rico

Electric

Power

Authority

,

c,d

Revenue,

6%,

7/01/41

..............................................

96,071

96,071

c,d

Revenue,

7.125%,

7/01/59

...........................................

466,572

466,572

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

500,000

495,424

e

Revenue,

WW,

5.25%,

7/01/33

........................................

855,000

215,888

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

585,911

580,052

Revenue,

2022

B,

Zero

Cpn

.,

7/01/32

...................................

380,763

246,992

Revenue,

2022

C,

Zero

Cpn

.,

7/01/53

..................................

651,329

421,733

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

3,500,000

3,312,304

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

1,196,000

1,162,607

6,997,643

Total

U.S.

Territories

....................................................................

6,997,643

Total

Municipal

Bonds

(Cost

$285,362,443)

.....................................

266,058,386

Shares

Escrows

and

Litigation

Trusts

0.0%

†

c,f

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

43,434

34,747

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

34,747

Total

Long

Term

Investments

(Cost

$285,362,443)

...............................

266,093,133

a

a

a

a

a

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

117

See

Abbreviations

on

page

199

.

Short

Term

Investments

1.4%

a

a

Principal

Amount

a

Value

Municipal

Bonds

1.4%

Louisiana

1.4%

g

State

of

Louisiana

,

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2023

A-1,

Refunding,

LOC

Toronto

Dominion

Bank

(The),

Daily

VRDN

and

Put,

3.2%,

5/01/43

.................

$

3,300,000

$

3,300,000

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2023

A-2,

Refunding,

LOC

Toronto

Dominion

Bank

(The),

Daily

VRDN

and

Put,

3.2%,

5/01/43

.................

600,000

600,000

3,900,000

Total

Municipal

Bonds

(Cost

$3,900,000)

.......................................

3,900,000

Total

Short

Term

Investments

(Cost

$3,900,000

)

.................................

3,900,000

a

Total

Investments

(Cost

$289,262,443)

99.5%

...................................

$269,993,133

Other

Assets,

less

Liabilities

0.5%

.............................................

1,164,126

Net

Assets

100.0%

...........................................................

$271,157,259

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$24,039,341,

representing

8.9%

of

net

assets.

b

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

d

Security

purchased

on

a

when-issued

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Non-income

producing.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Maryland

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.6%

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

$

1,047,480

Maryland

85.4%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District

,

Revenue

,

2016

,

Refunding

,

5.125

%

,

6/01/43

.

3,000,000

2,949,396

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

5

%

,

7/01/46

.....................

2,000,000

2,039,021

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,310,780

b

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,800,000

1,802,424

County

of

Baltimore

,

GO

,

2023

,

5

%

,

3/01/53

...............................

6,000,000

6,542,555

a

County

of

Frederick

,

Urbana

Community

Development

Authority

,

Special

Tax

,

144A,

2020

C

,

4

%

,

7/01/50

...............................................

3,995,000

3,443,050

County

of

Harford

,

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/31

........................................................

150,000

155,927

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/36

........................................................

750,000

760,638

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/40

........................................................

675,000

642,023

County

of

Prince

George's

,

GO

,

2018

A

,

4

%

,

7/15/35

........................

5,000,000

5,145,813

Howard

County

Housing

Commission

,

Revenue

,

2013

,

5

%

,

10/01/28

........................................

10,000,000

10,013,087

Revenue

,

2016

,

4

%

,

6/01/46

.........................................

2,000,000

1,800,689

Revenue

,

2017

,

5

%

,

12/01/46

........................................

5,000,000

5,095,042

Maryland

Community

Development

Administration

,

Housing

,

Revenue

,

2019

D

,

3

%

,

7/01/39

................................

1,500,000

1,257,763

Housing

,

Revenue

,

2019

D

,

3.2

%

,

7/01/44

...............................

1,000,000

822,142

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue

,

2017

A-1

,

4

%

,

6/01/47

......................................

2,300,000

2,227,590

Revenue

,

2018

A-1

,

5

%

,

6/01/48

......................................

1,310,000

1,361,771

Revenue,

Senior

Lien

,

2019

B-1

,

4

%

,

6/01/49

.............................

3,000,000

2,877,809

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System

,

Revenue,

Senior

Lien

,

2022

A

,

5.25

%

,

12/31/47

......

5,000,000

5,162,672

Frostburg

State

University

Project

,

Revenue,

Senior

Lien

,

2013

,

Refunding

,

5

%

,

10/01/33

.......................................................

5,000,000

4,961,378

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4

%

,

7/01/40

.

1,000,000

911,371

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

5

%

,

7/01/50

.

1,250,000

1,242,672

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2022

A

,

6

%

,

7/01/58

4,620,000

4,962,100

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25

%

,

6/30/47

...........

5,000,000

5,120,275

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25

%

,

6/30/55

...........

5,000,000

5,069,286

University

of

Maryland

College

Park

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/35

........................................................

4,225,000

4,369,657

University

of

Maryland

College

Park

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/43

........................................................

3,305,000

3,354,025

University

Park

Phase

I

&

II

at

Salisbury

University

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/01/34

........................................................

2,040,000

2,012,176

University

Village

at

Sheppard

Pratt

,

Revenue

,

2012

,

Refunding

,

5

%

,

7/01/27

.....

1,500,000

1,500,329

University

Village

at

Sheppard

Pratt

,

Revenue

,

2012

,

Refunding

,

5

%

,

7/01/33

.....

2,495,000

2,493,433

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University

,

Revenue,

Senior

Lien

,

2012

,

5

%

,

7/01/27

......................................

940,000

940,500

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2016

A

,

5.5

%

,

1/01/46

.........

9,750,000

9,846,998

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/38

...

865,000

778,999

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

1/01/51

..........

2,000,000

1,649,667

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)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

Charlestown

Community,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/45

........

$

4,170,000

$

4,214,609

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

..

1,715,000

1,527,166

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25

%

,

7/01/53

1,500,000

1,569,061

Goucher

College

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/44

.................

7,470,000

7,587,915

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2001

,

AMBAC

Insured

,

5

%

,

7/01/27

..............................................

655,000

659,402

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2004

,

AMBAC

Insured

,

5

%

,

7/01/34

..............................................

5,000,000

5,033,909

LifeBridge

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/47

.....

4,000,000

4,049,838

LifeBridge

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

7/01/44

.....

2,000,000

2,036,650

Loyola

University

Maryland,

Inc.

,

Revenue

,

2014

,

Refunding

,

5

%

,

10/01/45

......

2,250,000

2,255,842

Loyola

University

Maryland,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/49

.....

2,000,000

2,065,145

Maryland

Institute

College

of

Art

,

Revenue

,

2012

,

5

%

,

6/01/29

................

1,000,000

1,000,640

Maryland

Institute

College

of

Art

,

Revenue

,

2016

,

Refunding

,

4

%

,

6/01/42

.......

5,325,000

4,668,656

MedStar

Health

Obligated

Group

,

Revenue

,

1997

,

AMBAC

Insured

,

ETM,

5

%

,

7/01/27

........................................................

5,935,000

6,161,362

MedStar

Health

Obligated

Group

,

Revenue

,

2013

A

,

5

%

,

8/15/38

..............

5,000,000

5,001,913

MedStar

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/38

.......

2,100,000

2,119,903

MedStar

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

5/15/45

..............

5,000,000

5,057,690

Meritus

Medical

Center

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/40

.

8,535,000

8,608,603

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/28

..........

630,000

670,370

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/30

..........

1,225,000

1,327,187

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/32

..........

800,000

870,851

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/34

..........

350,000

353,704

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/36

..........

1,125,000

1,124,842

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/40

..........

1,850,000

1,756,601

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/46

..........

1,000,000

908,040

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/55

..........

3,250,000

2,816,563

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/39

............................................

10,000,000

10,266,685

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

D

,

4

%

,

7/01/48

........................................................

5,000,000

4,576,057

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/43

..............

1,100,000

1,054,203

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/48

..............

610,000

559,795

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2016

,

Pre-

Refunded

,

5

%

,

5/01/46

............................................

4,085,000

4,297,204

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2020

A

,

5

%

,

5/01/50

........................................................

11,225,000

12,292,617

Built

to

Learn

,

Revenue

,

2021

,

4

%

,

6/01/35

..............................

1,590,000

1,636,504

Built

to

Learn

,

Revenue

,

2022

A

,

4

%

,

6/01/47

.............................

5,000,000

4,749,470

Maryland

State

Transportation

Authority

,

Revenue

,

2020

,

4

%

,

7/01/45

.........................................

4,000,000

3,918,536

Revenue

,

2021

A

,

Refunding

,

5

%

,

7/01/46

...............................

2,000,000

2,153,294

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

C

,

5.125

%

,

1/01/53

.........................................................

915,000

955,844

State

of

Maryland

,

GO

,

2022

A

,

5

%

,

6/01/37

...............................

8,000,000

9,120,170

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

5

%

,

8/01/46

..............

3,000,000

3,089,329

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

4

%

,

8/01/51

..............

3,500,000

3,132,061

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/36

...............

2,700,000

2,555,979

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/37

...............

3,095,000

2,876,001

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

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

University

System

of

Maryland

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/51

........

$

5,260,000

$

5,188,723

Washington

Suburban

Sanitary

Commission

,

Revenue

,

2023

,

4

%

,

6/01/49

.........................................

9,500,000

9,330,604

Revenue,

Second

Series

,

2016

,

4

%

,

6/01/43

.............................

5,000,000

5,007,620

264,830,216

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2022

BB

,

4

%

,

6/15/39

...

2,500,000

2,520,396

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

700,000

552,482

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

700,000

550,864

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

1,350,000

853,086

1,956,432

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

550,000

538,642

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,000,000

700,240

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

947,722

2,186,604

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

552,376

Wisconsin

1.0%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

617,825

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

2,000,000

2,000,000

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

500,000

480,501

3,098,326

U.S.

Territories

8.6%

District

of

Columbia

4.2%

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

5

%

,

7/15/45

...............................

2,500,000

2,675,488

Dedicated

,

Revenue

,

2021

A

,

4

%

,

7/15/43

...............................

1,750,000

1,745,480

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/46

...............................

3,000,000

3,222,526

Dedicated

,

Revenue

,

2023

A

,

5

%

,

7/15/43

...............................

2,500,000

2,759,742

Dedicated

,

Revenue

,

2023

A

,

4.125

%

,

7/15/47

............................

2,500,000

2,476,353

12,879,589

Puerto

Rico

4.4%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/33

................

1,805,000

1,793,633

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

2,550,000

2,502,446

Puerto

Rico

Electric

Power

Authority

,

c,d

Revenue

,

6

%

,

7/01/41

..............................................

222,188

222,188

c,d

Revenue

,

7.125

%

,

7/01/59

...........................................

1,079,067

1,079,067

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

2,000,000

1,981,697

e

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

1,975,000

498,687

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2022

A

,

5

%

,

7/01/62

........................................

94,046

93,105

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

121

See

Abbreviations

on

page

199

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority,

(continued)

Revenue

,

2022

B

,

Zero

Cpn.,

7/01/32

...................................

$

61,117

$

39,645

Revenue

,

2022

C

,

Zero

Cpn.,

7/01/53

..................................

104,547

67,694

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

3,600,000

3,406,941

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

1,900,000

1,846,952

13,532,055

Total

U.S.

Territories

....................................................................

26,411,644

Total

Municipal

Bonds

(Cost

$

317,046,725

)

.....................................

302,603,474

Shares

Escrows

and

Litigation

Trusts

0.0%

†

c

,f

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

100,330

80,264

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

80,264

Total

Long

Term

Investments

(Cost

$

317,046,725

)

...............................

302,683,738

a

a

a

a

a

Short

Term

Investments

0.2%

Principal

Amount

Municipal

Bonds

0.2%

Maryland

0.2%

g

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

A

,

Refunding

,

FHA,

FNMA

Insured

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

1/01/63

.....

600,000

600,000

Total

Municipal

Bonds

(Cost

$

600,000

)

.........................................

600,000

Total

Short

Term

Investments

(Cost

$

600,000

)

..................................

600,000

a

Total

Investments

(Cost

$

317,646,725

)

97

.8

%

...................................

$303,283,738

Other

Assets,

less

Liabilities

2

.2

%

.............................................

6,797,942

Net

Assets

100.0%

...........................................................

$310,081,680

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$11,194,762,

representing

3.6%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

d

Security

purchased

on

a

when-issued

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Non-income

producing.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Massachusetts

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

900,000

$

883,332

Total

Corporate

Bonds

(Cost

$900,000)

........................................

883,332

Senior

Floating

Rate

Interests

0.3%

Residential

REITs

0.3%

a,b

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan,

1

,

6.871

%

,

(

1-month

SOFR

+

1.55

%

),

1/08/24

...................................................

1,000,000

1,013,108

Total

Senior

Floating

Rate

Interests

(Cost

$1,000,000)

...........................

1,013,108

Municipal

Bonds

97.0%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,200,000

982,216

Florida

0.7%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

489,379

c

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn

.,

5/01/57

2,000,000

1,675,000

2,164,379

Illinois

0.9%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

1,750,000

1,681,820

State

of

Illinois

,

GO,

2017

D,

5%,

11/01/27

...........................................

140,000

148,339

GO,

2020

B,

5%,

10/01/29

...........................................

1,000,000

1,084,744

2,914,903

Massachusetts

88.2%

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014

A

,

Pre-Refunded

,

4

%

,

11/01/28

.....................................................

4,400,000

4,439,658

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,568,221

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,361,820

Commonwealth

of

Massachusetts

,

GO,

2017

F,

5%,

11/01/46

...........................................

5,000,000

5,159,984

GO,

2022

E,

5%,

11/01/52

...........................................

3,000,000

3,223,853

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

5,235,036

Revenue,

2005,

Refunding,

AGMC,

NATL

Insured,

5.5%,

1/01/34

..............

11,900,000

14,033,681

Transportation

Fund,

Revenue,

2016

B,

4%,

6/01/45

.......................

5,000,000

4,898,528

Transportation

Fund,

Revenue,

2017

A,

Refunding,

5%,

6/01/43

...............

4,805,000

5,001,314

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

5,191,356

Transportation

Fund,

Revenue,

2023

A,

5%,

6/01/53

.......................

5,000,000

5,380,092

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax,

Revenue,

A,

5%,

7/01/40

....................................

5,000,000

5,078,887

Sales

Tax,

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

.......................

4,000,000

4,620,790

Sales

Tax,

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

.................

2,500,000

2,564,413

Massachusetts

Clean

Water

Trust

(The)

,

Revenue

,

1999

A

,

5.75

%

,

8/01/29

........

250,000

250,464

Massachusetts

Development

Finance

Agency

,

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,028,423

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,082,879

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2016

I,

Refunding,

5%,

7/01/34

1,500,000

1,546,040

d

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2023

M,

5%,

7/01/34

.......

1,500,000

1,701,302

Boston

Medical

Center

Corp.

Obligated

Group,

Revenue,

2023

G,

Refunding,

5.25%,

7/01/52

........................................................

2,500,000

2,609,704

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/39

.............

2,660,000

2,834,735

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

Development

Finance

Agency,

(continued)

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

$

5,000,000

$

5,000,292

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/46

..

6,890,000

6,988,369

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2021

C,

4%,

11/01/46

.......................................................

1,250,000

1,133,810

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/41

......................

435,000

378,169

Loomis

Obligated

Group,

Revenue,

2021,

4%,

1/01/51

......................

300,000

240,954

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/26

........

940,000

927,471

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/31

........

870,000

841,816

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/41

........

485,000

421,637

c

Loomis

Obligated

Group,

Revenue,

144A,

2022,

Refunding,

4%,

1/01/51

........

520,000

417,653

Mass

General

Brigham,

Inc.,

Revenue,

2016

Q,

Refunding,

5%,

7/01/34

.........

5,000,000

5,203,578

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

.......

1,880,000

2,009,627

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

7,500,000

7,347,938

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/42

........................

475,000

426,899

Merrimack

College,

Revenue,

2021

B,

4%,

7/01/50

........................

3,650,000

3,088,859

Merrimack

College,

Revenue,

2022,

5%,

7/01/52

..........................

1,000,000

990,091

c

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

.......................................................

3,000,000

3,049,306

c

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

.......................................................

5,000,000

5,076,277

Northeastern

University,

Revenue,

2014

A,

5%,

3/01/44

.....................

5,000,000

5,002,441

Northeastern

University,

Revenue,

2022,

Refunding,

5%,

10/01/44

.............

2,375,000

2,581,459

President

&

Trustees

of

Williams

College,

Revenue,

2017

S,

4%,

7/01/46

........

5,000,000

4,911,034

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

5,242,262

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/34

.

735,000

686,640

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/39

.

750,000

654,016

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/41

.

500,000

427,355

Seven

Hills

Foundation

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

9/01/48

.

1,750,000

1,407,380

Simmons

University,

Revenue,

2023

N,

Refunding,

5%,

10/01/43

..............

1,750,000

1,735,738

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

4%,

7/01/46

........................................................

3,000,000

2,704,049

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/50

........................................................

6,590,000

6,673,482

Springfield

College,

Revenue,

2021

B,

Refunding,

4%,

6/01/50

................

2,695,000

2,200,710

Suffolk

University,

Revenue,

2021,

4%,

7/01/46

...........................

2,000,000

1,732,466

Suffolk

University,

Revenue,

2021,

4%,

7/01/51

...........................

5,000,000

4,182,995

Trustees

of

Boston

College,

Revenue,

2017

T,

Refunding,

5%,

7/01/42

..........

3,750,000

3,903,768

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

4,955,838

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

6,162,668

Wheaton

College,

Revenue,

2021

I,

5%,

1/01/53

..........................

3,000,000

2,959,914

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,286,485

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

1,000,000

1,065,421

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,130,080

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,306,293

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

.............................

2,500,000

2,306,943

Revenue,

2021

C,

3%,

7/01/51

........................................

3,000,000

1,995,506

Revenue,

2023

C,

5%,

7/01/53

........................................

4,375,000

4,174,704

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M-2

,

5.5

%

,

6/01/35

.........................................

8,600,000

10,426,291

Massachusetts

Housing

Finance

Agency

,

Revenue,

2009

C,

5.125%,

12/01/39

...................................

1,045,000

1,045,620

Revenue,

2009

C,

5.35%,

12/01/49

....................................

2,770,000

2,770,667

Revenue,

2012

F,

3.15%,

12/01/32

.....................................

105,000

99,492

Revenue,

2012

F,

3.45%,

12/01/37

.....................................

45,000

41,036

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)

Massachusetts

(continued)

Massachusetts

Housing

Finance

Agency,

(continued)

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

$

1,000,000

$

848,932

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

2,860,000

2,313,995

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

3,981,554

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

5,627,692

Massachusetts

Port

Authority

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

7/01/39

.........

1,175,000

1,241,173

Massachusetts

School

Building

Authority

,

Revenue,

Senior

Lien

,

2016

C

,

Refunding

,

5

%

,

11/15/34

.....................................................

5,000,000

5,234,347

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue

,

2019

B-1

,

Refunding

,

5

%

,

1/01/37

.....................................

1,015,000

1,095,003

Massachusetts

Water

Resources

Authority

,

Revenue,

2016

C,

Pre-Refunded,

5%,

8/01/40

............................

5,000,000

5,291,284

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

4,191,640

Revenue,

B,

Refunding,

AGMC

Insured,

5.25%,

8/01/28

.....................

5,490,000

6,133,029

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,190,027

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,269,143

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017

C

,

5

%

,

4/15/37

..........

1,260,000

1,319,327

Town

of

Braintree

,

GO

,

Refunding

,

5

%

,

5/15/27

.............................

2,000,000

2,158,416

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,119,530

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

4,953,036

University

of

Massachusetts

Building

Authority

,

Revenue,

2022-1,

4%,

11/01/46

.......................................

4,000,000

3,974,942

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

4,000,000

4,063,663

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

...........................

5,000,000

5,302,587

282,435,999

New

Jersey

0.5%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

1,000,000

1,081,691

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

375,838

1,457,529

New

York

0.8%

Metropolitan

Transportation

Authority

,

Revenue,

2020

A-1,

4%,

11/15/40

.....................................

750,000

724,469

Revenue,

2020

A-1,

4%,

11/15/53

.....................................

1,900,000

1,697,800

2,422,269

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

c

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

800,000

631,408

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

800,000

629,559

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

749,676

2,010,643

Texas

0.6%

c

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,100,000

770,264

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/37

.................................

300,000

237,841

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,020,624

2,028,729

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

199.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

0.2%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

$

800,000

$

631,287

Wisconsin

1.1%

c

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

800,000

617,825

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

2,100,000

2,100,000

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,000,000

961,002

3,678,827

U.S.

Territories

3.1%

Puerto

Rico

3.1%

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

250,000

245,338

Revenue,

2007

N,

5.25%,

7/01/34

.....................................

5,000,000

5,015,581

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

253,926

251,387

Revenue,

2022

B,

Zero

Cpn

.,

7/01/32

...................................

165,017

107,043

Revenue,

2022

C,

Zero

Cpn

.,

7/01/53

..................................

282,277

182,773

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

476,095

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/39

..

200,000

181,841

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

3,660,000

3,557,812

10,017,870

Total

U.S.

Territories

....................................................................

10,017,870

Total

Municipal

Bonds

(Cost

$324,395,533)

.....................................

310,744,651

Total

Long

Term

Investments

(Cost

$326,295,533)

...............................

312,641,091

a

a

a

a

a

Short

Term

Investments

1.6%

Municipal

Bonds

1.6%

Massachusetts

1.6%

e

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

2.25

%

,

11/01/49

...........

5,125,000

5,125,000

Total

Municipal

Bonds

(Cost

$5,125,000)

.......................................

5,125,000

Total

Short

Term

Investments

(Cost

$5,125,000

)

.................................

5,125,000

a

Total

Investments

(Cost

$331,420,533)

99.2%

...................................

$317,766,091

Other

Assets,

less

Liabilities

0.8%

.............................................

2,489,940

Net

Assets

100.0%

...........................................................

$320,256,031

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.

126

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$20,380,625,

representing

6.4%

of

net

assets.

d

Security

purchased

on

a

when-issued

basis.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Michigan

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

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

....................................

$

1,800,000

$

1,766,665

Total

Corporate

Bonds

(Cost

$

1,800,000

)

.......................................

1,766,665

Municipal

Bonds

98.8%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,650,000

2,169,060

Florida

1.2%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,256,000

4,307,338

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

900,000

587,254

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

4,100,000

3,433,750

8,328,342

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

..

2,500,000

2,247,635

State

of

Illinois

,

GO

,

2021

B

,

4

%

,

12/01/39

................................

1,860,000

1,797,976

4,045,611

Kentucky

0.8%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

8,625,000

5,681,811

Michigan

87.3%

Bangor

Township

School

District

,

GO

,

2023

,

5

%

,

5/01/53

......................

2,000,000

2,098,117

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

2,948,343

Belding

Area

Schools

,

GO

,

2022

,

4.25

%

,

5/01/52

...........................

7,330,000

7,202,185

Byron

Center

Public

Schools

,

GO

,

2017

I

,

5

%

,

5/01/34

.............................................

1,000,000

1,066,771

GO

,

2017

I

,

5

%

,

5/01/35

.............................................

1,920,000

2,040,079

GO

,

2017

I

,

5

%

,

5/01/36

.............................................

650,000

688,062

GO

,

2017

I

,

5

%

,

5/01/37

.............................................

1,480,000

1,555,132

GO

,

2017

I

,

5

%

,

5/01/38

.............................................

1,330,000

1,386,690

GO

,

2017

I

,

5

%

,

5/01/47

.............................................

6,730,000

6,860,436

Caledonia

Community

Schools

,

GO

,

2023

I

,

5

%

,

5/01/53

......................

2,000,000

2,129,901

Central

Michigan

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

10/01/34

................................

1,600,000

1,612,465

Revenue

,

2014

,

Refunding

,

5

%

,

10/01/39

................................

2,000,000

2,005,577

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/46

................................

1,325,000

997,519

Charter

Township

of

Bloomfield

,

GO

,

2016

,

Refunding

,

5

%

,

5/01/32

..............

1,000,000

1,046,369

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,355,747

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Second

Lien

,

2003

B

,

NATL

Insured

,

5

%

,

7/01/34

.........................................

25,000

25,036

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Senior

Lien

,

06

A

,

AGMC

Insured

,

5

%

,

7/01/34

........................................

30,000

30,045

City

of

Grand

Rapids

,

Sanitary

Sewer

System

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

1/01/39

...........

80,000

80,102

Sanitary

Sewer

System

,

Revenue

,

2018

,

5

%

,

1/01/37

.......................

1,040,000

1,104,021

Sanitary

Sewer

System

,

Revenue

,

2018

,

5

%

,

1/01/43

.......................

1,000,000

1,038,161

Sanitary

Sewer

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

1/01/45

..............

2,000,000

2,123,580

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/41

...............

2,190,000

2,225,532

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)

City

of

Grand

Rapids,

(continued)

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/46

...............

$

2,525,000

$

2,558,447

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

5

%

,

1/01/43

...............

1,500,000

1,557,241

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

5

%

,

1/01/48

...............

2,000,000

2,065,679

Water

Supply

System

,

Revenue

,

2020

,

5

%

,

1/01/40

........................

2,400,000

2,584,472

Water

Supply

System

,

Revenue

,

2020

,

5

%

,

1/01/50

........................

3,000,000

3,169,435

City

of

Lansing

,

GO

,

2023

,

AGMC

Insured

,

4.25

%

,

6/01/53

...............................

2,225,000

2,119,976

GO

,

2023

B

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/48

.......................

9,980,000

10,576,227

Comstock

Public

Schools

,

GO

,

2022

I

,

4

%

,

5/01/52

..........................

3,000,000

2,826,157

County

of

Kent

,

GO

,

2016

,

5

%

,

6/01/32

.............................................

1,305,000

1,365,749

GO

,

2016

,

5

%

,

6/01/33

.............................................

1,275,000

1,333,416

County

of

Muskegon

,

GO

,

2015

,

Refunding

,

5

%

,

11/01/33

....................................

1,360,000

1,401,692

GO

,

2015

,

Refunding

,

5

%

,

11/01/36

....................................

1,735,000

1,784,621

Detroit

City

School

District

,

GO

,

2001

A

,

AGMC

Insured

,

6

%

,

5/01/29

............

8,400,000

9,239,026

DeWitt

Public

Schools

,

GO

,

2017

,

5

%

,

5/01/30

.............................................

500,000

536,977

GO

,

2017

,

5

%

,

5/01/33

.............................................

815,000

873,505

GO

,

2017

,

5

%

,

5/01/34

.............................................

1,000,000

1,071,136

GO

,

2017

,

5

%

,

5/01/35

.............................................

1,000,000

1,067,891

GO

,

2017

,

5

%

,

5/01/36

.............................................

1,000,000

1,064,550

Downriver

Utility

Wastewater

Authority

,

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/34

....................

510,000

543,768

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/36

....................

1,600,000

1,685,661

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/38

....................

1,500,000

1,557,699

Revenue

,

2018

,

Refunding

,

AGMC

Insured

,

5

%

,

4/01/43

....................

3,000,000

3,094,281

East

Lansing

School

District

,

GO

,

2017

I

,

5

%

,

5/01/35

.............................................

1,500,000

1,592,313

GO

,

2017

I

,

5

%

,

5/01/37

.............................................

1,100,000

1,155,118

GO

,

2017

I

,

5

%

,

5/01/42

.............................................

3,500,000

3,645,388

Farmington

Public

School

District

,

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/27

.........................

1,000,000

1,025,181

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/28

.........................

2,000,000

2,049,806

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/32

.........................

4,035,000

4,127,636

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/33

.........................

2,900,000

2,966,176

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/34

.........................

3,000,000

3,069,706

GO

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

5/01/35

.........................

1,000,000

1,022,819

GO

,

2018

,

BAM

Insured

,

4.5

%

,

5/01/38

.................................

7,225,000

7,412,575

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5

%

,

5/01/52

................

2,100,000

2,016,179

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/46

.........

2,000,000

2,085,653

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

7/01/44

...........

2,000,000

2,005,590

Munson

Healthcare

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

7/01/47

...........

2,500,000

2,506,614

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

7/01/44

...........

1,110,000

1,133,648

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

B

,

5

%

,

7/01/39

...........

1,625,000

1,683,473

Munson

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

7/01/51

....

10,000,000

6,907,534

Grand

Valley

State

University

,

Revenue

,

2018

,

5

%

,

12/01/38

........................................

900,000

931,536

Revenue

,

2018

,

5

%

,

12/01/43

........................................

1,800,000

1,841,836

Grandville

Public

Schools

,

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/29

....................................

750,000

768,468

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/30

....................................

1,000,000

1,023,235

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)

Grandville

Public

Schools,

(continued)

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/31

....................................

$

1,150,000

$

1,176,721

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/32

....................................

1,165,000

1,191,908

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/34

....................................

1,315,000

1,345,737

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/35

....................................

1,225,000

1,252,614

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/37

....................................

2,915,000

2,971,031

GO

,

II

,

AGMC

Insured

,

5

%

,

5/01/40

....................................

6,215,000

6,316,482

Great

Lakes

Water

Authority

,

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5

%

,

7/01/52

.......

1,500,000

1,610,122

Water

Supply

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5

%

,

7/01/52

..........

5,000,000

5,367,075

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/45

.............................................

4,000,000

4,158,147

GO

,

2018

I

,

5

%

,

5/01/48

.............................................

1,000,000

1,034,789

Holly

Area

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/30

..................

1,045,000

1,050,774

Hudsonville

Public

Schools

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/39

.....................................

1,000,000

1,041,613

GO

,

2017

,

Refunding

,

5

%

,

5/01/41

.....................................

2,500,000

2,619,686

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

4,163,794

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2021

,

4

%

,

11/15/45

................

1,655,000

1,188,514

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

11/15/31

.......

1,940,000

1,749,976

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

11/15/43

.......

8,820,000

6,501,732

Kentwood

Public

Schools

,

GO

,

2016

,

5

%

,

5/01/44

...........................

2,920,000

2,988,505

Lansing

Community

College

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/32

................

2,000,000

2,160,544

Lansing

School

District

,

GO

,

2016

I

,

5

%

,

5/01/39

.............................................

2,125,000

2,178,293

GO

,

2016

I

,

5

%

,

5/01/40

.............................................

2,200,000

2,255,173

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

4

%

,

5/01/51

...........

7,820,000

7,391,676

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

4,000,000

4,147,980

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AGMC

Insured

,

4.375

%

,

5/01/47

...................................................

1,500,000

1,498,775

Meridian

Public

School

District

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/31

..............

1,130,000

1,154,689

Michigan

Finance

Authority

,

Albion

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/36

....................

3,270,000

3,140,813

Albion

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

12/01/46

....................

5,365,000

3,974,211

Albion

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

12/01/51

....................

3,415,000

2,415,095

Bronson

Health

Care

Group

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/54

........................................................

11,000,000

11,126,267

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/50

......

895,000

602,886

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/50

......

2,600,000

2,225,983

Clean

Water

Revolving

Fund

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

10/01/30

.......

2,750,000

2,818,994

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

10/01/38

.......

8,055,000

8,593,838

Corewell

Health

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

11/01/44

.............

12,000,000

12,072,791

County

of

Wayne

,

Revenue,

Second

Lien

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

11/01/55

.......................................................

4,000,000

3,660,279

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/41

.......................................................

19,015,000

19,180,795

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/15/48

.....

10,000,000

10,174,444

Kalamazoo

College

,

Revenue

,

2018

,

Refunding

,

4

%

,

12/01/47

................

2,610,000

2,330,435

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/35

.................

400,000

395,971

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/36

.................

565,000

558,879

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/37

.................

640,000

620,357

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/38

.................

675,000

637,273

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

Finance

Authority,

(continued)

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/39

.................

$

645,000

$

604,733

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/45

.................

3,780,000

3,394,206

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

.................

3,000,000

2,599,237

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

2/01/42

........................................................

745,000

605,628

Michigan

Finance

Authority

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

10/01/39

...........................................

6,000,000

6,380,743

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A-2

,

Refunding

,

5

%

,

6/01/40

....

1,000,000

1,038,580

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

1

,

Refunding

,

4

%

,

6/01/49

...

17,170,000

15,402,285

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

B-1

,

2

,

Refunding

,

5

%

,

6/01/49

..

1,560,000

1,590,401

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

5

%

,

12/01/45

.........

7,710,000

7,817,350

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Pre-Refunded

,

5

%

,

12/01/45

.......................................................

290,000

304,747

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.5

%

,

11/01/48

.......................................................

2,000,000

2,022,852

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.625

%

,

11/01/52

.......................................................

2,280,000

2,316,089

Michigan

State

Building

Authority

,

Revenue

,

2016

I

,

Refunding

,

5

%

,

4/15/41

................................

13,000,000

13,316,081

Revenue

,

2016

I

,

Refunding

,

5

%

,

10/15/46

...............................

9,910,000

10,119,134

Revenue

,

2016

I

,

Refunding

,

5

%

,

10/15/51

...............................

1,000,000

1,020,250

Revenue

,

2019

I

,

Refunding

,

4

%

,

4/15/54

................................

2,000,000

1,909,081

Revenue

,

2021

I

,

3

%

,

10/15/51

.......................................

1,500,000

1,086,227

Revenue

,

2022

I

,

4

%

,

10/15/52

.......................................

4,250,000

4,126,457

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

B-3

,

4

%

,

11/15/33

.............

5,370,000

5,461,552

Ascension

Health

Credit

Group

,

Revenue

,

2010

F-7

,

Refunding

,

5

%

,

11/15/47

....

10,000,000

10,169,191

Ascension

Health

Credit

Group

,

Revenue

,

2010

F-8

,

Refunding

,

5

%

,

11/15/46

....

5,000,000

5,085,758

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

B

,

3.1

%

,

12/01/44

.....................................

15,000,000

11,623,623

Revenue

,

2020

A

,

2.8

%

,

12/01/45

.....................................

4,350,000

3,222,820

Revenue

,

2020

A

,

2.85

%

,

6/01/50

.....................................

5,150,000

3,697,574

Revenue

,

2021

A

,

2.5

%

,

6/01/52

......................................

3,000,000

1,932,637

Revenue

,

2021

A

,

2.7

%

,

10/01/56

.....................................

5,000,000

3,208,243

Revenue

,

2021

A

,

2.73

%

,

10/01/59

....................................

5,000,000

3,106,047

Revenue

,

2022

A

,

4.1

%

,

6/01/43

......................................

5,000,000

4,809,112

Michigan

State

University

,

Revenue

,

2015

A

,

5

%

,

8/15/40

.....................

8,500,000

8,660,619

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

6/30/33

....

2,200,000

2,299,464

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

6/30/48

....

7,000,000

7,056,107

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

.......................................

2,400,000

2,433,365

Revenue

,

2023

A

,

AGMC

Insured

,

5

%

,

10/01/47

...........................

3,000,000

3,134,832

Revenue

,

2023

A

,

AGMC

Insured

,

5.25

%

,

10/01/52

........................

1,675,000

1,765,636

Revenue

,

2023

C

,

AGMC

Insured

,

5.25

%

,

10/01/53

........................

2,000,000

2,144,826

Oakland

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

3/01/34

.................................

1,000,000

1,002,307

Revenue

,

2014

,

Refunding

,

5

%

,

3/01/39

.................................

3,000,000

3,002,045

Revenue

,

2016

,

5

%

,

3/01/41

.........................................

5,000,000

5,097,742

Revenue

,

2019

,

5

%

,

3/01/50

.........................................

2,230,000

2,276,469

Plainwell

Community

Schools

,

GO

,

2022

II

,

4

%

,

5/01/52

......................

7,000,000

6,518,796

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

2,907,449

Roseville

Community

Schools

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

5/01/30

..................................

1,620,000

1,663,370

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)

Roseville

Community

Schools,

(continued)

GO

,

2014

,

Pre-Refunded

,

5

%

,

5/01/31

..................................

$

1,585,000

$

1,627,433

Saginaw

Valley

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/31

...............................

2,170,000

2,252,731

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/33

...............................

1,240,000

1,282,803

Saline

Area

Schools

,

GO

,

2016

,

5

%

,

5/01/34

.............................................

2,750,000

2,865,900

GO

,

2016

,

5

%

,

5/01/36

.............................................

2,950,000

3,070,847

South

Haven

Public

Schools

,

GO

,

2015

B

,

AGMC

Insured

,

5

%

,

5/01/33

................................

350,000

358,035

GO

,

2015

B

,

AGMC

Insured

,

5

%

,

5/01/35

................................

1,575,000

1,610,941

Sparta

Area

Schools

,

GO

,

2019

II

,

5

%

,

5/01/48

.............................

5,750,000

6,068,580

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2023

,

5.25

%

,

11/15/49

................

2,000,000

2,213,232

Trenton

Public

Schools

School

District

,

GO

,

2018

,

5

%

,

5/01/42

.............................................

4,920,000

5,165,405

GO

,

2018

,

5

%

,

5/01/45

.............................................

11,480,000

11,985,760

Universal

Academy

,

Revenue

,

2021

,

Refunding

,

2

%

,

12/01/26

................................

405,000

377,168

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/31

................................

500,000

472,435

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/40

................................

1,100,000

944,438

University

of

Michigan

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

4/01/46

..............................

2,000,000

2,096,044

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/37

............................

2,700,000

2,903,959

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/42

............................

5,635,000

6,060,671

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/47

............................

5,000,000

5,377,702

Walled

Lake

Consolidated

School

District

,

GO

,

2020

,

5

%

,

5/01/45

.............................................

2,500,000

2,651,372

GO

,

2022

,

5

%

,

5/01/49

.............................................

1,500,000

1,589,730

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2018

A

,

5

%

,

12/01/43

......

7,750,000

8,056,610

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

5

%

,

12/01/40

......

3,330,000

3,633,194

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

5

%

,

12/01/46

......

4,670,000

4,975,401

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

B

,

5

%

,

12/01/39

......

1,675,000

1,759,803

Wayne

State

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/31

..............................

1,860,000

1,880,824

Revenue

,

2018

A

,

5

%

,

11/15/43

.......................................

4,500,000

4,662,585

Revenue

,

2018

A

,

4

%

,

11/15/48

.......................................

10,000,000

9,472,864

Wayne-Westland

Community

Schools

,

GO

,

2022

,

3

%

,

11/01/44

.............................................

2,830,000

2,129,269

GO

,

2022

,

3

%

,

11/01/46

.............................................

1,475,000

1,079,764

Western

Michigan

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/28

..............................

1,635,000

1,669,975

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/29

..............................

2,000,000

2,039,945

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/30

..............................

2,500,000

2,548,868

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/40

..............................

1,560,000

1,576,649

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/45

..............................

2,000,000

2,018,546

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/15/44

..............................

2,315,000

2,411,046

Revenue

,

2021

A

,

AGMC

Insured

,

5

%

,

11/15/51

...........................

2,785,000

2,920,554

Western

School

District

,

GO

,

2022

,

5.25

%

,

5/01/52

..........................

2,000,000

2,165,455

Zeeland

Public

Schools

,

GO

,

2015

A

,

AGMC

Insured

,

5

%

,

5/01/31

................................

1,530,000

1,564,065

GO

,

2015

A

,

AGMC

Insured

,

5

%

,

5/01/33

................................

2,000,000

2,043,144

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

132

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Zeeland

Public

Schools,

(continued)

GO

,

2015

A

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

5/01/35

....................

$

2,000,000

$

2,053,543

599,284,576

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2019

BB

,

4

%

,

6/15/50

.......................................

500,000

464,425

Revenue

,

2020

AA

,

3

%

,

6/15/50

.......................................

600,000

451,006

915,431

New

York

1.2%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

9,300,000

8,459,555

South

Carolina

1.1%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,800,000

1,420,668

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,800,000

1,416,508

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

6,200,000

3,917,876

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

749,676

7,504,728

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,400,000

1,680,575

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/39

325,000

247,707

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/40

300,000

224,445

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

550,000

369,896

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,500,000

2,551,561

5,074,184

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

1,420,396

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,800,000

1,390,106

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

4,600,000

4,600,000

5,990,106

U.S.

Territories

4.4%

Guam

0.3%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

1,760,845

Puerto

Rico

4.1%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

....................................

2,100,000

2,092,224

Revenue

,

2007

CC

,

5.25

%

,

7/01/36

....................................

1,515,000

1,521,024

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

3,900,000

3,827,270

Revenue

,

2007

N

,

5.25

%

,

7/01/34

.....................................

7,420,000

7,443,122

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

500,000

501,988

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2022

A

,

5

%

,

7/01/62

........................................

95,927

94,968

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

See

Abbreviations

on

page

199

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Highway

&

Transportation

Authority,

(continued)

Revenue

,

2022

B

,

Zero

Cpn.,

7/01/32

...................................

$

62,340

$

40,438

Revenue

,

2022

C

,

Zero

Cpn.,

7/01/53

..................................

106,638

69,048

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

12,900,000

12,539,829

28,129,911

Total

U.S.

Territories

....................................................................

29,890,756

Total

Municipal

Bonds

(Cost

$

718,641,564

)

.....................................

678,764,556

Total

Long

Term

Investments

(Cost

$

720,441,564

)

...............................

680,531,221

a

a

a

a

a

a

Total

Investments

(Cost

$

720,441,564

)

99

.1

%

...................................

$680,531,221

Other

Assets,

less

Liabilities

0

.9

%

.............................................

6,283,529

Net

Assets

100.0%

...........................................................

$686,814,750

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$27,433,673,

representing

4.0%

of

net

assets.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

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

99.3%

Florida

0.9%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

$

6,192,000

$

5,074,398

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

2,100,000

1,370,260

6,444,658

Minnesota

96.0%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

27,346,615

Anoka-Hennepin

Independent

School

District

No.

11

,

GO

,

2018

A

,

3.25

%

,

2/01/37

..........................................

5,355,000

5,122,256

GO

,

2018

A

,

4

%

,

2/01/39

............................................

8,905,000

9,040,395

GO

,

2018

A

,

3.375

%

,

2/01/43

.........................................

4,020,000

3,597,395

Becker

Independent

School

District

No.

726

,

GO

,

2022

A

,

Zero

Cpn.,

2/01/41

.......................................

1,000,000

433,521

GO

,

2022

A

,

Zero

Cpn.,

2/01/42

.......................................

1,000,000

407,760

GO

,

2022

A

,

Zero

Cpn.,

2/01/43

.......................................

1,700,000

655,694

Blooming

Prairie

Independent

School

District

No.

756

,

GO

,

2022

A

,

Refunding

,

2.25

%

,

2/01/45

.........................................................

1,500,000

1,027,197

Brainerd

Independent

School

District

No.

181

,

GO

,

2018

A

,

4

%

,

2/01/32

............................................

3,065,000

3,161,198

GO

,

2018

A

,

4

%

,

2/01/39

............................................

10,600,000

10,675,875

GO

,

2018

A

,

4

%

,

2/01/43

............................................

1,900,000

1,901,738

Centennial

Independent

School

District

No.

12

,

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/32

..............................

1,450,000

1,062,704

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/34

..............................

1,600,000

1,074,342

GO

,

2015

A

,

Refunding

,

Zero

Cpn.,

2/01/35

..............................

350,000

225,068

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

871,803

City

of

Coon

Rapids

,

Mississippi

View

Housing

Partners

LP

,

Revenue

,

2023

,

FNMA

Insured

,

5.6

%

,

12/01/39

.............................................

3,750,000

3,901,709

City

of

Corcoran

,

GO

,

2023

A

,

BAM

Insured

,

4

%

,

2/01/53

.....................

3,605,000

3,450,426

City

of

Elk

River

,

Electric

,

Revenue

,

2021

B

,

2.25

%

,

8/01/47

...................

1,475,000

931,482

City

of

Fridley

,

GO

,

2022

A

,

4

%

,

2/01/36

............................................

350,000

357,150

GO

,

2022

A

,

4

%

,

2/01/37

............................................

735,000

749,093

GO

,

2022

A

,

4

%

,

2/01/38

............................................

800,000

813,058

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

.......................................................

9,395,610

9,253,116

a

Roers

Fridley

Apartments

Owner

II

LLC

,

Revenue

,

144A,

2023

A

,

5.75

%

,

6/01/41

..

16,000,000

14,962,602

City

of

Minneapolis

,

GO

,

2018

,

4

%

,

12/01/43

.............................................

2,000,000

1,990,407

GO

,

2018

,

4

%

,

12/01/46

.............................................

3,500,000

3,466,436

GO

,

2019

,

3

%

,

12/01/40

.............................................

2,000,000

1,692,646

14th

and

Central

LLLP

,

Revenue

,

2020

,

FNMA

Insured

,

2.35

%

,

2/01/38

.........

7,457,830

5,606,271

Allina

Health

Obligated

Group

,

Revenue

,

2021

,

4

%

,

11/15/40

.................

6,750,000

6,609,049

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/44

.......................................................

1,325,000

1,332,381

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/15/44

.............................................

10,000,000

10,098,685

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/49

.......................................................

4,535,000

4,579,654

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

AGMC

Insured

,

5

%

,

11/15/49

.............................................

6,000,000

6,141,575

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)

b

City

of

Mounds

View

,

Sherman

Forbes

Housing

Partners

LP

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.05

%

,

11/01/24

.......................................

$

1,000,000

$

999,578

City

of

Rochester

,

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/42

...................

1,395,000

1,436,498

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/47

...................

9,815,000

10,048,509

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/33

....................

9,425,000

10,997,977

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/34

....................

5,235,000

6,138,021

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/36

....................

8,400,000

9,835,220

Mayo

Clinic

,

Revenue

,

2018

,

4

%

,

11/15/48

...............................

6,000,000

5,754,344

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

3.25

%

,

11/15/41

...................

4,000,000

3,390,264

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

5

%

,

11/15/57

......................

2,000,000

2,158,780

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

5/01/37

........................................................

12,310,000

12,265,937

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/01/46

........................................................

4,650,000

4,692,732

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

........................................................

10,000,000

10,293,536

City

of

St.

Paul

,

Sales

&

Use

Tax

,

Revenue

,

2014

G

,

5

%

,

11/01/31

.........................

1,000,000

1,013,772

Sales

&

Use

Tax

,

Revenue

,

2014

G

,

5

%

,

11/01/32

.........................

1,000,000

1,012,965

Water

,

Revenue

,

2023

A

,

4

%

,

12/01/46

.................................

13,340,000

13,291,115

Cloquet

Independent

School

District

No.

94

,

GO

,

2015

B

,

5

%

,

2/01/32

............

3,615,000

3,682,464

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,407,854

County

of

Rice

,

GO

,

2022

A

,

4

%

,

2/01/48

.................................

5,200,000

5,068,384

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

360,000

360,082

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,696,779

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

2/15/53

.....

15,830,000

15,853,511

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

2/15/53

...

13,105,000

13,247,199

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/38

........................................................

150,000

134,150

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/39

........................................................

155,000

136,764

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

6/15/44

........................................................

850,000

579,921

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/29

........................................................

400,000

415,167

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/30

........................................................

425,000

442,994

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/31

........................................................

450,000

471,105

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/32

........................................................

500,000

525,523

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/33

........................................................

600,000

629,928

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/34

........................................................

520,000

501,424

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/35

........................................................

425,000

406,208

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/36

........................................................

400,000

375,956

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/37

........................................................

375,000

344,091

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

A

,

Refunding

,

4

%

,

6/15/38

........................................................

$

400,000

$

357,732

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/39

........................................................

250,000

220,587

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

B

,

5.25

%

,

6/15/52

..

8,000,000

7,923,059

Duluth

Independent

School

District

No.

709

,

GO

,

2015

B

,

Refunding

,

2.5

%

,

2/01/26

..................................

2,840,000

2,776,752

GO

,

2021

C

,

Zero

Cpn.,

2/01/29

.......................................

1,870,000

1,513,853

GO

,

2021

C

,

Zero

Cpn.,

2/01/30

.......................................

1,275,000

985,567

GO

,

2021

C

,

Zero

Cpn.,

2/01/31

.......................................

1,325,000

977,851

GO

,

2021

C

,

Zero

Cpn.,

2/01/32

.......................................

1,080,000

759,992

GO

,

2021

C

,

Zero

Cpn.,

2/01/33

.......................................

1,075,000

720,406

Forest

Lake

Independent

School

District

No.

831

,

GO

,

2023

A

,

4

%

,

2/01/37

........

2,000,000

2,060,027

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,259,003

Gibbon

Independent

School

District

No.

2365

,

GO

,

2023

A

,

5

%

,

2/01/48

............................................

1,850,000

1,971,555

GO

,

2023

A

,

4.125

%

,

2/01/52

.........................................

2,250,000

2,242,905

Hastings

Independent

School

District

No.

200

,

GO

,

2018

A

,

Zero

Cpn.,

2/01/38

.......................................

4,685,000

2,521,464

GO

,

2018

A

,

Zero

Cpn.,

2/01/39

.......................................

4,685,000

2,370,144

GO

,

2018

A

,

Zero

Cpn.,

2/01/40

.......................................

4,685,000

2,245,081

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/36

...........................

1,255,000

1,355,585

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/37

...........................

1,000,000

1,073,647

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/38

...........................

3,965,000

4,240,076

Hermantown

Independent

School

District

No.

700

,

GO

,

2014

A

,

Refunding

,

4

%

,

2/01/29

.........................................................

2,310,000

2,312,305

Hopkins

Independent

School

District

No.

270

,

GO

,

2019

A

,

3

%

,

2/01/33

............................................

5,640,000

5,363,189

GO

,

2019

A

,

3

%

,

2/01/34

............................................

2,450,000

2,319,406

Jordan

Independent

School

District

No.

717

,

GO

,

2023

A

,

4

%

,

2/01/42

...........

1,300,000

1,303,054

Lakeview

Independent

School

District

No.

2167

,

GO

,

2021

A

,

2

%

,

2/01/38

.........

1,055,000

790,005

Lakeville

Independent

School

District

No.

194

,

GO

,

2021

B

,

2.125

%

,

2/01/42

.......

2,085,000

1,477,170

Mankato

Independent

School

District

No.

77

,

COP

,

2022

A

,

3

%

,

2/01/42

..........

2,730,000

2,160,774

Metropolitan

Council

,

GO

,

2016

C

,

Refunding

,

3

%

,

3/01/30

...................................

3,305,000

3,208,473

GO

,

2020

B

,

2.125

%

,

3/01/36

.........................................

3,500,000

2,894,476

GO

,

2020

B

,

2.125

%

,

3/01/37

.........................................

4,000,000

3,207,043

GO

,

2020

B

,

2.125

%

,

3/01/38

.........................................

4,000,000

3,085,824

GO

,

2022

C

,

4

%

,

3/01/40

............................................

3,275,000

3,308,435

GO

,

2022

C

,

4

%

,

3/01/41

............................................

3,410,000

3,433,305

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25

%

,

1/01/52

.............................

2,990,000

2,887,269

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/34

..............................

2,870,000

3,040,186

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/35

..............................

4,025,000

4,257,747

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/41

..............................

20,730,000

21,529,751

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/46

..............................

14,475,000

14,917,168

Minnesota

Higher

Education

Facilities

Authority

,

Macalester

College

,

Revenue

,

2017

,

Refunding

,

3

%

,

3/01/33

.................

3,010,000

2,889,019

Macalester

College

,

Revenue

,

2017

,

Refunding

,

4

%

,

3/01/42

.................

900,000

892,313

Macalester

College

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/36

.................

125,000

129,482

Macalester

College

,

Revenue

,

2021

,

Refunding

,

3

%

,

3/01/40

.................

365,000

304,230

Macalester

College

,

Revenue

,

2021

,

Refunding

,

3

%

,

3/01/43

.................

330,000

258,953

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,

(continued)

St.

Catherine

University

,

Revenue

,

2023

,

5

%

,

10/01/43

.....................

$

600,000

$

609,035

St.

Catherine

University

,

Revenue

,

2023

,

5.125

%

,

10/01/48

..................

750,000

756,620

St.

Catherine

University

,

Revenue

,

2023

,

5

%

,

10/01/52

.....................

3,000,000

2,961,104

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/32

...............

255,000

261,786

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/33

...............

240,000

245,698

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/34

...............

355,000

362,478

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/37

...............

250,000

213,616

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/38

...............

250,000

209,598

St.

Olaf

College

,

Revenue

,

2021

,

3

%

,

10/01/41

...........................

2,600,000

2,116,009

St.

Olaf

College

,

Revenue

,

8

N

,

Refunding

,

4

%

,

10/01/35

....................

500,000

503,181

University

of

St.

Thomas

,

Revenue

,

2016-8

L

,

Refunding

,

4

%

,

4/01/31

..........

4,200,000

4,247,696

University

of

St.

Thomas

,

Revenue

,

2016-8

L

,

Refunding

,

5

%

,

4/01/35

..........

1,720,000

1,783,508

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/36

..........

750,000

753,608

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/37

..........

750,000

746,830

University

of

St.

Thomas

,

Revenue

,

2022

A

,

5

%

,

10/01/52

...................

10,000,000

10,211,781

Minnesota

Housing

Finance

Agency

,

Revenue

,

2009

,

4

%

,

8/01/29

.........................................

1,675,000

1,684,613

Revenue

,

2011

,

5

%

,

8/01/31

.........................................

2,225,000

2,228,249

Revenue

,

2020

B

,

GNMA

Insured

,

2.8

%

,

1/01/44

..........................

2,870,000

2,175,588

Revenue

,

2020

D

,

4

%

,

8/01/42

........................................

1,815,000

1,754,205

Revenue

,

2020

E

,

GNMA

Insured

,

2.5

%

,

7/01/40

..........................

1,840,000

1,421,923

Revenue

,

2021

B

,

GNMA

Insured

,

2.1

%

,

7/01/36

..........................

950,000

753,879

Revenue

,

2021

B

,

GNMA

Insured

,

2.3

%

,

7/01/41

..........................

3,345,000

2,377,949

Revenue

,

2021

B

,

GNMA

Insured

,

2.45

%

,

7/01/46

.........................

3,320,000

2,246,613

Revenue

,

2021

H

,

GNMA

Insured

,

2.55

%

,

1/01/46

.........................

3,950,000

2,749,192

Revenue

,

2022

A

,

GNMA

Insured

,

2.75

%

,

7/01/42

.........................

2,660,000

2,083,302

Revenue

,

2022

A

,

GNMA

Insured

,

2.9

%

,

1/01/45

..........................

1,280,000

1,003,983

Revenue

,

2022

C

,

GNMA

Insured

,

3

%

,

7/01/43

...........................

1,725,000

1,331,656

Revenue

,

2023

D

,

GNMA

Insured

,

4.5

%

,

7/01/43

..........................

1,000,000

1,007,250

Revenue

,

2023

D

,

GNMA

Insured

,

4.6

%

,

7/01/45

..........................

1,000,000

1,007,165

b

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

13,550,000

13,482,915

Minnesota

Municipal

Power

Agency

,

Revenue

,

2014

A

,

Refunding

,

4

%

,

10/01/31

..............................

1,265,000

1,273,838

Revenue

,

2014

A

,

Refunding

,

4

%

,

10/01/32

..............................

1,200,000

1,207,435

Revenue

,

2014

A

,

Refunding

,

4

%

,

10/01/33

..............................

1,000,000

1,005,800

Revenue

,

2014

A

,

Refunding

,

5

%

,

10/01/34

..............................

1,000,000

1,012,670

Revenue

,

2014

A

,

Refunding

,

5

%

,

10/01/35

..............................

1,005,000

1,017,487

Revenue

,

2016

,

5

%

,

10/01/47

........................................

4,650,000

4,767,905

Minnesota

Office

of

Higher

Education

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

4

%

,

11/01/42

........................................................

2,250,000

2,131,931

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

7,795,000

6,406,993

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

9,020,000

8,791,698

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO

,

2019

A

,

3

%

,

2/01/42

............................................

5,975,000

4,879,302

GO

,

2019

A

,

3

%

,

2/01/46

............................................

22,965,000

17,714,397

Northern

Municipal

Power

Agency

,

Revenue

,

2013

A

,

5

%

,

1/01/30

........................................

1,190,000

1,191,373

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/41

.................................

800,000

817,570

Norwood

Young

America

Independent

School

District

No.

108

,

GO

,

2022

A

,

2.25

%

,

2/01/45

.........................................................

1,700,000

1,113,385

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO

,

2018

B

,

Zero

Cpn.,

2/01/27

.......................................

10,545,000

9,434,063

GO

,

2018

B

,

Zero

Cpn.,

2/01/28

.......................................

13,055,000

11,303,554

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)

Prior

Lake-Savage

Independent

School

District

No.

719,

(continued)

GO

,

2018

B

,

Zero

Cpn.,

2/01/30

.......................................

$

9,010,000

$

7,186,917

GO

,

2018

B

,

Zero

Cpn.,

2/01/31

.......................................

5,310,000

4,063,503

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

3,000,000

2,044,007

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

196

,

GO

,

2023

A

,

4

%

,

2/01/44

.........................................................

2,000,000

1,985,692

Roseville

Independent

School

District

No.

623

,

GO

,

2018

A

,

5

%

,

2/01/30

............................................

3,700,000

3,944,257

GO

,

2018

A

,

4

%

,

2/01/35

............................................

4,900,000

5,024,630

GO

,

2018

A

,

4

%

,

2/01/37

............................................

5,000,000

5,084,123

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO

,

2016

B

,

Zero

Cpn.,

2/01/36

.......................................

3,000,000

1,801,146

GO

,

2016

B

,

Zero

Cpn.,

2/01/37

.......................................

2,820,000

1,592,115

GO

,

2016

B

,

Zero

Cpn.,

2/01/38

.......................................

5,220,000

2,744,044

GO

,

2016

B

,

Zero

Cpn.,

2/01/39

.......................................

3,020,000

1,494,240

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25

%

,

8/01/37

...............................

8,000,000

7,285,277

Southern

Minnesota

Municipal

Power

Agency

,

Revenue

,

1994

A

,

NATL

Insured

,

Zero

Cpn.,

1/01/26

.......................

5,395,000

4,995,596

Revenue

,

1994

A

,

NATL

Insured

,

Zero

Cpn.,

1/01/27

.......................

6,600,000

5,899,915

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/41

...............................

2,085,000

2,134,591

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/46

...............................

7,260,000

7,405,045

Revenue

,

2017

A

,

5

%

,

1/01/47

........................................

1,315,000

1,366,575

Revenue

,

2019

A

,

5

%

,

1/01/34

........................................

610,000

680,218

St.

Cloud

Independent

School

District

No.

742

,

COP

,

2017

A

,

4

%

,

2/01/38

...........................................

1,000,000

1,000,978

GO

,

2015

A

,

4

%

,

2/01/28

............................................

2,080,000

2,105,481

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/30

...................................

4,060,000

4,129,015

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/36

...................................

2,500,000

2,542,497

GO

,

2017

B

,

Refunding

,

4

%

,

2/01/37

...................................

2,250,000

2,288,247

St.

Francis

Independent

School

District

No.

15

,

GO

,

2018

A

,

4

%

,

2/01/37

............................................

1,025,000

1,025,351

GO

,

2018

A

,

3.5

%

,

2/01/41

...........................................

3,350,000

3,077,390

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2021-1

,

Refunding

,

3

%

,

10/01/34

300,000

275,902

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-3

,

4.75

%

,

10/01/43

.....

1,000,000

995,111

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-4

,

5.25

%

,

10/01/42

.....

1,000,000

1,003,967

State

of

Minnesota

,

GO

,

2023

B

,

4

%

,

8/01/43

..............................

4,745,000

4,729,386

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

1,105,000

724,245

University

of

Minnesota

,

Revenue

,

2014

B

,

4

%

,

1/01/44

........................................

3,750,000

3,645,969

Revenue

,

2016

A

,

5

%

,

4/01/41

........................................

5,000,000

5,127,679

Revenue

,

2017

A

,

5

%

,

9/01/40

........................................

1,240,000

1,297,418

Revenue

,

2017

A

,

5

%

,

9/01/41

........................................

3,000,000

3,130,444

Revenue

,

2017

B

,

Refunding

,

5

%

,

12/01/30

..............................

5,575,000

6,027,029

Revenue

,

2019

A

,

5

%

,

4/01/39

........................................

3,055,000

3,277,016

Revenue

,

2019

A

,

5

%

,

4/01/40

........................................

2,110,000

2,257,944

Revenue

,

2019

A

,

5

%

,

4/01/41

........................................

6,045,000

6,451,348

Revenue

,

2019

A

,

5

%

,

4/01/44

........................................

2,000,000

2,119,350

Revenue

,

2020

A

,

5

%

,

11/01/39

.......................................

2,000,000

2,194,252

Revenue

,

2020

A

,

5

%

,

11/01/42

.......................................

1,230,000

1,333,258

Watertown-Mayer

Independent

School

District

No.

111

,

GO

,

2020

A

,

Zero

Cpn.,

2/01/33

.......................................

2,470,000

1,714,183

GO

,

2020

A

,

Zero

Cpn.,

2/01/34

.......................................

2,470,000

1,643,482

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

See

Abbreviations

on

page

199

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Watertown-Mayer

Independent

School

District

No.

111,

(continued)

GO

,

2020

A

,

Zero

Cpn.,

2/01/36

.......................................

$

1,470,000

$

886,775

GO

,

2020

A

,

Zero

Cpn.,

2/01/37

.......................................

2,470,000

1,401,713

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

1,965,660

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,724,450

Western

Minnesota

Municipal

Power

Agency

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/35

...............................

3,000,000

3,096,893

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/36

...............................

2,035,000

2,092,898

Revenue

,

2018

A

,

5

%

,

1/01/49

........................................

5,000,000

5,156,086

Zumbro

Education

District

,

COP

,

2021

A

,

4

%

,

2/01/32

...........................................

200,000

198,014

COP

,

2021

A

,

4

%

,

2/01/33

...........................................

150,000

148,197

COP

,

2021

A

,

4

%

,

2/01/34

...........................................

125,000

123,443

COP

,

2021

A

,

2.125

%

,

2/01/35

........................................

325,000

256,302

COP

,

2021

A

,

4

%

,

2/01/38

...........................................

390,000

364,135

COP

,

2021

A

,

4

%

,

2/01/41

...........................................

635,000

573,202

695,889,948

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

2,100,000

1,657,446

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,100,000

1,652,592

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,500,000

2,623,867

5,933,905

Texas

0.4%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,000,000

2,916,069

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

1,657,129

Wisconsin

1.0%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

2,100,000

1,621,790

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

5,600,000

5,600,000

7,221,790

Total

Municipal

Bonds

(Cost

$

762,208,180

)

.....................................

720,063,499

a

a

a

a

a

Total

Investments

(Cost

$

762,208,180

)

99

.3

%

...................................

$720,063,499

Other

Assets,

less

Liabilities

0

.7

%

.............................................

5,231,444

Net

Assets

100.0%

...........................................................

$725,294,943

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,

2023,

the

aggregate

value

of

these

securities

was

$39,694,440,

representing

5.5%

of

net

assets.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Missouri

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

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

$

847,995

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,544,000

4,543,356

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

850,000

554,629

5,097,985

Georgia

0.4%

a

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

...............................

3,250,000

2,569,290

Missouri

88.6%

Affton

School

District

No.

101

,

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/32

...................................

1,500,000

1,595,754

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/33

...................................

1,595,000

1,696,703

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/34

...................................

1,700,000

1,808,683

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/35

...................................

1,810,000

1,921,788

GO

,

2017

A

,

Refunding

,

5

%

,

3/01/36

...................................

1,920,000

2,031,244

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1998

,

5.3

%

,

5/15/28

..................

6,875,000

6,887,300

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2021

,

4

%

,

3/01/41

.............

3,010,000

2,629,591

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2021

,

3

%

,

3/01/46

.............

3,000,000

2,094,079

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2021

,

4

%

,

3/01/46

.............

8,730,000

7,272,601

St.

Francis

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/39

..........

7,110,000

7,191,168

Cape

Girardeau

County

School

District

No.

R-2

,

GO

,

2018

,

5

%

,

3/01/38

..........

2,195,000

2,346,485

City

of

Bridgeton

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

2

%

,

12/01/32

......................

500,000

415,611

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

2.125

%

,

12/01/33

..................

1,170,000

970,584

City

of

Harrisonville

,

COP

,

2023

A

,

Refunding

,

4.375

%

,

3/01/43

...............................

1,000,000

971,072

COP

,

2023

A

,

Refunding

,

4.5

%

,

3/01/48

.................................

2,000,000

1,920,225

COP

,

2023

A

,

Refunding

,

4.625

%

,

3/01/53

...............................

2,000,000

1,924,215

City

of

Kansas

City

,

Sanitary

Sewer

System

,

Revenue

,

2018

A

,

4

%

,

1/01/35

.....................

1,500,000

1,529,494

Sanitary

Sewer

System

,

Revenue

,

2023

A

,

4

%

,

1/01/48

.....................

5,000,000

4,853,234

Water

,

Revenue

,

2017

A

,

4

%

,

12/01/41

.................................

4,970,000

4,900,216

Water

,

Revenue

,

2023

A

,

4

%

,

12/01/47

.................................

2,120,000

2,083,859

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AGMC

Insured

,

5

%

,

2/01/47

......................................................

1,775,000

1,841,535

City

of

Republic

,

Revenue

,

2022

,

3

%

,

5/01/47

.........................................

5,000,000

3,772,647

Revenue

,

2023

,

4.5

%

,

5/01/41

........................................

1,000,000

992,999

Revenue

,

2023

,

4.5

%

,

5/01/44

........................................

1,000,000

981,343

City

of

Springfield

,

Revenue

,

2023

,

4.375

%

,

11/01/42

........................

500,000

510,805

City

of

St.

Charles

,

COP

,

2020

B

,

Refunding

,

3

%

,

2/01/38

..................................

1,200,000

1,031,253

COP

,

2020

B

,

Refunding

,

3

%

,

2/01/39

..................................

1,500,000

1,273,814

City

of

St.

Louis

,

Airport

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5

%

,

7/01/29

..............

13,070,000

14,753,225

Airport

,

Revenue

,

2017

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/25

.............

5,000,000

5,138,829

Airport

,

Revenue

,

2017

D

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

.............

1,000,000

1,037,055

Airport

,

Revenue

,

2017

D

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/36

.............

2,125,000

2,194,774

Airport

,

Revenue

,

2019

C

,

Refunding

,

5

%

,

7/01/27

.........................

1,705,000

1,821,289

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

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Clay

County

Reorganized

School

District

No.

R-1

,

GO

,

2017

,

3

%

,

3/01/36

.............................................

$

1,540,000

$

1,400,564

GO

,

2017

,

3.125

%

,

3/01/37

..........................................

1,855,000

1,659,902

Community

College

District

of

Central

Southwest

Missouri

,

COP

,

2021

,

3

%

,

3/01/40

.............................................

575,000

481,070

COP

,

2021

,

3

%

,

3/01/41

.............................................

400,000

329,757

County

of

Jackson

,

Revenue

,

2023

A

,

4.25

%

,

12/01/53

....................................

2,660,000

2,573,118

Revenue

,

2023

A

,

5.25

%

,

12/01/58

....................................

2,500,000

2,691,617

Ferguson

Reorganized

School

District

No.

R-2

,

GO

,

2018

,

4

%

,

5/01/32

.............................................

1,000,000

1,013,976

GO

,

2018

,

5

%

,

5/01/38

.............................................

2,250,000

2,366,542

Hannibal

Board

of

Public

Works

,

COP

,

2022

,

3.625

%

,

4/01/44

.........................................

1,000,000

855,401

COP

,

2022

,

3.75

%

,

4/01/47

..........................................

1,000,000

856,967

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

5

%

,

8/01/40

......

1,650,000

1,543,540

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

5

%

,

8/01/45

......

1,300,000

1,166,660

BJC

Healthcare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

7/01/51

.....

13,000,000

9,292,063

CoxHealth

Obligated

Group

,

Revenue

,

2013

A

,

5

%

,

11/15/44

.................

2,760,000

2,760,780

CoxHealth

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/33

........

3,200,000

3,234,096

CoxHealth

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/39

........

6,690,000

6,749,861

CoxHealth

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/15/44

.................

5,000,000

4,744,945

Kansas

City

University

,

Revenue

,

2017

A

,

5

%

,

6/01/42

......................

2,800,000

2,867,320

Kansas

City

University

,

Revenue

,

2017

A

,

5

%

,

6/01/47

......................

4,875,000

4,960,252

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/40

........................................................

2,060,000

1,509,779

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/41

........................................................

2,120,000

1,531,016

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/46

........................................................

5,590,000

3,709,757

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/46

.......

4,000,000

3,678,147

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

2/01/46

........................................................

11,575,000

10,643,639

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

2/01/34

.......

2,000,000

1,995,138

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

2/01/42

.......

1,750,000

1,655,945

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

4

%

,

2/01/33

........................................................

1,730,000

1,606,433

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

4

%

,

2/01/48

........................................................

485,000

378,062

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

4

%

,

2/01/30

........

2,035,000

1,937,498

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

4

%

,

2/01/42

........

9,900,000

8,237,508

Maryville

University

of

St.

Louis

,

Revenue

,

2015

,

5

%

,

6/15/44

.................

5,000,000

5,012,617

Maryville

University

of

St.

Louis

,

Revenue

,

2019

A

,

5

%

,

6/15/45

...............

4,000,000

4,024,034

Maryville

University

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/15/34

......

4,345,000

4,305,173

Maryville

University

of

St.

Louis

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/15/38

......

4,885,000

4,579,814

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.125

%

,

6/15/38

...

2,300,000

1,944,665

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.375

%

,

6/15/45

...

1,000,000

791,314

Mercy

Health

,

Revenue

,

2012

,

4

%

,

11/15/42

.............................

8,000,000

7,659,107

Mercy

Health

,

Revenue

,

2015

B

,

Refunding

,

5

%

,

2/01/45

....................

6,870,000

6,917,098

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

11/15/42

...................

9,720,000

9,947,139

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

11/15/47

...................

10,000,000

9,424,210

Mercy

Health

,

Revenue

,

2020

,

4

%

,

6/01/53

..............................

2,000,000

1,824,788

Mercy

Health

,

Revenue

,

2023

,

5

%

,

12/01/52

.............................

18,000,000

18,842,130

Mosaic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/15/54

4,000,000

3,575,248

SSM

Health

Care

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

6/01/48

............

13,500,000

13,757,484

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)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

St.

Louis

University

,

Revenue

,

2015

A

,

5

%

,

10/01/38

.......................

$

5,500,000

$

5,640,585

St.

Louis

University

,

Revenue

,

2017

A

,

5

%

,

10/01/42

.......................

9,200,000

9,480,318

St.

Louis

University

,

Revenue

,

2017

A

,

5

%

,

10/01/47

.......................

11,490,000

11,762,450

St.

Luke's

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/34

4,030,000

4,141,369

St.

Luke's

Health

System

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/43

.......................................................

2,000,000

2,044,428

Howard

Bend

Levee

District

,

Special

Tax

,

2021

,

2.75

%

,

3/01/31

.....................................

400,000

343,598

Special

Tax

,

2021

,

3

%

,

3/01/36

.......................................

500,000

399,698

Special

Tax

,

2021

,

3.125

%

,

3/01/41

....................................

1,000,000

751,327

Special

Tax

,

2022

,

3.375

%

,

3/01/32

....................................

75,000

66,285

Special

Tax

,

2022

,

3.5

%

,

3/01/37

......................................

175,000

145,076

Special

Tax

,

2022

,

3.625

%

,

3/01/42

....................................

200,000

158,436

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

2,070,000

2,160,774

Jefferson

County

School

District

No.

R-VI

,

Festus

,

COP

,

2021

B

,

3

%

,

4/01/42

.....................................

500,000

399,217

Festus

,

COP

,

2021

B

,

3

%

,

4/01/44

.....................................

1,500,000

1,163,615

Festus

,

COP

,

2021

B

,

2.375

%

,

4/01/46

..................................

2,000,000

1,355,881

Kansas

City

Industrial

Development

Authority

,

Revenue

,

2011

A

,

Refunding

,

5.5

%

,

9/01/29

..............................

5,000,000

5,008,918

Revenue

,

2011

A

,

Refunding

,

5.5

%

,

9/01/30

..............................

12,000,000

12,021,955

Revenue

,

2011

A

,

Refunding

,

5

%

,

9/01/32

...............................

3,000,000

3,004,656

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/46

...................

30,680,000

31,009,436

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AGMC

Insured

,

5

%

,

3/01/49

.......

8,000,000

8,123,317

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/54

...................

5,090,000

5,132,023

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

AGMC

Insured

,

4

%

,

3/01/57

.......

5,000,000

4,369,817

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

AGMC

Insured

,

5

%

,

3/01/57

.......

100,000

101,663

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

4,522,387

Metropolitan

St.

Louis

Sewer

District

,

Revenue

,

2016

C

,

Refunding

,

5

%

,

5/01/46

...............................

24,700,000

25,730,827

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/01/47

...............................

15,000,000

15,465,168

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/30

...............

930,000

964,922

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/36

...............

1,140,000

1,089,503

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/37

...............

500,000

466,023

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/41

...............

515,000

454,781

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

3

%

,

3/01/46

...............

2,640,000

1,823,572

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/51

...............

9,445,000

7,742,041

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1999

,

5.2

%

,

3/15/29

..................

3,000,000

3,300,986

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis

,

Revenue

,

2022

,

5.25

%

,

5/01/55

.....................................

2,500,000

2,641,017

Missouri

Housing

Development

Commission

,

Revenue

,

2018

B

,

GNMA

Insured

,

4

%

,

11/01/38

...........................

785,000

737,357

Revenue

,

2019

C

,

GNMA

Insured

,

3

%

,

11/01/44

...........................

3,045,000

2,436,432

Revenue

,

2020

C

,

GNMA

Insured

,

2.4

%

,

11/01/45

.........................

2,010,000

1,374,671

Revenue

,

2020

D

,

GNMA

Insured

,

2.55

%

,

11/01/50

........................

2,715,000

2,050,409

Revenue

,

2021

B

,

GNMA

Insured

,

2.2

%

,

11/01/46

.........................

1,160,000

789,475

Revenue

,

2021

B

,

GNMA

Insured

,

2.3

%

,

11/01/51

.........................

7,220,000

4,818,967

Revenue

,

2022

A

,

GNMA

Insured

,

3.125

%

,

11/01/42

.......................

3,425,000

2,796,691

Revenue

,

2022

C

,

GNMA

Insured

,

4.3

%

,

11/01/47

.........................

1,995,000

2,004,825

Revenue

,

2022

C

,

GNMA

Insured

,

4.35

%

,

11/01/52

........................

2,490,000

2,370,058

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Iatan

2

Project

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

12/01/35

..................

7,335,000

7,449,793

MoPEP

1

Pool

Fund

,

Revenue

,

2018

,

5

%

,

12/01/43

........................

2,000,000

2,038,755

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)

Missouri

Joint

Municipal

Electric

Utility

Commission,

(continued)

Plum

Point

Project

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

1/01/33

................

$

5,500,000

$

5,562,004

Prairie

State

Project

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

12/01/40

..............

27,950,000

28,536,167

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,410,594

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,050,000

4,943,335

Normandy

Schools

Collaborative

,

GO

,

2021

B

,

2

%

,

3/01/40

............................................

2,050,000

1,445,816

GO

,

2021

B

,

2

%

,

3/01/41

............................................

1,700,000

1,173,094

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

3.375

%

,

12/01/31

..................

2,000,000

1,919,473

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

12/01/37

......................

2,600,000

2,514,899

Republic

School

District

No.

R-3

,

GO

,

2023

,

4

%

,

3/01/43

......................

1,470,000

1,453,823

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment

,

2017

,

Refunding

,

5

%

,

3/01/29

.............................................

2,585,000

2,643,809

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/40

......

5,075,000

4,909,472

Springfield

School

District

No.

R-12

,

GO

,

2023

,

4

%

,

3/01/43

...................

2,000,000

2,010,695

St.

Charles

County

Public

Water

Supply

District

No.

2

,

COP

,

2022

,

4

%

,

12/01/44

....

5,000,000

4,884,653

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,468,334

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2013

A

,

5.875

%

,

9/01/43

..

7,000,000

6,999,796

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/48

........................................................

7,095,000

6,016,336

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue

,

2021

,

2.125

%

,

7/15/39

......................................

3,680,000

2,594,181

Revenue

,

2021

,

2.25

%

,

7/15/41

.......................................

3,845,000

2,678,771

Revenue

,

2021

A

,

Refunding

,

2.125

%

,

4/01/39

............................

6,385,000

4,508,153

City

of

St.

Louis

,

Revenue

,

2022

C

,

5

%

,

6/01/36

...........................

2,025,000

2,099,737

City

of

St.

Louis

,

Revenue

,

2022

C

,

5

%

,

6/01/41

...........................

2,000,000

2,009,783

City

of

St.

Louis

,

Revenue

,

2022

C

,

5.125

%

,

6/01/46

.......................

2,600,000

2,610,026

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

...............

5,685,000

5,946,730

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/49

...............

2,175,000

2,248,551

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

3/15/48

2,800,000

2,673,942

St.

Louis

School

District

,

GO

,

2023

,

AGMC

Insured

,

4

%

,

4/01/43

................

7,000,000

6,984,405

Strafford

Reorganized

School

District

No.

R-VI

,

GO

,

2023

,

4

%

,

3/01/43

...........

4,000,000

3,898,665

Washington

Industrial

Development

Authority

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

11/01/29

........................................................

210,000

192,644

608,621,038

Oregon

0.2%

a

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

1,400,000

1,360,859

South

Carolina

0.7%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,900,000

1,499,594

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,900,000

1,495,202

a

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-2

,

Zero

Cpn.,

6/01/52

3,200,000

2,022,130

5,016,926

Texas

1.0%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

1,958,697

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)

Texas

(continued)

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

$

2,500,000

$

1,750,599

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

9/01/41

........................................................

525,000

357,218

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/44

700,000

490,101

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,332,855

6,889,470

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

1,499,307

Wisconsin

1.7%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,900,000

1,467,334

AL-FL

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

A

,

3.4

%

,

12/01/36

.......

3,250,000

2,565,339

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

1,500,000

1,452,025

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

4,900,000

4,900,000

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,441,503

11,826,201

U.S.

Territories

4.7%

Guam

0.9%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

5,825,882

Puerto

Rico

3.8%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/33

....................................

1,000,000

993,702

Revenue

,

2007

CC

,

5.25

%

,

7/01/36

....................................

6,200,000

6,224,653

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

5,205,000

5,107,934

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

500,000

501,988

Puerto

Rico

Electric

Power

Authority

,

b,c

Revenue

,

6

%

,

7/01/41

..............................................

527,626

527,626

b,c

Revenue

,

7.125

%

,

7/01/59

...........................................

2,562,442

2,562,442

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,750,000

1,733,985

d

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

4,690,000

1,184,225

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2022

A

,

5

%

,

7/01/62

........................................

165,992

164,332

Revenue

,

2022

B

,

Zero

Cpn.,

7/01/32

...................................

107,872

69,974

Revenue

,

2022

C

,

Zero

Cpn.,

7/01/53

..................................

184,525

119,479

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

1,404,000

1,328,707

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

6,000,000

5,832,479

26,351,526

Total

U.S.

Territories

....................................................................

32,177,408

Total

Municipal

Bonds

(Cost

$

718,607,227

)

.....................................

675,906,479

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

199

.

a

a

Shares

a

Value

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

b

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

238,252

$

190,602

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

190,602

Total

Long

Term

Investments

(Cost

$

718,607,227

)

...............................

676,097,081

a

a

a

a

a

Short

Term

Investments

0.5%

Principal

Amount

Municipal

Bonds

0.5%

Missouri

0.5%

f

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2003

B

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

2/15/33

..

$

3,600,000

3,600,000

Total

Municipal

Bonds

(Cost

$

3,600,000

)

.......................................

3,600,000

Total

Short

Term

Investments

(Cost

$

3,600,000

)

.................................

3,600,000

a

Total

Investments

(Cost

$

722,207,227

)

98

.9

%

...................................

$679,697,081

Other

Assets,

less

Liabilities

1

.1

%

.............................................

7,516,430

Net

Assets

100.0%

...........................................................

$687,213,511

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$25,415,464,

representing

3.7%

of

net

assets.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Non-income

producing.

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,

2023

Franklin

New

Jersey

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

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

$

1,570,369

Total

Corporate

Bonds

(Cost

$

1,600,000

)

.......................................

1,570,369

Municipal

Bonds

97.9%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

1,300,000

1,064,067

Delaware

1.8%

Delaware

River

&

Bay

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/44

.................................

12,500,000

12,099,244

Revenue

,

2021

,

4

%

,

1/01/46

.........................................

1,000,000

966,318

13,065,562

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

3,717,291

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

850,000

554,629

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,650,000

3,056,875

7,328,795

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

2,094,959

New

Jersey

79.0%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AGMC

Insured

,

4

%

,

7/01/47

..........................................

1,000,000

950,572

Bergen

County

Improvement

Authority

(The)

,

County

of

Bergen

,

Revenue

,

2019

,

4

%

,

10/15/38

..........................

3,745,000

3,822,626

County

of

Bergen

,

Revenue

,

2019

,

4

%

,

10/15/39

..........................

3,000,000

3,047,375

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/32

.....................

250,000

260,842

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/52

.....................

3,000,000

2,886,936

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/47

..........

1,700,000

1,832,845

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/52

..........

2,100,000

2,251,973

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

5

%

,

11/15/42

.........

1,000,000

1,086,972

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

5.375

%

,

11/15/52

.....

1,500,000

1,654,318

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

6

%

,

11/15/62

.........

1,000,000

1,138,009

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn.,

6/15/24

.............

1,000,000

981,917

Cumberland

County

Improvement

Authority

(The)

,

Revenue

,

2014

,

Pre-Refunded

,

AGMC

Insured

,

5

%

,

9/01/39

.................

2,000,000

2,027,870

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/36

............

955,000

1,016,367

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/37

............

1,000,000

1,058,315

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/38

............

1,020,000

1,071,169

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/39

............

1,070,000

1,120,744

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/44

............

5,725,000

5,939,617

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/38

........................................................

1,645,000

1,550,570

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/51

........................................................

2,700,000

2,316,134

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/56

........................................................

4,925,000

4,152,600

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

147

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

,

Revenue

,

2015

C

,

AGMC

Insured

,

4

%

,

7/01/42

.............

$

2,500,000

$

2,418,134

Rowan

University

,

Revenue

,

2015

C

,

5

%

,

7/01/44

.........................

3,500,000

3,539,524

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/37

...........................

750,000

768,707

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/38

...........................

700,000

713,131

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/39

...........................

600,000

609,216

Rowan

University

,

Revenue

,

2019

,

5

%

,

7/01/44

...........................

4,925,000

5,212,978

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/48

...........................

5,250,000

5,154,591

Hudson

County

Improvement

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/40

.................................

1,000,000

1,002,692

County

of

Hudson

,

Revenue

,

2016

,

5.25

%

,

5/01/51

........................

6,000,000

6,169,848

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer

,

Revenue

,

2019

,

Refunding

,

4

%

,

4/01/31

...................

1,545,000

1,636,176

County

of

Mercer

,

Revenue

,

2019

,

Refunding

,

4

%

,

4/01/33

...................

1,500,000

1,576,918

Monmouth

County

Improvement

Authority

(The)

,

Revenue

,

2019

A

,

4

%

,

8/01/32

........................................

300,000

314,523

Revenue

,

2019

A

,

4

%

,

8/01/33

........................................

350,000

365,158

Revenue

,

2019

A

,

4

%

,

8/01/34

........................................

525,000

546,460

Revenue

,

2019

A

,

4

%

,

8/01/35

........................................

525,000

543,454

Revenue

,

2019

A

,

4

%

,

8/01/36

........................................

500,000

512,881

Revenue

,

2019

A

,

4

%

,

8/01/37

........................................

275,000

280,076

Revenue

,

2019

A

,

4

%

,

8/01/38

........................................

225,000

227,979

Revenue

,

2019

A

,

4

%

,

8/01/39

........................................

400,000

403,976

Revenue

,

2019

B

,

4

%

,

12/01/34

.......................................

750,000

781,278

Revenue

,

2019

B

,

4

%

,

12/01/36

.......................................

750,000

768,164

Revenue

,

2019

B

,

4

%

,

12/01/37

.......................................

500,000

508,424

Revenue

,

2019

B

,

4

%

,

12/01/38

.......................................

750,000

760,213

Revenue

,

2019

B

,

4

%

,

12/01/39

.......................................

600,000

606,170

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,145,556

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/39

.....................................

2,500,000

2,518,183

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

.....................................

1,250,000

1,167,016

Revenue

,

2021

QQQ

,

4

%

,

6/15/50

.....................................

1,250,000

1,150,787

Middlesex

Water

Co.

,

Revenue

,

2019

,

4

%

,

8/01/59

........................

6,200,000

5,300,297

Middlesex

Water

Co.

,

Revenue

,

2019

,

5

%

,

8/01/59

........................

7,245,000

7,388,123

New

Jersey

Transit

Corp.

,

Revenue

,

2022

A

,

5

%

,

11/01/52

...................

5,000,000

5,213,069

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/47

...

13,625,000

13,400,437

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/32

..........

640,000

637,330

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/37

..........

600,000

577,650

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/47

..........

1,500,000

1,346,784

Provident

Group-Montclair

Properties

LLC

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/42

..............................................

6,000,000

6,138,358

Provident

Group-Rowan

Properties

LLC

,

Revenue

,

A

,

5

%

,

1/01/48

.............

7,000,000

6,311,442

State

of

New

Jersey

Department

of

the

Treasury

,

Revenue

,

2005

N-1

,

Refunding

,

NATL

Insured

,

5.5

%

,

9/01/27

........................................

8,660,000

9,447,244

State

of

New

Jersey

Department

of

the

Treasury

,

Revenue

,

2015

WW

,

Pre-Refunded

,

5

%

,

6/15/37

....................................................

4,760,000

4,905,710

New

Jersey

Educational

Facilities

Authority

,

Revenue

,

2023

A

,

4.625

%

,

9/01/48

....................................

2,000,000

2,037,919

Revenue

,

2023

A

,

5.25

%

,

9/01/53

.....................................

2,000,000

2,150,589

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/34

......

2,205,000

2,279,680

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

......

5,000,000

5,163,472

Kean

University

,

Revenue

,

2017

D

,

Refunding

,

BAM

Insured

,

4

%

,

9/01/38

.......

1,150,000

1,146,570

Montclair

State

University,

Inc.

,

Revenue

,

2014

A

,

5

%

,

7/01/39

................

5,000,000

5,025,262

Montclair

State

University,

Inc.

,

Revenue

,

2014

A

,

5

%

,

7/01/44

................

16,380,000

16,412,866

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)

New

Jersey

Educational

Facilities

Authority,

(continued)

Montclair

State

University,

Inc.

,

Revenue

,

2015

D

,

Refunding

,

5

%

,

7/01/35

.......

$

2,245,000

$

2,291,236

Montclair

State

University,

Inc.

,

Revenue

,

2015

D

,

Refunding

,

5

%

,

7/01/36

.......

1,210,000

1,232,703

Montclair

State

University,

Inc.

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

7/01/34

.......

1,325,000

1,371,599

Ramapo

College

of

New

Jersey

,

Revenue

,

2017

A

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/35

........................................................

3,955,000

4,189,365

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/34

..............

400,000

407,752

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/37

..............

1,300,000

1,318,359

Seton

Hall

University

,

Revenue

,

2017

D

,

Refunding

,

5

%

,

7/01/42

..............

3,945,000

4,018,222

Seton

Hall

University

,

Revenue

,

2020

C

,

AGMC

Insured

,

3.25

%

,

7/01/49

........

1,150,000

875,305

Seton

Hall

University

,

Revenue

,

2020

C

,

AGMC

Insured

,

4

%

,

7/01/50

...........

1,850,000

1,698,611

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

1998-1

,

ETM,

5

%

,

7/01/28

........................................................

405,000

424,470

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/36

........................................................

1,600,000

1,658,472

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/42

........................................................

9,310,000

9,482,801

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/47

........................................................

4,085,000

4,135,153

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

5

%

,

7/01/45

.

4,000,000

4,100,354

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

4

%

,

7/01/50

.

11,640,000

10,430,044

Trustees

of

Princeton

University

(The)

,

Revenue

,

2014

A

,

5

%

,

7/01/44

..........

15,000,000

15,090,202

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

A

,

5

%

,

7/01/27

........................

180,000

180,134

AHS

Hospital

Corp.

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/41

.................

10,000,000

9,785,042

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

4

%

,

7/01/37

.......

750,000

755,686

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

3

%

,

7/01/46

.......

1,000,000

732,527

Hackensack

Meridian

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/39

........................................................

11,000,000

11,402,727

Hunterdon

Medical

Center

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

7/01/45

........................................................

2,650,000

2,676,191

Inspira

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

......

18,500,000

18,767,926

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

...............

7,000,000

7,128,407

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

4

%

,

7/01/47

...............

8,700,000

7,945,540

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2013

A

,

5.5

%

,

7/01/43

.......

4,000,000

4,002,874

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

7/01/43

.........

3,650,000

3,662,482

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

7/01/44

15,530,000

15,576,912

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/43

10,000,000

10,115,785

St.

Joseph's

Healthcare

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/41

........................................................

5,850,000

5,860,823

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/35

...........

1,000,000

992,582

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/37

...........

3,950,000

3,899,715

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/38

...........

2,200,000

2,161,583

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/44

...........

12,000,000

11,309,365

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3.25

%

,

12/01/39

............................

6,260,000

5,894,527

Revenue

,

2020

C

,

Refunding

,

4.25

%

,

12/01/50

...........................

1,750,000

1,561,953

Revenue

,

2021

B

,

Refunding

,

5

%

,

12/01/29

..............................

2,830,000

3,002,240

Revenue

,

2023

C

,

5

%

,

12/01/53

.......................................

3,125,000

2,941,093

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5

%

,

12/01/39

...................

4,935,000

4,696,200

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue

,

2018

A

,

Refunding

,

3.95

%

,

11/01/43

............................

1,100,000

969,126

Revenue

,

2019

A

,

Refunding

,

3

%

,

11/01/44

..............................

510,000

388,412

Revenue

,

2019

C

,

Refunding

,

3.95

%

,

10/01/44

...........................

3,955,000

3,593,357

Revenue

,

2020

E

,

Refunding

,

2.05

%

,

10/01/35

............................

4,005,000

3,221,609

Revenue

,

2020

E

,

Refunding

,

2.25

%

,

10/01/40

............................

8,020,000

5,793,632

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

Housing

&

Mortgage

Finance

Agency,

(continued)

Revenue

,

2020

E

,

Refunding

,

2.4

%

,

10/01/45

.............................

$

3,205,000

$

2,193,664

Revenue

,

2020

E

,

Refunding

,

2.45

%

,

10/01/50

............................

2,400,000

1,629,901

New

Jersey

Institute

of

Technology

,

Revenue

,

2015

A

,

5

%

,

7/01/45

..............

6,000,000

6,068,374

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2006

C

,

AGMC

Insured

,

Zero

Cpn.,

12/15/33

.....................

10,000,000

7,015,474

Revenue

,

2009

A

,

Zero

Cpn.,

12/15/32

..................................

10,000,000

7,209,376

Revenue

,

2009

A

,

Zero

Cpn.,

12/15/36

..................................

500,000

293,006

Revenue

,

2010

A

,

Zero

Cpn.,

12/15/29

..................................

5,000,000

4,050,398

Revenue

,

2010

A

,

Zero

Cpn.,

12/15/40

..................................

4,750,000

2,194,910

Revenue

,

2019

BB

,

4

%

,

6/15/44

.......................................

6,000,000

5,715,037

Revenue

,

2020

AA

,

4

%

,

6/15/50

.......................................

3,670,000

3,408,882

Revenue

,

2022

A

,

4

%

,

6/15/41

........................................

2,000,000

1,981,906

Revenue

,

2022

BB

,

4

%

,

6/15/42

.......................................

2,400,000

2,348,311

Revenue

,

2022

BB

,

4

%

,

6/15/46

.......................................

7,325,000

6,888,323

Revenue

,

2022

CC

,

5.5

%

,

6/15/50

.....................................

1,250,000

1,357,725

Revenue

,

2023

BB

,

5.25

%

,

6/15/50

....................................

2,000,000

2,147,054

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

6/15/38

...............

4,000,000

4,466,954

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

6/15/41

............

2,500,000

2,789,107

New

Jersey

Turnpike

Authority

,

Revenue

,

2017

A

,

5

%

,

1/01/34

........................................

10,005,000

10,483,870

Revenue

,

2017

B

,

Refunding

,

5

%

,

1/01/40

...............................

15,245,000

15,981,753

Revenue

,

2017

G

,

Refunding

,

4

%

,

1/01/43

...............................

5,000,000

4,937,059

Revenue

,

2019

A

,

5

%

,

1/01/48

........................................

15,500,000

16,215,571

Revenue

,

2021

A

,

4

%

,

1/01/51

........................................

3,000,000

2,913,302

Revenue

,

2022

B

,

4.5

%

,

1/01/48

......................................

5,000,000

5,136,908

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/39

..........................

700,000

566,611

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/40

..........................

750,000

597,051

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/41

..........................

750,000

586,049

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/42

..........................

700,000

538,435

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.............................................

20,745,000

20,868,250

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.25

%

,

7/01/43

........

670,000

681,695

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.375

%

,

7/01/53

.......

1,000,000

1,009,552

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5

%

,

7/01/58

.........

1,000,000

1,014,167

Salem

County

Pollution

Control

Financing

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

1993

A

,

Refunding

,

4.45

%

,

3/01/25

.........................

1,825,000

1,821,399

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

.......................................

5,750,000

5,921,081

Revenue

,

2022

A

,

4.625

%

,

11/01/47

....................................

5,000,000

5,033,448

Revenue

,

2022

A

,

5.25

%

,

11/01/52

.....................................

5,540,000

5,789,924

State

of

New

Jersey

,

GO

,

2020

A

,

4

%

,

6/01/31

............................................

4,500,000

4,786,109

GO

,

2020

A

,

3

%

,

6/01/32

............................................

3,400,000

3,207,084

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

..

17,000,000

17,340,116

579,383,720

New

York

2.9%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

240

,

Refunding

,

5

%

,

7/15/53

.................................

2,500,000

2,671,387

Revenue

,

242

,

Refunding

,

5

%

,

12/01/53

.................................

6,250,000

6,444,260

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

York

(continued)

Port

Authority

of

New

York

&

New

Jersey,

(continued)

Revenue,

First

Series

,

171st

,

5

%

,

7/15/30

...............................

$

12,200,000

$

12,217,347

21,332,994

Oregon

0.3%

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

2,000,000

1,944,084

Pennsylvania

7.6%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue

,

2017

,

5

%

,

7/01/42

.........................................

19,500,000

20,216,420

Revenue

,

2019

A

,

5

%

,

7/01/33

........................................

100,000

109,508

Revenue

,

2019

A

,

5

%

,

7/01/34

........................................

150,000

164,279

Revenue

,

2019

A

,

5

%

,

7/01/35

........................................

150,000

163,710

Revenue

,

2019

A

,

5

%

,

7/01/36

........................................

150,000

163,110

Revenue

,

2019

A

,

5

%

,

7/01/37

........................................

150,000

161,895

Revenue

,

2019

A

,

5

%

,

7/01/38

........................................

150,000

160,531

Revenue

,

2019

A

,

5

%

,

7/01/39

........................................

150,000

158,746

Revenue

,

2019

A

,

5

%

,

7/01/44

........................................

760,000

788,427

Revenue

,

2019

B

,

Refunding

,

5

%

,

7/01/31

...............................

850,000

932,203

Revenue

,

2019

B

,

Refunding

,

5

%

,

7/01/32

...............................

1,000,000

1,106,736

Delaware

River

Port

Authority

,

Revenue

,

2013

,

5

%

,

1/01/37

.........................................

10,000,000

10,023,682

Revenue

,

2018

A

,

5

%

,

1/01/37

........................................

3,285,000

3,535,697

Revenue

,

2018

A

,

5

%

,

1/01/38

........................................

5,050,000

5,403,356

Revenue

,

2018

A

,

5

%

,

1/01/39

........................................

2,300,000

2,457,777

Revenue

,

2018

A

,

5

%

,

1/01/40

........................................

9,565,000

10,192,763

55,738,840

South

Carolina

0.4%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

1,500,000

1,183,890

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

1,500,000

1,180,423

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

749,676

3,113,989

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

1,958,697

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,470,503

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

1,968,347

5,397,547

Washington

0.2%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,500,000

1,183,664

Wisconsin

1.0%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,500,000

1,158,421

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

4,100,000

4,100,000

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

2,000,000

1,922,004

7,180,425

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

See

Abbreviations

on

page

199

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

2.5%

Puerto

Rico

2.5%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

$

2,700,000

$

2,649,648

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

300,000

301,193

Puerto

Rico

Electric

Power

Authority

,

a,c

Revenue

,

6

%

,

7/01/41

..............................................

444,374

444,374

a,c

Revenue

,

7.125

%

,

7/01/59

...........................................

2,158,134

2,158,134

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,200,000

1,189,018

d

Revenue

,

WW

,

5.5

%

,

7/01/38

.........................................

3,950,000

997,375

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2022

A

,

5

%

,

7/01/62

........................................

94,046

93,106

Revenue

,

2022

B

,

Zero

Cpn.,

7/01/32

...................................

61,117

39,645

Revenue

,

2022

C

,

Zero

Cpn.,

7/01/53

..................................

104,547

67,694

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

10,850,000

10,547,066

18,487,253

Total

U.S.

Territories

....................................................................

18,487,253

Total

Municipal

Bonds

(Cost

$

746,812,832

)

.....................................

717,315,899

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

200,660

160,528

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

160,528

Total

Long

Term

Investments

(Cost

$

748,412,832

)

...............................

719,046,796

a

a

a

a

a

Short

Term

Investments

0.7%

Principal

Amount

Municipal

Bonds

0.7%

New

Jersey

0.7%

f

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

7/01/43

..................................

200,000

200,000

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

7/01/43

.................................

5,200,000

5,200,000

5,400,000

Total

Municipal

Bonds

(Cost

$

5,400,000

)

.......................................

5,400,000

Total

Short

Term

Investments

(Cost

$

5,400,000

)

.................................

5,400,000

a

Total

Investments

(Cost

$

753,812,832

)

98

.8

%

...................................

$724,446,796

Other

Assets,

less

Liabilities

1

.2

%

.............................................

8,806,374

Net

Assets

100.0%

...........................................................

$733,253,170

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

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$24,534,830,

representing

3.3%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Non-income

producing.

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,

2023

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

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,570,369

Total

Corporate

Bonds

(Cost

$1,600,000)

.......................................

1,570,369

Municipal

Bonds

99.2%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,300,000

1,882,580

Florida

1.4%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

4,680,000

3,835,300

b

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,500,000

978,757

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

3,750,000

3,140,625

7,954,682

Illinois

0.7%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

500,000

506,533

State

of

Illinois

,

GO,

2016,

5%,

11/01/34

.............................................

1,100,000

1,123,448

GO,

2021

A,

5%,

3/01/33

............................................

2,000,000

2,192,797

3,822,778

Kentucky

0.6%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

5,600,000

3,689,060

New

Jersey

1.1%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

...

1,000,000

990,953

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2019

BB,

5%,

6/15/44

.......................................

2,900,000

3,007,891

Revenue,

2020

AA,

3%,

6/15/50

.......................................

500,000

375,838

Revenue,

2020

AA,

5%,

6/15/50

.......................................

1,290,000

1,341,392

Revenue,

2022

BB,

4%,

6/15/46

.......................................

1,000,000

940,385

6,656,459

New

York

1.6%

Metropolitan

Transportation

Authority

,

Revenue,

2020

E,

Refunding,

4%,

11/15/45

..............................

1,595,000

1,474,796

Revenue,

2021

A-1,

4%,

11/15/48

.....................................

5,325,000

4,843,778

Revenue,

2021

A-2,

4%,

11/15/41

.....................................

3,000,000

2,862,333

9,180,907

North

Carolina

85.9%

Cape

Fear

Public

Utility

Authority

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

8/01/44

.......

3,070,000

3,072,056

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

20,367,214

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

5,351,779

Atrium

Health

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

1/15/43

.......

2,000,000

1,969,100

City

of

Charlotte

,

COP,

2019

A,

Refunding,

5%,

6/01/44

..................................

8,250,000

8,713,155

GO,

2023

B,

Refunding,

5%,

7/01/42

...................................

2,925,000

3,266,201

GO,

2023

B,

Refunding,

5%,

7/01/43

...................................

2,300,000

2,561,727

Airport,

Revenue,

2019

B,

4%,

7/01/44

..................................

5,515,000

5,178,519

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/39

.........................

6,000,000

6,052,129

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%,

7/01/40

.........................

$

9,030,000

$

9,073,896

Airport,

Revenue,

2021

A,

Refunding,

4%,

7/01/41

.........................

2,410,000

2,412,908

Airport,

Revenue,

2023

A,

5%,

7/01/48

..................................

4,500,000

4,858,920

Airport,

Revenue,

2023

A,

5%,

7/01/53

..................................

6,155,000

6,605,856

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/38

..............

4,150,000

4,194,207

Water

&

Sewer

System,

Revenue,

2020,

Refunding,

2%,

7/01/41

..............

500,000

345,214

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,009,342

City

of

Greensboro

,

Combined

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/45

......................................................

4,500,000

4,501,638

City

of

Raleigh

,

GO,

2023

A,

Refunding,

5%,

4/01/41

...................................

1,775,000

1,991,048

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

3,000,000

2,984,756

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,022,402

Combined

Enterprise

System,

Revenue,

2023,

Refunding,

4%,

9/01/53

.........

9,305,000

9,116,805

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,060,019

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2016

A,

Refunding,

4%,

6/01/34

............

1,350,000

1,369,318

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

9,906,140

County

of

Brunswick

,

GO

,

2022

,

4

%

,

8/01/39

..............................

1,550,000

1,584,557

County

of

Catawba

,

Revenue

,

2023

,

4

%

,

4/01/43

...........................

400,000

400,135

County

of

Dare

,

Revenue,

2021

A,

3%,

6/01/38

........................................

375,000

322,004

Revenue,

2021

A,

3%,

6/01/39

........................................

585,000

495,210

Revenue,

2021

A,

3%,

6/01/40

........................................

250,000

208,389

Revenue,

2021

A,

3%,

6/01/41

........................................

450,000

369,412

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

513,866

GO,

2019,

4%,

6/01/37

.............................................

450,000

458,650

GO,

2019,

4%,

6/01/39

.............................................

700,000

708,395

GO,

2021,

Refunding,

5%,

6/01/31

.....................................

750,000

866,598

GO,

2021,

Refunding,

5%,

6/01/32

.....................................

625,000

721,054

County

of

Forsyth

,

GO

,

2023

A

,

4

%

,

6/01/42

...............................

1,000,000

1,011,685

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,121,084

County

of

Johnston

,

Water

&

Sewer

System

,

Revenue

,

2023

,

4

%

,

4/01/53

.........

1,150,000

1,109,814

County

of

Lincoln

,

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/38

..................

400,000

343,070

Enterprise

System,

Revenue,

2020,

Refunding,

3%,

8/01/41

..................

480,000

393,588

County

of

Mecklenburg

,

GO

,

2017

A

,

4

%

,

4/01/30

...........................

5,000,000

5,125,442

County

of

New

Hanover

,

GO,

2021

A,

Refunding,

4%,

8/01/29

...................................

760,000

813,194

GO,

2021

A,

Refunding,

4%,

8/01/30

...................................

605,000

653,299

Revenue,

2021,

Refunding,

5%,

8/01/30

.................................

3,375,000

3,820,371

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/42

.......................................................

5,000,000

5,372,449

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Pre-Refunded,

5%,

10/01/47

.......................................................

13,565,000

14,575,454

County

of

Union

,

Enterprise

System

,

Revenue

,

2021

,

4

%

,

6/01/32

...............

1,050,000

1,117,174

County

of

Wake

,

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

8,718,335

Revenue,

2021,

3%,

3/01/35

.........................................

5,535,000

5,212,701

Revenue,

2021,

3%,

3/01/36

.........................................

6,000,000

5,518,648

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)

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2023

,

AGMC

Insured

,

5.25

%

,

7/01/53

.........................................................

$

2,500,000

$

2,626,938

c

North

Carolina

Agricultural

&

Technical

State

University

,

Revenue

,

2023

,

5

%

,

10/01/43

1,000,000

1,086,819

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/25

..........

1,700,000

1,729,235

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/27

..........

400,000

417,988

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/28

..........

500,000

527,704

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/29

..........

550,000

584,292

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/30

..........

1,860,000

1,986,677

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/31

..........

1,855,000

1,990,163

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/32

..........

1,000,000

1,069,806

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

5%,

10/01/33

..........

1,670,000

1,778,807

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/34

..........

740,000

728,389

Campbell

University,

Inc.,

Revenue,

2021

A,

Refunding,

4%,

10/01/35

..........

360,000

351,339

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

14,085,514

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.................

2,500,000

2,581,604

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

5,500,000

5,661,677

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,049,845

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

13,000,000

13,361,109

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/32

................

2,000,000

2,046,655

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/33

................

1,000,000

1,020,363

High

Point

University,

Revenue,

2021,

Refunding,

4%,

5/01/34

................

2,270,000

2,308,952

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,063,683

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

5,529,318

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,270,153

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

10,000,000

9,721,253

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

13,953,572

North

Carolina

Central

University

,

Revenue,

2019,

AGMC

Insured,

5%,

4/01/44

.............................

1,575,000

1,653,471

Revenue,

2019,

4%,

4/01/49

.........................................

1,000,000

886,356

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

4,195,000

3,612,631

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

6,435,000

5,440,842

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

750,000

632,628

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

3,035,000

2,389,906

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

2,660,000

2,054,482

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

4,715,000

3,778,726

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,170,000

1,719,541

Revenue,

44,

3%,

7/01/46

...........................................

2,740,000

2,013,791

Revenue,

45,

Refunding,

GNMA

Insured,

2.2%,

7/01/40

.....................

1,805,000

1,284,813

Revenue,

46

A,

GNMA

Insured,

1.55%,

1/01/30

...........................

2,100,000

1,782,171

Revenue,

46

A,

GNMA

Insured,

1.75%,

1/01/31

...........................

975,000

839,965

North

Carolina

Medical

Care

Commission

,

Atrium

Health

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019

A,

5%,

12/01/33

1,000,000

1,074,622

Caromont

Health

Obligated

Group,

Revenue,

2021

A,

4%,

2/01/36

.............

1,675,000

1,707,103

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

6,881,701

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/47

..........

2,935,000

2,239,624

EveryAge

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

9/01/51

..........

960,000

710,289

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/33

............

180,000

165,065

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/34

............

185,000

168,031

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/41

............

920,000

746,780

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/46

............

1,665,000

1,283,705

Forest

at

Duke,

Inc.

Obligated

Group,

Revenue,

2021,

4%,

9/01/51

............

1,670,000

1,235,607

Friends

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

..............

3,000,000

2,152,425

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

20,006,740

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

..............

6,115,000

5,666,103

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)

Novant

Health

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/52

..............

$

6,640,000

$

6,202,970

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/34

........

2,050,000

2,053,661

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

4,566,817

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/41

1,020,000

831,304

Plantation

Village,

Inc.

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

1/01/52

3,510,000

2,566,160

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,077,245

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/40

.........

1,800,000

1,810,212

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/45

.........

1,000,000

831,838

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/45

.........

2,420,000

2,385,052

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/50

.........

1,350,000

1,080,484

Presbyterian

Homes

Obligated

Group,

Revenue,

2020

A,

5%,

10/01/50

.........

1,400,000

1,355,704

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

3,638,549

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,055,020

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,325,524

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/25

..............................

125,000

127,429

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/26

..............................

300,000

310,280

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/27

..............................

450,000

472,455

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/28

..............................

500,000

530,971

Revenue,

Senior

Lien,

2020

A,

5%,

6/01/29

..............................

350,000

374,903

Revenue,

Senior

Lien,

2020

A,

3.125%,

6/01/39

...........................

835,000

783,250

North

Carolina

Turnpike

Authority

,

Revenue,

2016

A,

Refunding,

5%,

7/01/54

...............................

2,560,000

2,580,287

Revenue,

2018

A,

Refunding,

4%,

1/01/36

...............................

4,875,000

4,985,734

Revenue,

2018

A,

Refunding,

4%,

1/01/39

...............................

9,815,000

9,852,798

Revenue,

2021,

Refunding,

5%,

7/01/35

.................................

1,300,000

1,481,682

Revenue,

2021,

Refunding,

5%,

7/01/36

.................................

1,750,000

1,978,695

Revenue,

2021,

Refunding,

5%,

7/01/37

.................................

1,770,000

1,982,373

Revenue,

2021,

Refunding,

5%,

7/01/38

.................................

1,250,000

1,387,485

Revenue,

2021,

Refunding,

5%,

7/01/39

.................................

1,500,000

1,657,343

Revenue,

2021,

Refunding,

5%,

7/01/40

.................................

1,270,000

1,398,000

Revenue,

2021,

Refunding,

5%,

7/01/41

.................................

2,000,000

2,193,732

Revenue,

Senior

Lien,

2017,

Refunding,

AGMC

Insured,

5%,

1/01/31

...........

1,000,000

1,050,247

Revenue,

Senior

Lien,

2019,

AGMC

Insured,

5%,

1/01/49

...................

2,000,000

2,062,912

Revenue,

Senior

Lien,

2019,

4%,

1/01/55

................................

5,000,000

4,439,723

Raleigh

Durham

Airport

Authority

,

Revenue,

2015

A,

Refunding,

5%,

5/01/27

...............................

350,000

359,007

Revenue,

2015

A,

Refunding,

5%,

5/01/30

...............................

550,000

561,918

Revenue,

2020

A,

Refunding,

5%,

5/01/36

...............................

2,580,000

2,768,392

State

of

North

Carolina

,

GO,

2019

B,

5%,

6/01/29

............................................

2,500,000

2,802,221

GO,

2020

A,

5%,

6/01/31

............................................

2,500,000

2,839,581

Highway

Trust

Fund,

Revenue,

2020

B,

4%,

5/01/35

.......................

2,750,000

2,875,730

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

12/01/42

8,000,000

8,043,451

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

......................................................

1,000,000

1,060,564

University

of

North

Carolina

at

Chapel

Hill

,

Revenue,

2021

B,

Refunding,

5%,

12/01/34

..............................

1,225,000

1,412,158

Revenue,

2021

B,

Refunding,

5%,

12/01/37

..............................

2,180,000

2,447,589

Hospitals

at

Chapel

Hill,

Revenue,

2019,

5%,

2/01/49

.......................

6,920,000

7,599,413

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2014,

Pre-Refunded,

5%,

4/01/43

..............................

5,000,000

5,029,868

Revenue,

2017,

5%,

10/01/47

........................................

5,000,000

5,194,109

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

$

2,254,108

Revenue,

2020

A,

Refunding,

4%,

10/01/40

..............................

290,000

290,782

University

of

North

Carolina

at

Greensboro

,

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,221,961

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,011,609

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,044,276

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AGMC

Insured

,

5

%

,

10/01/33

.........................................

160,000

160,029

Western

Carolina

University

,

Revenue,

2020

B,

3%,

4/01/36

........................................

1,000,000

910,774

Revenue,

2020

B,

4%,

4/01/50

........................................

5,000,000

4,788,785

496,305,064

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,600,000

1,262,816

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,600,000

1,259,118

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

1,874,190

4,396,124

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,100,000

1,470,504

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/32

200,000

191,401

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

4%,

9/01/33

200,000

190,366

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,041,248

3,893,519

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

1,262,575

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,600,000

1,235,650

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

4,200,000

4,200,000

5,435,650

U.S.

Territories

5.0%

Guam

0.8%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/30

............................

750,000

765,252

Revenue,

2023

A,

Refunding,

5.125%,

10/01/34

...........................

390,000

391,281

Revenue,

2023

A,

Refunding,

5.25%,

10/01/35

............................

265,000

266,585

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

3,205,000

3,224,862

4,647,980

Puerto

Rico

4.2%

Commonwealth

of

Puerto

Rico

,

d

GO,

FRN,

Zero

Cpn.,

11/01/43

........................................

103,304

53,847

GO,

2022

A-1,

5.625%,

7/01/27

.......................................

25,850

27,016

GO,

2022

A-1,

5.625%,

7/01/29

.......................................

25,431

26,917

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,

5.75%,

7/01/31

........................................

$

24,701

$

26,614

GO,

2022

A-1,

4%,

7/01/33

..........................................

23,423

21,912

GO,

2022

A-1,

4%,

7/01/35

..........................................

21,054

19,307

GO,

2022

A-1,

4%,

7/01/37

..........................................

18,070

16,189

GO,

2022

A-1,

4%,

7/01/41

..........................................

24,568

21,274

GO,

2022

A-1,

4%,

7/01/46

..........................................

25,551

21,296

GO,

2022

A-1,

Zero

Cpn.,

7/01/24

.....................................

3,797

3,706

GO,

2022

A-1,

Zero

Cpn.,

7/01/33

.....................................

30,143

18,389

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

2,000,000

1,962,702

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

300,000

301,193

Puerto

Rico

Electric

Power

Authority

,

a,c

Revenue,

6%,

7/01/41

..............................................

462,937

462,937

a,c

Revenue,

7.125%,

7/01/59

...........................................

2,248,276

2,248,276

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,500,000

1,486,272

e

Revenue,

XX,

5.25%,

7/01/40

........................................

4,120,000

1,040,300

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

596,256

590,294

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

387,485

251,352

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

662,828

429,178

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

474,281

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/41

..

220,000

197,298

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

12,890,000

12,530,109

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

...............................

2,000,000

1,898,093

24,128,752

Total

U.S.

Territories

....................................................................

28,776,732

Total

Municipal

Bonds

(Cost

$608,508,917)

.....................................

573,256,130

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,f

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

209,296

167,437

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

167,437

Total

Long

Term

Investments

(Cost

$610,108,917)

...............................

574,993,936

a

a

a

a

a

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

199

.

Short

Term

Investments

0.1%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.1%

North

Carolina

0.1%

g

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

1/15/48

.........................................................

$

600,000

$

600,000

Total

Municipal

Bonds

(Cost

$600,000)

.........................................

600,000

Total

Short

Term

Investments

(Cost

$600,000

)

..................................

600,000

a

Total

Investments

(Cost

$610,708,917)

99.6%

...................................

$575,593,936

Other

Assets,

less

Liabilities

0.4%

.............................................

2,329,804

Net

Assets

100.0%

...........................................................

$577,923,740

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$21,155,425,

representing

3.7%

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

Non-income

producing.

g

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

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

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

3,200,000

$

3,140,737

Total

Corporate

Bonds

(Cost

$

3,200,000

)

.......................................

3,140,737

Municipal

Bonds

98.5%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

2,800,000

2,291,837

Florida

0.8%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

9,144,000

7,493,587

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

2,200,000

1,435,510

8,929,097

Illinois

0.1%

State

of

Illinois

,

GO

,

2021

A

,

5

%

,

3/01/32

.................................

1,250,000

1,372,860

Kentucky

0.9%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

15,210,000

10,019,750

New

Jersey

0.3%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

4

%

,

6/15/35

.......................................

1,500,000

1,540,296

Revenue

,

2022

A

,

4

%

,

6/15/38

........................................

2,000,000

2,029,526

3,569,822

New

York

0.7%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

4

%

,

11/15/40

.....................................

6,750,000

6,520,217

Revenue

,

2021

A-1

,

4

%

,

11/15/48

.....................................

750,000

682,222

7,202,439

Ohio

90.8%

c

Akron

City

School

District

,

COP

,

2023

,

AGMC

Insured

,

5

%

,

8/01/53

..............

3,000,000

3,119,537

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

2/15/35

............

1,000,000

1,006,880

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

2/15/46

............

7,500,000

7,606,859

Greenup

Hydroelectric

,

Revenue

,

2016

A

,

5

%

,

2/15/41

......................

5,000,000

5,094,354

Prairie

State

Energy

Campus

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

2/15/28

........

5,000,000

5,012,799

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/37

........

3,700,000

3,884,778

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/38

........

3,500,000

3,650,656

Solar

Electricity

Prepayment

,

Revenue

,

2019

A

,

5

%

,

2/15/44

.................

3,345,000

3,425,614

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

2,973,260

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,540,408

Beachwood

City

School

District

,

GO

,

2023

,

4

%

,

12/01/53

.....................

7,575,000

7,135,254

Bethel

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

2.75

%

,

12/01/49

..........

4,000,000

2,680,604

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

9,536,262

Bloom-Carroll

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

.................

7,025,000

7,335,565

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

1,045,000

1,071,830

Brooklyn

City

School

District

,

GO

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/38

........................

1,905,000

1,996,860

GO

,

2017

,

Refunding

,

AGMC

Insured

,

5

%

,

12/01/49

........................

9,000,000

9,299,399

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)

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/33

........................................................

$

135,000

$

135,052

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/34

........................................................

185,000

185,658

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/35

........................................................

195,000

195,643

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/36

........................................................

205,000

204,104

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/37

........................................................

210,000

205,405

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/38

........................................................

220,000

210,798

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/39

........................................................

225,000

213,139

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/40

........................................................

240,000

226,026

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/41

........................................................

245,000

228,860

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/46

........................................................

900,000

814,984

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/51

........................................................

1,000,000

881,233

Canal

Winchester

Local

School

District

,

GO

,

2005

,

NATL

Insured

,

Zero

Cpn.,

12/01/32

............................

3,955,000

2,883,388

GO

,

2005

,

NATL

Insured

,

Zero

Cpn.,

12/01/33

............................

2,000,000

1,401,144

Chillicothe

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

12/01/23

...................

1,905,000

1,905,000

GO

,

2006

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

12/01/24

...................

1,905,000

1,837,289

Cincinnati

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/27

......................

14,900,000

16,343,764

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/28

......................

8,180,000

9,107,072

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.

2,890,000

2,963,032

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/47

.

2,110,000

2,126,493

City

of

Cincinnati

,

GO

,

2015

A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

6,704,155

City

of

Cleveland

,

GO

,

2012

,

5

%

,

12/01/30

.............................................

35,000

35,045

GO

,

2020

A

,

2

%

,

12/01/36

...........................................

1,215,000

938,631

Water

Pollution

Control

,

Revenue

,

2016

,

5

%

,

11/15/41

......................

2,000,000

2,026,532

City

of

Columbus

,

GO

,

2018

A

,

5

%

,

4/01/34

............................................

7,000,000

7,654,355

GO

,

2019

A

,

5

%

,

4/01/40

............................................

3,000,000

3,213,355

GO

,

2021

A

,

5

%

,

4/01/40

............................................

1,900,000

2,071,298

Sewerage

,

Revenue

,

2014

,

Refunding

,

4

%

,

6/01/31

........................

15,000,000

15,069,589

Sewerage

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/30

........................

5,000,000

5,238,878

City

of

Marysville

,

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/40

.......................................................

3,015,000

2,998,436

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/47

.......................................................

5,035,000

5,076,481

Wastewater

Treatment

System

,

Revenue

,

2016

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/46

.......................................................

9,370,000

9,048,957

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

Mount

Vernon

,

Mount

Vernon

Nazarene

University

,

Revenue

,

2022

,

Refunding

,

4

%

,

2/01/37

......................................................

$

995,000

$

929,766

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGMC

Insured

,

5

%

,

12/01/43

.....

3,760,000

3,761,409

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

2,786,753

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

11/15/38

..................

600,000

592,592

Revenue

,

B-2

,

NATL

Insured

,

Zero

Cpn.,

11/15/38

.........................

10,000,000

5,029,355

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/37

.......

700,000

708,249

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/38

.......

100,000

100,046

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/39

.......

700,000

692,277

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/40

.......

100,000

97,737

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/46

.......

500,000

465,581

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/51

.......

2,000,000

1,832,792

Euclid

Avenue

Development

Corp.

,

Revenue

,

2022

A

,

5.5

%

,

8/01/52

...........

9,000,000

9,470,258

Columbus-Franklin

County

Finance

Authority

,

Revenue

,

2021

C

,

2.5

%

,

11/15/41

.....................................

900,000

660,952

Revenue

,

2021

C

,

3

%

,

5/15/51

........................................

2,180,000

1,445,548

County

of

Butler

,

UC

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/45

..........

20,270,000

20,272,970

UC

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/15/36

..........

4,140,000

3,807,727

UC

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/15/37

..........

1,500,000

1,352,303

County

of

Cuyahoga

,

GO

,

2020

A

,

Refunding

,

4

%

,

12/01/34

...................

750,000

777,835

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.

,

Revenue

,

2016

C

,

Refunding

,

5

%

,

11/01/34

..

2,600,000

2,758,187

Nationwide

Children's

Hospital,

Inc.

,

Revenue

,

2016

C

,

Refunding

,

4

%

,

11/01/40

..

5,000,000

4,896,918

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/33

..........

5,270,000

4,745,805

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/34

..........

2,240,000

1,994,756

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/35

..........

2,900,000

2,556,106

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/36

..........

2,640,000

2,277,335

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/40

..........

2,590,000

2,090,548

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25

%

,

7/01/41

........

5,000,000

4,709,706

OhioHealth

Obligated

Group

,

Revenue

,

2015

,

5

%

,

5/15/33

...................

6,290,000

6,431,879

Sales

Tax

,

Revenue

,

2018

,

5

%

,

6/01/43

.................................

6,000,000

6,297,623

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

,

5

%

,

12/01/46

............

3,515,000

3,553,698

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

A-OH

,

5

%

,

12/01/47

.......

11,800,000

11,939,213

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

12/01/49

..........

6,030,000

5,550,241

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

8/15/42

.....

5,000,000

5,104,720

County

of

Lucas

,

GO

,

2022

,

4.75

%

,

12/01/52

..............................

3,000,000

3,030,963

County

of

Mahoning

,

Sewer

System

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/46

....................

3,000,000

3,150,151

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

1,165,000

1,195,618

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/45

.............................................

5,000,000

5,072,011

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

11/15/39

............................................

5,000,000

4,570,098

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

.

3,805,000

3,924,801

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/44

.

1,300,000

1,319,754

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,179,531

Cuyahoga

Falls

City

School

District

,

GO

,

2021

,

BAM

Insured

,

4

%

,

12/01/51

.......

1,485,000

1,377,579

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,657,660

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2

%

,

11/15/31

..........

410,000

350,101

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)

Dayton-Montgomery

County

Port

Authority,

(continued)

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2.5

%

,

11/15/41

........

$

1,615,000

$

1,186,041

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,051,839

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

9,714,730

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

5,707,657

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Pre-Refunded

,

5

%

,

12/01/35

........................................................

20,000,000

20,328,392

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

14,218,429

Grandview

Heights

City

School

District

,

GO

,

2019

,

5

%

,

12/01/53

................

2,150,000

2,232,685

Green

Local

School

District

,

COP

,

2022

,

AGMC

Insured

,

5

%

,

11/01/52

...........

2,000,000

2,056,988

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

10,000,000

9,544,092

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

18,561,634

Indian

Creek

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

...........................................

3,000,000

3,078,798

GO

,

2018

B

,

BAM

Insured

,

5

%

,

11/01/55

................................

3,910,000

4,054,621

Lakota

Local

School

District

,

GO

,

2005

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/26

.

2,000,000

2,139,917

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5

%

,

10/01/51

................

1,800,000

1,812,992

Little

Miami

Local

School

District

,

GO

,

2018

,

5

%

,

11/01/43

.............................................

1,000,000

1,019,507

GO

,

2018

,

5

%

,

11/01/48

.............................................

2,460,000

2,501,189

Madeira

City

School

District

,

GO

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/32

.....

9,605,000

10,981,347

Miami

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

9/01/31

.................................

2,320,000

2,346,610

Revenue

,

2014

,

Refunding

,

5

%

,

9/01/34

.................................

3,500,000

3,536,290

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/41

.................................

5,000,000

5,111,257

Revenue

,

2022

A

,

Refunding

,

5

%

,

9/01/34

...............................

1,000,000

1,134,446

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

20,969,012

Northeast

Ohio

Medical

University

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

12/01/23

..............................

75,000

75,000

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/25

..............................

125,000

127,525

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/27

..............................

100,000

104,502

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/29

..............................

110,000

116,514

Revenue

,

2021

A

,

Refunding

,

3

%

,

12/01/40

..............................

500,000

390,565

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/45

..............................

450,000

392,908

Revenue

,

2022

,

BAM

Insured

,

5

%

,

12/01/43

.............................

1,000,000

1,040,761

Northeast

Ohio

Regional

Sewer

District

,

Revenue

,

2019

,

Refunding

,

3

%

,

11/15/35

..

3,500,000

3,220,972

Northeastern

Local

School

District

,

GO

,

2018

,

AGMC

Insured

,

5.25

%

,

12/01/45

..............................

5,420,000

5,770,801

GO

,

2018

,

AGMC

Insured

,

4

%

,

12/01/55

................................

5,000,000

4,477,562

Norwood

City

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

5

%

,

11/01/46

...............................

5,000,000

5,244,232

GO

,

2017

A

,

Pre-Refunded

,

5.25

%

,

11/01/51

.............................

7,645,000

8,062,581

d

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.

,

Revenue

,

2009

B

,

Mandatory

Put

,

1.375

%

,

11/01/24

...

1,875,000

1,801,557

Ohio

Valley

Electric

Corp.

,

Revenue

,

2009

C

,

Mandatory

Put

,

1.5

%

,

11/04/25

.....

2,000,000

1,841,443

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

AGMC

Insured

,

5.25

%

,

12/01/23

............................................

120,000

120,000

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group

,

Revenue

,

2022

,

5.25

%

,

1/01/52

4,895,000

4,921,745

Baldwin

Wallace

University

,

Revenue

,

2022

,

6

%

,

12/01/52

...................

5,970,000

6,224,312

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/42

..................

4,900,000

5,063,307

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/47

..................

2,000,000

2,046,192

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)

Ohio

Higher

Educational

Facility

Commission,

(continued)

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/52

..................

$

5,100,000

$

5,191,043

Case

Western

Reserve

University

,

Revenue

,

2016

,

Refunding

,

5

%

,

12/01/40

.....

6,000,000

6,205,888

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5

%

,

12/01/32

..............

300,000

309,299

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.125

%

,

12/01/42

...........

3,390,000

3,310,848

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.375

%

,

12/01/52

...........

3,100,000

3,002,385

John

Carroll

University

,

Revenue

,

2020

,

4

%

,

10/01/45

......................

1,100,000

959,645

John

Carroll

University

,

Revenue

,

2020

,

4

%

,

10/01/50

......................

3,500,000

2,941,337

John

Carroll

University

,

Revenue

,

2022

,

Refunding

,

4

%

,

10/01/47

..............

10,360,000

8,884,491

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/42

...........

1,540,000

1,400,941

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/45

...........

1,360,000

1,210,288

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/50

...........

2,900,000

2,507,733

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

...................

5,320,000

5,420,288

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/44

...................

5,180,000

4,817,178

Kenyon

College

,

Revenue

,

2017

,

5

%

,

7/01/42

............................

1,250,000

1,282,486

Kenyon

College

,

Revenue

,

2017

,

4

%

,

7/01/47

............................

4,000,000

3,728,887

Otterbein

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/30

......

1,095,000

1,086,159

University

of

Dayton

,

Revenue

,

2018

A

,

4

%

,

12/01/43

.......................

11,885,000

11,325,331

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/29

................

415,000

451,930

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/30

................

400,000

440,759

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/32

................

340,000

371,613

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/33

................

130,000

141,902

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/34

................

500,000

544,594

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

4

%

,

2/01/36

................

900,000

913,198

University

of

Dayton

,

Revenue

,

2020

,

Refunding

,

4

%

,

2/01/39

................

480,000

474,270

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

..........................

485,000

381,343

b

Revenue

,

144A,

2023

A

,

5.625

%

,

8/01/41

...............................

17,000,000

16,931,830

b

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

A

,

6

%

,

9/01/41

..............

11,000,000

11,063,023

Ohio

State

University

(The)

,

Revenue

,

2021

A

,

4

%

,

12/01/48

...................

10,020,000

9,865,301

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

2018

A

,

5

%

,

2/15/43

........................................

19,600,000

20,487,170

Revenue

,

2018

A

,

5

%

,

2/15/46

........................................

13,750,000

14,305,599

Revenue,

Junior

Lien

,

2013

A-2

,

BAM

Insured

,

Zero

Cpn.,

2/15/38

.............

3,665,000

2,035,937

Revenue,

Junior

Lien

,

2013

A-2

,

Zero

Cpn.,

2/15/43

........................

10,485,000

4,391,546

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/45

...................

7,000,000

7,225,952

Ohio

Water

Development

Authority

,

Revenue

,

2019

,

5

%

,

12/01/39

........................................

5,000,000

5,417,289

Revenue

,

2019

,

5

%

,

6/01/44

.........................................

1,330,000

1,422,481

Revenue

,

2021

,

5

%

,

6/01/46

.........................................

10,555,000

11,395,154

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

12/01/44

...

10,000,000

10,689,596

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2020

A

,

5

%

,

12/01/50

............

6,820,000

7,255,424

Ohio

Water

Development

Authority

Water

Pollution

,

Control

Loan

Fund

,

Revenue

,

2023

B

,

5

%

,

12/01/36

...................................................

5,675,000

6,536,741

Olentangy

Local

School

District

,

GO

,

2016

,

4

%

,

12/01/46

.....................

7,660,000

7,310,804

Princeton

City

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/39

.................................

12,000,000

12,220,586

GO

,

2014

,

Refunding

,

Zero

Cpn.,

12/01/40

...............................

6,000,000

2,978,311

GO

,

2014

,

Refunding

,

Zero

Cpn.,

12/01/41

...............................

6,000,000

2,849,897

Russia

Local

School

District

,

GO

,

2023

,

5

%

,

12/01/52

........................

1,670,000

1,755,682

Springboro

Community

City

School

District

,

GO

,

2007

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/27

.....................

5,175,000

5,605,006

GO

,

2007

,

Refunding

,

AGMC

Insured

,

5.25

%

,

12/01/28

.....................

2,000,000

2,201,211

State

of

Ohio

,

GO

,

2018

A

,

5

%

,

6/15/38

............................................

10,000,000

10,348,856

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)

State

of

Ohio,

(continued)

GO

,

2019

A

,

5

%

,

6/15/38

............................................

$

6,500,000

$

7,010,931

GO

,

2020

C

,

5

%

,

3/01/38

............................................

2,300,000

2,533,721

GO

,

V

,

5

%

,

5/01/34

................................................

4,000,000

4,332,696

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

3.25

%

,

1/01/35

..................................................

10,000,000

9,292,711

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

1/01/29

........................................................

4,850,000

5,343,057

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/37

1,000,000

925,279

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/39

875,000

786,176

University

Hospitals

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/15/46

............................................

18,795,000

17,196,842

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

...............................

5,585,000

4,985,975

e

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.625

%

,

12/01/48

.......................

4,700,000

4,759,088

e

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.75

%

,

12/01/53

........................

5,000,000

5,068,224

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,000,000

5,876,390

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

9,903,370

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

5,954,045

Toledo-Lucas

County

Port

Authority

,

Revenue

,

2021

A

,

2

%

,

11/15/31

.......................................

410,000

351,817

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/46

...........................

1,625,000

1,304,882

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/51

...........................

2,840,000

2,190,755

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/57

...........................

6,000,000

4,474,956

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

4

%

,

12/01/39

............

2,200,000

2,188,071

University

of

Akron

(The)

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/31

...............................

4,365,000

4,429,403

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

1/01/34

....................

6,000,000

6,175,745

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/36

...............................

11,065,000

11,358,548

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/38

...............................

13,225,000

13,501,048

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/42

...............................

5,725,000

5,894,925

University

of

Cincinnati

,

Revenue

,

2017

A

,

5

%

,

6/01/45

........................................

2,205,000

2,260,666

Revenue

,

2018

A

,

Refunding

,

4

%

,

6/01/48

...............................

10,000,000

9,701,992

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

14,142,531

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

12/01/33

.......................................................

1,655,000

1,662,059

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

12/01/34

.......................................................

1,900,000

1,914,025

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

4

%

,

12/01/41

..........

2,075,000

1,773,027

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

4

%

,

12/01/55

..........

3,500,000

2,680,069

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

D

,

5

%

,

12/01/46

..........

3,895,000

3,166,918

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

H

,

4

%

,

12/01/41

..........

570,000

487,643

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

H

,

4

%

,

12/01/53

..........

1,375,000

1,060,669

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

A

,

5.5

%

,

12/01/50

.........

3,210,000

3,105,770

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

B

,

4.75

%

,

12/01/34

........

1,065,000

1,073,419

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

3

%

,

12/01/30

.......................................

525,000

477,702

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

4

%

,

12/01/40

.......................................

1,390,000

1,196,970

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

4

%

,

12/01/52

.......................................

1,930,000

1,509,146

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)

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

$

3,820,000

$

4,088,934

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

3,748,086

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

10,392,604

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

....................................

7,000,000

6,894,320

GO

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

11/01/53

.........................

2,000,000

1,868,450

Xenia

Community

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

12/01/40

.........

7,285,000

7,418,914

992,424,620

South

Carolina

1.0%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

3,200,000

2,525,632

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

3,200,000

2,518,236

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

5,250,000

3,507,809

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,200,000

2,398,964

10,950,641

Tennessee

0.2%

d

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

Mandatory

Put

,

5

%

,

11/01/31

1,500,000

1,557,907

Texas

0.8%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

4,300,000

3,011,031

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/38

300,000

233,034

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/47

1,000,000

672,539

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

4,374,104

8,290,708

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

2,525,149

Wisconsin

1.2%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

3,100,000

2,394,071

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

2,800,000

2,710,447

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

8,200,000

8,200,000

13,304,518

U.S.

Territories

1.3%

Puerto

Rico

1.3%

HTA

HRRB

Custodial

Trust

,

Revenue

,

2007

CC

,

5.25

%

,

7/01/32

....................................

2,890,000

2,879,298

Revenue

,

2007

CC

,

5.25

%

,

7/01/34

....................................

800,000

802,493

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

4,515,000

4,430,801

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

1,575,000

1,581,263

Revenue

,

2007

N

,

5.25

%

,

7/01/39

.....................................

295,353

296,883

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,000,000

990,848

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

993,552

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

474,281

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

See

Abbreviations

on

page

199

.

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

%

,

7/01/35

..

$

235,000

$

251,662

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,100,000

1,069,288

13,770,369

Total

U.S.

Territories

....................................................................

13,770,369

Total

Municipal

Bonds

(Cost

$

1,111,718,805

)

....................................

1,076,209,717

Total

Long

Term

Investments

(Cost

$

1,114,918,805

)

.............................

1,079,350,454

a

a

a

a

a

Short

Term

Investments

0.8%

Municipal

Bonds

0.8%

Ohio

0.8%

f

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

3.3

%

,

6/01/34

..................

200,000

200,000

f

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2019

F

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

1/01/52

........................

8,850,000

8,850,000

9,050,000

Total

Municipal

Bonds

(Cost

$

9,050,000

)

.......................................

9,050,000

Total

Short

Term

Investments

(Cost

$

9,050,000

)

.................................

9,050,000

a

Total

Investments

(Cost

$

1,123,968,805

)

99

.6

%

..................................

$1,088,400,454

Other

Assets,

less

Liabilities

0

.4

%

.............................................

4,154,715

Net

Assets

100.0%

...........................................................

$1,092,555,169

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$71,097,320,

representing

6.5%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Oregon

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

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

$

2,453,701

Total

Corporate

Bonds

(Cost

$

2,500,000

)

.......................................

2,453,701

Municipal

Bonds

98.5%

California

0.3%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

3,500,000

2,864,796

Florida

0.6%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

1,500,000

978,757

b

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

5,600,000

4,690,000

5,668,757

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

.

5,000,000

4,805,199

Kentucky

0.6%

b

Louisville/Jefferson

County

Metropolitan

Government

,

PSG

Vesta

Derby

Oaks

LLC

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/52

..............................

8,300,000

5,467,714

New

Jersey

0.9%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2019

BB

,

5

%

,

6/15/44

.......................................

2,250,000

2,333,709

Revenue

,

2020

AA

,

3

%

,

6/15/50

.......................................

1,000,000

751,676

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/36

...............................

1,000,000

1,023,528

Revenue

,

2022

A

,

4

%

,

6/15/38

........................................

2,165,000

2,196,962

Revenue

,

2022

BB

,

4

%

,

6/15/46

.......................................

2,000,000

1,880,771

8,186,646

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

5,025,433

Oregon

87.6%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

5

%

,

8/01/41

......

4,250,000

4,298,987

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

4

%

,

8/01/46

......

1,750,000

1,507,234

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

Zero

Cpn.,

6/15/31

...........

1,000,000

745,685

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

2,962,473

City

of

Beaverton

,

Water

,

Revenue

,

2020

,

5

%

,

4/01/32

....................................

1,000,000

1,124,634

Water

,

Revenue

,

2020

,

5

%

,

4/01/38

....................................

1,940,000

2,116,299

Water

,

Revenue

,

2020

,

5

%

,

4/01/39

....................................

2,040,000

2,211,986

Water

,

Revenue

,

2020

,

5

%

,

4/01/40

....................................

2,140,000

2,311,469

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,715,154

City

of

Forest

Grove

,

Pacific

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/36

.................

6,575,000

6,635,313

Pacific

University

,

Revenue

,

2017

,

Refunding

,

4

%

,

3/01/37

...................

3,500,000

3,243,965

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/26

.................

335,000

342,029

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/27

.................

1,195,000

1,233,215

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/29

.................

1,315,000

1,377,783

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/30

.................

1,385,000

1,457,071

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/31

.................

1,450,000

1,530,400

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/32

.................

1,525,000

1,605,148

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/33

.................

1,600,000

1,679,359

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/35

.................

490,000

476,637

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

169

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

City

of

Forest

Grove,

(continued)

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/37

.................

$

1,905,000

$

1,799,031

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/38

.................

3,960,000

3,662,697

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/39

.................

1,750,000

1,599,382

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,175,000

1,177,376

City

of

Tigard

,

Water

,

Revenue

,

2015

,

5

%

,

8/01/45

..........................

23,545,000

23,962,851

Clackamas

Community

College

District

,

GO

,

2017

A

,

5

%

,

6/15/39

...............

2,250,000

2,361,301

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

2017

A

,

Zero

Cpn.,

6/15/40

.......................................

10,000,000

4,673,633

GO

,

2017

A

,

Zero

Cpn.,

6/15/41

.......................................

17,030,000

7,528,445

GO

,

2017

A

,

Zero

Cpn.,

6/15/42

.......................................

16,625,000

6,925,691

GO

,

2017

B

,

5

%

,

6/15/34

............................................

11,000,000

11,732,454

GO

,

2017

B

,

5

%

,

6/15/37

............................................

7,000,000

7,389,145

GO

,

2018

,

5

%

,

6/15/42

.............................................

1,750,000

1,843,361

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO

,

Zero

Cpn.,

6/15/37

.............................................

12,130,000

6,841,969

GO

,

Zero

Cpn.,

6/15/38

.............................................

12,495,000

6,616,157

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGMC

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,175,675

Clackamas

County

School

District

No.

86

Canby

,

GO

,

2020

A

,

Refunding

,

4

%

,

6/15/40

3,470,000

3,483,302

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,000,543

Columbia

County

School

District

No.

502

,

GO

,

2017

,

5

%

,

6/15/39

...............

1,000,000

1,049,467

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

5,281,456

County

of

Benton

,

GO

,

2023

,

4.125

%

,

6/01/53

.............................

2,035,000

1,998,492

County

of

Yamhill

,

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/36

..............

2,585,000

2,577,798

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/46

..............

2,330,000

2,083,082

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

................

7,010,000

7,035,723

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

................

9,285,000

9,122,717

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/48

.........................

13,890,000

13,996,986

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

3,690,000

3,584,066

Jackson

County

School

District

No.

5

Ashland

,

GO

,

2019

,

5

%

,

6/15/34

.............................................

1,000,000

1,109,098

GO

,

2019

,

5

%

,

6/15/43

.............................................

6,495,000

6,945,443

GO

,

2019

,

5

%

,

6/15/44

.............................................

6,000,000

6,398,347

Jackson

County

School

District

No.

6

Central

Point

,

GO

,

2019

A

,

5

%

,

6/15/31

............................................

2,665,000

2,978,512

GO

,

2019

B

,

Zero

Cpn.,

6/15/40

.......................................

705,000

328,428

GO

,

2019

B

,

Zero

Cpn.,

6/15/41

.......................................

710,000

312,796

GO

,

2019

B

,

Zero

Cpn.,

6/15/42

.......................................

610,000

253,197

GO

,

2019

B

,

Zero

Cpn.,

6/15/43

.......................................

820,000

322,540

GO

,

2019

B

,

Zero

Cpn.,

6/15/44

.......................................

1,115,000

414,713

GO

,

2019

B

,

Zero

Cpn.,

6/15/45

.......................................

985,000

346,374

GO

,

2019

B

,

Zero

Cpn.,

6/15/46

.......................................

1,190,000

395,060

GO

,

2019

B

,

Zero

Cpn.,

6/15/47

.......................................

1,170,000

367,509

GO

,

2019

B

,

Zero

Cpn.,

6/15/48

.......................................

1,320,000

392,185

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.

170

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

$

1,008,473

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO

,

2014

A

,

5

%

,

6/15/30

695,000

731,924

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,419,003

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

8/15/45

..............................................

5,620,000

5,366,139

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/45

8,245,000

8,493,738

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/15/50

5,685,000

5,250,744

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/50

4,500,000

4,627,573

Metro

,

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

5

%

,

6/15/42

.......

7,500,000

7,825,386

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

5

%

,

6/15/47

.......

10,950,000

11,347,943

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO

,

2017

A

,

5

%

,

6/15/37

............................................

7,885,000

8,261,693

GO

,

2019

A

,

Zero

Cpn.,

6/15/39

.......................................

9,500,000

4,612,900

Multnomah

County

School

District

No.

40

,

GO

,

2012

B

,

Zero

Cpn.,

6/15/24

.......................................

1,640,000

1,608,833

GO

,

2012

B

,

Zero

Cpn.,

6/15/25

.......................................

1,325,000

1,254,146

GO

,

2012

B

,

Zero

Cpn.,

6/15/26

.......................................

2,585,000

2,363,970

GO

,

2012

B

,

Zero

Cpn.,

6/15/27

.......................................

2,655,000

2,345,056

GO

,

2012

B

,

Zero

Cpn.,

6/15/28

.......................................

2,495,000

2,123,808

GO

,

2012

B

,

Zero

Cpn.,

6/15/29

.......................................

2,595,000

2,124,081

GO

,

2012

B

,

Zero

Cpn.,

6/15/30

.......................................

1,885,000

1,480,754

GO

,

2012

B

,

Zero

Cpn.,

6/15/31

.......................................

2,030,000

1,529,478

GO

,

2012

B

,

Zero

Cpn.,

6/15/32

.......................................

2,000,000

1,443,495

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

5

%

,

6/15/45

.....................................

3,000,000

3,182,149

GO

,

2020

,

Refunding

,

5

%

,

6/15/50

.....................................

24,655,000

25,970,455

Oregon

City

School

District

No.

62

,

GO

,

2018

B

,

Refunding

,

5

%

,

6/15/49

..........

2,345,000

2,449,912

Oregon

Health

&

Science

University

,

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/44

.................

4,125,000

4,057,259

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

10,000,000

10,318,804

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

4

%

,

10/01/26

.................

925,000

897,309

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

5

%

,

10/01/36

.................

1,670,000

1,550,163

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

5

%

,

10/01/48

.................

4,000,000

3,533,563

Legacy

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/46

......

25,945,000

26,032,702

Legacy

Health

Obligated

Group

,

Revenue

,

2022

A

,

4.125

%

,

6/01/52

...........

3,000,000

2,762,212

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2015

C

,

5

%

,

10/01/45

..

4,000,000

4,026,238

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/41

.......................................................

7,800,000

7,874,894

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

10/01/46

.

3,280,000

3,281,951

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

10/01/46

...................................................

220,000

232,044

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

.......................................................

11,025,000

11,322,472

Willamette

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/40

.............

1,950,000

1,965,959

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

.............

47,505,000

39,341,137

Oregon

State

University

,

Revenue

,

2015

A

,

5

%

,

4/01/45

......................

12,500,000

12,670,810

Port

of

Portland

,

Airport

,

Revenue

,

24

A

,

5

%

,

7/01/47

....................................

4,700,000

4,839,743

Airport

,

Revenue

,

24

B

,

5

%

,

7/01/42

....................................

7,645,000

7,779,323

Airport

,

Revenue

,

24

B

,

5

%

,

7/01/47

....................................

1,750,000

1,771,680

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)

Port

of

Portland,

(continued)

Airport

,

Revenue

,

25

A

,

5

%

,

7/01/49

....................................

$

7,825,000

$

8,206,927

Airport

,

Revenue

,

25

B

,

5

%

,

7/01/44

....................................

4,830,000

4,958,327

Airport

,

Revenue

,

25

B

,

5

%

,

7/01/49

....................................

6,300,000

6,418,256

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/30

....................................

1,585,000

1,727,301

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/31

....................................

3,880,000

4,213,000

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/32

....................................

3,170,000

3,439,318

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/37

....................................

5,000,000

5,306,261

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/45

....................................

10,670,000

11,004,969

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/33

.............

545,000

542,956

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/38

.............

500,000

473,854

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/43

.............

2,250,000

2,051,444

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/48

.............

3,700,000

3,262,990

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/24

....

110,000

109,940

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/25

....

130,000

129,835

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/26

....

135,000

134,842

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/27

....

260,000

260,237

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/28

....

310,000

310,236

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/29

....

515,000

490,458

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/30

....

385,000

363,588

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/31

....

400,000

374,661

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/32

....

370,000

343,784

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/40

....

1,540,000

1,270,102

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/57

....

2,750,000

1,918,248

Salem

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/15/46

.......

17,105,000

17,283,934

Salem-Keizer

School

District

No.

24J

,

GO

,

2009

B

,

Zero

Cpn.,

6/15/30

.......................................

8,500,000

6,772,036

GO

,

2020

C

,

4

%

,

6/15/38

............................................

6,000,000

6,078,482

Seaside

School

District

No.

10

,

GO

,

2017

B

,

5

%

,

6/15/35

............................................

2,000,000

2,127,651

GO

,

2017

B

,

5

%

,

6/15/36

............................................

2,500,000

2,648,390

State

of

Oregon

,

GO

,

2007

A

,

4.7

%

,

8/01/42

...........................................

3,050,000

3,037,881

GO

,

2017

A

,

5

%

,

5/01/42

............................................

2,500,000

2,604,356

GO

,

2017

H

,

5

%

,

8/01/42

............................................

15,000,000

15,665,181

GO

,

2019

A

,

5

%

,

5/01/44

............................................

2,000,000

2,130,725

GO

,

2019

G

,

5

%

,

8/01/33

............................................

3,000,000

3,342,356

GO

,

2019

G

,

5

%

,

8/01/34

............................................

1,900,000

2,113,023

GO

,

L

,

Refunding

,

5

%

,

8/01/42

........................................

3,270,000

3,413,871

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

5

%

,

11/15/37

12,500,000

13,661,373

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

5

%

,

11/15/39

23,175,000

25,113,158

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

4

%

,

11/15/42

3,300,000

3,313,924

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

II-1

,

5.5

%

,

12/01/39

............................

20,000,000

19,440,838

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO

,

2018

B

,

5

%

,

6/15/36

............................................

2,850,000

3,090,610

GO

,

2018

B

,

5

%

,

6/15/37

............................................

2,520,000

2,711,294

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue

,

2018

A

,

5

%

,

10/01/31

.......................................

5,025,000

5,392,440

Revenue

,

2018

A

,

5

%

,

10/01/32

.......................................

1,865,000

2,001,065

Payroll

Tax

,

Revenue,

Senior

Lien

,

2017

A

,

Pre-Refunded

,

5

%

,

9/01/41

.........

7,650,000

8,112,039

Umatilla

Hospital

District

No.

1

,

GO

,

2023

,

5

%

,

6/01/53

.......................

750,000

753,526

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

5

%

,

7/01/47

......

2,250,000

2,203,428

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)

Union

County

Hospital

Facility

Authority,

(continued)

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

5

%

,

7/01/52

......

$

3,680,000

$

3,567,903

University

of

Oregon

,

Revenue

,

2015

A

,

5

%

,

4/01/45

........................................

20,000,000

20,201,094

Revenue

,

2016

A

,

5

%

,

4/01/46

........................................

11,690,000

11,912,857

Revenue

,

2018

A

,

5

%

,

4/01/48

........................................

10,000,000

10,310,917

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/33

.........................

250,000

272,564

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/34

.........................

300,000

328,108

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/39

.........................

2,200,000

2,331,340

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO

,

2017

,

5

%

,

6/15/36

.............................................

9,400,000

9,935,415

GO

,

2017

,

5

%

,

6/15/37

.............................................

6,000,000

6,315,146

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

2017

D

,

5

%

,

6/15/35

............................................

15,050,000

16,020,949

GO

,

2017

D

,

5

%

,

6/15/36

............................................

5,000,000

5,295,067

GO

,

2022

B

,

5

%

,

6/15/52

............................................

19,145,000

20,432,530

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO

,

2018

A

,

Zero

Cpn.,

6/15/38

.......................................

2,350,000

1,204,330

GO

,

2018

A

,

Zero

Cpn.,

6/15/39

.......................................

3,275,000

1,587,825

Washington

County

School

District

No.

15

Forest

Grove

,

GO

,

2012

B

,

Zero

Cpn.,

6/15/29

.......................................

2,545,000

2,113,949

GO

,

2012

B

,

Zero

Cpn.,

6/15/30

.......................................

2,490,000

1,990,185

GO

,

2012

B

,

Zero

Cpn.,

6/15/31

.......................................

3,140,000

2,413,507

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGMC

Insured

,

5

%

,

6/15/47

......

1,600,000

1,648,329

Yamhill

County

School

District

No.

8

Dayton

,

GO

,

2019

,

Refunding

,

5

%

,

6/15/32

.....................................

1,045,000

1,157,500

GO

,

2019

,

Refunding

,

5

%

,

6/15/33

.....................................

1,080,000

1,196,237

786,280,626

South

Carolina

1.3%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

2,500,000

1,973,149

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,500,000

1,967,372

b

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

A-1

,

Zero

Cpn.,

6/01/37

7,650,000

5,111,379

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,249,029

11,300,929

Texas

0.7%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

3,300,000

2,310,791

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/30

250,000

255,963

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/31

250,000

256,465

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,200,000

3,061,873

5,885,092

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

1,972,773

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

2,400,000

1,853,474

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)

Wisconsin

(continued)

b

Public

Finance

Authority,

(continued)

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2021

,

5.25

%

,

12/01/23

....

$

6,300,000

$

6,300,000

8,153,474

U.S.

Territories

4.3%

Puerto

Rico

4.3%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,068,123

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

400,000

392,540

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

1,100,000

1,104,374

Puerto

Rico

Electric

Power

Authority

,

a,c

Revenue

,

6

%

,

7/01/41

..............................................

791,038

791,038

a,c

Revenue

,

7.125

%

,

7/01/59

...........................................

3,841,715

3,841,715

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,300,000

1,288,103

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

993,552

d

Revenue

,

WW

,

5.25

%

,

7/01/33

........................................

7,040,000

1,777,600

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue

,

2022

A

,

5

%

,

7/01/62

........................................

94,046

93,106

Revenue

,

2022

B

,

Zero

Cpn.,

7/01/32

...................................

61,117

39,645

Revenue

,

2022

C

,

Zero

Cpn.,

7/01/53

..................................

104,547

67,694

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

19,745,000

19,193,716

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

3,000,000

2,847,140

38,498,346

Total

U.S.

Territories

....................................................................

38,498,346

Total

Municipal

Bonds

(Cost

$

916,603,543

)

.....................................

884,109,785

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

357,633

286,106

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

286,106

Total

Long

Term

Investments

(Cost

$

919,103,543

)

...............................

886,849,592

a

a

a

a

a

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

See

Abbreviations

on

page

199

.

Short

Term

Investments

0.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.5%

Oregon

0.5%

f

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

8/01/34

.............

$

1,000,000

$

1,000,000

f

State

of

Oregon

,

GO

,

2020

M

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.25

%

,

12/01/44

........................................................

3,800,000

3,800,000

4,800,000

Total

Municipal

Bonds

(Cost

$

4,800,000

)

.......................................

4,800,000

Total

Short

Term

Investments

(Cost

$

4,800,000

)

.................................

4,800,000

a

Total

Investments

(Cost

$

923,903,543

)

99

.3

%

...................................

$891,649,592

Other

Assets,

less

Liabilities

0

.7

%

.............................................

5,834,356

Net

Assets

100.0%

...........................................................

$897,483,948

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$64,322,824,

representing

7.2%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Non-income

producing.

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,

2023

Franklin

Pennsylvania

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

175

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

....................................

$

2,000,000

$

1,962,961

Total

Corporate

Bonds

(Cost

$

2,000,000

)

.......................................

1,962,961

Municipal

Bonds

98.6%

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

4,661,365

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,000,000

652,505

5,313,870

Illinois

0.8%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

12/15/42

..............................

2,750,000

2,642,860

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/52

...............................

2,000,000

1,798,108

State

of

Illinois

,

GO

,

2017

C

,

5

%

,

11/01/29

................................

1,500,000

1,576,672

6,017,640

New

Jersey

0.3%

New

Jersey

Economic

Development

Authority

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

...

1,000,000

933,613

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2020

AA

,

4

%

,

6/15/37

...

1,000,000

1,017,369

1,950,982

New

York

1.7%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/44

.....................................

6,700,000

6,230,231

Revenue

,

2021

A-1

,

4

%

,

11/15/46

.....................................

6,050,000

5,553,703

11,783,934

Pennsylvania

91.0%

Allegheny

County

Airport

Authority

,

Revenue

,

2021

A

,

5

%

,

1/01/32

........................................

4,345,000

4,712,541

Revenue

,

2021

A

,

5

%

,

1/01/34

........................................

8,155,000

8,826,691

Revenue

,

2021

A

,

5

%

,

1/01/51

........................................

3,500,000

3,576,956

Revenue

,

2021

B

,

5

%

,

1/01/36

........................................

2,735,000

3,006,646

Revenue

,

2023

A

,

AGMC

Insured

,

5.5

%

,

1/01/53

..........................

5,000,000

5,381,224

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

9/01/33

..............

700,000

700,870

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

9/01/34

..............

1,090,000

1,085,716

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/40

.

2,115,000

2,074,972

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/41

.

3,000,000

2,937,933

Robert

Morris

University

,

Revenue

,

2017

,

5

%

,

10/15/37

.....................

1,000,000

990,508

Robert

Morris

University

,

Revenue

,

2017

,

5

%

,

10/15/47

.....................

1,300,000

1,194,328

Allentown

Commercial

and

Industrial

Development

Authority

,

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.5

%

,

6/15/38

.....

600,000

617,716

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.75

%

,

6/15/43

....

600,000

616,010

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/32

.................................

1,560,000

1,653,535

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/33

.................................

1,800,000

1,905,897

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/34

.................................

1,550,000

1,637,887

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/35

.................................

1,400,000

1,472,046

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/42

.................................

8,875,000

8,879,531

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.

176

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

$

934,777

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/15/47

........................................................

600,000

542,434

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

C

,

5

%

,

5/15/37

......

1,245,000

1,222,268

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

5/15/38

........................................................

1,030,000

1,074,301

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2018

,

Pre-Refunded

,

5

%

,

5/15/48

........................................................

1,000,000

1,043,011

Blue

Mountain

School

District

,

GO

,

2021

B

,

AGMC

Insured

,

4

%

,

8/01/32

................................

1,000,000

1,036,817

GO

,

2021

B

,

AGMC

Insured

,

4

%

,

8/01/35

................................

1,000,000

1,031,673

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,086,393

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/37

.........

1,000,000

987,924

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/42

.........

1,080,000

1,033,866

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/52

.........

2,500,000

2,284,368

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2019

,

4

%

,

8/15/44

.............

1,500,000

1,377,965

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2021

,

3

%

,

8/15/53

.............

12,000,000

8,035,219

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

.......................................

1,885,000

1,890,326

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,450,034

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/42

.......................................................

1,215,000

1,236,777

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

11/15/47

.......................................................

1,840,000

1,703,180

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/35

...............

500,000

487,892

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/45

...............

1,500,000

1,389,496

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University

,

Revenue

,

2021

TT-1

,

4

%

,

5/01/36

......................

400,000

371,437

Gannon

University

,

Revenue

,

2021

TT-1

,

4

%

,

5/01/41

......................

1,000,000

858,358

Gannon

University

,

Revenue

,

2021

TT-1

,

5

%

,

5/01/47

......................

2,430,000

2,297,778

City

of

Philadelphia

,

GO

,

2019

B

,

5

%

,

2/01/36

............................................

3,300,000

3,589,815

GO

,

2019

B

,

5

%

,

2/01/38

............................................

4,055,000

4,325,457

GO

,

2019

B

,

5

%

,

2/01/39

............................................

6,050,000

6,416,354

GO

,

2021

A

,

4

%

,

5/01/37

............................................

9,435,000

9,450,979

Airport

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/47

.........................

10,000,000

10,126,059

Airport

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

7/01/45

.........................

5,225,000

4,763,043

Airport

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/51

...........................

8,100,000

8,283,458

Water

&

Wastewater

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

7/01/40

............

5,000,000

5,052,274

Water

&

Wastewater

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

7/01/45

............

5,000,000

5,052,275

Water

&

Wastewater

,

Revenue

,

2019

B

,

5

%

,

11/01/49

......................

5,000,000

5,217,396

Water

&

Wastewater

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

11/01/45

..............

6,300,000

6,641,577

Water

&

Wastewater

,

Revenue

,

2022

C

,

5.5

%

,

6/01/47

......................

5,000,000

5,492,612

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

1,650,000

1,412,006

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/34

..........

10,000,000

10,192,857

Commonwealth

of

Pennsylvania

,

GO

,

2022

,

5

%

,

10/01/40

.....................

5,000,000

5,591,048

Conestoga

Valley

School

District

,

GO

,

2021

A

,

4

%

,

2/01/36

............................................

1,100,000

1,135,933

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

177

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Conestoga

Valley

School

District,

(continued)

Revenue

,

2021

B

,

4

%

,

2/01/36

........................................

$

1,020,000

$

1,039,603

County

of

Allegheny

,

GO

,

C-77

,

5

%

,

11/01/43

..............................

5,030,000

5,265,312

County

of

Jefferson

,

GO

,

2021

,

Refunding

,

AGMC

Insured

,

3

%

,

12/15/35

........................

650,000

589,407

GO

,

2021

,

Refunding

,

AGMC

Insured

,

3

%

,

12/15/37

........................

770,000

661,933

GO

,

2021

,

Refunding

,

AGMC

Insured

,

3

%

,

12/15/39

........................

520,000

430,640

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,473,728

Delaware

County

Authority

,

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/27

..............

2,030,000

1,997,508

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/32

..............

1,620,000

1,543,439

Haverford

College

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/46

...............

5,865,000

6,007,732

Villanova

University

,

Revenue

,

2015

,

4

%

,

8/01/45

..........................

2,120,000

2,056,739

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,020,561

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

7/15/43

........................................................

3,410,000

3,472,077

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2020

,

4

%

,

7/15/50

......

3,500,000

3,023,694

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/41

........................................................

1,000,000

954,832

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/51

........................................................

4,000,000

3,594,175

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

7/01/47

..............................

3,750,000

3,851,793

Easton

Area

School

District

,

GO

,

2021

,

4

%

,

4/01/32

.........................

1,450,000

1,509,077

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,378,764

Fairview

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/37

...................................

1,195,000

1,030,036

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/38

...................................

1,000,000

837,089

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/39

...................................

1,000,000

831,127

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

2/15/45

........................................................

5,555,000

5,597,999

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

2/15/39

........................................................

13,155,000

13,482,068

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2014

A

,

Pre-Refunded

,

5

%

,

6/01/44

............................

11,955,000

12,056,051

Governor

Mifflin

School

District

,

GO

,

2021

,

3

%

,

4/01/35

.............................................

810,000

743,386

GO

,

2021

,

3

%

,

4/01/36

.............................................

625,000

564,579

GO

,

2021

,

3

%

,

4/01/37

.............................................

1,000,000

874,304

GO

,

2021

,

3

%

,

4/01/38

.............................................

1,000,000

855,984

GO

,

2021

,

3

%

,

4/01/39

.............................................

1,015,000

857,802

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

2,347,653

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,230,848

Lancaster

Higher

Education

Authority

,

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/46

............

5,000,000

4,742,476

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/51

............

5,000,000

4,644,595

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/51

........

2,780,000

1,956,840

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/56

........

520,000

354,242

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)

Lancaster

Industrial

Development

Authority,

(continued)

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/44

......

$

1,850,000

$

1,856,811

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/49

......

2,300,000

2,275,711

Lancaster

School

District

,

GO

,

2020

,

AGMC

Insured

,

4

%

,

6/01/34

.................................

1,000,000

1,030,525

GO

,

2020

,

AGMC

Insured

,

4

%

,

6/01/35

.................................

1,850,000

1,896,977

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/46

................

750,000

587,606

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/51

................

800,000

600,304

Lehigh

County

Authority

,

City

Division

Fund

,

Revenue

,

2013

A

,

5

%

,

12/01/43

........................

2,435,000

2,435,955

City

Division

Fund

,

Revenue

,

2013

A

,

Pre-Refunded

,

5

%

,

12/01/43

............

2,805,000

2,805,000

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/01/41

4,345,000

3,887,351

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

4

%

,

6/01/42

....

14,390,000

12,727,474

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

4

%

,

6/01/57

....

5,000,000

4,027,200

Lycoming

County

Authority

,

Lycoming

College

,

Revenue

,

2013

MM-1

,

5.25

%

,

11/01/38

...................

1,400,000

1,402,067

Lycoming

College

,

Revenue

,

2013

MM-1

,

5.25

%

,

11/01/43

...................

1,495,000

1,497,264

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University

,

Revenue

,

2022

UU-2

,

Refunding

,

5.25

%

,

5/01/37

....

2,665,000

2,670,480

Gwynedd

Mercy

University

,

Revenue

,

2022

UU-2

,

Refunding

,

5

%

,

5/01/42

.......

3,700,000

3,430,040

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

9/01/48

........................................................

8,250,000

8,391,181

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/44

........................................................

10,000,000

9,464,527

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4

%

,

5/01/52

........................................................

4,000,000

3,479,957

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

5/01/57

........................................................

5,000,000

5,034,490

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

4

%

,

11/15/43

.......................................................

600,000

501,398

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

5

%

,

11/15/45

.......................................................

1,985,000

1,908,227

Gwynedd

Mercy

University

,

Revenue

,

2023

VV-1

,

5.75

%

,

5/01/48

..............

2,000,000

1,933,934

Meadowood

Corp.

Obligated

Group

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/38

.......................................................

2,500,000

2,398,109

Public

School

of

Germantown

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

..

2,450,000

1,888,616

Waverly

Heights

Ltd.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

..

2,000,000

2,009,318

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AGMC

Insured

,

3

%

,

12/01/38

........................................................

500,000

423,003

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

8/15/46

...

7,500,000

7,562,929

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

8/15/48

...

2,500,000

2,530,961

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

1,000,000

932,602

Northeastern

School

District

,

GO

,

2021

A

,

BAM

Insured

,

3

%

,

3/01/38

.................................

850,000

719,966

GO

,

2021

A

,

BAM

Insured

,

3

%

,

3/01/41

.................................

775,000

630,107

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,661,296

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Transportation

,

Revenue

,

2022

,

5.25

%

,

6/30/53

..................................................

8,500,000

8,779,965

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/29

........

500,000

495,804

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)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/32

........

$

1,300,000

$

1,278,563

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

B-2

,

Refunding

,

5

%

,

7/01/42

2,365,000

2,281,696

UPMC

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

2/01/45

.....................

5,000,000

5,011,802

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

11/15/42

...........

5,000,000

4,733,149

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/15/45

.....................

8,835,000

8,220,767

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/39

...........

1,325,000

1,300,915

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/40

...........

1,200,000

1,164,436

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/41

...........

1,300,000

1,246,326

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College

,

Revenue

,

2014

,

Refunding

,

5

%

,

12/01/44

................

6,365,000

6,410,052

St.

Joseph's

University

,

Revenue

,

2012

,

5

%

,

11/01/42

......................

5,000,000

5,000,092

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5.25

%

,

9/01/50

........................................................

6,465,000

6,493,406

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2017

A

,

5

%

,

8/15/46

..

14,000,000

14,449,544

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/40

............................................

6,475,000

6,580,840

Widener

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/15/51

................

11,030,000

8,865,004

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2019-129

,

3.4

%

,

10/01/49

...................................

6,000,000

4,728,605

Revenue

,

2020-132

A

,

2.55

%

,

10/01/41

.................................

11,280,000

8,549,892

Pennsylvania

State

University

(The)

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

9/01/40

...............................

10,490,000

10,697,833

Revenue

,

2016

A

,

Refunding

,

5

%

,

9/01/41

...............................

10,000,000

10,374,897

Revenue

,

2018

,

5

%

,

9/01/48

.........................................

5,955,000

6,201,666

Revenue

,

2023

,

5.25

%

,

9/01/53

.......................................

3,000,000

3,313,093

Pennsylvania

Turnpike

Commission

,

Revenue

,

2013

C

,

Pre-Refunded

,

5

%

,

12/01/43

...........................

7,595,000

7,595,000

Revenue

,

2013

C

,

Refunding

,

5

%

,

12/01/43

..............................

2,405,000

2,405,226

Revenue

,

2021

B

,

4

%

,

12/01/37

.......................................

1,500,000

1,526,302

Revenue

,

2021

B

,

4

%

,

12/01/46

.......................................

10,950,000

10,606,137

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC

,

Revenue

,

2010

A

,

5.625

%

,

6/15/42

.................

4,000,000

3,586,383

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2014

A

,

Pre-

Refunded

,

5

%

,

7/01/42

............................................

5,000,000

5,050,846

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/30

............

350,000

358,078

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

............

300,000

296,812

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/50

............

2,515,000

2,367,459

St.

Joseph's

University

,

Revenue

,

2022

,

5.5

%

,

11/01/60

.....................

8,410,000

8,839,563

Temple

University-of

The

Commonwealth

System

of

Higher

Education

,

Revenue,

First

Series

,

2015

,

Refunding

,

5

%

,

4/01/40

.............................

5,000,000

5,065,094

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

9/01/42

........................................................

3,500,000

3,527,647

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

9/01/47

........................................................

2,400,000

2,406,006

Philadelphia

Gas

Works

Co.

,

Revenue

,

14th

,

Refunding

,

5

%

,

10/01/32

................................

1,000,000

1,034,359

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/47

.................................

11,000,000

11,171,898

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/39

.............................

1,490,000

1,655,962

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/40

.............................

1,365,000

1,500,799

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/41

.............................

1,650,000

1,818,421

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/42

.............................

1,685,000

1,841,667

Revenue,

First

Lien

,

2022

A

,

5

%

,

9/01/52

................................

2,640,000

2,753,320

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)

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

8/15/40

........................................

$

5,000,000

$

5,016,058

Radnor

Township

School

District

,

GO

,

2021

,

3

%

,

8/15/35

.....................

1,400,000

1,324,962

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/36

.................

3,845,000

3,884,496

Scranton

School

District

,

GO

,

2020

,

4

%

,

12/01/40

.............................................

1,535,000

1,502,543

GO

,

2020

,

4

%

,

12/01/42

.............................................

2,835,000

2,764,221

GO

,

2020

,

4

%

,

12/01/45

.............................................

3,670,000

3,492,493

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,083,344

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25

%

,

6/01/52

5,000,000

5,424,276

State

College

Area

School

District

,

GO

,

2015

,

5

%

,

3/15/40

.............................................

16,400,000

16,646,245

GO

,

2018

,

5

%

,

5/15/37

.............................................

1,075,000

1,149,325

GO

,

2018

,

5

%

,

5/15/44

.............................................

3,500,000

3,669,070

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/32

....................................................

7,095,000

7,409,951

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/33

....................................................

3,000,000

3,133,172

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,501,724

Upper

Merion

Area

School

District

,

GO

,

2021

A

,

3

%

,

1/15/39

............................................

1,000,000

882,738

GO

,

2021

A

,

3

%

,

1/15/40

............................................

1,500,000

1,295,359

GO

,

2021

A

,

3

%

,

1/15/41

............................................

1,275,000

1,081,916

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/29

......

725,000

757,737

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/30

......

1,370,000

1,431,470

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/37

......

2,400,000

2,184,667

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

2,073,495

650,164,511

South

Carolina

0.6%

South

Carolina

Jobs-Economic

Development

Authority

,

b

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..............................

2,000,000

1,578,520

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

A-1

,

3.65

%

,

12/01/36

...........

2,000,000

1,573,897

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

749,676

3,902,093

Texas

0.6%

b

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

2,600,000

1,820,624

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,405,757

4,226,381

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

1,578,218

Wisconsin

0.9%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,900,000

1,467,334

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

See

Abbreviations

on

page

199

.

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

%

,

12/01/23

....

$

5,100,000

$

5,100,000

6,567,334

U.S.

Territories

1.8%

Puerto

Rico

1.8%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

.....................................

1,290,000

1,265,943

Revenue

,

2007

N

,

5.25

%

,

7/01/36

.....................................

950,000

953,778

Puerto

Rico

Electric

Power

Authority

,

a,c

Revenue

,

6

%

,

7/01/41

..............................................

581,479

581,479

a,c

Revenue

,

7.125

%

,

7/01/59

...........................................

2,823,988

2,823,988

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,100,000

1,089,933

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

993,552

d

Revenue

,

XX

,

5.25

%

,

7/01/40

........................................

5,175,000

1,306,688

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

4,000,000

3,888,319

12,903,680

Total

U.S.

Territories

....................................................................

12,903,680

Total

Municipal

Bonds

(Cost

$

757,331,915

)

.....................................

704,408,643

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

262,891

210,312

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

...................................

210,312

Total

Long

Term

Investments

(Cost

$

759,331,915

)

...............................

706,581,916

a

a

a

a

a

Short

Term

Investments

0.4%

Principal

Amount

Municipal

Bonds

0.4%

Pennsylvania

0.4%

f

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

3.39

%

,

12/01/37

...............................................

2,500,000

2,500,000

f

Delaware

County

Industrial

Development

Authority

,

United

Parcel

Service,

Inc.

,

Revenue

,

2015

,

Refunding

,

Daily

VRDN

and

Put

,

3.4

%

,

9/01/45

...............

200,000

200,000

2,700,000

Total

Municipal

Bonds

(Cost

$

2,700,000

)

.......................................

2,700,000

Total

Short

Term

Investments

(Cost

$

2,700,000

)

.................................

2,700,000

a

Total

Investments

(Cost

$

762,031,915

)

99

.3

%

...................................

$709,281,916

Other

Assets,

less

Liabilities

0

.7

%

.............................................

5,120,239

Net

Assets

100.0%

...........................................................

$714,402,155

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

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

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,

2023,

the

aggregate

value

of

these

securities

was

$15,352,634,

representing

2.1%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Non-income

producing.

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,

2023

Franklin

Virginia

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

183

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.8%

California

0.2%

California

Municipal

Finance

Authority

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

.......

$

1,000,000

$

818,513

Florida

0.9%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group,

Revenue,

2021

A-1,

3.75%,

12/01/36

.............................................

3,456,000

2,832,222

a

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

1,100,000

717,755

3,549,977

Illinois

0.6%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

1,500,000

1,519,600

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/26

................................

1,000,000

1,043,029

2,562,629

New

Jersey

1.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2018

A,

Refunding,

5%,

12/15/32

..............................

3,460,000

3,742,650

Revenue,

2022

A,

4%,

6/15/41

........................................

1,000,000

990,953

4,733,603

New

York

0.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,350,000

1,239,256

South

Carolina

0.8%

South

Carolina

Jobs-Economic

Development

Authority

,

a

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..............................

1,200,000

947,112

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

1,200,000

944,338

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,499,353

3,390,803

Texas

0.8%

a

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

1,600,000

1,120,384

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/28

225,000

230,180

City

of

Houston

Reinvestment

Zone

No.

10,

Revenue,

2021,

Refunding,

5%,

9/01/29

250,000

255,581

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,530,936

3,137,081

Virginia

82.1%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/30

............................................

1,120,000

1,098,653

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/31

............................................

1,165,000

1,137,708

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/32

............................................

1,105,000

1,074,721

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/33

............................................

1,260,000

1,221,232

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/42

............................................

2,725,000

2,404,681

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

6/01/49

............................................

2,800,000

2,338,821

Westmins

ter

Canterbury

of

the

Blue

Ridge

Obligated

Group,

Revenue,

2022

B,

Refunding,

4%,

6/01/54

............................................

5,215,000

4,215,515

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.

184

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

$

1,006,176

Protestant

Episcopal

High

School

in

Virginia,

Revenue,

2021

C,

Refunding,

4%,

1/01/46

........................................................

2,450,000

2,288,819

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

7/01/45

............................................

2,000,000

1,887,111

Virginia

Hospital

Center

Arlington

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

3.75%,

7/01/50

.........................................

10,350,000

9,135,820

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

........................................................

1,000,000

957,800

Chesapeake

Hospital

Authority

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

........................................................

4,000,000

3,718,183

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,779,378

City

of

Norfolk

,

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

7,259,348

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

7,221,564

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

1/15/33

......

10,000,000

10,418,623

Commonwealth

of

Virginia

,

GO,

2020

A,

4%,

6/01/31

............................................

2,710,000

2,884,486

GO,

2022

A,

5%,

6/01/52

............................................

2,445,000

2,663,909

County

of

Fairfax

,

GO,

2023

A,

4%,

10/01/40

...........................................

3,000,000

3,054,464

Sewer,

Revenue,

2021

A,

5%,

7/15/46

..................................

2,500,000

2,710,531

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

5,271,265

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

10/01/36

.......................................................

4,865,000

5,023,412

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2014

A

,

5

%

,

5/15/44

..................................

2,500,000

2,506,828

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

3,646,559

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

5,170,662

Farmville

Industrial

Development

Authority

,

Elwood

Place

LLC,

Revenue,

2021,

AGMC

Insured,

5.375%,

7/01/53

...........

5,000,000

5,223,104

Longwood

Housing

Foundation

LLC,

Revenue,

2018

A,

Refunding,

5%,

1/01/48

...

5,000,000

4,502,170

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

5,388,750

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

12,473,666

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien,

2018

A,

Pre-Refunded,

5%,

7/01/48

...................

5,505,000

6,002,976

Revenue,

Senior

Lien,

2020

A,

5%,

7/01/60

..............................

4,885,000

5,136,489

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/40

.......................................................

500,000

464,832

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/45

.......................................................

725,000

643,126

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

10/01/50

.......................................................

1,500,000

1,284,030

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/42

..

1,125,000

1,150,561

Westminster-Canterbury

Corp.

Obligated

Group,

Revenue,

2022

A,

5%,

10/01/52

..

5,000,000

5,015,320

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

185

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

b

Isle

of

Wight

County

Economic

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AGMC

Insured

,

5.25

%

,

7/01/48

....

$

2,260,000

$

2,408,753

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/38

........................................................

685,000

612,502

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/42

........................................................

1,120,000

948,487

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

1/01/48

........................................................

2,315,000

1,854,551

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,192,335

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,559,531

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

1/01/47

......

4,500,000

4,539,048

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

........

2,350,000

2,191,176

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

3%,

1/01/51

........

2,000,000

1,405,081

Centra

Health

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/55

........

6,305,000

5,703,533

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.

,

Revenue

,

2019

A

,

4

%

,

6/01/39

........................................

1,750,000

1,759,836

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

838,124

Revenue,

2019,

5%,

7/01/43

.........................................

5,600,000

5,804,931

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund,

Revenue,

2022,

5%,

6/01/47

.........

1,750,000

1,896,763

Commuter

Rail

Operating

&

Capital

Fund,

Revenue,

2022,

5%,

6/01/52

.........

7,090,000

7,623,370

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,092,085

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,378,386

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

913,995

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AGMC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,506

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

6,274,403

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

1,585,467

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

1,944,408

Virginia

College

Building

Authority

,

Revenue,

2016

A,

5%,

9/01/27

........................................

3,925,000

4,152,179

Revenue,

2016

A,

Pre-Refunded,

5%,

9/01/27

............................

75,000

79,163

Revenue,

2016

A,

Refunding,

4%,

2/01/30

...............................

7,000,000

7,135,670

Revenue,

2023

B,

Refunding,

5%,

2/01/32

...............................

6,000,000

6,983,170

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/39

...........

795,000

656,739

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

2.25%,

1/15/40

........

450,000

313,650

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/41

...........

500,000

399,658

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/46

...........

1,100,000

819,080

Randolph-Macon

College,

Revenue,

2021

A,

Refunding,

3%,

1/15/51

...........

1,750,000

1,233,149

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/36

..................

2,750,000

2,660,196

Regent

University,

Revenue,

2021,

Refunding,

3%,

6/01/41

..................

4,800,000

3,679,470

Regent

University,

Revenue,

2021,

Refunding,

4%,

6/01/46

..................

3,725,000

3,196,251

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,362,701

Revenue,

2016,

5%,

9/15/31

.........................................

4,000,000

4,181,772

Revenue,

2022,

Refunding,

4%,

5/15/36

.................................

5,000,000

5,252,561

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)

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

$

3,805,000

$

3,344,768

Virginia

Public

Building

Authority

,

Revenue

,

2019

A

,

4

%

,

8/01/35

................

1,250,000

1,300,051

Virginia

Public

School

Authority

,

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

5,796,168

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,031,585

Virginia

Resources

Authority

,

Revenue,

Pre-Refunded,

5%,

11/01/38

..................................

3,195,000

3,311,498

Revenue,

2015

B,

Refunding,

5%,

11/01/45

..............................

2,255,000

2,294,002

Revenue,

2018

C,

Refunding,

5%,

11/01/48

..............................

7,655,000

8,088,438

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/48

.....

7,000,000

6,187,962

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020

A,

Refunding,

4%,

12/01/49

.....

5,000,000

4,559,398

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/57

6,000,000

6,074,767

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/40

........................................................

7,500,000

7,029,140

I-66

Express

Mobility

Pa

rtners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

5,000,000

5,027,400

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/52

...

4,600,000

4,616,230

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/36

...

2,210,000

2,014,527

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

...

2,500,000

2,133,833

LifeSpire

of

Virginia

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/51

...

7,500,000

5,866,729

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/37

....................................................

2,750,000

2,623,015

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/51

....................................................

2,250,000

1,894,173

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/37

...

4,000,000

4,045,678

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

6,000,000

6,038,066

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

2,730,000

2,741,399

Williamsburg

Economic

Development

Authority

,

Provident

Group

-

Williamsburg

Properties

LLC

,

Revenue

,

2023

A

,

AGMC

Insured

,

4.125

%

,

7/01/58

............

2,000,000

1,

906,707

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,056,867

343,956,374

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

946,931

Wisconsin

1.2%

a

Public

Finance

Authority

,

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

................................

1,200,000

926,737

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/23

....

3,100,000

3,100,000

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

1,000,000

961,002

4,987,739

U.S.

Territories

11.6%

District

of

Columbia

8.4%

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2021

A,

Refunding,

5%,

10/01/46

.......................

5,000,000

5,201,698

Aviation,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/48

.....................

4,000,000

4,252,437

Dulles

Toll

Road,

Revenue,

Senior

Lien,

2022

A,

Refunding,

AGMC

Insured,

4%,

10/01/52

.......................................................

10,000,000

9,375,505

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated,

Revenue,

2020

A,

5%,

7/15/45

...............................

3,145,000

3,365,764

Dedicated,

Revenue,

2021

A,

5%,

7/15/41

...............................

7,530,000

8,230,234

Dedicated,

Revenue,

2021

A,

5%,

7/15/46

...............................

2,000,000

2,148,350

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)

U.S.

Territories

(continued)

District

of

Columbia

(continued)

Washington

Metropolitan

Area

Transit

Authority,

(continued)

Dedicated,

Revenue,

2023

A,

5%,

7/15/43

...............................

$

2,500,000

$

2,759,743

35,333,731

Puerto

Rico

3.2%

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

..................

1,600,000

1,570,162

Puerto

Rico

Electric

Power

Authority

,

b,c

Revenue,

6%,

7/01/41

..............................................

330,490

330,490

b,c

Revenue,

7.125%,

7/01/59

...........................................

1,605,043

1,605,043

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

1,700,000

1,684,442

d

Revenue,

WW,

5.5%,

7/01/38

.........................................

1,040,000

262,600

d

Revenue,

XX,

5.25%,

7/01/40

........................................

1,900,000

479,750

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

103,451

102,416

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

67,229

43,610

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

115,001

74,463

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

452,912

Hospital

Auxilio

Mutuo

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

..

200,000

185,431

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

6,400,000

6,056,784

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

500,000

486,040

13,334,143

Total

U.S.

Territories

....................................................................

48,667,874

Total

Municipal

Bonds

(Cost

$449,735,329)

.....................................

417,990,780

Shares

Escrows

and

Litigation

Trusts

0.0%

†

c,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

149,352

119,482

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

...................................

119,482

Total

Long

Term

Investments

(Cost

$449,735,329)

...............................

418,110,262

a

a

a

a

a

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

See

Abbreviations

on

page

199

.

Short

Term

Investments

0.1%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.1%

Virginia

0.1%

f

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.2

%

,

10/01/48

........................................................

$

600,000

$

600,000

Total

Municipal

Bonds

(Cost

$600,000)

.........................................

600,000

Total

Short

Term

Investments

(Cost

$600,000

)

..................................

600,000

a

Total

Investments

(Cost

$450,335,329)

99.9%

...................................

$418,710,262

Other

Assets,

less

Liabilities

0.1%

.............................................

350,413

Net

Assets

100.0%

...........................................................

$419,060,675

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$11,750,210,

representing

2.8%

of

net

assets.

b

Security

purchased

on

a

when-issued

basis.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Non-income

producing.

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

189

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty

separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services -

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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,

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)

190

Quarterly

Schedules

of

Investments

3.

Restricted

Securities

At

November

30,

2023,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

Unfunded

Loan

Commitments  

Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules of

Investments.

At

November

30,

2023,

unfunded

commitments

were

as

follows:

Principal

Amount

*

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Yield

Tax-Free

Income

Fund

1,920,000

a

CalPlant

I

LLC,

21

A,

Senior

Secured

Note,

144A,

9.5%,

8

/31/23

..................................

10/13/21

$

1,920,000

$

1,344,000

7,205,000

a

CalPlant

I

LLC,

21

B,

Senior

Secured

Note,

144A,

9.5%,

8

/31/23

..................................

11/01/21

7,205,000

5,043,500

3,975,000

a

CalPlant

I

LLC,

22

A,

Senior

Secured

Note,

144A,

9.5%,

8

/31/23

..................................

4/05/22

3,975,000

2,782,500

345,000

a

CalPlant

I

LLC,

22

B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

9/28/22

345,000

241,500

2,610,000

a

CalPlant

I

LLC,

22

C,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

10/11/22

2,610,000

2,610,000

3,910,000

a

CalPlant

I

LLC,

22

X,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

11/09/22

3,910,000

3,910,000

1,380,000

a

CalPlant

I

LLC,

23

A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

1/11/23

1,380,000

1,380,000

1,225,000

a

CalPlant

I

LLC,

23

B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

2/09/23

1,225,000

1,225,000

1,955,000

a

CalPlant

I

LLC,

23

C,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

3/02/23

1,955,000

1,955,000

1,700,000

a

CalPlant

I

LLC,

23

D,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

5/04/23

1,700,000

1,700,000

1,915,000

a

CalPlant

I

LLC,

23

E,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

..................................

6/01/23

1,915,000

1,915,000

Total

Restricted

Securities

(Value

is

0.5%

of

Net

Assets)

..............

$28,140,000

$24,106,500

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$5,795,000

as

of

November

30,

2023.

Borrower

Unfunded

Commitment

Franklin

High

Yield

Tax-Free

Income

Fund

Rialto

Bioenergy

Facility

LLC

$

1,223,834

$

1,223,834

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

191

Quarterly

Schedules

of

Investments

5.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows: 

6. Fair

Value

Measurements 

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

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.

    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

...................

$49,469,850

$—

$—

$—

$379,854

$49,849,704

2,115,000

$1,336,469

Total

Affiliated

Securities

...

$49,469,850

$—

$—

$—

$379,854

$49,849,704

$1,336,469

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$36,254,500

$—

$—

$—

$278,380

$36,532,880

1,550,000

$979,445

Total

Affiliated

Securities

...

$36,254,500

$—

$—

$—

$278,380

$36,532,880

$979,445

Franklin

High

Yield

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$41,339,025

$—

$—

$—

$184,275

$41,523,300

1,755,000

$1,191,420

Total

Affiliated

Securities

...

$41,339,025

$—

$—

$—

$184,275

$41,523,300

$1,191,420

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

192

Quarterly

Schedules

of

Investments

A

summary

of

inputs

used

as

of

November

30,

2023,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

490,740

$

490,740

Municipal

Bonds

.........................

—

183,478,176

—

183,478,176

Total

Investments

in

Securities

...........

$—

$183,478,176

$490,740

$183,968,916

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

707,943,335

—

707,943,335

Short

Term

Investments

...................

—

2,400,000

—

2,400,000

Total

Investments

in

Securities

...........

$—

$710,343,335

$—

$710,343,335

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,374,072

1,374,072

Municipal

Bonds

.........................

—

492,862,117

—

492,862,117

Short

Term

Investments

...................

—

2,900,000

—

2,900,000

Total

Investments

in

Securities

...........

$—

$495,762,117

$1,374,072

$497,136,189

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

138,157,076

—

138,157,076

Short

Term

Investments

...................

—

1,600,000

—

1,600,000

Total

Investments

in

Securities

...........

$—

$139,757,076

$—

$139,757,076

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

49,849,704

—

—

49,849,704

Municipal

Bonds

.........................

—

2,143,419,618

—

2,143,419,618

Short

Term

Investments

...................

—

2,500,000

—

2,500,000

Total

Investments

in

Securities

...........

$49,849,704

$2,145,919,618

$—

$2,195,769,322

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

36,532,880

—

—

36,532,880

Senior

Floating

Rate

Interests

...............

—

25,898,653

17,378,787

43,277,440

Municipal

Bonds

.........................

—

829,121,578

—

829,121,578

Short

Term

Investments

...................

—

9,200,000

—

9,200,000

Total

Investments

in

Securities

...........

$36,532,880

$864,220,231

$17,378,787

$918,131,898

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

883,332

883,332

Municipal

Bonds

:

California

.............................

—

1,064,067

—

1,064,067

Florida

...............................

—

4,313,670

—

4,313,670

Georgia

..............................

—

282,142,241

—

282,142,241

Illinois

...............................

—

3,204,517

—

3,204,517

New

Jersey

...........................

—

1,285,104

—

1,285,104

New

York

.............................

—

2,807,828

—

2,807,828

South

Carolina

.........................

—

1,793,426

—

1,793,426

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

193

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Municipal

Bonds:

Texas

...............................

$

—

$

1,933,814

$

—

$

1,933,814

Washington

...........................

—

710,198

—

710,198

Wisconsin

............................

—

4,179,056

—

4,179,056

U.S.

Territories

..........................

Puerto

Rico

...........................

—

9,691,164

1,493,799

11,184,963

Escrows

and

Litigation

Trusts

...............

—

—

92,253

92,253

Total

Investments

in

Securities

...........

$—

$313,125,085

$2,469,384

$315,594,469

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

74,029,800

—

—

74,029,800

Corporate

Bonds

:

Commercial

Services

&

Supplies

...........

—

—

29,901,500

29,901,500

Diversified

Consumer

Services

............

—

83,333,492

—

83,333,492

Electric

Utilities

........................

—

14,340,181

—

14,340,181

Oil,

Gas

&

Consumable

Fuels

.............

—

—

1,280,000

1,280,000

Municipal

Bonds

:

Alabama

.............................

—

155,484,872

—

155,484,872

Arizona

..............................

—

87,459,010

—

87,459,010

Arkansas

.............................

—

25,836,407

—

25,836,407

California

.............................

—

961,279,518

—

961,279,518

Colorado

.............................

—

278,912,718

—

278,912,718

Connecticut

...........................

—

25,103,907

—

25,103,907

Florida

...............................

—

820,150,269

—

820,150,269

Georgia

..............................

—

43,241,291

—

43,241,291

Idaho

................................

—

13,329,347

—

13,329,347

Illinois

...............................

—

65,764,812

—

65,764,812

Indiana

..............................

—

18,973,722

—

18,973,722

Iowa

................................

—

7,804,831

—

7,804,831

Kansas

..............................

—

1,370,489

—

1,370,489

Kentucky

.............................

—

29,923,394

—

29,923,394

Louisiana

.............................

—

74,964,461

—

74,964,461

Maryland

.............................

—

10,708,034

—

10,708,034

Michigan

.............................

—

22,453,065

—

22,453,065

Minnesota

............................

—

4,520,354

—

4,520,354

Mississippi

............................

—

24,408,813

—

24,408,813

Missouri

..............................

—

13,647,652

—

13,647,652

Nevada

..............................

—

41,380,661

—

41,380,661

New

Hampshire

........................

—

9,197,397

—

9,197,397

New

Jersey

...........................

—

67,410,078

—

67,410,078

New

Mexico

...........................

—

5,172,084

—

5,172,084

New

York

.............................

—

165,825,927

—

165,825,927

North

Dakota

..........................

—

9,766,570

—

9,766,570

Ohio

................................

—

159,329,838

—

159,329,838

Oklahoma

............................

—

7,147,729

—

7,147,729

Oregon

..............................

—

13,306,785

—

13,306,785

Pennsylvania

..........................

—

86,124,685

—

86,124,685

South

Carolina

.........................

—

57,974,439

—

57,974,439

South

Dakota

..........................

—

8,499,899

—

8,499,899

Tennessee

............................

—

65,792,418

—

65,792,418

Texas

...............................

—

518,436,213

—

518,436,213

Utah

................................

—

26,199,265

—

26,199,265

Virginia

..............................

—

16,953,843

—

16,953,843

Washington

...........................

—

62,229,476

—

62,229,476

6. 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

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Municipal

Bonds:

West

Virginia

..........................

$

—

$

3,150,631

$

—

$

3,150,631

Wisconsin

............................

—

131,841,526

—

131,841,526

U.S.

Territories

..........................

District

of

Columbia

.....................

—

42,600,425

—

42,600,425

Pacific

Islands

.........................

—

6,579,878

—

6,579,878

Puerto

Rico

...........................

—

355,403,822

81,081,322

436,485,144

Escrows

and

Litigation

Trusts

...............

—

—

4,927,366

4,927,366

Short

Term

Investments

...................

—

20,700,000

—

20,700,000

Total

Investments

in

Securities

...........

$74,029,800

$4,664,034,228

$117,190,188

$4,855,254,216

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

Florida

...............................

—

326,252

—

326,252

Georgia

..............................

—

968,425

—

968,425

Louisiana

.............................

—

250,341,815

—

250,341,815

South

Carolina

.........................

—

1,024,420

—

1,024,420

Texas

...............................

—

1,982,194

—

1,982,194

Washington

...........................

—

552,376

—

552,376

Wisconsin

............................

—

3,865,261

—

3,865,261

U.S.

Territories

..........................

Puerto

Rico

...........................

—

6,435,000

562,643

6,997,643

Escrows

and

Litigation

Trusts

...............

—

—

34,747

34,747

Short

Term

Investments

...................

—

3,900,000

—

3,900,000

Total

Investments

in

Securities

...........

$—

$269,395,743

$597,390

$269,993,133

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

Georgia

..............................

—

1,047,480

—

1,047,480

Maryland

.............................

—

264,830,216

—

264,830,216

New

Jersey

...........................

—

2,520,396

—

2,520,396

South

Carolina

.........................

—

1,956,432

—

1,956,432

Texas

...............................

—

2,186,604

—

2,186,604

Washington

...........................

—

552,376

—

552,376

Wisconsin

............................

—

3,098,326

—

3,098,326

U.S.

Territories

..........................

District

of

Columbia

.....................

—

12,879,589

—

12,879,589

Puerto

Rico

...........................

—

12,230,800

1,301,255

13,532,055

Escrows

and

Litigation

Trusts

...............

—

—

80,264

80,264

Short

Term

Investments

...................

—

600,000

—

600,000

Total

Investments

in

Securities

...........

$—

$301,902,219

$1,381,519

$303,283,738

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

883,332

883,332

Senior

Floating

Rate

Interests

...............

—

—

1,013,108

1,013,108

Municipal

Bonds

.........................

—

310,744,651

—

310,744,651

Short

Term

Investments

...................

—

5,125,000

—

5,125,000

Total

Investments

in

Securities

...........

$—

$315,869,651

$1,896,440

$317,766,091

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

195

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

1,766,665

$

1,766,665

Municipal

Bonds

.........................

—

678,764,556

—

678,764,556

Total

Investments

in

Securities

...........

$—

$678,764,556

$1,766,665

$680,531,221

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

720,063,499

—

720,063,499

Total

Investments

in

Securities

...........

$—

$720,063,499

$—

$720,063,499

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

California

.............................

—

847,995

—

847,995

Florida

...............................

—

5,097,985

—

5,097,985

Georgia

..............................

—

2,569,290

—

2,569,290

Missouri

..............................

—

608,621,038

—

608,621,038

Oregon

..............................

—

1,360,859

—

1,360,859

South

Carolina

.........................

—

5,016,926

—

5,016,926

Texas

...............................

—

6,889,470

—

6,889,470

Washington

...........................

—

1,499,307

—

1,499,307

Wisconsin

............................

—

11,826,201

—

11,826,201

U.S.

Territories

..........................

Guam

...............................

—

5,825,882

—

5,825,882

Puerto

Rico

...........................

—

23,261,458

3,090,068

26,351,526

Escrows

and

Litigation

Trusts

...............

—

—

190,602

190,602

Short

Term

Investments

...................

—

3,600,000

—

3,600,000

Total

Investments

in

Securities

...........

$—

$676,416,411

$3,280,670

$679,697,081

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,570,369

1,570,369

Municipal

Bonds

:

California

.............................

—

1,064,067

—

1,064,067

Delaware

.............................

—

13,065,562

—

13,065,562

Florida

...............................

—

7,328,795

—

7,328,795

Georgia

..............................

—

2,094,959

—

2,094,959

New

Jersey

...........................

—

579,383,720

—

579,383,720

New

York

.............................

—

21,332,994

—

21,332,994

Oregon

..............................

—

1,944,084

—

1,944,084

Pennsylvania

..........................

—

55,738,840

—

55,738,840

South

Carolina

.........................

—

3,113,989

—

3,113,989

Texas

...............................

—

5,397,547

—

5,397,547

Washington

...........................

—

1,183,664

—

1,183,664

Wisconsin

............................

—

7,180,425

—

7,180,425

U.S.

Territories

..........................

Puerto

Rico

...........................

—

15,884,745

2,602,508

18,487,253

Escrows

and

Litigation

Trusts

...............

—

—

160,528

160,528

Short

Term

Investments

...................

—

5,400,000

—

5,400,000

Total

Investments

in

Securities

...........

$—

$720,113,391

$4,333,405

$724,446,796

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

196

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

1,570,369

$

1,570,369

Municipal

Bonds

:

California

.............................

—

1,882,580

—

1,882,580

Florida

...............................

—

7,954,682

—

7,954,682

Illinois

...............................

—

3,822,778

—

3,822,778

Kentucky

.............................

—

3,689,060

—

3,689,060

New

Jersey

...........................

—

6,656,459

—

6,656,459

New

York

.............................

—

9,180,907

—

9,180,907

North

Carolina

.........................

—

496,305,064

—

496,305,064

South

Carolina

.........................

—

4,396,124

—

4,396,124

Texas

...............................

—

3,893,519

—

3,893,519

Washington

...........................

—

1,262,575

—

1,262,575

Wisconsin

............................

—

5,435,650

—

5,435,650

U.S.

Territories

..........................

Guam

...............................

—

4,647,980

—

4,647,980

Puerto

Rico

...........................

—

21,417,539

2,711,213

24,128,752

Escrows

and

Litigation

Trusts

...............

—

—

167,437

167,437

Short

Term

Investments

...................

—

600,000

—

600,000

Total

Investments

in

Securities

...........

$—

$571,144,917

$4,449,019

$575,593,936

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

3,140,737

3,140,737

Municipal

Bonds

.........................

—

1,076,209,717

—

1,076,209,717

Short

Term

Investments

...................

—

9,050,000

—

9,050,000

Total

Investments

in

Securities

...........

$—

$1,085,259,717

$3,140,737

$1,088,400,454

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

—

—

2,453,701

2,453,701

Municipal

Bonds

:

California

.............................

—

2,864,796

—

2,864,796

Florida

...............................

—

5,668,757

—

5,668,757

Illinois

...............................

—

4,805,199

—

4,805,199

Kentucky

.............................

—

5,467,714

—

5,467,714

New

Jersey

...........................

—

8,186,646

—

8,186,646

New

York

.............................

—

5,025,433

—

5,025,433

Oregon

..............................

—

786,280,626

—

786,280,626

South

Carolina

.........................

—

11,300,929

—

11,300,929

Texas

...............................

—

5,885,092

—

5,885,092

Washington

...........................

—

1,972,773

—

1,972,773

Wisconsin

............................

—

8,153,474

—

8,153,474

U.S.

Territories

..........................

Puerto

Rico

...........................

—

33,865,593

4,632,753

38,498,346

Escrows

and

Litigation

Trusts

...............

—

—

286,106

286,106

Short

Term

Investments

...................

—

4,800,000

—

4,800,000

Total

Investments

in

Securities

...........

$—

$884,277,032

$7,372,560

$891,649,592

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

197

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,

2023

,

the

reconciliation

s

are

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

1,962,961

$

1,962,961

Municipal

Bonds

:

Florida

...............................

—

5,313,870

—

5,313,870

Illinois

...............................

—

6,017,640

—

6,017,640

New

Jersey

...........................

—

1,950,982

—

1,950,982

New

York

.............................

—

11,783,934

—

11,783,934

Pennsylvania

..........................

—

650,164,511

—

650,164,511

South

Carolina

.........................

—

3,902,093

—

3,902,093

Texas

...............................

—

4,226,381

—

4,226,381

Washington

...........................

—

1,578,218

—

1,578,218

Wisconsin

............................

—

6,567,334

—

6,567,334

U.S.

Territories

..........................

Puerto

Rico

...........................

—

9,498,213

3,405,467

12,903,680

Escrows

and

Litigation

Trusts

...............

—

—

210,312

210,312

Short

Term

Investments

...................

—

2,700,000

—

2,700,000

Total

Investments

in

Securities

...........

$—

$703,703,176

$5,578,740

$709,281,916

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

:

California

.............................

—

818,513

—

818,513

Florida

...............................

—

3,549,977

—

3,549,977

Illinois

...............................

—

2,562,629

—

2,562,629

New

Jersey

...........................

—

4,733,603

—

4,733,603

New

York

.............................

—

1,239,256

—

1,239,256

South

Carolina

.........................

—

3,390,803

—

3,390,803

Texas

...............................

—

3,137,081

—

3,137,081

Virginia

..............................

—

343,956,374

—

343,956,374

Washington

...........................

—

946,931

—

946,931

Wisconsin

............................

—

4,987,739

—

4,987,739

U.S.

Territories

..........................

District

of

Columbia

.....................

—

35,333,731

—

35,333,731

Puerto

Rico

...........................

—

11,398,610

1,935,533

13,334,143

Escrows

and

Litigation

Trusts

...............

—

—

119,482

119,482

Short

Term

Investments

...................

—

600,000

—

600,000

Total

Investments

in

Securities

...........

$—

$416,655,247

$2,055,015

$418,710,262

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

198

Quarterly

Schedules

of

Investments

The

Level

3

financial

instruments

for

Franklin

High

Yield

Tax-Free

Income

Fund

include

Puerto

Rico

Electric

Power

Authority,

Revenue,

7.125%

7/01/59

valued

at

$67,236,779,

which

is

valued

using

recent

transactions,

private

transaction

prices

or

non-

public

third-party

pricing

information

which

is

unobservable.

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

November

30,

2023,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

a

Sales

Transfer

Into

Level

3

b

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

.

$

15,315,752

$

2,265,563

$

—

$

—

$

—

$

—

$

—

$

(202,528)

$

17,378,787

$

(202,528)

Total

Investments

in

Securities

.........

$15,315,752

$2,265,563

$—

$—

$—

$—

$—

$(202,528)

$17,378,787

$(202,528)

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds

:

United

States

.

4,335,000

12,645,000

—

18,342,633

—

—

—

(4,141,133)

31,181,500

(4,141,133)

Municipal

Bonds

:

United

States

.

—

77,775,848

—

—

—

—

—

3,305,474

81,081,322

3,305,474

Escrows

and

Litigation

Trusts

..

—

—

c

—

—

—

—

—

4,927,366

4,927,366

4,927,366

Total

Investments

in

Securities

.........

$4,335,000

$90,420,848

$—

$18,342,633

$—

$—

$—

$4,091,707

$117,190,188

$4,091,707

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Transferred

into

Level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

c

Includes

financial

instruments

determined

to

have

no

value.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Senior

Floating

Rate

Interests:

Real

Estate

Management

&

Development

....................

$5,052,454

Discounted

cash

flow

Yield

5.2%

Decrease

Residential

REITs

12,326,333

Discounted

cash

flow

Yield

5.8%

Decrease

All

Other

Investments

.............

 —

Total

..........................

$17,378,787

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

199

Quarterly

Schedules

of

Investments

Abbreviations

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

CME

Chicago

Mercantile

Exchange

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FHA

Federal

Housing

Administration

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

REIT

Real

Estate

Investment

Trust

SIFMA

Securities

Industry

and

Financial

Markets

Association

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

XLCA

XL

Capital

Assurance,

Inc.

6. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.